REGISTERED CHARITY NUMBEIL. 1167824
RT OF THE TRUSTEES AND
UDITED
ANCIAL STATEMEiYrs
FOR THE YEAR ENDED 31 MARCH 2025
FO
KEs￿CK E￿fERPRIsEs HOIJ)n
TABLE TRUST
Raffingers Holdings Limited
19-20 Bourne Court
Southend Road
Woodford Gre
Essex
IG8 8HD

KESWI
TERPIUSES HOLDINGS
CHAR￿ABLE TRUST
CONT
SOFTHE
ANCLIL STATEMENTS
ear ended 31 March 2025
Page
Report of the Trustees
I to 3
Independent Examiner's Report
Statement of Financial Activitie5
Balance Sheet
Nofrs to the Financfial Statements
7 to 12
Detsiled Statement of Finall¢￿ A¢ttvitses
13

K ENTERPRISES HOLDING
CHARrfABLE TRUST
REPORT OF THE
ear ended 31 March 2025
The ttustees present their report with the fmancial statements of the cbarity for the year ended 31 March 2025. The
trustees have adopted the provisions of A¢¢outsting and Reporting by Charities.. Ststenwlt of Recommended Practice
applicable to cbarities preparing their accounts in accordance wsth the Financial Reporting Standard applicable in the
UK and Republic of Treland (FRS 102) (effective l January 2019).
OWEcfivES AND ACTIvfriES
Objectives and aims
The objects of the cl)arity a￿.
- tr) advance cbristianity.
- to prooiotc and advance the education (including social and physical training) of people in such ways as the
trustees shall from tijne to time think fit.
- to promote sustainable development by :_
- the Preservalion, ¢ons¢rvation and the protection of the environment and tlle prndent use of resources.
- the promotion of sustainable meaJs of aGbieving econon)ic growth and regenerdtion. Sustainable
development meaD5 development wbich meets the needs of the present without compromising the ability of
future generations to meet thew ne¢d¥ aud
- to relieve povety and suffering and to improve the Lx)nditions of life of socially and economically
disadvantaged people and con]muJities.
Publi¢ benefit
The t￿￿teeS have ref￿rea to the guidance contsined in the ChaTity Commission's general guidance on public benefi(
and The Advancement of Religion for the Public Benefiv in partRcular, when reviewing the aims and objectives of the
charity and in planuing the cbarity's ￿tUre activities.The a}ll￿ of the ¢lwity for the pub]ic benefit are detailed in tILe
'Objectiv¢s and Activities, section of this report and the niain activities undertaken in order to carry out the clwitys aims
for the public benefit are oudined uThder'Achievements and Perfornwice, below.
ACHIEVEMENTS AND PERFORMANCE
Ckntable activities
The cklaritys income is in the forn of donations and investment retLrns. Donations are added to the investment portfolio
held with Rathbones tnvestment Managets. The In￿tee5, aim is to distribllte w) to 750/0 of the investment income (after
costs) to its clwitable causes in line with its objects stated above.
The tn]stees consider applications for grants througbout the yeaT and decide on the causes to support at the trustee
meetings held throughout the year.
During the year, grants totalling £51,000 (2024 - £52,000) were made to such ¢aus¢4 filll d¢tails of which are given in
note 6 to th¢ accoullts.
Financial positioD
The ¢haTity did not receive any donations OT gift aid during the year (2024.. Dil). Provision has been n￿le for £150.OLKI
of gift aid income recieved in prior yeats that was repaid after the balance sheet date.
tnv¢stment income has incre￿ by £9216 from £140.082 to £149298.
The clwitable activities increased by £619 from £68.764 to £69,383. Grants paid were £51,OLM) (2024- £511)(KI),
Funds at the balance sheet date totslled £3.170,701 (2024- £2.959,970).
tnvegtment policy
The clwity bas invesknent managetnent aTrngements with Rathim)n￿. The target is to achieve an acceptable return of
both income and capital growtb with no more than a moderate level of risk
The tr￿steeS and their professional advisors meet regularly with the fund managers to ensure that the investments are
managed in accordance with the guidelines Ved with the fund managers.
Pa8¢ 1

