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← The Childwick Trust

2025-03-31-accounts

THE CHILDWICK TRUST

(A Company limited by guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR TO 31 MARCH 2025

Charity number 1150413 Company number 08224553

THE CHILDWICK TRUST (A Company limited by guarantee) INDEX

Page

1 6
7 9
10 Statement of Financial Activities
11 Balance Sheet
12 Statement of Cash Flows
13 23 Notes to the Financial Statements

THE CHILDWICK TRUST (A Company limited by guarantee) For the year ended 31 March 2025

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 15 and comply with the Charities Act 2011, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland published in October 2019 and the Companies Act 2006.

Objectives and Activities

The charitable company commenced operation on 1 April 2013 when it took over the activities of the unincorporated charity, The Childwick Trust (Charity Commission reference 326853).

The principal objects of the Trust are as follows:

Grant-making policy

aim is to improve the lives of those in need as detailed in its objects. The Trustees review the grant making policy annually to ensure that it r

. UK applications are only accepted during April and October for consideration at the Trustees' meetings in January and July and a two year gap is required between all successful applications. South African applications are only accepted during April for and applications can be made annually. Applications are Trust Administrator undertake a number of visits to both potential and current beneficiaries.

Public benefit

The principal activities of the Trust exist for public benefit.

The Trustees confirm that, to the best of their knowledge and belief, they have complied with section 17 of the Charities Act 2011 with respect to having due regard to Public Benefit Guidance published by the Charity Commission.

Achievements and Performance

In the 33 years since the death of the Settlor, The Childwick Trust, from its original unincorporated charity through to its current incorporated status, has awarded grants and donations of approximately £92 million.

1

THE CHILDWICK TRUST (A Company limited by guarantee) For the year ended 31 March 2025

An analysis of grants per object is set out in Note 13 to the financial statements and a list of the main grants the Trust received and processed 956 (2024: 763) grant applications and awarded 230 (2024: 200) separate grants and donations totalling £2,996,114 (2024: £2,865,273). In addition, the Trust supported three (2024: three) former employees of the settlor or their dependants at a cost of £30,681 (2024: £39,766).

Monitoring of Grants

Visits by Trustees to charity beneficiaries both in the UK and South Africa, taken together with the annual reports of grantees, help to provide information about the impact of individual grantee charities on their own beneficiaries. The Trustees report back to the Board on a regular basis following visits and this approach, together with the investigations undertaken by the Administrator, informs the decision-making process which the Trust follows.

The Trustees consider that the grants allocated to South Africa require a higher level of individual monitoring in terms of both effectiveness and appropriateness. The visits to South Africa are intended to allow the trustees to monitor very directly the effectiveness of the grantees and the impact of their work on the ultimate beneficiaries. Discussions also take place with South Africa-based Trusts that support pre-school education, in order to share experience of developments in the sector and best practice. In the year ended 31 March 2025, a single visit was made by the Trustees to South Africa. The intention is to visit all South African grantees over a two or three year cycle, as in pre-Covid years.

The Trust has the guidance and advice of a consultant, Mrs Giuliana Bland, who is based in Johannesburg and is well-known in the South African Early Childhood Development community. She provides the Trustees with regular reports about developments in the ECD sector and she also monitors progress of the grants awarded, makes ad hoc visits and undertakes due diligence on behalf of the Trust. The consultant often accompanies

to South Africa are considered.

Grant-making

The Trustees retain discretion to distribute both income and capital each year and in normal circumstances plan to distribute by way of grant approximately 4% of the value of the investment portfolios. The Trustees consider that maintaining this level of grants is important, even if it results in a diminution in the real value of the Trust s capital.

United Kingdom

Grants for health and associated causes amounted to 52% of the total grants in the year (2024: 53%). The level of total grants was similar to the previous year, but the proportions allocated to Racing were higher and grants to Jewish charities were lower.

