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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 1189523

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2025

for JAC Trust

Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

JAC Trust

Contents of the Financial Statements for the Year Ended 31 December 2025

Page
Report of the Trustees 1 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15 to 27
Detailed Statement of Financial Activities 28 to 29

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Charity Name: JAC Trust Registration Number: 1189523 Governing Document: Constitution of a Charitable Incorporated Organisation dated 18/05/2020 Registered Address: Box 2, c/o C&J Clark International Ltd 40 High Street Street Somerset BA16 0EQ Trustees: Odette Clark Campbell Dulma Clark (retired 22.04.2026) Aidan Pelly Andrew Pym William Pym (Chair) David Linehan Principal Staff: Daniela Lloyd-Williams (Director) Bankers: CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Independent Examiners: Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire, BA14 7FJ Fund Managers: Tribe Impact Capital LLP 52 Jermyn Street London, SW1Y 6LX

Page 1

JAC Trust

Report of the Trustees

for the Year Ended 31 December 2025

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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).

Structure, Governance and Management

JAC Trust is a Charitable Incorporated Organisation (CIO) governed according to its Constitution dated 18 May 2020. Prior to incorporation it was known at the J.A. Clark Charitable Trust.

Trustees

The Trustees who served in 2025 and up to the date of this report are as follows:

Dulma Clark (retired 22.04.2026) Odette Clark Campbell David Linehan Aidan Pelly Andrew Pym William Pym (Chair)

Four of the Trustees are descendants of J. Anthony Clark, the settlor of the J.A. Clark Charitable Trust. All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

The Constitution provides for new Trustees to be appointed by the existing Trustees. On appointment, Trustees are given an induction pack and offered one or more briefing meetings with the Director and Chair to familiarise themselves with the charity, its governance, the context it operates in and their own roles and responsibilities. All Trustees are encouraged to attend relevant training events provided by the Association of Charitable Foundations.

Governance

The Trustees govern the Trust and control its strategic direction. The Trustees met four times in 2024 to review and approve grants and discuss and progress governance, strategy, investments, and other matters. The Trust has two sub-committees which meet separately to the Board and report to it: the Finance & Investment Committee and the Programme Committee. The Programme Committee reviews and assesses all grant applications to the Trust and makes funding recommendations to the Board. The Programme Committee draws on the expertise of an external adviser who joined the Committee in 2021, following an open, competitive recruitment process. The adviser gives their time voluntarily and receives no benefits from the charity.

Management

The Trustees have delegated the management of the Trust to the Trust Director, who is supervised by the Chair of the Board of Trustees and reports to the Trustees at their Board meetings. All policies, grants and social investments are approved by the Trustees.

The Trust’s remuneration policy is to balance the wish to attract and retain suitably qualified and experienced staff with careful management of the charity’s funds. The Director’s salary is reviewed annually, any pay increase is linked to performance. Pay is periodically benchmarked against grant-makers of a similar size, most recently in 2022.

Page 2

JAC Trust

Report of the Trustees

for the Year Ended 31 December 2025

Charitable Objectives and Activities

Objectives and activities for the public benefit

JAC Trust exists and operates for the public benefit. Through its grant-making and social investments it works to improve the quality of life for people in need in the UK and overseas. The public benefit created by JAC Trust is demonstrated in this report through the listing of grants that we have made throughout the year.

The Trustees confirm that they have given due regard to the Charity Commission’s published guidance on public benefit when reviewing JAC Trust’s activities and in setting the funding strategy and grant-making policy. Trustees keep public benefit in mind when reviewing applications and making grant decisions. The Trustees ensure that all projects and organisations funded by JAC Trust have charitable objects or purposes as defined by the Charities Act 2011.

The objects of JAC Trust are to advance purposes which are exclusively charitable according to the law of England and Wales as the Trustees may in their absolute discretion think fit. JAC Trust carries out these objectives by making grants to organisations that carry out charitable activities in the UK and internationally, and through social investments.