KEs￿CK ENTERPIUSES HOLDING
CHARfrABLE TRUST
for the
ear ended 31 March 2025
NANc￿L REv￿w
Res¢rv¢s po]iey
The tsustees have examined the requirement for free reserves i.e those ￿￿estrIcted funds not designated for specific
PU4)oses or othenvise conllnttt
The trustees consider thal given the nature of the cl)arity'8 activities, the ideal r¢serve as at 31 March 2025 would be six
rnonths of operating overheads (excluthng ￿ts) which is appToximately £18,000 (2024: £17,000). The trusfres are of
th¢ opinion that this level of reserves provides sufficient fle￿￿il1ty to cover ShOrtf￿lS in tncoming resources, provide
adequate worknng capital and allow the clwity to mect its ¢haritabl¢ objectives.
At 31 Match 2025, the charity had free r¢serves of £240,927 (2024.. £98,098). tn calculating the reserves, the trustees
have excluded the fixed asset investments. The review the level of reserves re8ularly to ensure that they a
suffici¢nt to provide fllwL¢ial stability and fl¢xibÈlity. Reserves were higher at 31 March 2025 as cash was being
reservedpendmg the outcome of a HMRC tribunal case in relation to gift aid clain]s in previo￿ years.
Th¢ charity is fi]nded by periodic capitsl donatiOllS tog¢theT wkth T¢funded gift aid rontributions from HMRC. These are
invested to produce an income stream from which tILe tn]stses originally decided to distribute up to 5iY/o each year.
Given the subsequent Rncre&8e capital in November 2017 and hence incre&sed ￿)tellI7&i income the In￿tee8 decided
that they would distribute up to 750/D of the investment income.
Governing doeument
The chatity is controlled by its governing documenl a deed of tr(￿ and constitutes an uninco￿orated cEwity.
Reernitmeut and appointment of neiy trustses
The trustees are ap￿ltited by the main donor whilst he re￿￿1￿8 a trustee. New trustees are appointed due to their interest
in the of the cbaTity and tIAeir recognised eXp￿RenCe in specific fields which will fi]rther supwt the work of the
Keswick Enterprises Holdings Charitable Tn]sL
There must be at least two and not more than six trustees.
organisation￿ structure
Tn￿teeS hold at least two meetings each year as spe¢ifi¢d in the trust d¢¢d to discus5 the charitys activities. During the
year the trustees held 3 meetings.
Indvelion and training of new trustees
All tr￿￿tees have read the guidance issued by the Charity Commission ¢oncerning their roles and obligations. New
trustees are given a fiill induction by the trustees. Tnths can retire when they wish as they do not serve under a fixed
temi of tenure.
Risk management
Th¢ trUst￿S have a duty to identify and review the risks to which the Charity is exposed and to ensure appTOPTiate
ontro]5 are in place to provide reasonable assutance against frdud and error.
The trustees regularly llndertak¢ a review of the major risks to whkch the Charkty 18 expos￿ aud systems designed to
mitigate such risks aTe conSide￿d on an ongoing basis.
REFEREIYCE AIYD ADMIMSTILITIVE DETAILS
Registered Charity number
l 167824
Prlncfipal address
32 Frithwood Avenue
Nortbwood
Middlesex
HA6 3LU
Page 2

