THE BLAKEY FOUNDATION
REGISTERED CHARITY NO: 1139335
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE BLAKEY FOUNDATION
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025
Page 1
The trustees present their annual report and financial statements for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 7 note 1.
Objectives and Activities for the Public Benefit
The objects of the Foundation, as set out in the Trust Deed, are for
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the advancement and furthering of education;
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the prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient;
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the relief of sickness and the preservation of health among people anywhere in the world; and
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any other purpose which is charitable under the law of England and Wales.
The trustees identify projects and organisations they wish to support and so the Trust does not make grants to people or organisations that apply speculatively. The Trust also has a policy of not responding to any correspondence unless it relates to grants it has agreed to make or to the general management of the Trust.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future donations. Each application is considered on its merits and the trustees also consider the purposes for which the application has been made to confirm that the public benefit requirement has been fulfilled.
Achievements and performance
Income of £270,832 was generated from the investments and cash balances. The Foundation awarded grants totalling £34,317 in the year under review.
The Foundation continued to donate to charities promoting education and supporting the most vulnerable, in particular Le Rosey Foundation, working alongside Rosey-Abantara School, Mali, providing education to young Malians. It also donated to Charity: Water, that provides drinking water to people in developing nations, CFAB, who work with children and families who have become separated across international borders, and Normandy Community Therapy Garden, that uses horticulture to generate positive change for adults and teenagers with learning difficulties, physical disabilities and mental health challenges.
In 2023 the Foundation pledged support over a five year period to Winchester College Wykeham Campaign sports initiative for the construction of a new sports centre in conjunction with the award of a number of newly established sports scholarships to scholars from diverse backgrounds, and this year honoured its year 3 pledge of £50,000.
Financial Review
Investment Policy and Performance
The trustees have set a policy to invest with medium risk to capital but with no stated target for income return.
The two investment properties are being leased to a housing association providing accommodation for individuals with learning difficulties and autism.
It is the trustees’ duty to produce a balanced investment strategy. The trustees receive and review quarterly valuations and reports.
THE BLAKEY FOUNDATION
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025 (continued)
Page 2
Risk management
The trustees have considered the major risks to which the Foundation is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Foundation is not a functional charity but a grant-maker, which also reduces the risk.
Reserves Policy
The trustees have no policy of retaining significant reserves, other than to ensure that sufficient funds are held at any one time to cover the likely donations of the next three months, although this is not essential since the trustees have the power to use the Expendable Endowment Fund if required for grant making purposes.
Plans for the Future
The trustees intend to continue to distribute the Funds of the Foundation in line with their objects and are confident that they will be able to maintain the strength of the Trust as a grant making charity through sound investment management.
Structure, Governance and Management
The Blakey Foundation is an unincorporated registered charity, established by Deed on 14 October 2010. Under the terms of the Deed, the trustees have an absolute discretion to pay or apply the Trust Fund and Income thereof for the benefit of, or in furtherance of any charitable object or purpose as set out in the Deed.
The trustees meet twice a year to discuss policy and administrative matters and to discuss and approve any grants made by the Foundation.
The trust deed provides for a minimum of 3 and a maximum of 7 trustees. Where there is a requirement for new trustees, these would be identified and appointed by the existing trustees.
Reference & Administrative Information
Charity Registration Number - 1139335
Trustees: Mrs K H Blakey Miss C Blakey Mrs S P Redrupp
Trust correspondent: Mrs S P Redrupp, 10 Dover Road, Poole, BH13 6DZ
Bankers: UBP (Union Bancaire Privée), Seymour Mews House, 26-37 Seymour Mews, London W1H 6BN
Solicitors:
Maurice Turnor Gardner LLP, 201 Bishopsgate, London, EC2M 3AB
THE BLAKEY FOUNDATION
TRUSTEES REPORT FOR THE PERIOD ENDED 5 APRIL 2025 (continued)
Page 3
Statement of Trustees Responsibilities
It is a requirement for the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting standards 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 the charity will continue in being.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with relevant legislation. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 9[th] October 2025 and signed on their behalf by:
.............................................. S P Redrupp
THE BLAKEY FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BLAKEY FOUNDATION
Page 4
I report on the financial statements of the Trust for the year ended 5 April 2025, which comprise Statement of Financial Activities and Balance Sheet, with the related notes.
This report is made solely to the Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the 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 Trust and its Trustees as a body, for my work or for this report.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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 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.
