2025-04-05-accounts - The Schroder 1905 Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity No. 1117748

The Schroder 1905 Trust (formerly known as Charities Administered by the Kaiser Wilhelm II Fund): 1117748-1

Old People’s Home: 1117748-2

The Schroder 1905 Trust

(formerly known as Charities Administered by the Kaiser Wilhelm II Fund)

Report and financial statements 5 April 2025

THE SCHRODER 1905 TRUST

Reference and administrative details

Charity number	1117748
Linked charities:
The Schroder 1905 Trust
(formerly known as Kaiser Wilhelm II Fund)	1117748-1
Old People’s Home	1117748-2
Registered office and
operational address	3.18 Warnford Court
	29 Throgmorton Street
	London
	EC2N 2AT
Managing Trustees	Mr M Menzel
	Mr J H F Schroder
	Ms L K E Schroder
	Ms T E H Mayer (from 10 September 2025)
Bankers	Schroder & Co Ltd
	1 London Wall Place
	London
	EC2Y 5AU
Investment Manager	Cazenove Capital
	1 London Wall Place
	London
	EC2Y 5AU
Solicitors	Russell-Cooke LLP
	2 Putney Hill
	London
	SW15 6AB
Auditor	UHY Hacker Young
	Thames House
	Roman Square
	Sittingbourne
	ME10 4BJ

THE SCHRODER 1905 TRUST

Report of the Trustees for the year ended 5 April 2025

The Managing Trustees present their report and accounts of The Schroder 1905 Trust (formerly known as the Charities Administered by Kaiser Wilhelm II Fund) for the year ended 5 April 2025.

The financial statements comply with the charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)).

Reference and administrative information

Reference and administrative information set out on page 1 form part of this report.

Structure, governance & management

The Schroder 1905 Trust and the Old People’s Home are separate linked charities with their own distinct objects within The Schroder 1905 Trust. The charities were linked under a uniting direction (Section 96(6) of the Charities Act 1993) on 18 October 2006. Assets of both charities were transferred into Charities Administered by the Kaiser Wilhelm II Fund on 2 February 2007. On 1 November 2024 the Managing Trustees changed the name of the Charities Administered by the Kaiser Wilhelm II Fund to The Schroder 1905 Trust as the revised name aligns more closely with the vision of the Trust’s settlor and related foundations, while also reflecting both current and future activities.

The Schroder 1905 Trust and the Old People’s Home, under the uniting direction, shall be treated as a single charity for the purposes of part II (registration) and part VI (accounting) of the Charities Act.

This does not constitute an amalgamation of the charities, which remain separate. The funds for each charity must continue to be spent only for the purposes of that charity.

The Schroder 1905 Trust

The Schroder 1905 Trust is regulated by a Trust Deed dated 4 July 1905 as varied by a scheme of the Charity Commissioners of 26 November 1975. The Managing Trustees of the charity applied to the Charity Commissioners for a scheme, which was granted and sealed on 27 September 1996 (as affected by a uniting direction made under section 96(6) of the Charities Act 1993 on 18 October 2006), to widen the objects of the charity and amalgamate it with the Emily Pfeiffer charity and the German Orphanage charity. The net assets of the charity formerly known as the Helenenheim Orphanage were transferred to the fund on 3 May 1996. On 1 November 2024 the Managing Trustees changed the name of the Kaiser Wilhelm II Fund to The Schroder 1905 Trust as the revised name aligns more closely with the vision of the Trust’s settlor and related foundations, while also reflecting both current and future activities.

Old People’s Home

Old People’s Home is regulated by a declaration of trust dated 12 March 1928 as varied by deed of 10 November 1966 (as affected by a uniting direction made under section 96(6) of the Charities Act 1993 on 18 October 2006) and deed of amendment dated 5 February 2007.

Future Managing Trustees

Upon the occurrence of a vacancy, the Managing Trustees shall cause a note thereof to be entered in the minute book at their next meeting. A Trustee may be appointed or discharged by a resolution of a Meeting of the Managing Trustees provided that a memorandum declaring such appointment or discharge shall be signed as a deed either at the Meeting by the person presiding or in some other manner directed by the Meeting and attested by two other persons present at the Meeting. Every Managing Trustee shall be appointed for the term of five years by a resolution of the Managing Trustees.