K E￿ERPRI
ESH
LDINGS
CHARrrABLE TRUST
REPORT OF THE TRUSTEES
for the
ear ended 31 March 2025
Trnst
J A Harvey CBE BA(Hons) FCILT TNst¢e
Mrs P S H Reid BA(Hons) FCIPM Tn
Mrs N M Sawday BAIHons) Tn￿tee
Mrs J R Svarovsky BA(HoDS) Trustee
Independent Examiner
RaffingeTS Holdings Limited
Chartered Accountants
19-20 Boume Court
South¢nd Road
Woodford Green
Essex
IG8 8HD
Advisers
Rathbones
8 Fillsbury Circ￿. Finsbury, Londo￿ EC2M 7AZ
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The truste£s are responsible for preparing the Report of the Trustees and the fllwicial slatemellts ill accordance with
applirable law and United Kingdom Accountkng Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Cbarity (Accounts and ReporL8)
Regulations 2008 and the provisions of the trust deed requires the t￿￿treS to prepare financial statements for each
financial year whith give a true aud fair view of the state of affairs of the ¢Ewrity 2nd of the irkcoming Trsources and
application of resource4 including the income and expenditure, of the c]wity for that perio(L In preparing those
fl[￿1¢1￿ staternents. the trustees are required to
s¢l¢ct suitable accouttting policies and then apply them consistently.
observe the methods alld principles in the ClJaTity SORP.
make judgements and eslimates tILat are reaThble and prudent.
prepare the fiDan¢ial stat¢m¢nts on th¢ going concern basis unless it is inappropriate to presume that the rknity will
continue in business.
The t￿￿teeS are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tin
the finxnciai position of the ¢I￿lty 2nd to enable tbem to ¢nsure that the finwial st2tetllents ¢omply with the Charities
Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tsust ded They are also
responsible for safeguarding the assets of the ¢harity and bence for takng reasonable steps for the prevention and
detedion of fraud and otheT ]Eregul￿}tieS.
Approved by order of the board of trustees on 8 Septembff 2025 and sigaed on its behalfby..
J A Hatvey CBE BA(Hons) FCtLT- Tn￿e
Page 3

EPE
ENT EXAMINER'S REPORT T
THE TRUSTEES OF
KESWICK EIYTERPRISES HOLDINGS
CIIAIUTABLE TRUST
Independent eLiminer's report to the trustees of Keswick Enterprises Holdings Charitable Trust
I report to the charity tnthes on my exan]ination of the accounts of Keswick Enteo)rises Holdings CbaTitable Trust (the
TnLqt) for the year ended 31 March 2025.
R￿ponsIbilItieS and basts of report
As tbe clwity trustees of the Trust you ore responsible for the preparation of the accounts in accordaace with the
requirements of the Cbarities Act 2011 ('the Act?.
I report in respect of my examination of the Trnsvs accounts carried out under Section 145 of the Act and in carrying out
my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of
th¢ ACL
Independent uaminer's statement
I have completed my examinatiorL. I CODfm tlllt no mateTial matters have come to my attention in coJ)nection with the
¢Xan)]￿tiOll giving me cause to be]ieve that in any n￿la1 respect:
accounting records were not kept in respect of the TrL]St as required by Section 130 of the ACL or
the accouuts do uot ¥¢OTd with thos¢ ￿ords. or
the ￿OUnts do not comply with the applicable re4wirnents concerning the forni and C4)ntent of accounts set out
in the Cknities (A￿Oi]nts and Reports) RegulatioDs 2008 other than any requirement that the accounts give
true and fair view which is not a matter considered part of an inde•t examination.
I have no concems and have come acros5 no other matters in connection with the examination to which attention should
b¢ drawn in this report ill order to enable aproper WLd¢rstanding of tb¢ a¢¢owts to be reaclwL
Paul Dell, FCA
Raffingers Holdings Limited
Chartered Accountants
19-20 Boume Court
Southend Road
Woodford Green
Essex
IG8 8HD
8 Septanber2025
Page 4

K ENTERPRISES HOLDINGS
CHARrrABLE TRUST
STATEMENT OF FJNANCIAL AC
for the
nded 31 March 2025
2025
UnrestrÈcted
2024
Totsl
No*s
INcOr4￿ AND ENDOWMENfs FROM
Donations and legacies
(150.000)
tnveslment income
149.298
140,082
Total
(702)
140,082
EXPENDITURE ON
Raising funds
14,703
13224
Charitable aclivities
Clwitable activities
54,680
55.540
Totsl
69,383
68,764
Nd gains on investments
280.816
91.621
NET INCOME
210.731
162,939
RECONCILIATION OF FUNDS
Totsl funds brought fO￿ard
2959,970
2,797,031
TOTAL FUNDS CARRIED FORWARD
3,170.701
2.959.970
The notes forni part of these financial ststemellts
Page 5