South Africa

In South Africa, the Trust supports up to 40 ECD organisations. During the year under review, grants to support education totalled £742,914 (SA Rand 17,972,421) with those paid to the ECD sector totalling £735,972 (SA Rand 17,810,000) (2024: £682,284 (SA Rand 15,800,000)). Grants to South African projects during the year represented 24.54% (2024: 23.49

South Africa continues to face a number of challenges which include high unemployment, corruption and poverty but for the first time for a long period there are some grounds for optimism following the election of a new government and reduced power cuts. However, the leaders of the organisations that the Trustees met on their visits were clearly still facing considerable issues and frustrations around particularly funding and corruption. The total resources available to individual beneficiaries were by no means equal and a significant number remain unable even to provide adequate nourishment for the children they care for. Nevertheless, the visits confirme have a material impact.

2

THE CHILDWICK TRUST (A Company limited by guarantee) For the year ended 31 March 2025

committed to the ECD sector which will remain the focus of their grant-giving activities in South Africa. The Trust has supported ECD in South Africa for more than 25 years and is one of the longest continuing providers of funds to the ECD sector.

Financial Review

During the year under review the net assets of the Trust decreased by £763,027 to £82,657,350 (2024: £83,420,377). Grant expenditure increased by 4.2% to £3,026,795 (2024: £2,905,039) and represented 4% of the value of the year-end investment portfolio. Investment income increased by 11% to £2,271,343 (2024: £2,045,817).

The Statement of Financial Activities is presented on page 10. The Trust does not carry out any fundraising activities.

Investment Policy and Review

The Trustees have adopted an investment policy that aims to balance the requirement for income and the longwide powers to supplement income from capital if required.

ownership of a number of properties. The investment portfolios include direct equities, fixed interest securities and collective investment schemes which m

assets and reduce volatility. The Trustees maintain regular contact with their investment managers and receive monthly valuations and a quarterly market commentary. Formal review meetings take place at least twice a year.

Following the appointment during the year of Navera Investment Management, portfolios are now split between three discretionary managers with different investment strategies and asset are managed between Cazenove and Navera and are mainly equity based. A smaller portfolio managed by Ruffer uses protection strategies designed to reduce volatility in the event of a major market fall. This strategy has been effective in protecting values during market volatility. Over the last 5 years Cazenove and Ruffer have produced annualised total returns (net of management fees) of 7.8 and 4.1%, respectively. During the 11 month period from appointment to 31 March 2025, Navera produced a return of 5.8%. The Trustees have adopted a long-term objective of achieving an annual return of 4% plus CPI.

The freehold properties and investment properties provide income and capital diversification to the predominantly equity-based investments held by the Trust. The properties were formally re-valued as at 31 March 2024 by Strutt & Parker. The valuation was carried out on a vacant possession basis with some values being discounted to reflect the basis of occupation where regulated tenants are in place. Having taken professional advice, the Trustees have maintained the properties at their 31 March 2024 values.

Principal Risks and Uncertainties

The principal risks faced by the Trust lie first in the performance of investments and the variability of returns on the portfolio and secondly, in the appropriate allocation of grants. Investment risk is mitigated by retaining expert investment managers and appropriately experienced Trustees and having diversified portfolios. The investment policy referred to above helps to stabilise the resources available for grant making. The risk of inappropriate allocation is mitigated by the oversight of grantees by the Trustees (as addressed in Monitoring of Grants above).

Reserves policy

Unrestricted reserves at 31 March 2025 stood at about £82.7 million. (2024: £83.4 which aims to maintain the real value of assets in the long-term and its grant making policy, which aims to . This equates to approximately £2.9m 2m as at 31 March 2025. The Trustees have

3

THE CHILDWICK TRUST (A Company limited by guarantee) For the year ended 31 March 2025

authority to call on both capital and income to fund grants and the Trustees recognise that its grant making policy may result in a diminution of the real value of its assets. The Trust has no significant financial commitments.

of the Trust but the Trustees will monitor the level of future grant distributions in the light of potential investment returns, while continuing to exercise their discretion.

Going Concern

The accounts have been prepared on a going concern basis. The Trustees have prepared a budget to 31 March 2026 which assumes that further unrestricted reserves will be used. They have also considered the potential cash requirements for one year from the date of signing these financial statements. They note that the charity has a readily realisable investment portfolio and they do not believe that the utilisation of the unrestricted reserves will have a material impact on the charity.

