**Charity number: 1150176**
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2025**
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Income and Expenditure Account**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 15|
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025**
|**Trustees**|R Harris (resigned 10 June 2024)|
|---|---|
||M Friedler|
||N Harris|
||J Friedler|
|**Charity registered**
**number**
1150176
**Principal office**
Heatherby
Beech Drive
Kingswood
Tadworth
KT20 6PP
**Independent Examiner**
Harris & Trotter LLP
101 New Cavendish Street
1st Floor South
London
W1W 6XH||
Page 1
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025**
The Trustees present their annual report together with the financial statements of the Sybilla and Leo Friedler Charitable Trust for the 6 April 2024 to 5 April 2025.
## **Objectives and activities**
## **a. Policies and objectives**
The objective of the Charity is to offer relief to persons throughout the world who are in conditions of need, hardship and distress, in particular children who are sick or handicapped.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Grant-making policies**
The Trustees will continue to make grants to organisations in furtherance of the charity's objectives.
## **Achievements and performance**
## **a. Key performance indicators**
The results for the year are set out on page 5. To summarise incoming resources totalled £42,087 (2024: £725,645). Charitable grants payable for 2025 totalled £27,790 (2024: £51,690). This is in line with the level of activity that the Trustees require and future annual activity is expected to be at a similar level.
The trustees made no further commitments during to the year to 5 April 2025.
At the Balance Sheet date the charitable fund was valued at £853,030 (2024: £841,070)
The trustees are satisfied that the trust assets are available and adequate to fulfil its obligations.
## **b. Fundraising activities and income generation**
During the year the Charity didn't carry out any fundraising activities and all the income was generated from the investments.
## **c. Investment policy and performance**
The Trust holds investments in order to generate returns to help its charitable objectives and to fund future projects. The trustees adopt a prudent investment policy to ensure potential returns are well balanced with the appropriate levels of risk.
Page 2
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The balance of undistributed income resources at 5 April 2025 totalled £853,030. Any undistributed income during the year is to be earmarked for direct charitable expenditure for the following year. Adequate provision has been made for future commitments of charitable expenditure.
## **Structure, governance and management**
## **a. Constitution**
The charity was established by a Deed on 16 August 2012 and is an incorporated charity. The trustees who served during the year were:
M Friedler N Harris J Friedler
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **c. 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 3
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 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;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) 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 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:
## **M Friedler**
Date: 20 February 2026
Page 4
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025**
## **Independent Examiner's Report to the Trustees of Sybilla and Leo Friedler Charitable Trust ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 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**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hugh Lask FCA CTA
Harris & Trotter LLP 101 New Cavendish Street 1st Floor South London W1W 6XH Date: 20/02/2026
Page 5
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**Note**
**Income from:**
Donations and legacies
2
Investments:
3
Investment income
_._ Other investments
Interest received
4
**Total income**
**Expenditure on:**
Charitable activities:
Grants payable
_._ Other charitable activities
**Total expenditure**
**Net income before net losses on investments**
Net losses on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**-**
**-**
**1,770**
**40,317**
**42,087**
**-**
**30,127**
**30,127**
**11,960**
**-**
**11,960**
**841,070**
**11,960**
**853,030**|**Total**
**funds**
**2025**
**£**
**-**
**-**
**1,770**
**40,317**
**42,087**
**-**
**30,127**
**30,127**
**11,960**
**-**
**11,960**
**841,070**
**11,960**
**853,030**|_Total_
_funds_
_2024_
_£_
_707,558_
_1,712_
_-_
_16,375_
_725,645_
_51,690_
_-_
_51,690_
_673,955_
_(28,763)_
_645,192_
_195,878_
_645,192_
_841,070_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
Page 6
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025**
|**Note**
Income
Losses on investments
**Gross income in the reporting period**
Less: Total expenditure
**Net income for the reporting period**|**Total funds**
**2025**
**£**
**42,087**
**-**
**42,087**
**(30,127)**
**11,960**|_Total funds_
_2024_
_£_
_725,645_
_(28,763)_
_696,882_
_(51,690)_
_645,192_|
|---|---|---|
The notes on pages 9 to 15 form part of these financial statements.
Page 7
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2025**
|**Note**
**Fixed assets**
Investments
8
**Current assets**
Cash at bank and in hand
**Current liabilities**
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Unrestricted funds
10
**Total funds**|**97,817**
**97,817**|**2025**
**£**
**755,213**
**755,213**
**97,817**
**853,030**
**853,030**
**853,030**
**853,030**
**853,030**|_90,915_
_90,915_|_2024_
_£_
_750,155_|
|---|---|---|---|---|
|||||_750,155_|
|||||_90,915_|
|||||_841,070_|
|||||_841,070_|
||||||
|||||_841,070_|
|||||_841,070_|
||||||
|||||_841,070_|
The financial statements were approved and authorised for issue by the Trustees on 20 February 2026 and signed on their behalf by:
## **M Friedler**
The notes on pages 9 to 15 form part of these financial statements.
Page 8
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 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.
Sybilla and Leo Friedler Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 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.