WICK ENTERPIU
HOLDINGS
ABLE TRUST
BALANCE SHEET
l March 2025
2025
UJ]restricted
fund
2024
Total
Notes
FIXED ASSETS
Inveslments
3,079,774
2,861,872
CURRENT ASSETS
Cash at bank
244.467
101,518
CREDrroRS
Amounts falling due within one year
io
(153.540)
(3.420)
NET CURRENf ASSETS
90.927
98,098
TOTAL ASSETS LESS CURRENT
LL4BILfTIES
3.170,701
2,959,970
NET ASSETS
3.170.701
1959,970
li
Unr¢stiicted fi]nds
3,170.701
2.959.970
TOTAL FUNDS
3,170.701
2,959.970
The fu￿181 statements were approved by the Board of T￿￿te¢S and authorised for issue on 8 Septenther 2025 and
were signed on its behalf by..
J A Ha￿eY CBE BA(Hons) FCILT- Tn]st¢e
The notes form part of these fmancial stalements
Page 6

K ENTERPRISES HOLDIN
CHARrrABLE TR
NOTES TO THE FtNANCIAL STATEMENTS
ended 31 Marcb 202
ACCOUNfING POLICIES
Basis of preparing the financial statements
Th¢ fmancial ststements of the ¢k￿lty, which is a public benefit entity under FRS 102, bav¢ been prepared in
accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of
ReCo￿ended Practice applicable to clwities preparing their accounts in a¢¢ordance with the Financial
Reportin8 Standard applicable in the UK aDd Republic of Ireland (FRS 102) (effective l January 2019), and th¢
Cllarities Act 201 l. The financial statements have been prepared uader the bistorical cost Conventio￿ with the
exception of investments which are iti¢luded at market value, as modified by the revaluation of Certain assets.
Income
All income is recogtiis¢d in the Statement of Financial Activities the cbarity Iw entitlement to tILe funds, it
is probable that the income wAll be reGcived and the amount can be measured reliably.
In¢om¢ from listed investments is recognised once the dividend bas been paiiL
Shares donated to tbe charity are recogtiised as income at the point at which the benefit to the Charity is
quantifiable and rneasurable. They included at the nwk¢t vdue prevalent on the date of transfer.
Expenditure
Liabilities are recognised as exp¢udilJw¢ as soon as there is a legal or constructive obligation LX)nutiitting the
chatity to that expetLditure, it is probable that a trdnsfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is accounted for on atL acfflols basis and I￿9
been cl&ssified under headings that aggr¢gat¢ all cost related to the category. Where costs cannot be diTe¢lly
attributed to partficular headings they have been allocated to activities on a basis consistent with the use of
resoutces.
Grants payabl¢ ar¢ included in the ststement of fInan￿ activiti¢s when approved and when the intended
re£ipient has elther received the fijnds or been infornied of the decision to make the donation aad has satisfied all
related conditions.
Clwit*ble adivities
Charitable activiti&s wmpTiS¢ those costs incurred by the charity in the delivery of its activities and Se￿1(¢5 for
its b¢n¢fi¢iaries. It includes both costs that can be allocated dir¢thly to such activities and those costs of an
indirect nature necessary to support the
Governance costs
Governance costs conu)rise those costs associated with meeting th¢ constitytional and strategic requirnents of
the Glwity and the audit fees alld costs linked to the strategic maDagenTht of the Glwity.
Taxation
The charity is exenlpt from tax on its clwitable activities.
Fund Accounthig
Unrestricted funds can be use4 in ac¢ordanc¢ with the charitable objectives at the discretion of the trustees.
Restricted fillrfs can only be used for particular restricted PUTposes within the objects of the clwity. Restrictions
atise when specified by the donor or when fun¢l8 are raised for partith restricted pury)oses.
Further ￿planatiOn of the nature and purpose of each fimd is included in the notes to the financial statem¢nts.
Debtors
Debtors are recognised at their settlement ￿TroUn[ less any provision for non-recovernbility. Prepayments are
valued at the amount Prepaid They have been discounted to the pzesent value of the ￿t￿re cash receipt wher¢
such dis¢ounting is nwterial.
Cash at bank in hand
Page 7
continu¢d..

