Charity number: 1133260
THE EARLE AND STUART CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
THE EARLE AND STUART CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
THE EARLE AND STUART CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2025
Trustees James K Morgan J Anne Richardson Charity registered number 1133260 Principal office Westgate House 42 Chapel Street King's Lynn Norfolk PE30 1EF Accountants Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Investment Managers Brown Shipley & Co Limited Richmond House 16-20 Regent Street Cambridge CB2 1DB
Page 1
THE EARLE AND STUART CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
The Trustees present their annual report together with the financial statements of the Charity for the 1 November 2024 to 31 October 2025.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, 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 applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
a. Policies and objectives
The Trustees shall hold the capital and income of the Trust fund upon Trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes for the public benefit in the United Kingdom as the Trustees may in their discretion see fit.
The Trustees may in their discretion, for the period of 21 years for the date of the Trust deed, instead of applying the income of the charity in any year, accumulate all or any part of such income by investing the same, and the resulting income, in any investments authorised by this deed or by law as an accretion to and as part of the capital of the Charity, without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Charity arising in the then current year.
b. Grant-making policies
The Charity objects are achieved by providing financial grants to UK registered charities that provide assistance directly to beneficiaries. The levels of grants made are determined by reference to available funds in the Trust's bank accounts and the nature of suitable projects.
c. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees confirm that, in exercising their powers and duties, they have complied with the duty to have due regard to the guidance on public benefit published by the Charity Commission.
The Charity's charitable activities consist of making grants to institutions within the UK. The Trustees consider that the aims of these institutions are for the benefit of the public and therefore as principally all of the Charity's activities are directed towards these institutions, the Charity's aims are carried out wholly for the public benefit. In the event that they became aware of any concern as to the public benefit of any of the Charity's beneficiaries, the Trustees would consider their actions having regard to the Charity Commission's above-mentioned guidance.
Page 2
THE EARLE AND STUART CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Achievements and performance
a. Review of activities
The Charity's principal source of income is derived from its investments, the income from which was £83,247 (2024: £82,971) for the year.
Grants totalling £68,000 (2024: £101,075) were committed to in the year. The grants were made to 16 institutions, this includes co- funding of a PhD student for a Dementia research as detailed in Note 6.
The net expenditure, after grants and operational expenses of £98,123 (2024: £130,902) was £14,876 (2024: £47,931).
b. Investment strategy
The Trust Deed gives the Trustees the power to acquire and dispose of investments as they see fit, as well as powers to appoint a suitably qualified investment manager with delegated powers of investment, subject to an annual review. In practice, half yearly reviews take place and the investment manager has discretionary power. Where possible, investments are considered as to their suitability taking into account social and ethical issues, as well as risk, capital and income aspects.
The investment portfolio is managed to provide a regular source of income and as such constitutes a low to medium risk portfolio, incorporating a concentration of high income yielding securities.
The Charity's investment portfolio generated a surplus for the year (as shown on the Statement of financial activities), reflecting overall market performance. The portfolio performance continues to be monitored, and the stockbroker advises on such matters.
The cash held by the charity will continue to be invested in securities in line with the investment strategy. A suitable cash balance will be maintained in order to meet the running costs of the Charity and allow it to make grants in line with the grant making policy.
Financial review
a. Going concern
The Trustees have considered the position of the Charity at the time of signing the financial statement. Having taken all relevant factors into account, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, specifically at least twelve months from the date of signing these financial statements. As a result the Trustees consider it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Page 3
THE EARLE AND STUART CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
b. Reserves policy
The expendable endowment fund is invested to generate income for the Charity’s grant making activities. The Trustees also have the power to convert the endowment into income funds.
This fund is managed in a way to preserve the value of the initial investment and generate income, however if an application is received or need identified for a significant project, consideration is given to using part of this fund. At the 31 October 2025 total endowment funds amounted to £4,127,672 (2024: £3,667,375).
Unrestricted funds are held for future grant making and operational costs. As 31 October 2025 this amounted to a balance of £7,741 (2024: £Nil).