Organisational structure

The Managing Trustees meet twice a year when they consider strategy, governance, grant-making activity, investment policy and reserves. There are agreed policy documents in place to support these decisions. Day to day administration, grant application management and governance is delegated to the Charities Manager.

The Managing Trustees ensure that they consider the major risks to which the charities are exposed and they have established systems and procedures to manage these risks according to best practice. They have constructed a risk register which prioritises these risks and identifies the mitigating factors, systems and controls in relation to each risk. The Managing Trustees also ensure that there is a comprehensive monitoring and review process in place to capture new risks as they may arise and that systems are in place to manage these.

THE SCHRODER 1905 TRUST

The Managing Trustees have established a ‘Register of Interests’ as a measure of good practice and also to ensure that no conflicts occur. This register is updated on an annual basis. In addition the Managing Trustees have established a ‘Fraud and Whistleblowing’ policy to further protect the assets of the charity.

Objectives and activities for the public benefit

The objects of the charities are laid out below. The Managing Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives, and in planning future activities and setting the grant making policies for the year.

The Schroder 1905 Trust objects

The income of the Fund may be applied in:

a) The relief generally or individually of persons of German nationality, origin or decent (and their dependents) who are resident in the area of the former county of London or elsewhere, who are in conditions of need, hardship or distress, and relief, in cases of need of persons as aforesaid, who are sick, convalescent, disabled or infirm.
i) By making grants of money;
ii) By providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons or to alleviate their suffering or assist their recovery;
iii) By making arrangement for such services or facilities to be provided for these purposes by other institutions or organisations whether in return for donations or subscriptions out of the income of the charity or not); or
iv) By any other appropriate means of providing charitable assistance in furtherance of the above objects.
b) The promotion of the education of persons of German nationality, origin or descent (and more particularly orphans who are under the age of 25 years and who are in need of financial assistance) and providing in the interests of social welfare facilities for recreation and other leisure time occupation to enable such persons to develop their physical, mental and moral capacities that their condition of life may be improved.
c) The furtherance of the religious and other charitable works of the German Churches (and more particularly the German Protestant Church) in the former county of London or elsewhere and including the provision of financial and other assistance to pastors and their dependents.
d) In furtherance of the objects but not further or otherwise the Managing Trustees shall have the following powers:-
i) to co-operate and act in collaboration with any person, body, institution or authority including other charitable organisations and governmental and local authorities (whether in the United Kingdom or elsewhere) to further the objects of the charity;
ii) to establish, promote or assist by way of contribution or otherwise (including the provision of loans whether interest-bearing or not) any charitable organisations or any organisation (wherever established) which although not registered as a charity in England and Wales has objects which would be recognised as charitable (whether or not exclusively) so or which undertakes charitable works and to purchase, acquire or undertake all or any of the property, liabilities and engagements of which organisations provided that none of the income of the Trust Fund shall be used or applied for a non-charitable purpose.

Old People’s Home objects

In or about the year 1904, the Baron Rudolph Bruno Schroder, the Pastor Arnold Scholton and certain other charitably disposed persons established a charity intended to be known as The Old People’s Home, the objects of which are the provision of long term assistance to old or infirm people of either sex who were no longer able to live in their own homes and who were primarily of German nationality or whose mother tongue was German.

The charity was set up by a Declaration of Trust, dated 12 March 1928. For more than 100 years, the charity has sought continually to act in accordance with the founders’ wishes and with much sadness and after careful evaluation, the Home in Upper Norwood was closed on 31 March 2005.

THE SCHRODER 1905 TRUST

The assets of the charity, namely the purpose-built home set in landscaped grounds were sold and the proceeds from the sale are being used to continue the objects of the charity.

Procedures and policy for grant-making

The charities seek to continue their philanthropic work through the careful stewardship of their financial resources in line with their objects. The Managing Trustees promote the work of the charities and travel widely in the UK and abroad. They use the knowledge gained to support the work of the charities and to inform grant-making policy. All grant-making is proactive and unsolicited applications are generally not considered. Organisations identified by the Managing Trustees for potential support are normally invited to submit a formal application outlining the project, its beneficiaries and how the funds will be applied according to the guidance of the Managing Trustees and the Charities Manager.

Investment policy

The property of the charities, other than sums needed for immediate working purposes, may be invested in or upon such stock, funds, shares, securities or other investments of whatsoever nature and wheresoever and whether involving liability or not as the managing trustees in their absolute discretion think fit and with the likely absolute power of varying such investments from time to time to the intent that the Managing Trustees shall have the same full and unrestricted powers of investing and transposing the investment of the charities premises in all respect, as if they were absolutely entitled thereto beneficially.