## **1.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **1. Accounting policies (continued)**
## **1.4 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.
Investments in joint ventures are stated at the amount of the Charity's share of net assets. The Statement of Financial Activities includes the Charity's share of the joint ventures' net income or expenditure using the equity accounting basis. As the joint venture is a charity, the investment is presented within restricted funds.
## **1.5 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.
## **1.6 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.
## **1.7 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **1.8 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 10
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **2. Income from donations and legacies**
||**Unrestricte**|**Total**|_Total_|
|---|---|---|---|
||**d funds**|**funds**|_funds_|
||**2025**|**2025**|_2024_|
||**£**|**£**|_£_|
|Donations received|-|**-**|_707,558_|
## **3. Investment income**
|Investment income
_Total 2024_
**Other incoming resources**
Other incoming resources
_Total 2024_|**Unrestricte**
**d funds**
**2025**
**£**
1,770
_1,712_
**Unrestricte**
**d funds**
**2025**
**£**
40,317
_16,375_|**Total**
**funds**
**2025**
**£**
**1,770**
_1,712_
**Total**
**funds**
**2025**
**£**
**40,317**
_16,375_|_Total_
_funds_
_2024_
_£_
_1,712_|
|---|---|---|---|
||||_Total_
_funds_
_2024_
_£_
_16,375_|
|||||
## **4. Other incoming resources**
Page 11
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **5. Analysis of grants**
|Donations
_Total 2024_|**Grants to**
**Institutions**
**2025**
**£**
27,790
_51,690_|**Total**
**funds**
**2025**
**£**
**27,790**
_51,690_|_Total_
_funds_
_2024_
_£_
_51,690_|
|---|---|---|---|
|||||
## **6. Analysis of expenditure by activities**
|Donations
_Total 2024_|**Grant**
**funding of**
**activities**
**2025**
**£**
27,790
_51,690_|**Governance**
**costs**
**2025**
**£**
2,337
_-_|**Total**
**funds**
**2025**
**£**
**30,127**
_51,690_|_Total_
_funds_
_2024_
_£_
_51,690_|
|---|---|---|---|---|
||||||
## **7. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 5 April 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
Page 12
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **8. Fixed asset investments**
|**Cost or valuation**
At 6 April 2024
Additions
Disposals
Share of profit/(loss)
At 5 April 2025
**Net book value**
At 5 April 2025
_At 5 April 2024_
All the fixed asset investments are held in the UK.|**Unlisted**
**investments**
**£**
**678,046**
**132,601**
**(125,000)**
**-**
**685,647**
**685,647**
_678,046_|**Investment**
**in joint**
**ventures**
**£**
**72,109**
**-**
**(4,313)**
**1,770**
**69,567**
**69,567**
_72,109_|**Total**
**£**
**750,155**
**132,601**
**(129,313)**
**1,770**
**755,214**
**755,214**
_750,155_|
|---|---|---|---|
## **Principal joint ventures**
The following was a joint venture of the Charity:
|**Name**|**Fair value of**|**Profit/**|
|---|---|---|
||**investment**|**(Loss) /**|
||**£**|**Surplus /**|
|||**(Deficit)**|
|||**for the**|
|||**year**|
|||**£**|
|Watchmoor|**69,567**|**1,770**|
Page 13
**SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **9. Prior year adjustments**
During the year, the Charity reviewed the classification of its investments and determined that an amount of £72,109 was included within Unlisted Investments more appropriately meets the definition of an Investment in Joint Venture under FRS 102.
As a result, the prior-year comparatives have been reclassified to present £72,109 as Investment in Joint Venture.
This reclassification has no impact on total funds or the net movement in funds previously reported.
## **10. Statement of funds**
## **Statement of funds - current year**
|**Balance at 6**
**April 2024**
**£**
**Unrestricted funds**
General Funds 1
**841,070**
**Statement of funds - prior year**
_Balance at_
_6 April 2023_
_£_
_Income_
_£_
**Unrestricted funds**
General Funds 1
_195,878_
_725,645_|**Income**
**£**
**42,087**
_Expenditure_
_£_
_(51,690)_|**Expenditure**
**£**
**Balance at 5**
**April 2025**
**£**
**(30,127)**
**853,030**
_Gains/_
_(Losses)_
_£_
_Balance at_
_5 April 2024_
_£_
_(28,763)_
_841,070_|**Expenditure**
**£**
**Balance at 5**
**April 2025**
**£**
**(30,127)**
**853,030**
_Gains/_
_(Losses)_
_£_
_Balance at_
_5 April 2024_
_£_
_(28,763)_
_841,070_|
|---|---|---|---|
||||_Balance at_
_5 April 2024_
_£_
_841,070_|
Page 14
## **SYBILLA AND LEO FRIEDLER CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
**Total**|**Unrestricte**
**d funds**
**2025**
**£**
755,213
97,817
853,030|**Total**
**funds**
**2025**
**£**
**755,213**
**97,817**|
|---|---|---|
|||**853,030**|
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2024_
_£_
_(2,891)_
_-_
_2,891_
_-_|_Unrestricted_
_funds_
_2024_
_£_
_753,046_
_90,915_
_(2,891)_
_841,070_|_Total_
_funds_
_2024_
_£_
_750,155_
_90,915_
_-_|
|---|---|---|---|
||||_841,070_|
Page 15