As the endowment is expendable, the Trustees consider it acceptable to hold no or low levels of unrestricted funds, and the balance will fluctuate depending on the need of grant receiving charities or appeals for specific projects.
The Charity holds no restricted funds (2024: £Nil).
Total funds as at 31 October 2025 amount to £4,135,413 (2024: £3,667,375).
c. Principal risks and uncertainties
The Trustees have identified the major risk as being fluctuations in the stock market and effect on the value and income yield of investments held. Stockbrokers are appointed to advise on these aspects. At a Trustees' meeting, it was agreed that the stockbroker would be given authority to manage the investment portfolio on a discretionary basis, without having to confirm any investment recommendations with the Trustees at the regular meetings before taking the necessary action. The Trustees are able to review the position every 6 months, and can withdraw this authority if necessary.
Structure, governance and management
a. Constitution
The Earle and Stuart Charitable Trust is a registered charity, number 1133260, and is constituted under a Trust deed dated 24 November 2009.
b. Methods of appointment or election of Trustees
The continuing Trustees put forward any recommendations and make the decisions regarding new Trustees to be appointed. Training is provided to the Trustees as required.
c. Organisational structure and decision-making policies
The Trustees attend Trustees' meetings as required and are in regular contact to administer the affairs of the Charity.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 4
THE EARLE AND STUART CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report 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 Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its 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;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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 Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
James K Morgan (Trustee) Date: 06 Jan 2026
Page 5
THE EARLE AND STUART CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Independent examiner's report to the Trustees of The Earle and Stuart Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2025.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Christopher Yeates
06 Jan 2026 Dated: FCA DChA
Larking Gowen LLP
Chartered Accountants
Norwich
Page 6
THE EARLE AND STUART CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025
| Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Investment management costs 4 Charitable activities 5 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 83,247 83,247 - 75,506 75,506 7,741 - 7,741 - 7,741 7,741 |
Endowment funds 2025 £ - - 22,617 - 22,617 (22,617) 482,914 460,297 3,667,375 460,297 4,127,672 |
Total funds 2025 £ 83,247 83,247 22,617 75,506 98,123 (14,876) 482,914 468,038 3,667,375 468,038 4,135,413 |
Total funds 2024 £ 82,971 82,971 21,307 109,595 130,902 (47,931) 442,071 394,140 3,273,235 394,140 3,667,375 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
THE EARLE AND STUART CHARITABLE TRUST
BALANCE SHEET AS AT 31 OCTOBER 2025
| Note Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 13 Net current assets Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Endowment funds 15 Unrestricted funds 15 Total funds |
1,101 91,443 92,544 (14,820) |
2025 £ 4,057,689 4,057,689 77,724 - 4,135,413 4,127,672 7,741 4,135,413 |
154 49,552 49,706 (14,601) |
2024 £ 3,642,270 3,642,270 35,105 (10,000) 3,667,375 3,667,375 - 3,667,375 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
James K Morgan
Trustee Date: 06 Jan 2026
The notes on pages 9 to 17 form part of these financial statements.
Page 8
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Earle and Stuart Charitable Trust meets the definition of a public benefit entity under FRS 102.
1.2 Going concern
The trustees have considered the charity’s position at the time of signing the financial statements, and have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Charitable activities and Governance costs are costs incurred on the Charity's grant making operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. Accounting policies (continued)
1.5 Interest receivable
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 institution with whom the funds are deposited.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities 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.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
The Charity only has 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.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds comprise of an expendable endowment fund to be retained for the benefit of the charity as a capital fund. Trustees have the discretion to convert endowment capital into income funds.
Investment income, gains and losses are allocated to the appropriate fund.
Page 10
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
2. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no significant judgements or key sources of estimation uncertainly that undeprin these financial statements.