The main income of the charities is derived from its vested investments. The allocation of investments is delegated to the investment manager who provides progress reports to the Managing Trustees on a regular basis. The Managing Trustees regularly review current strategy thereby ensuring the careful stewardship of the charities’ funds.

The investment manager is tasked with maintaining or increasing the value of the portfolio, while ensuring there are sufficient funds to meet all commitments in full. During the year ended 5 April 2025, net losses on investments were £795,930.

The Charity Multi-Asset Fund is authorised and approved by the Charity Commission and is designed specifically for charities. As well as exposure to equities, bonds and cash the fund also includes exposure to alternative asset classes such as commodities, property and absolute return. The Fund has a target return objective of Inflation (CPI) +4% per annum over an economic cycle.

Achievements and performance

During the year the charities made grants in line with their objects to eight organisations. Grants were considered on receipt of progress reports for the previous year, applications for work for the year ahead, ongoing engagement and visits by the Managing Trustees and Charities Manager where appropriate. The grants continued to be flexible, recognising the environment the organisations were operating in, including inflationary and cost of living pressures.

As in the prior year, grants included support to the Council of German Church Work for its core work and towards its member congregations charitable activities; to the Congregation at the German Christ Church, towards personnel costs to support activities in West London; and to the German Welfare Council in support of its Social Worker and its Emergency and Heating Grants programme. In addition, grants were also made during the year to the German Saturday Schule in Bristol, the British German Association, the German History Society, St Anne’s Lutheran Church and the UK Friends of Action Reconciliation Service for Peace. Unspent grant funds of £40,000 from 2021 were returned by the Council of German Church Work during the year as they were no longer required.

Following a review of the ongoing inoccupancy of the freehold property at 16 Advice Avenue, Grays, Essex, the Managing Trustees sold the property for £530,186 net of expenses on 6 September 2024 as it was not being utilised for the benefit of the charitable objectives.

The Schroder 1905 Trust

During the year the charity made net grants totalling £87,000 (2024: £88,400).

Old People’s Home

During the year the charity made grants totalling £102,250 (2024: £100,000).

A full list of grants made in the year can be viewed on Note 4 within the financial statements.

THE SCHRODER 1905 TRUST

Report of the Trustees for the year ended 5 April 2025

Financial review

The Schroder 1905 Trust

The capital, comprising investments of the charity, at the year-end was £9,726,488 (2024: £9,728,166, including freehold property of £146,850). During the year The Schroder 1905 Trust received income of £417,953 (2024: £394,996). The charity’s net assets at 5 April 2025 were £10,265,590 (2024: £10,170,308).

The freehold property, sold on 6 September 2024, was held on behalf of the Managing Trustees by the Custodian Trustee of Withers Trust Corporation Limited (Company Registration Number 3697358).

Old People’s Home

The investments of the charity at the year-end were valued at £3,496,707 (2024: £3,676,346) and during the year Old People’s Home received income of £155,396 (2024: £152,461). The charity’s net assets at 5 April 2025 were £3,631,724 (2024: £3,802,028).

Risk management

The Managing Trustees have considered the major risks to which the charities are exposed and they have established systems and procedures to manage these risks. The major risk to which the charities are exposed is that of incurring significant losses in the investment portfolio. General performance targets are set by the Trustees in relation to the investment portfolio, and the investment performance is kept under review by the Managing Trustees.

Reserves policy

The Managing Trustees recognise the need to hold reserves for the maintenance of core charitable activities in the event of income shortfalls. Reserves are defined as income that becomes available which is to be expended at the discretion of the Managing Trustees in furtherance of its objects but which has not yet been spent, committed or designated. The Managing Trustees carefully budget and plan charitable expenditure, liaising closely with the Investment Manager. Budget and income information is reported to Managing Trustees at trustee meetings. The current level of reserves at the year-end is £13,897,314 (2024: £13,972,336).

Future plans

During the coming year the Managing Trustees will review the policy for grant-making and they will continue to develop the strategy for providing grants in an efficient and effective way.

Statement of Trustees' Responsibilities

The Managing Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Managing Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the managing trustees are required to:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Managing Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s trust deed. They are also responsible for

THE SCHRODER 1905 TRUST

safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

UHY Hacker Young was appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

Approval

This report was approved by the Managing Trustees on 18 December 2025 and signed on its behalf by:

……………………………………………….