2020-2029 Strategy

JAC Trust’s 2020-2029 Strategy focuses on the climate resilience of forcibly displaced people and the communities that host them .

Our strategy is grounded in the recognition that crises are increasingly complex, resulting in the protracted displacement of people, and that people living in displacement settings are highly vulnerable to climate shocks and disasters. Around 75% of the 117 million people forcibly displaced in 2025 live in countries with high-to-extreme exposure to climate hazards[1] . It also recognises that environmental degradation and vulnerability to climate change are deeply interconnected, as degraded environments are less able to buffer extreme weather events such as storms, floods and droughts.

Our objective is to enable forcibly displaced people, and the communities that host them, to adapt to the changing climate in ways that improve their lives and protect the environment.

We focus on Sub-Saharan Africa , where some 45 million people are forcibly displaced. Here 67% of FDPs live in settlements and the average life of a refugee camp is 20 years.

We believe that funding integrated approaches that address the impacts of climate change while also taking climate action can drive transformative change for forcibly displace people and the communities that host them. Central features are the imperative to support locally-led responses, and to champion nature-based and regenerative solutions. Our priorities are:

  1. Food security through agro-ecological approaches.

  2. Restoring degraded land and increasing tree cover.

  3. Affordable and clean energy for cooking.

We provide multi-year grants to organisations that work directly with displaced communities and those that work to strengthen the ecosystem in which they operate. We also fund direct work with displaced indigenous communities.

Family Fund

JAC Trust is a family foundation. It supports the philanthropic giving of family members through a Family Fund that is capped at 10% of the grant-making budget. All Family Fund grants and donations are approved by the Trustees.

[1] UNHCR (2025): No Escape II: The Way Forward

Page 3

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Achievements and Performance

Increasing the climate resilience of forcibly displaced people

In July 2025 we held a conference for our Ugandan grant partners in Nakivale Refugee Settlement. Over three days, our 5 partners operating in Uganda, along with two other interested organisations, exchanged their experiences and lessons learnt with one another. The highlight of the conference was without a doubt the one day spent in Nakivale Refugee Settlement, meeting some of the people participating in JAC Trust funded activities.

JAC Trust adopted a proactive approach to grant-making in 2025. Potential applicants are identified through our networks and database of applicants. Organisations and are only invited to apply for a grant after their eligibility and fit with strategy has been confirmed.

Eight organisations were invited to apply for a grant in 2025, and seven of these applications were successful. All applicants had the opportunity to discuss their ideas with the Trust Director. The proposals were reviewed and assessed by the Programme Committee.

Of the seven successful applicants, three were previous grant partners. A small grant was also awarded to the Environmental Funders Network.

Organisation Grant Project Name Location Duration
Cohere £90,000 Supporting Refugee Leaders to Build
Climate Resilience and Sustainable Futures		 Sub-Saharan
Africa		 30m
KOWYN £75,000 From Forest to Farm: Strengthening Food
Systems, Biodiversity and Cultural Heritage
for Ogiek Indigenous People In Kenya		 Kenya 36m
Live in Green £50,000 Advancing Clean Cooking & Social
Cohesion through a Circular Green
Enterprise Model in Kyaka II		 Uganda
24m
Re-Alliance £149,000 Upscaling and Influencing: Phase 2 of the
Guidelines Project on Community led
Regenerative Settlements		 Sub-Saharan
Africa
42m
£92,398 Enhancing Climate Resilience within
RedR UK Uganda 36m
Ugandan Refugee Settlements
RuWCED £150,000 Green Resilience: Community-Based
Agroecology for IDP and host community
Food Sovereignty in Bamenda-Cameroon		 Cameroon 48m
Sengwer of
Embobut CBO		 £90,180 Embobut Ecosystem Restoration and
Integrated Livelihoods Improvement for
Climate Resilience		 Kenya 36m
Environmental £1,500
Funders Annual contribution UK 12m
Network
£1,500
In But Free Uplift Zambia 24m
TOTAL £699,578

Page 4

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Family Fund

A total of £58,000 was distributed to 12 organisations.