3. Investment income
| Unrestricted funds 2025 £ Dividends and interest received 82,793 Bank and stockbroker interest 454 83,247 Unrestricted funds 2024 £ Dividends and interest received 81,899 Bank and stockbroker interest 1,072 82,971 |
Total funds 2025 £ 82,793 454 |
|---|---|
| 83,247 | |
| Total funds 2024 £ 81,899 1,072 |
|
| 82,971 |
4. Investment management costs
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 2025 | 2025 | |
| £ | £ | |
| Stockbroker fees | 22,617 | 22,617 |
Page 11
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. Investment management costs (continued)
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Stockbroker fees | 21,307 | 21,307 |
5. Analysis of expenditure on charitable activities
| Unrestricted funds 2025 £ Grants (note 6) 68,000 Governance costs (note 7) 7,506 75,506 Unrestricted funds 2024 £ Grants (note 6) 101,075 Governance costs (note 7) 8,520 109,595 |
Total 2025 £ 68,000 7,506 |
|---|---|
| 75,506 | |
| Total 2024 £ 101,075 8,520 |
|
| 109,595 |
Page 12
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. Grants
| Meadowgate Academy for highly disabled children The Benjamin Foundation The British Red Cross- Ukraine Appeal The Docking Scholarship - Glebe House School The Docking Follow on Scholarship - Gresham's School East Anglian Children's Hospice East Anglian Air Ambulance The Matthew Project Nelson's Journey Norfolk Community Foundation - College Bursaries St Martin's Housing Trust The Purfleet Trust King's Lynn Littlelifts Norfolk Community Foundation "Surviving Winter" Well Boring Norfolk & Norwich Festival Trust Appeal Tapping House Hospice Priscilla Bacon Hospice Norfolk Prostate Cancer Royal Norfolk Agricultural Association Education Fund UEA PhD Scholarship - dementia research |
2025 £ - 500 - 10,000 12,000 500 500 - 500 21,000 5,000 5,000 - 5,000 - 2,000 1,500 1,500 1,000 2,000 - 68,000 |
2024 £ 2,000 1,000 1,000 10,000 12,000 1,000 1,000 1,000 1,000 21,000 5,000 5,000 1,000 2,000 1,075 - 3,000 3,000 - - 30,000 |
|---|---|---|
| 101,075 |
All grants were made to institutions; no grants were made to individuals.
In the previous period, the charity entered into an agreement to co-fund a PhD student at the University of East Anglia for dementia research over a three-year period, with a maximum commitment of £30,000. The first instalment of £10,000 was paid in 2024, and the second instalment of £10,000 was paid in 2025.
Page 13
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. Expenditure on governance
| Independent examiner's fee Management and administration Independent examiner's fee Management and administration |
Endowment funds 2025 £ 2,556 4,950 7,506 Endowment funds 2024 £ 2,760 5,760 8,520 |
Total funds 2025 £ 2,556 4,950 |
|---|---|---|
| 7,506 | ||
| Total funds 2024 £ 2,760 5,760 |
||
| 8,520 |
8. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,556 | 2,760 |
9. Staff costs
The Charity has no employees. The Trustees who are considered to be the key management of the charity, did not receive any remuneration (2024 - £NIL).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 October 2025, no Trustee expenses have been incurred (2024 - £NIL) .
Page 14
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. Fixed asset investments
| Cost or valuation At 1 November 2024 Additions Disposals Revaluations At 31 October 2025 |
Listed investments £ 3,642,270 1,499,551 (1,567,046) 482,914 |
|---|---|
| 4,057,689 |
The historical cost of fixed asset investments held at 31 October 2025 was £3,275,942 (2024: £3,015,367).