J H F Schroder

Trustee

THE SCHRODER 1905 TRUST

Independent Auditors' Report to The Schroder 1905 Trust

Opinion

We have audited the financial statements of The Schroder 1905 Trust for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (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 been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

give a true and fair view of the state of The Schroder 1905 Trust's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE SCHRODER 1905 TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing The Schroder 1905 Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regula5ons

Based on:

our understanding of the charitable company and the sector in which it operates;
discussion with management and those charged with governance; and
obtaining an understanding of the charitable company’s policies and procedures regarding compliance with laws and regulalons;

(FRS102), the Chariles SORP (FRS 102), the Chariles Act 2011, and UK tax legislalon.

amount or disclosures in the financial statements, for example through the imposilon of fines or lilgalons. We idenlfied such laws and regulalons to be the Data Proteclon Act 2018 and the Bribery Act 2010.

Our procedures in respect of the above included:

Review of minutes of meelngs of those charged with governance for any instance of non-compliance with laws and regulalons;
Review of correspondence with regulatory and tax authoriles for any instances of non-compliance with laws and regulalons; and
Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

included:

Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

THE SCHRODER 1905 TRUST

Obtaining an understanding of the charity’s policies and procedures relalng to:
Deteclng and responding to the risks of fraud; and
o Internal controls established to milgate risks related to fraud.
Review of minutes of meelngs of those charged with governance for any known or suspected instances of fraud;
Performing analylcal procedures to idenlfy any unusual or unexpected relalonships that may indicate risk of material misstatement due to fraud.

Based on our risk assessment, we considered the areas most susceplble to fraud to be journals and key eslmates and judgements.

Our procedures in respect of the above included:

documentalon;
Teslng the existence and accuracy of income recognised in the year.

remained alert to any indicalons of fraud or non-compliance with laws and regulalons throughout the audit.

risk of not deteclng a material misstatement due to fraud is higher than the risk of not deteclng one resullng from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentalons or through collusion. There are inherent limitalons in the audit procedures performed and the further removed non-compliance with laws and regulalons is from the events and transaclons reflected in the financial statements, the less likely we are to become aware of it.

website at frc.org.uk/auditorsresponsibililes. This descriplon forms part of our auditor’s report.

Use of our report

This report is made solely to the trustees, as a body, in accordance with Part 4 of the Chariles (Accounts and Reports) Regulalons 2008. Our audit has been undertaken so that we might state to the trustees those maqers we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permiqed by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young

Chartered Accountants and Statutory Auditors Thames House Roman Square Sirngbourne Kent ME10 4BJ

Date:

UHY Hacker Young are eligible to act as auditors in terms of seclon 1212 of the Companies Act 2006.

THE SCHRODER 1905 TRUST

Statement of financial activities for the year ended 5 April 2025

		OPH	The Schroder	2025	2024
			1905 Trust	Total	Total
	Notes	Restricted	Unrestricted	Funds	Funds
		£	£	£	£
Income and endowments from:
Investments	2	155,396	417,953	573,349	547,457
Total		155,396	417,953	573,349	547,457
Expenditure on:
Raising funds – investment manager fees		4,517	12,102	16,619	14,805
Charitable activities
Grants payable	3/4	102,250	87,000	189,250	188,400
Costs in support of grant making	3	4,478	12,419	16,897	11,797
Governance costs	3	2,165	10,846	13,011	22,070
Total		113,410	122,367	235,777	237,072
Net income before gains and
losses on investments					310,385
Realised gain on sale of investment property	5	-	383,336	383,336	-
Net (losses) / gains on investments		(212,290)	(583,640)	(795,930)	672,882
Net (expenditure) / income, being net movement
in funds		(170,304)	95,282	(75,022)	983,267
Fund balances bought forward		3,802,028	10,170,308	13,972,336	12,989,069
Fund balances carried forward		3,631,724	10,265,590	13,897,314	13,972,336

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above and therefore those stated above represent total comprehensive income.

The notes on page 13 to 18 form part of these financial statements.