Plans for the future

the long-term investment return objectives. The future level of grants will be kept under review and may have to be reduced in order to reflect the possibility of earning lower investment returns than have been realised in the past.

Structure, Governance and Management

The Childwick Trust is a company limited by guarantee (company number 08224553) which was incorporated on 21 September 2012 and registered with the Charity Commission on 9 January 2013 (Registered Number 1150413). It is administered from 9 The Green, Childwick Bury, St Albans, Hertfordshire, AL3 6JJ. It is governed by its Memorandum and Articles of Association dated 17 September 2012. The Articles of Association were changed in February 2022 to allow a Trustee, who would have been obliged to retire at age 75, to continue as a trustee beyond that age, subject to annual re-appointment.

Appointment of Trustees

A new Trustee can only be appointed with the unanimous approval of the existing Trustees. The minimum number of Trustees required under the Memorandum and Articles of Association is three and the maximum is seven. The Trustees seek to maintain a balance of skills and expertise on the Board.

The induction process for new Trustees would comprise a meeting with the Chairman and the Board outlining the responsibilities of a Trustee, a study of the Trust Deed and a perusal of copies of the Minutes Annual Report and Accounts. The induction would also include an overview of the grant making process with the Trust Administrator.

Trustee indemnity insurance

Qualifying third party indemnity provision is in place for the benefit of all Trustees of the Trust.

Key management personnel remuneration and related party transactions

The Trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no Trustee remuneration was paid in the year. Any connections between a Trustee and a supplier or grant recipient of the charity must be disclosed to the Board of Trustees. Details of Trustee expenses and related party transactions are disclosed in notes 7 and 14 to the accounts.

Reference and administrative details

The Board of Trustees from 1 April 2024 and to the date of this report comprised:

P D Anwyl-Harris Chairman
M P Farmar
C M Maurice
Dr A P O Stranders
J D Wood (Retired 31/12/2024)

4

THE CHILDWICK TRUST (A Company limited by guarantee) For the year ended 31 March 2025

M J A Fiddes

Trust Administrator and Registered Office

Mrs Kirsty Jones, 9 The Green, Childwick Bury, St. Albans, Herts, AL3 6JJ

Charity Registration Number: 1150413

Company Registration Number: 08224553

Principal Advisors:

Auditor

Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Managing Agents

Chappell Land and Property LLP Future Business Centre Cambridge, CB4 2HY

Investment Managers

Cazenove Capital 1 London Wall London EC2Y 5AU

Ruffer LLP 80 Victoria Street London SW1E 5JL

Navera Investment Management (formerly Meridiem Investment Management) 2a Southwark Bridge Road London SE1 9HA

Bankers

C Hoare & Co Investec Bank Limited 37 Fleet Street 100 Grayston Drive London Sandown EC4P 4DQ Sandton 2196 South Africa

Solicitors

Debenhams Ottaway Maurice Turnor Gardner LLP Ivy House 15[th] Floor, Milton House Milton Street St Albans, Herts AL1 3EW London, EC2Y 9BH

Small company exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustees (who are also the directors of The Childwick Trust for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable UK accounting policies and then apply them consistently;

5

THE CHILDWICK TRUST (A Company limited by guarantee) TRUSTEES’ REPORT For the year ended 31 March 2025

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Signed on behalf of the Trustees:

P D Anwyl-Harris

Approved on: 16 July 2025

6

THE CHILDWICK TRUST (A Company limited by guarantee) INDEPENDENT

S OF THE CHILDWICK TRUST

Opinion

We have audited the financial statements of The Childwick Trust ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 applicable in the UK and Republic of (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial cal 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

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 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 and financial statements, other 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

7

THE CHILDWICK TRUST (A Company limited by guarantee) INDEPENDENT

S OF THE CHILDWICK TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the responsibilities statement, the Trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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.

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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

8

THE CHILDWICK TRUST (A Company limited by guarantee) INDEPENDENT

S OF THE CHILDWICK TRUST

including obtaining an understanding of how fraud might occur, by;

To address the risk of fraud through management bias and override of controls we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Use of our report

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted 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.