12. Debtors
| Due within one year Prepayments and accrued income 13. Creditors: Amounts falling due within one year Accruals Accrued grants payable to institutions 14. Creditors: Amounts falling due after more than one year Accrued grants payable to institutions |
2025 £ 1,101 1,101 2025 £ 4,820 10,000 14,820 2025 £ - |
2024 £ 154 |
|---|---|---|
| 154 | ||
| 2024 £ 4,601 10,000 |
||
| 14,601 | ||
| 2024 £ 10,000 |
Page 15
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. Statement of funds
Statement of funds - current year
| Balance at 1 November 2024 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 31 October 2025 £ Unrestricted funds General Funds - 83,247 (75,506) - 7,741 Endowment funds Bequest from A Stuart 3,667,375 - (22,617) 482,914 4,127,672 Total of funds 3,667,375 83,247 (98,123) 482,914 4,135,413 Endowment funds comprise of an expendable endowment fund to be retained for the benefit of the charity as a capital fund. Trustees have the discretion to convert endowment capital into income funds. Statement of funds - prior year Balance at 1 November 2023 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 31 October 2024 £ Unrestricted funds General Funds - 82,971 (109,595) 26,624 - - Endowment funds Endowment Funds - all funds - - - - 442,071 442,071 Bequest from A Stuart 3,273,235 - (21,307) (26,624) - 3,225,304 3,273,235 - (21,307) (26,624) 442,071 3,667,375 Total of funds 3,273,235 82,971 (130,902) - 442,071 3,667,375 |
Balance at 1 November 2024 £ Income £ Expenditure £ Gains/ (Losses) £ Balance at 31 October 2025 £ Unrestricted funds General Funds - 83,247 (75,506) - 7,741 Endowment funds Bequest from A Stuart 3,667,375 - (22,617) 482,914 4,127,672 Total of funds 3,667,375 83,247 (98,123) 482,914 4,135,413 Endowment funds comprise of an expendable endowment fund to be retained for the benefit of the charity as a capital fund. Trustees have the discretion to convert endowment capital into income funds. Statement of funds - prior year Balance at 1 November 2023 £ Income £ Expenditure £ Transfers in/out £ Gains/ (Losses) £ Balance at 31 October 2024 £ Unrestricted funds General Funds - 82,971 (109,595) 26,624 - - Endowment funds Endowment Funds - all funds - - - - 442,071 442,071 Bequest from A Stuart 3,273,235 - (21,307) (26,624) - 3,225,304 3,273,235 - (21,307) (26,624) 442,071 3,667,375 Total of funds 3,273,235 82,971 (130,902) - 442,071 3,667,375 |
Balance at 31 October 2025 £ 7,741 |
|---|---|---|
| 4,127,672 | ||
| 4,135,413 | ||
| Unrestricted funds General Funds Endowment funds Endowment Funds - all funds Bequest from A Stuart Total of funds |
Balance at 1 November 2023 £ - - 3,273,235 3,273,235 3,273,235 |
|
| 442,071 3,225,304 |
||
| 3,667,375 | ||
| 3,667,375 |
Endowment funds comprise of an expendable endowment fund to be retained for the benefit of the charity as a capital fund. Trustees have the discretion to convert endowment capital into income funds.
Page 16
THE EARLE AND STUART CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments - Current assets 7,741 Creditors due within one year - Total 7,741 |
Endowment funds 2025 £ 4,057,689 84,803 (14,820) 4,127,672 |
Total funds 2025 £ 4,057,689 92,544 (14,820) |
|---|---|---|
| 4,135,413 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Endowment funds 2024 £ 3,642,270 49,706 (14,601) (10,000) 3,667,375 |
Total funds 2024 £ 3,642,270 49,706 (14,601) (10,000) |
|---|---|---|
| 3,667,375 |
17. Related party transactions
A Trustee is connected to a firm providing professional advice to the Charity. The firm charges the Charity for their services as permitted in the Charity's Trust Deed. The amounts paid under these terms during the period are as follows:
| J K Morgan - Morgan Trusts and Tax Planning Limited, Solicitors | 2025 £ 4,560 4,560 |
2024 £ 5,700 |
|---|---|---|
| 5,700 |
The Charity holds cash funds in a Morgan Trusts and Tax Planning Limited client account. The account balance at the 31 October 2025 was £266 (2024: £308).
Page 17
SIGNATURE CERTIFICATE
Document
Name S050400 Earle & Stuart Charitable Trust 31 10 25 - Final Accou Creator Yulia Varvel (Yulia.Varvel@larking-gowen.co.uk) Date 06 January 2026 14:48:17 UTC Identifier 58e7795c-e5ec-4c1e-a97d-6960de3f4f15
Signers
james@morgan-ttp.co.uk
E-mail james@morgan-ttp.co.uk Signed 06 January 2026 14:53:03 UTC IP address 62.223.249.107
Chris Yeates
E-mail chris.yeates@larking-gowen.co.uk Signed 06 January 2026 16:06:48 UTC IP address 195.224.97.204