G M Petrides ACA Freemans Partnership LLP Chartered Certified Accountants and Statutory Auditors Solar House, 282 Chase Road London N14 6NZ
10th October 2025
THE BLAKEY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 5 APRIL 2025
Page 5
| Note | Unrestricted | Endowment | Endowment | Total funds | Total funds | |
|---|---|---|---|---|---|---|
| Funds | Funds | Year ended | Year ended | |||
| 5 April | 5 April | |||||
| 2025 | 2024 | |||||
| £ | ||||||
| £ | £ | £ | ||||
| Income: | ||||||
| Investment income | 2 | 270,832 | - | 270,832 | 232,711 | |
| Total income | 270,832 | - | 270,832 | 232,711 | ||
| Expenditure | ||||||
| Charitable activities | 3 | 34,317 | - | 34,317 | 43,731 | |
| Other costs | 4 | 9,460 | - | 9,460 | 8,364 | |
| Total Expenditure | 43,777 |
- |
43,777 |
52,095 |
||
| Net income/(expenditure) | 227,055 | - | 227,055 |
180,616 |
||
| Other recognised gains and | ||||||
| losses: | ||||||
| Gains and (losses) on revaluation | 5 | - | 167,008 | 167,008 | 81,751 | |
| and disposal of investments | ||||||
| Net movement in funds | 227,055 |
167,008 | 394,063 | 262,367 | ||
| Total funds brought forward | 865,898 |
3,082,769 |
3,948,667 |
3,686,300 | ||
| Total funds carried forward | 9 | 1,092,953 | 3,249,777 | 4,342,730 | 3,948,667 |
THE BLAKEY FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2025
Page 6
| Note 5 April 2025 £ Fixed assets Investments 5 3,992,042 3,992,042 Current assets Debtors Cash at bank 6 2,995 447,693 Total current assets 450,688 Creditors: amounts due within one year 7 (50,000) Net current assets 400,688 Total assets less current liabilities 4,392,730 Creditors: amounts due after more than one year Total net assets / Charity Funds 8 9 (50,000) £4,342,730 |
5 April 2024 £ 3,957,663 3,957,663 2,502 138,502 141,004 (50,000) 91,004 4,048,667 (100,000) £3,948,667 |
|---|---|
Approved by the trustees on 9[th] October 2025 and signed on their behalf by:
.............................................. S P Redrupp
THE BLAKEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Page 7
1. Principal Accounting Policies
a. Basis of preparation of financial statements
The financial statements have been prepared 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) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
b.
Going concern
The trustees have reviewed the charity’s financial position, plans, reserves and risk management and believe the Charity has adequate resources to continue operations for the foreseeable future and therefore support the preparation of these financial statements on a going concern basis.
c.
Income recognition
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.
Donations are recognised when the Trust has been notified in writing of both the amount and the settlement date. Gift aid reclaimable on donations to the charity is included with the amount received.
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 interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend date. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
d. Expenditure recognition
Donations are recognised in the year in which they are approved and such approval has been communicated to the recipients, except to the extent that they are subject to conditions that enable the Foundation to revoke the award. All expenditure is accounted for on an accruals basis.
e.
Fixed asset investments
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 statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.
f. Foreign exchange
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transactions. Balances and investments denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. Exchange gains or losses are taken to the Statement of Financial Activities and are included within gains and losses on revaluation.
THE BLAKEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Page 8
| 2. 3. 4. |
Investment Income Investment property income (net) Investment income (interest/dividends) Charitable activities Donations 40tude Curing Colon Cancer Charity Global (UK) Ltd Children and Families Across Borders (CFAB) City of Westminster Charitable Trust Human Rights Watch Le Rosey Foundation Normandy Community Therapy Garden Rainbow Trust Children’s Charity The Shakespeare Globe Trust Other costs Accountancy fees Sundry expenses (including bank charges and interest) |
2025 £ 43,533 227,299 _ 270,832 2025 £ 1,000 10,000 5,000 - - 13,317 5,000 - - _ 34,317 2025 £ 4,800 4,660 __ 9,460 |
_ |
2024 £ 30,795 201,916 232,711 2024 £ - - - 5,000 9,197 14,534 - 10,000 5,000 43,731 2024 £ 4,800 3,564 _ 8,364 |
|---|---|---|---|---|
| _ |
THE BLAKEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Page 9
5. Fixed Asset Investments
| i) Total Market Value 2025 2024 £ £ Carrying value at beginning of period 3,957,663 3,811,835 Add: additions to investments at cost 1,672,307 818,385 Less: disposals at carrying value (1,582,860) (812,963) Add: net gain/(loss) on revaluation (55,068) 140,406 _ Carrying value at 5thApril 2025 3,992,042 3,957,663 ii) Fixed Asset Investment by type - Market Value/Cost Market Value Cost Market Value 2025 2025 2024 3 £ £ Listed investments 3,278,107 3,263,104 3,243,728 Investment properties 713,935 713,935 713,935 Unlisted investments - - - _ _ __ 3,992,042 3,977,039 3,957,663 Gains and (losses) on revaluation and disposal of investments 2025 2024 £ £ Gains/(losses) on revaluation of investments (55,068) 140,406 Gains/(losses) on disposal of investments 222,076 (58,655) __ ____ 167,008 81,751 6. Debtors 2025 2024 £ £ Accrued income 2,995 2,502 |
Cost 2024 £ 3,290,700 713,935 - _ 4,004,635 |
|---|---|
THE BLAKEY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Page 10
| 7. | Creditors: amounts due within one year | 2025 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Grant commitments | 50,000 |
50,000 |
|||
| 8. | Creditors: amounts due after more than one year | 2025 | 2024 | ||
| £ | £ | ||||
| Grant commitments | 50,000 |
100,000 |
|||
| 9. | Funds - analysis of Net Assets | ||||
| Expendable | |||||
| Unrestricted | Endowment | Total fund | Total fund | ||
| Income fund | fund | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Fixed asset investments | 742,265 | 3,249,777 | 3,992,042 | 3,957,663 | |
| Total current assets | 400,688 | - | 400,688 | 91,004 | |
| Grant commitments – due after one year | (50,000) | - | (50,000) | (100,000) | |
| __ | __ | __ | _ | ||
| Total net assets | 1,092,953 | 3,249,777 | 4,342,730 |
3,948,667 |
All funds held by the Foundation are unrestricted and available to the Foundation to apply for the general purposes of the Foundation as set out in its governing document.
10. Transactions with related parties
£4,800 was paid to S P Redrupp Limited, a company in which Mrs S P Redrupp is director and shareholder, in respect of accountancy charges. The payments were permitted by the Trust Deed.