Catherine Biscoe, Senior Statutory Auditor for and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

9

THE CHILDWICK TRUST (A Company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) For the year ended 31 March 2025

Note

Income from:
Investments
Rent receivable
Listed investments
Interest received
Total
Expenditure on:
Raising funds
Investment management costs
3
Property management, repairs and
maintenance costs
3
Charitable activities
Grants and donations payable
3
Total
Net expenditure before gains on
investments
Net gains on investments
4
Losses on revaluation of tangible fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward at 1 April
Total funds carried forward at 31 March		 Year ended
31 March
2025
Unrestricted
funds
£

319,324
1,945,263
6,756
2,271,343
705,697
136,419
842,116
3,222,261
4,064,377
(1,793,034)
1,030,007
-
(763,027)
83,420,377
82,657,350		 Year ended
31 March
2024
Unrestricted
funds
£
312,830
1,732,805
182
2,045,817
765,706
175,066
940,772
3,147,564
4,088,336
(2,042,519)
1,443,917
(5,000)
(603,602)
84,023,979
83,420,377

The notes on pages 13 to 23 form part of these financial statements.

10

THE CHILDWICK TRUST (A Company limited by guarantee) BALANCE SHEET AT 31 MARCH 2024

Company Registration Number 08224553

31 March 31 March
2025 2024
£ £
FIXED ASSETS
Tangible Assets 8 1,520,000 1,520,000
Investments
Investment Properties 9a 9,077,500 9,077,500
Listed Investments 9b 71,203,076 72,449,783
80,280,576 81,527,283
81,800,576 83,047,283
CURRENT ASSETS
Debtors 10 122,963 93,786
Cash at bank and in hand 354,724 473,184
Short-term deposits 529,976 -
1,007,663 566,970
Creditors:Amounts falling due 11 (150,889) (193,876)
within one year
NET CURRENT ASSETS 856,774 373,094
TOTAL NET ASSETS 82,657,350 83,420,377
THE FUNDS OF THE CHARITY:
Unrestricted Funds
- General 12 82,287,350 83,050,377
Revaluation reserve 12 370,000 370,000
82,657,350 83,420,377

The financial statements on pages 10 to 23 were approved by the Trustees and authorised for issue and signed on their behalf:

P D Anwyl-Harris (Trustee) M P Farmar (Trustee) Approved on: 16 July 2025

The notes on pages 13 to 23 form part of these financial statements.

11

THE CHILDWICK TRUST (A Company limited by guarantee) STATEMENT OF CASH FLOWS For the year ended 31 March 2025

Page
Reconciliation of net expenditure to net
cash used in operating activities
Net movement in funds
11
Adjustments for:
Gains on investments
Dividends, interest and rents from
investments
Increase in debtors
Decrease in creditors
Net cash used in operating activities
Investing activities:
Dividends, interest and rents from
investments
Proceeds from sale of investments
Purchase of investments
Purchase of short-term deposit
Net cash from investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2025
£
(763,027)
(1,030,007)
(2,271,343)
(29,177)
(42,987)
(4,136,541)
2,271,343
62,806,612
(60,529,898)
(529,976)
4,018,081
(118,460)
473,184
354,724		 2024
£
(603,602)
(1,438,917)
(2,045,817)
(16,642)
(32,812)
(4,137,790)
2,045,817
35,030,895
(33,049,426)
-
4,027,286
(110,504)
583,688
473,184

The Trust does not have any borrowings or lease obligations. Net debt consists therefore of cash and cash equivalents only.

12

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1) Accounting Policies

a) General information

The Charitable Company is a private company limited by guarantee and was incorporated in England and Wales, company registration number 08224553. The registered office address is 9 The Green, Childwick Bury, St. Albans, Herts, AL3 6JJ. The principal activity of the company i eport.

b) Basis of accounting

These financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and buildings and to include investment properties and certain financial instruments at fair value. 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 in October 2019 and the Charities Act 2011 and Companies Act 2006.