THE SCHRODER 1905 TRUST

Balance Sheet as at 5 April 2025

Balance Sheet as at 5 April 2025
	Notes	2025	2024
		£	£
Fixed assets
Investments	6	13,223,195	13,257,662
		13,223,195	13,257,662
Current assets
Asset held for sale	5	-	146,850
Debtors	7	135,069	132,829
Cash at bank and in hand		562,079	453,560
Total current assets		697,148	733,239
Liabilities
Creditors: amounts due within 1 year	8	(23,029)	(18,565)
Net current assets		674,119	714,674
Net assets	9	13,897,314	13,972,336
Funds	10
Restricted funds		3,631,724	3,802,028
Unrestricted funds		10,265,590	10,170,308
Total funds		13,897,314	13,972,336

The financial statements were approved by the Managing Trustees and authorised for issue on 18 December 2025 and signed on their behalf by:

........................................................... J H F Schroder Trustee

The notes on page 13 to 18 form part of these financial statements.

THE SCHRODER 1905 TRUST

Statement of Cash Flows for the year ended 5 April 2025

Notes Cash flows from operating activities: Net cash provided by operating activities (a) Cash flows from investing activities: Dividends and interest from investments Proceeds from sale of investments Purchase of investments Net receipts from disposal of investment property Change in investment cash Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (b) Cash and cash equivalents at the end of the reporting period (b) (a) Reconciliation of net income/(expenditure) to net cash flows from operating activities Net (expenditure) / income for the reporting period Adjustments for: Loss / (Gains) on investments Gain on sale of property Dividends and interest from investments Decrease / (increase) in debtors Increase in creditors Net cash provided by operating activities (b) Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents Analysis of changes in net debt 6 April 2024 Cash flows £ £ Cash and cash equivalents 453,560 108,519

The notes on page 13 to 18 form part of these financial statements.

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

Accounting policies
a) The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Charities SORP (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared in sterling, being the functional currency of the entities, and have been rounded to the nearest pound.

The charities constitute public benefit entities as defined by FRS 102.

The Schroder 1905 Trust (formerly the Kaiser Wilhelm II Fund) and Old People’s Home (‘OPH’) were deregistered from the Charity Commission on 2 February 2007 through a uniting direction made under section 96(6) of the Charities Act 1993 on 18 October 2006. As part of this uniting direction, their activities and assets were transferred to Charities Administered by the Kaiser Wilhelm II Fund on 2 February 2007. Both charities are now linked subsidiaries of The Schroder 1905 Trust.

The linked charities accounts are aggregated into the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows. The notes to the aggregated accounts present the fund balances, income, expenditure, assets and liabilities of each charity.

The charity with the narrower objects (OPH) accounts for its funds as restricted within these accounts.

The financial statements have been prepared to give a ‘true and fair’ view and 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 Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

b) The Managing Trustees have reviewed the charities’ investments and operations for the year ahead. The charities hold funds in reserves to supplement income requirements to meet charitable objectives as required. The Managing Trustees consider that there are no material uncertainties over the charities’ ability to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.
c) The preparation of the financial statements requires the managing trustees to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Managing Trustees' best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. The Managing Trustees consider that there are no key sources of estimation uncertainty.
d) Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Investment income is accounted for when receivable.
e) Expenditure is recognised in the period to which it relates. Resources expended include attributable VAT which cannot be recovered.

Costs in support of grant making relates to the day-to-day administration of the affairs of the charities as carried out by the Charities Manager, who is employed by The Schroder Foundation. Support costs are recharged to The Schroder 1905 Trust on a time-cost basis.

Governance costs are the costs associated with the governance arrangements of the charities. These costs are associated with the constitutional and statutory requirements and include any costs associated with the strategic management of the charities’ activities.

f) The cost of generating funds includes investment manager fees which are calculated quarterly by Cazenove Capital (the investment manager) and included in investment manager fees on a payable basis.

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

g) Costs of grant making 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 related conditions. Costs include grants made and support costs associated with the activity.
h) The freehold property was included in the accounts at historic cost, but valued when deemed necessary by professional advisors and disclosed in the note to the accounts. Improvements to the property were capitalised at cost. The property was not depreciated as the Managing Trustees were of the opinion that any potential depreciation charged would be immaterial to the accounts.

A decision was taken to sell the property in 2024 with the property being transferred to ‘asset held for sale’. The property was sold on 6 September 2024 for £530,186 (net of expenses).

i) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
j) Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
k) Designated funds are unrestricted funds earmarked by the managing trustees for particular purposes.
l) 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 their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. Investments held in the cash liquidity funds are classified within current assets. The charities do not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charities is that of volatility in the investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors of sub-sectors.