Organisation £ Description
Conflicts Forum £19,500 Peacebuilding in the Middle East
PORA Zimbabwe £15,000 Strengthening and supporting the Adult Rape Clinic in Gokwe District
Seed of Hope C.I.C. £10,000 To create a Food Forest on Three Acre Wood, Somerset
Friends of Khwendo Kor £1,500 Emergency flood response in Pakistan
Local Futures £1,500 Programme for revitalisation of cultural and biological diversity
Minak led Organisation £1,500 Empowering women through mushroom farming in Nakivale
Refugee Settlement.
Reimagining the Levels £1,500 Tree planting on Clark’s Fields
Rights of Women £1,500 Pro bono legal advice for women in London
Royal Society of Wildlife
Trusts		 £1,500 Towards the purchase of the Rothbury Estate, Northumberland
Rukhsana Khan Foundation £1,500 London foodbank and breakfast club
Street Theatre Workshop £1,500 Supporting community projects in the West Bank
St Margaret’s Hospice £1,500 Community and Hospice Care in Somerset
Somerset Wildlands £270,000 Gifting of land valued at £270,000
Total £328,000

Impact

As a grant-making charity JAC Trust achieves impact through funding the work of other not-for profit organisations.

All grant recipients are required to provide us with a final report that details the outcomes of their work. In 2025, six grant partners provided us with final reports. According to these reports, funding from JAC Trust contributed to the following achievements:

Key lessons learnt include:

Page 5

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Social Investments

Social investments are a means for the Trust to increase its overall environmental/ social impact by making use of its assets. All social investments must be aligned with the overall objectives of the Trust and are therefore expected to:

  1. address the causes of the climate crisis, or

  2. increase climate resilience, or

  3. support refugees and other forcibly displaced people.

In 2025, the trustees approved an investment of £200,000 in Micro Rainbow C.I.C. This is the third direct investment of the Trust.

In early 2025, the trustees gifted JAC Trust’s land assets to the rewilding charity Somerset Wildlands (1191953). With this gift the Trustees are actively contributing to the 30x30 global commitment – to protect at least 30% of land and sea for nature by 2030.

Financial Review

Since 2021 JAC Trust has followed a fixed spend policy. The Trustees recognise that the current annual fixed amount is such that it will likely erode the total value of assets over time.

The principal funding source of JAC Trust is from investment income of £167,970 (2024: £242,764). Total income excluding investment gains was lower than the previous year at £188,011 (2024: £242,764).

Expenditure in 2025 was substantially higher than the previous year at £1,159,366 (2024: £650,280), due to an increase in grant expenditure. Grants for charitable purposes were £1,027,578 (2024: £460,702), which included a gift of some 50 acres of land to a rewilding charity.

Reserves Policy

The funds are held as an expendable endowment. The Trustees do not operate a reserves policy, but manage the balance between short and long-term financial objectives through their grant making and investment policies.

Total cash at bank and in hand was £643,202 at 31 December 2025 (£544,859 of this balance was held within investments).

Investment Policy and Performance

The investments consist of a portfolio of externally managed listed investments, a property, and a shareholding in the private company C&J Clark Ltd (“CJC”) which formed the original endowment in 1970. The Trustees seek to invest responsibly in accordance with JAC Trust’s mission and Quaker values in terms of Environmental, Social and Governance criteria. The following exclusions apply:

As a signatory to the Funder Commitment on Climate Change, JAC Trust has committed to stewarding our investments for a post-carbon future. Trustees recognise the double materiality of the climate crisis: mitigating climate risks and having a positive climate impact are therefore equally important. The Trustees have adopted a net zero by 2040 investment objective, under which investments should be aligned to a 1.5 degree pathway by 2030.