The Trust constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

These accounts have been prepared on a going concern basis as the Trustees believe that the income from the investments is enough to sustain the day to day running of the Trust and to meet its objectives for a period of at least twelve months from the date of approval of these financial statements.

d) Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised. Freehold land and buildings are stated at their current vacant possession value, with the exception of those where regulated tenants are in place. Those properties have been discounted to reflect this impact of their fair value. Valuations by professionally qualified valuers are carried out every five years and values are reviewed by the Trustees, on the basis of professional advice, between formal valuations. The revaluation gains and losses are recognised in the Statement of Financial Activities and presented within a separate revaluation reserve within the unrestricted reserve.

No depreciation is provided on freehold land and buildings on the basis that their current residual value is equal to or greater than the carrying value, and that land is not depreciated.

Funds structure

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.

All income is included within the financial statements for amounts receivable at the Balance Sheet date. It consists of investment income from listed investments, bank interest from deposits held and rental income from properties.

13

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1) Accounting Policies (continued)

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

h) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the trust to the expenditure.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (j) below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Unconditional grants and donations are charged to the Statement of Financial Activities once they are approved annually for payment by the Trustees and notified to the beneficiaries, and include grants made and an apportionment of overhead and support costs.

currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities

Support costs, including governance costs, are allocated on a reasonable and consistent basis according to the time and resources spent within each charitable area. Governance costs include the cost of auditing the Trust, expenses of the Trustees and an appropriate allocation of staff time. The allocation of support costs is analysed in note 3.

k) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on listed investments are calculated as the difference between sales proceeds and opening fair value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening market value (or purchase date if later).

investment portfolio (refer to investments accounting policy), short term deposits, cash at bank and in hand, other debtors, trade creditors, grants and donations payable, other creditors and accruals.

Other debtors which are receivable within one year are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Trade creditors, grants and donations payable, other creditors and accruals are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

14

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1) Accounting Policies (continued)

m) Critical accounting estimates and assumptions

The Trust makes estimates and assumptions concerning the future. The resulting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees consider that the only significant estimate relates to their fair value assessment of the property portfolio. See further detail at note 8 and 9a.

Investments in quoted securities are included within the Balance Sheet at the market value existing at the reporting date.

Cash held for reinvestment as part of the investment portfolio is included in investments. Investments in unquoted securities are included at cost less impairment as their fair value cannot be measured reliably.

Investment properties are included in the Balance Sheet at the market value existing at the reporting date, in accordance with FRS102.

o) Cash deposits

Any cash investment with a maturity date of more than three months but less than a year is classified as a short term deposit, whilst any cash investment with a maturity of a year or more is classified as a fixed asset investment.

15

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

2) Members guarantee

The Charitable Company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1 to the company should it be wound up. At 31 March 2025 there were five members (2024: six) and the liability of every member is limited to £1 (2024: £1).

Expenditure on raising funds:
Investment management costs
Property management, repairs and maintenance costs
Expenditure on charitable activities:
Grants and donations:
United Kingdom
South Africa
Pensioners' welfare costs
(Profit) on foreign currency
Expenditure on raising funds:
Investment management costs
Property management, repairs and maintenance costs
Expenditure on charitable activities:
Grants and donations:
United Kingdom
South Africa
Pensioners' welfare costs
Loss on foreign currency		 Direct
Costs
£
705,697
109,103
814,800
2,253,200
742,914
30,681
3,026,795
(5,388)
3,021,407
3,836,207
Direct
Costs
£
765,706
148,359
914,065
2,182,989
682,284
39,766
2,905,039
46,116
2,951,155
3,865,220		 Support
Costs
£
-
27,316
27,316
136,244
61,395
3,215
200,854
-
200,854
228,170
Support
Costs
£
-
26,707
26,707
160,346
32,920
3,143
196,409
-
196,409
223,116		 Total
2025
£
705,697
136,419
842,116
2,389,444
804,309
33,896
3,227,649
(5,388)
3,222,261
4,064,377
Total
2024
£
765,706
175,066
940,772
2,343,335
715,204
42,909
3,101,448
46,116
3,147,564
4,088,336