K ENTERPIU
HOLDIN
CHAR￿ABLE TRUST
lQIEu￿THE_F1N.AN.C1AL STATEMENTS_: eontiDued
for the ear
02
ACCOUNTING POLIc￿s- continued
Cath at bank and in hand Tepresents such accounts and instruments that are avatlable on demand or hav¢ a
maturity of less thall three njonths from th¢ date of acquisktio
tnvtstments
Listed investments 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.
Realised and unrealised investtnent gains (OT losses) are combined in the ststement of fjnancial aclivities and are
cr¢dit¢d (or debited) in the yeat in which they arise.
Finanei21 itistrnments
The cLwity only has fLoan¢ial assets and financial liabilities of a kind that qualify &s basic fmancial instnllnents.
Basic financial instn￿¢llts illitially rec4)gtiised at trat￿ctiOn value and subsequendy measured at their
settlen￿t value except for bank loans which are subsequently measured at the ranying value plus accrued
Int￿St less r¢paymellts. The fiDancing charge to expenditure is at a constant rate calculated ]Lsing the effective
interest nthod.
DONATIONS AND LEGACIES
2025
2024
Gift aid
(150,000)
2025
2024
Dividend income
147.103
2,195
138,467
1,615
149,298
140,082
RAISING FUNDS
Investment nwiagement costs
2025
2024
Investment management fees
14,703
13224
Page 8
continued...

KESWICK ENTERPRISES HOLDll¥
CIiARtfABLE TRUST
NOTES TO THE Fll¥ANCL4L STATEME
for the
ear ended 31 March 2025
CHAIUTABLE ACTIVITIES COSTS
fimding of
activities
(see nots
Support
costs
Clwitsble activities
51,000
3,680
54.680
GRANTS PAYABLE
2025
2024
Charitable activities
51.000
52,1)00
The total grants paid to iDStitutions duTing the year w&8 as follows:
2025
2024
Sudan
AngIiran Int¢mational DeVelopn￿t Fund
Christian Care Association
Church Amiy
Mission Africa
Michael Sobel Hospice
Musical Benefit Futld
King Alfred chri￿lan School Dudley
Jnwerial Collage Christian Union
Christ¢hur¢h Upton
St John's Church DeTrizes
WorkAid
Royal Hospitsl NeuTO Disability
Turnbull Family C}￿l￿ble Trust
Cbristian Legal DefeDce Fund
Emmaus Trust St Albans
Cbristiati Youth Enterprise
5.000
io.lx)o
5,0(Kl
8,000
7,500
(5.000)
(5,000)
16.000
2.000
4,000
3,500
4,0
3.000
10.o(K)
10,000
10,000
10.000
51,000
52,000
TRUSTEES, REMUNERATION AND BENEFITS
There were no trLL8tees' remuneration or other benefits for the year ended 31 March 2025 Dor for the year ended
31 March 2024.
Trustees, expenses
There were no th￿e¢s, expenses paid for the year ended 31 March 2025 nor for the year ended 31 MaTch 2024.
Page 9
continued...

K ENTERPRI
LD
CHARrrABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued
for the
ear ended 31 March 2025
FJXED ASSET INVESTMENTS
Listed
investrnents
At l April 2024
AddÈtions
Disposals
Change in market value of inves(m¢nts
2,861.872
120,245
(183,159)
280,816
At 31 March 2025
3.079,774
NET BOOK VALUE
At 31 March 2025
3.079.774
At 31 March 2024
2.861,872
£2,718,598 of the total is represented by UK listed investh)ents and £361,176 by ov￿seaS investments.
All listed investments were dealt in on a recogtiispAI sto¢k exchange.
The following holitings comprised n￿terIal holdings when conyd to the value of the total listed investment
portfolAO at 31 Marth 2025:
Value of Percentage of tbe
holding £ market value O/
137,595
4.47
149.350
4.85
151,929
4.93
198220
260,680
286.500
391,850
Rio Tinto plc
Centrica plc
Astraz£ne¢a pl¢
Lloyds Banking Group plc
Plus500 LTD
Imperial Brands plc
UDi1¢V￿ pk
8.46
9.30
12.72
C05t or valuation at 31 March 2025 is represented by.
Listed
investsnents
Valuation in 2018
Valuation in 2019
Valuation ID 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost
(81,619)
(14.705)
(487,629)
390.655
144,465
(80220)
91,621
280,816
2.836,390
3,079,774
Page 10
continue(L..