The overall investment objective within our ethical criteria is to generate financial returns (income and capital) that contribute to the funding of the operational and grant-making activities of the Trust. The trustees have adopted an investment portfolio return target of UK CPI inflation plus 3.5% over a rolling 3-year period. Following an investment manager review, the investment portfolio was moved from Rathbone Greenbank to Tribe Impact Capital in July 2025.

Page 6

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Fundraising Policy

The charity does not engage in any public fundraising activities. The Trust’s income is derived from its investment portfolio and other assets. On occasion, individuals linked to the charity make donations. In 2025, the Quadrio Curzio Trust made a donation of £20,000 to JAC Trust.

Principal Risks and Uncertainties

The Trustees have examined the major risks to which JAC Trust is exposed and recognise that the Trust’s specific operating model, particularly our overseas funding focus and the structure of our endowment, carries certain inherent risks. Risks are continuously assessed on the basis of their likelihood and potential impact. While the following are acknowledged as the most significant inherent risks we face, the Trustees are satisfied that the Trust has robust policies, procedures and internal controls in place to successfully mitigate and manage them.

The Trustees considered the following to be the key risks faced by JAC Trust:

Funder Commitment on Climate Change

JAC Trust is a founder signatory to the Funder Commitment on Climate Change, which launched in November 2019. The Funder Commitment on Climate Change recognises that the impact of climate change is wide ranging, and a serious threat to funders achieving their charitable objectives.

The Commitment provides funders with a framework for considering how their investments, operations and funding can both help tackle the causes and mitigate the effects of climate change. A key part of this framework is reporting on our progress towards these goals on an annual basis. We have reported the following to ACF who coordinate the FCCC.

Page 7

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Commitment Progress 2025
1. Educate and learn The trustees and staff have a good level of knowledge on the causes and consequences
of climate change. We fund climate action in the Global South and reports and
interactions with our partners continue to be our main source of learning.
In 2025 our most impactful action was to organise a meeting of our Ugandan grant
partners to share their experiences and lessons learnt with each other and with us. Our
partners note that climate change is changing the onset, duration and reliability of rainy
seasons, which in-turn has severe negative impacts on food production and food
security. Project visits highlighted the ways in which agro-ecological approaches and
water-harvesting can increase resilience to drought and make very real differences to
food security.
2. Commit resources 90% of our grants budget is dedicated to climate action. Our priority is to support
integrated approaches that increase the resilience of people to climate change in ways
that are positive for the local environment. Our funding focuses on forcibly displaced
people and the communities that host them in Sub-Saharan Africa.
In 2025 we increased our spend on this programme by 50%, awarding just under
£700,000 in grants in total. This includes £150,000 to an agro-ecology project in
Cameroon that supports women fleeing conflict in rural areas to rebuild their lives and
£90,000 to a beekeeping and forest restoration project in Kenya under which 3 million
indigenous seedlings will be raised and planted in the forest and surrounding areas.
3. Integrate Climate action is at the heart of our overall strategy. We recognise that climate change
threatens all life and that we have a responsibility to use all our assets to safeguard our
shared future, by supporting climate mitigation and adaptation efforts.
Given that our grant-making is already focused on climate action, the most impactful
action we took was to gift the Trust's remaining land assets to a re-wilding charity. This
had been approved in 2024 but was completed in 2025. JAC Trust subsequently
supported two tree-planting events on the land in which trustees and family members
were actively involved. Just ten months into the land's nature recovery journey, there
are signs of water voles and field mice in the former fields.
4. Steward our
investments for a
post-carbon future		 We have a net zero active investment strategy which was approved in 2024. In 2025 we
tendered for new investment managers, capabilities in sustainable investing, policies on
engagement and reporting on portfolio emissions were key elements of our review
process.
5. Decarbonise our
operations		 We work remotely and travel is the biggest contributor to our carbon footprint. In 2025,
trustees met face-to-face once with all attendees used public transport. All other
meetings were on-line.
Visits to projects are important, in 2025 we managed to see the work of 3 grant
partners in-situ,all on the same tripto Uganda.