16

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

3) Expenditure (continued)

Support costs:
Office running costs
Staff costs
Legal and professional fees
Bank charges
Office and administration costs
Website development costs
Governance costs (3(a))
(a)
Governance Costs:
Administration staff costs
External audit fees
4)
Net gains on investments
Realised and unrealised gains on investments (9b)
Revaluation of investment properties (9a)
5)
Net expenditure
Net expenditure is stated after charging/(crediting):
Reporting Auditors fees:
Audit fee
current year
(Profit)/loss on foreign currency
Rental income		 2025
£
11,085
85,034
34,396
2,265
24,511
965
69,914
228,170
2025
£
13,127
23,700
-
33,087
69,914
2025
£
1,030,007
-
1,030,007
2025
£
23,700
(5,388)
(319,324)		 2024
£
17,899
77,818
34,740
1,865
22,442
5,062
63,290
223,116
2024
£
11,911
23,280
3,423
24,676
63,290
2024
£
1,361,417
82,500
1,443,917
2024
£
23,280
46,116
(312,830)

17

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

6)
Staff Costs
The average number of full and part-time employees during the year
was:
Part-time
Staff costs for the above persons:
Wages and salaries
Social security costs
No member of staff earned in excess of £60,000.		 2025
No.
2
2025
£
85,712
4,318
8,131
98,161		 2024
No.
2
2024
£
77,346
3,163
9,220
89,729

7) Payments to Trustees

The Trustees received no remuneration for their work as Trustees. The Trustees are considered to be the only key management personnel.

Trustees' expenses during the period under review were as follows:

Trustees' meetings and travel
Number of Trustees incurring expenses in the period		 2025
£
33,087
2025
No.
6		 2024
£
24,676
2024
No.
6

18

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

8) Tangible Fixed Assets

Tangible Fixed Assets
Valuation
As at 1 April 2024
Impairment losses
As at 31 March 2025
Depreciation
As at 1 April 2024 and 31 March
2025
Net Book Value
As at 31 March 2025
As at 31 March 2024		 Freehold
Land and
Buildings
£
1,520,000
-
1,520,000
-
1,520,000
1,520,000

The historic cost of the Freehold Land and Buildings carried forward at the Balance Sheet date was £1,150,000 (2024: £1,150,000).

The freehold land and buildings were externally revalued as at 31 March 2024, on a vacant possession basis with some values being discounted to reflect the basis of occupation where regulated tenants are in place. The formal valuation in March 2024 was undertaken by Strutt & Parker LLP, Chartered Surveyors. The trustees reviewed the basis of this formal valuation in conjunction with property experts and in light of general market conditions as at 31 March 2025, noted that there is independent evidence to suggest that property values have not materially changed.

9a)
Investment Properties
Valuation
As at 1 April 2024
Revaluation
As at 31 March 2025		 £
9,077,500
-
9,077,500

Investment properties include those properties held to generate a purely commercial rental income. The historic cost of the investment properties carried forward at the Balance Sheet date was £6,361,438 (2024: £6,361,438).

The investment properties were externally revalued as at 31 March 2024, on a vacant possession basis with some values being discounted to reflect the basis of occupation where regulated tenants are in place. The formal valuation in March 2024 was undertaken by Strutt & Parker LLP, Chartered Surveyors. The trustees reviewed the basis of this formal valuation in conjunction with property experts and in light of general market conditions as at 31 March 2025, noted that there is independent evidence to suggest that property values have not materially changed.

No depreciation is provided in respect of investment properties.