All gains and losses on investment assets are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investment assets represent the difference between their fair value at the end of the year and their fair value at the beginning of the year, or transaction value if acquired during the year. Realised gains and losses on disposal of investment assets represent the difference between the sale proceeds and the fair value at the beginning of the year, or transaction value if acquired during the year.

m) The charities only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
n) Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.
o) Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.
p) Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
q) The charities are exempt from corporation tax as all their income is charitable and is applied for charitable purposes.

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

2. Investment income

Investment income
The Schroder 1905 Trust Unrestricted £ Bank interest 28,303 Dividends received and foreign exchange 389,650 Total 417,953	OPH Restricted £ 5,228 150,168 155,396	2025 Total £ 33,531 539,818 573,349	2024 Total £ 18,934 528,523
			547,457

Included within investment income is £155,396 (2024: £152,461) in respect of restricted income.

3. Charitable activities

The Schroder 1905 Trust Grants payable (see note 4) Administration Property insurance and fire alarm Accountancy fees Audit fees Tax fees Legal fees Sundry costs Old People’s Home* Grants payable (see note 4) Administration Accountancy fees Audit fees Total	Cost Grants in support of Governance payable grant making costs £ £ £ 87,000 - - - 12,419 - - - (618) - - 294 - - 5,711 - - 210 - - 1,152 - - 4,097 102,250 - - - 4,478 - - - 106 - - 2,059 189,250 16,897 13,011	2025 Total £ 87,000 12,419 (618) 294 5,711 210 1,152 4,097 102,250 4,478 106 2,059 219,158	2024 Total £ 88,400 8,514 2,283 685 5,413 - 2,670 8,668 100,000 3,283 264 2,087
			222,267

Included within charitable activities is £108,912 (2024: £105,634) relating to restricted funds.

In accordance with Charity Commission guidance, the Old People’s Home, as the charity with the narrower objects accounts for its funds and therefore activities, is restricted within the financial statements.

4. Grants payable

The Schroder 1905 Trust Unrestricted £ British German Association 10,000 Council of German Church Work 75,000 German History Society, Hardship Fund 5,000 German Welfare Council - German Saturday Schule Bristol 1,000 St Anne’s Lutheran Church 9,000 UK Friends of Action Reconciliation Service for Peace, Hardship Fund 5,000 The Congregation at German Christ Church London, Pastoral Assistant 22,000 Grants payable c/fwd 127,000	OPH Restricted £ - - - 102,250 - - - - 102,250	2025 Total £ 10,000 75,000 5,000 102,250 1,000 9,000 5,000 22,000 229,250	2024 Total £ - 70,000 - 100,000 - - - 18,400 188,400

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

4. Grants payable (continued)

The Schroder 1905 Trust Unrestricted £ Grants payable b/fwd 127,000 Less: grants no longer required: Council of German Church Work (40,000) Total grants 87,000	OPH Restricted £ 102,250 - 102,250	2025 Total £ 229,250 (40,000) 189,250	2024 Total £ 188,400 - 188,400

Included within grants payable is £102,250 (2024: £100,000) relating to restricted funds.

5. Asset held for sale

The Schroder 1905 Trust Freehold property: Cost brought forward Net disposal proceeds Realised gain Cost at 6 April 2025	2025 Total £ 146,850 (530,186) 383,336 -	2024 Total £ 146,850 - -
		146,850

This relates to a detached house, purchased on 28 February 1994 at 16 Advice Avenue, Chafford Hundred, Grays, Essex. The property was initially purchased as an investment asset and let at a commercial rent. It was then provided rent free to a charity, the trustees making a grant ‘in lieu’ of rent. The freehold property was held on behalf of the Trustees by the Custodian Trustee of Withers Trust Corporation Limited (Company Registration Number 3697358).

As the property had been empty for a number of years, during the year ended 5 April 2024 the Trustees agreed to sell it and in future make a grant equivalent to the rental cost incurred by the charity. The property, accounted for at cost of £146,850, was sold on 6 September 2024 for £530,186 (net of expenses).