Page 8

JAC Trust

Report of the Trustees for the Year Ended 31 December 2025

Future Plans

Grant-making

The Trustees are clear in their mission to promote locally-led action that drives long-term resilience and environmental recovery in displacement settings. They intend to continue awarding new grants under the Climate Resilience for Forcibly Displaced People Programme until end 2028, with the total amount available tapering between 2026 and 2028. Most grants are expected to complete in 2029 .

Social Investments

In 2026 the Trustees expect to make their final social investment.

Independent Examination of Accounts

A resolution proposing that Monahans be re-appointed as the independent examiners of the charity for the financial year ending 31 December 2026 was passed at a meeting of the JAC Trust Board held on 15 July 2026.

Page 9

JAC Trust

Report of the Trustees

for the Year Ended 31 December 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 (the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

  1. Select suitable accounting policies and apply them consistently;

  2. Make judgements and estimates that are reasonable and prudent;

  3. Observe methods and principles in the Charities SORP 2015 (FRS 102);

  4. State whether the financial statements comply with applicable accounting standards and the trust deed and rules, subject to any material departures disclosed and explained in the financial statements;

  5. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue its activities.

The Trustees are responsible for keeping proper accounting records that 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.

Signature and Declaration

This report was approved by the Trustees on 15th July 2026 and signed on their behalf by:

………………………………………….. William Pym Chair of the Trustees

Page 10

Independent Examiner's Report to the Trustees of JAC Trust

Independent examiner's report to the trustees of JAC Trust

I report to the charity trustees on my examination of the accounts of JAC Trust (the Trust) for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's 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 the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. 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.

James Gare

Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

Date: ............................................. 10 August 2025

Page 11

JAC Trust

Statement of Financial Activities for the Year Ended 31 December 2025

Unrestricted
Restricted
funds
fund
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
20,041
-
Investment income
3
167,970
-
Total
188,011
-
EXPENDITURE ON
Raising funds
4
6,174
-
Charitable activities
5
Family Fund
357,899
-
Climate Change and Forced
Displacement
63,769
-
Other
580
-
Total
428,422
-
Net gains/(losses) on
investments
-
-
NET
INCOME/(EXPENDITURE)
(240,411)
-
Transfers between funds
19
309,672
-
Net movement in funds
69,261
-
RECONCILIATION OF
FUNDS
Total funds brought forward
514,038
-
TOTAL FUNDS CARRIED
FORWARD
583,299
-		 2025

Endowment
Total
funds
funds
£
£
-
20,041
-
167,970
-
188,011
31,366
37,540
-
357,899
699,578
763,347
-
580
730,944
1,159,366
(54,946)
(54,946)
(785,890)
(1,026,301)
(309,672)
-
(1,095,562)
(1,026,301)
10,216,595
10,730,633
9,121,033
9,704,332		 2024
Total
funds
£
-
242,764
242,764
70,756
46,500
533,024
-
650,280
(1,673,551)
(2,081,067)
-
(2,081,067)
12,811,700
10,730,633

The notes form part of these financial statements

Page 12

JAC Trust

Balance Sheet

31 December 2025

Unrestricted
Restricted
funds
fund
Notes
£
£
FIXED ASSETS
Tangible assets
12
-
-
Investments
Investments
13
-
-
Investment property
14
-
-
Social investments
15
492,511
-
492,511
-
CURRENT ASSETS
Debtors
16
1,483
-
Cash at bank
98,343
-
99,826
-
CREDITORS
Amounts falling due within
one year
17
(9,038)
-
NET CURRENT ASSETS
90,788
-
TOTAL ASSETS LESS
CURRENT LIABILITIES
583,299
-
CREDITORS
Amounts falling due after
more than one year
18
-
-
NET ASSETS
583,299
-
FUNDS
19
Unrestricted funds
Endowment funds:
Expendable endowment
Tangible fixed asset revaluation reserve
TOTAL FUNDS		 2025