19

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

Total
£
9b) Fixed Asset Investments - Managed Funds
Valuation
As at 1 April 2024 72,449,783
Additions to investment portfolio 60,529,898
Disposal proceeds (62,806,612)
Net gain on revaluation 1,030,007
As at 31 March 2025 71,203,076
The historical cost of the investments at the year end w
Listed securities comprised:
UK Equities
Overseas Equities
UK Bonds and Gilts
Overseas Bonds
Unit Trusts and Funds
Property
Commodities
Other
Cash
Details of material investments are as follows:
Charity Assets Trust H Inc
Ruffer SICAV Fixed income Z GBP
The Growth Trust For Charities Income Units
Vanguard S&P 500 UCITS Exchange Traded
Fund		 as £62,005,381 (2024: £64,448,937).
2025
£
2024
£
4,997,495
4,361,480
36,382,595
29,936,993
3,857,527
5,765,614
2,090,526
15,160,248
13,544,341
1,389,833
4,341,065
4,271,255
2,216,817
3,710,679
2,625,414
6,667,579
70,055,780
71,263,681
1,147,296
1,186,102
71,203,076
72,449,783
2025
% value of
Portfolio
2024
% value of
Portfolio
19.34
-
-
12.30
5.38
7.58
5.17
7.18		 as £62,005,381 (2024: £64,448,937).
2025
£
2024
£
4,997,495
4,361,480
36,382,595
29,936,993
3,857,527
5,765,614
2,090,526
15,160,248
13,544,341
1,389,833
4,341,065
4,271,255
2,216,817
3,710,679
2,625,414
6,667,579
70,055,780
71,263,681
1,147,296
1,186,102
71,203,076
72,449,783
2025
% value of
Portfolio
2024
% value of
Portfolio
19.34
-
-
12.30
5.38
7.58
5.17
7.18
71,263,681
1,186,102
72,449,783
2024
% value of
Portfolio
-
12.30
5.17
7.18

20

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

10)
Debtors
Trade debtors
Other debtors
Prepayments
11)
Creditors: Amounts falling due within one year
Trade creditors
Other tax and social security
Other creditors
Accruals
Deferred income		 2025
£
270
120,538
2,155
122,963
2025
£
9,769
3,833
29,284
94,882
13,121
150,889		 2024
£
370
85,927
7,489
93,786
2024
£
5,745
2,536
29,053
140,663
15,879
193,876

Other creditors includes £nil of grants payable (2024: £nil).

Deferred income relates exclusively to rental income which is received in advance of the forthcoming accounting period. This is released in full in the following year.

21

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

12) Analysis of net assets between funds

Analysis of net assets between funds
Fund balances
Unrestricted
Brought forward
(Deficit) for the year
(excluding realised losses)
Carried forward
Revaluation reserve
Brought forward
Unrealised (loss)
Carried forward
Fund balance is represented by:
Tangible fixed assets
Investment properties
Fixed asset investments
Current assets
Current liabilities
Total Net Assets		 2025
£
83,050,377
(763,027)
82,287,350
370,000
-
370,000
82,657,350
1,520,000
9,077,500
71,203,076
1,007,663
(150,889)
82,657,350		 2024
£
83,648,979
(598,602)
83,050,377
375,000
(5,000)
370,000
83,420,377
1,520,000
9,077,500
72,449,783
566,970
(193,876)
83,420,377

22

THE CHILDWICK TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

13) Grants and Donations

An analysis of grants made per object of the Trust is as follows:

Education
South Africa - charitable
objects (d) and (e)
Racing
United Kingdom - charitable
object (b)
Health and associated causes
United
Kingdom
charitable objects (a) and (f)
Jewish Charities
United Kingdom -
charitable object (c)
charitable object
(a)		 2025
£
742,914
406,000
1,587,200
260,000
2,996,114
30,681
3,026,795		 2025
%
2024
£
24.54
682,284
13.41
310,189
52.44
1,547,300
8.59
325,500
2,865,273
1.01
39,766
100.0
2,905,039		 2024
%
23.49
10.68
53.26
11.20
1.37
100.0

A list of the main grants and donations made during the year are detailed on our website (www.childwicktrust.org). All grants made during the year are to institutions.

14) Related Party Transactions

The Trust retains the services of Maurice Turnor Gardner LLP for legal advice. A Trustee, C M Maurice, is a partner in this firm. Transactions are under normal commercial terms and amounted to £nil (2024: £173 for meeting costs). There were no outstanding balances at the year end (2024: £nil).

During the year grants totalling £20,000 (2024: £20,000) were paid Heritage, an incorporated charity of which C M Maurice is a Trustee and Director.

There were no balances outstanding at the year end (2024: £nil).

23