KESWICK ENTERPRISES HOLDINGS
CHARrrABLE TRU
NOTES TO TItE FINANCIAL STATEMENTS - conthiued
for the
eAr ended 3
eh 2025
CASH AT BANK
2025
Tot&1
2024
Total
Bank current account
Rathbone bank
Cash held by investment nw]ager
29.226
32,060
183.181
18,766
72282
10,470
Total
244.467
101.518
C&8h at bank and in hand represents such accounts and ins1n￿ellts that are available on dernar￿ or have a
matiuity of less than three motLths from the date of acquisitio
Cash reserves wer¢ built up as at 31 March 2025 in anticipation of the outcom¢ of a HMRC tribunal case
pending in relation to gift aid amounts received in previous years. An amount of £150,000 was paid after d&te to
s¢ttle this. This amount I￿ been pmvtded for in the ￿0￿rnts.
10. CREDITORS: AMOi]NTS FALLING DUE wrrHIN OIYE YEAR
2025
2024
Taxation and social s￿lty
Other creditors
150,000
3,540
3,420
153,540
3,420
11. MOVEMENT IN FUNDS
Net
movement
At
31.3.25
At 1.4.24
UDrestri¢ted funds
General fimd
2,959,970
210.731
3.170.701
TOTAL FUNDS
2.959.970
210,731
3,170,701
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
¢xp¢nded
Gains and Movement
losses
Unrestricted funds
(702)
(69,383)
280,816
210,731
(702)
(69,383)
280,816
210,731
Page 11

KESWICK ENTEIiPRISES HOLDINGS
ABLE TRUST
DU
for the
ear ended 31 March 2025
ii.
MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
Net
movement
in funds
At
31.3.24
At 1.4.23
Unrestricted funds
General fund
2.797.031
162,939
1959,970
TOTAL FUNDS
2,797,031
162,939
2,959,970
Conwtive net nlovement in fimds, included in the above are as follows:
]ncoming
r¢sour¢es
Resources
expended
Gains and Movement
losses
Unrestricted funds
General fund
140.082
(68,764)
91,621
162,939
TOTAL FUNDS
140,082
(68,764)
91,621
162,939
12.
RELATED PARTY DISCLOSURES
There were no related paty traD￿CtiOnS for the year ended 31 March 2025 or for year ended 31 March 2024.
Page 12

K EKfERPIUSES HOLDIN
CHARrrABLE TRUST
DETAILED STATEMENf OF FINANCIAL ACTIVITIES
for the
ear ended 31 March 2025
2025
2024
INCOME AND ENDowTr￿
Donations and legacies
Gtft aid
(150.000)
Investment income
Dividend income
Deposit account interest
147,103
2,195
138,467
1.615
149298
140,082
Totsl Incomlng resources
(702)
140,082
Charitable athities
DonatioDS
51.(KKI
52,000
Investment management fees
Management
Sundries
lllV¢Stment Dwnag¢m¢nt fee
20
14.703
13224
14,723
13.224
Governance costs
A￿OuntancY al￿ l¢gal fees
3.660
3,540
Total ￿soUrCeS expended
69,383
68,764
Net {eJpenditureyiutome before gains
(70,085)
71,318
R¢21ised recognised gains 2nd losses
Utwealised gains on rgvaluatiOD of inveskn¢nts
Realised gains on (bsposal of investtn¢nts
293,535
(12.719)
72,443
19.178
Y4et income
210,731
161939
This page does not fonn part of the statutory financial statenMts
Page 13