6. Investments

	The Schroder
	1905 Trust	OPH	2025	2024
	Unrestricted	Restricted	Total	Total
	£	£	£	£
Market value bought forward	9,475,247	3,653,014	13,128,261	12,357,744
Cost of acquisitions during the year	739,997	37,056	777,053	1,155,721
Proceeds from disposals in the year	(34,138)	(17,474)	(51,612)	(1,058,087)
Net cash invested	705,859	19,582	725,441	97,634
Net (loss) / gain on revaluation in the year	(583,641)	(212,290)	(795,930)	672,883
Market value of investments carried forward	9,597,465	3,460,306	13,057,771	13,128,261

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

6.	Investments (continued)
		The Schroder
			1905 Trust	OPH	2025	2024
		Unrestricted		Restricted	Total	Total
			£	£	£	£
	Market value of investments brought forward	9,597,465		3,460,306	13,057,771	13,128,261
	Cash held as part of portfolio investment		129,023	36,401	165,424	129,401
	Total market value at 5 April 2025	9,726,488		3,496,707	13,223,195	13,257,662
	Investments at market value comprise:
	UK quoted investments	9,597,465		3,460,306	13,057,771	13,128,261
	Cash held in Investment Portfolio		129,023	36,401	165,424	129,401
	Historic cost of investments at 5 April 2025	9,250,625		3,316,406	12,567,031	11,796,487
7.	Debtors
		The Schroder
			1905 Trust	OPH	2025	2024
		Unrestricted		Restricted	Total	Total
			£	£	£	£
	Accrued investment income		97,160	37,909	135,069	132,829
8.	Creditors: amounts due within 1 year
		The Schroder
			1905 Trust	OPH	2025	2024
		Unrestricted		Restricted	Total	Total
			£	£	£	£
	Accruals – audit, accountancy fees & administration	fees	11,927	6,643	18,570	14,698
	Accruals – property		87	-	87	60
	Investment manager fees		3,213	1,159	4,372	3,807
			15,227	7,802	23,029	18,565
9.	Analysis of net assets between funds – 2025
			The Schroder
				1905 Trust	OPH	2025
			General funds		Restricted funds	Total funds
				£	£	£
	Investments			9,726,488	3,496,707	13,223,195
	Net current assets			539,102	135,017	674,119
				10,265,590	3,631,724	13,897,314

THE SCHRODER 1905 TRUST

Notes to the financial statements for the year ended 5 April 2025

Analysis of net assets between funds (continued)

Analysis of net assets between funds – 2024

Investments
Net current assets
10.
Movement in funds – 2025
At start
of year

£
Total restricted funds
3,802,028
Total unrestricted funds
10,170,308
Total funds
13,972,336
Movement in funds – 2024
At start
of year

£
Total restricted funds
3,587,581
Total unrestricted funds
9,401,488
Total funds
12,989,069

The Schroder
1905 Trust
OPH
2024
General funds
Restricted
funds
Total funds
£
£
£
9,581,316
3,676,346
13,257,662
588,922
125,682
714,674

10,170,308
3,802,028
13,972,336

Incoming
Outgoing
Net
At the end
resources
resources
losses
of year
£
£
£
£
155,396
(113,410)
(212,290)
3,631,724
417,953
(122,367)
(200,304)
10,265,590

573,349
(235,777)
(412,594)
13,897,314

Incoming
Outgoing
Net
At the end
resources
resources
losses
of year
£
£
£
£
152,461
(109,762)
171,748
3,802,028
394,996
(127,310)
501,134
10,170,308

547,457
(237,072)
672,882
13,972,336

11. Trustee remuneration

The Managing Trustees consider themselves as comprising the key management personnel of the charities, in charge of directing and controlling the charities. The Managing Trustees received £nil remuneration for their services or expenses during the year (2024: £nil) and received no reimbursement of expenses (2024: £nil).

12. Related parties

Cazenove Capital acts as investment manager for the charities. Ms L K E Schroder is a non-executive director of Schroders plc, the ultimate parent company of Cazenove Capital.

Schroder & Co Ltd act as bankers for the charities. Ms L K E Schroder is a non-executive director of Schroders plc, the ultimate parent company of Schroder & Co Ltd

Ms L K E Schroder is also a trustee of The Schroder Foundation which made a charge to the charity of £17,297 (2024: £12,746) in respect of administration and accountancy services provided during the period and £87 (2024: £60) in respect of Advice Avenue property costs. £10,887 (2024: £7,257) of this balance was outstanding at the year end.

Mr J H F Schroder is a member of the British-German Association which received a grant of £10,000 in the year.

Mr J H F Schroder and Ms T E H Mayer are also Trustees of the German Christ Church London Charity which from time to time has a grantee in common with the Schroder 1905 Trust.