Endowment
Total
funds
funds
£
£
250,000
250,000
9,395,180
9,395,180
-
-
-
492,511
9,645,180
10,137,691
-
1,483
-
98,343
-
99,826
(199,016)
(208,054)
(199,016)
(108,228)
9,446,164
10,029,463
(325,131)
(325,131)
9,121,033
9,704,332
583,299
9,065,585
55,448
9,121,033
9,704,332		 2024
Total
funds
£
250,412
9,973,197
270,000
454,999
10,948,608
484
79,802
80,286
(250,261)
(169,975)
10,778,633
(48,000)
10,730,633
514,038
10,161,147
55,448
10,216,595
10,730,633

The financial statements were approved by the Board of Trustees and authorised for issue on 15th July 2026............................................. and were signed on its behalf by:

............................................. W Pym - Trustee

The notes form part of these financial statements

Page 13

JAC Trust

Cash Flow Statement
for the Year Ended 31 December 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
22
566,201
Net cash provided by/(used in) operating activities
566,201
Cash flows from investing activities
Purchase of fixed asset investments
(22,730,490)
Purchase of social investments
(50,847)
Sale of fixed asset investments
23,239,348
Other recognised gains and losses
270,000
Sale of social investments
13,335
Interest received
6,878
Dividends received
151,522
Property income
9,570
Net cash provided by investing activities
909,316
Cash flows from financing activities
Expenditure attributable to endowment
(1,456,976)
Net cash used in financing activities
(1,456,976)
Change in cash and cash equivalents
in the reporting period
18,541
Cash and cash equivalents at the
beginning of the reporting period
79,802
Cash and cash equivalents at the end
of the reporting period
98,343		 2024
£
(255,037)
(255,037)
(2,864,724)
(306,999)
3,646,200
-
-
6,974
223,217
12,573
717,241
(467,889)
(467,889)
(5,685)
85,487
79,802

The notes form part of these financial statements

Page 14

JAC Trust

Notes to the Financial Statements for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the liability from multi-year grant commitments. With respect to the next year, the most significant areas of uncertainty that affect the carry value of assets held by the Trust are the level of investment return and the performance of investment markets.

The Trust constitutes a public benefit entity as defined by FRS102.

Judgements and key sources of estimation uncertainty

The preparation of accounts in conformity with FRS102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values and liabilities that are not readily available from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Investment income, consisting of interest and dividends, is accounted for on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

Grants made are included in the accounts when they are authorised by the trustees.

Costs of generating funds are those incurred in managing the investments. Other costs are governance and support costs.

Page 15

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES - continued

Expenditure

The allocation of support costs to governance is set out in note 8.

Governance and support costs are then allocated between the programme funds based on the number of recipients of grants for each programme fund.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Land and buildings are included in the balance sheet at their fair value. Revaluations of the properties are taken to a revaluation reserve within the endowment funds of the charity as detailed in note 20. The trustees will obtain a formal valuation of the properties every 5 years and re-estimate the market value each year based on the Land Registry House Price Index for the South West in the years between formal valuations. The investment properties were last formally valued at 15 February 2024, but were donated in full this year. Capital expenditure incurred on the properties is also added to the book value in the period between valuations. Further detail is provided in note 13.

Fixed asset investments

Listed investments and properties are included in the balance sheet at fair value (their market value).

The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value as the period end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.

Programme-related investments

Programme-related investments are included in the balance sheet at their fair value (the value of the loan outstanding).

Debtors and creditors

Debtors and creditors are measured as invoiced price, less any applicable discounts.

Short term liquid investments and cash

Cash at bank is held to meet short-term commitments and they fall due rather than for investment purposes and included all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Funds consist of a general unrestricted fund and an expendable endowment fund. Grants and support costs are paid out of the general unrestricted funds. Investment management fees are charged to the expendable endowment fund. Revaluations in tangible fixed assets are disclosed within endowments in a separate tangible fixed asset revaluation reserve,

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Page 16

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

The costs of the defined contribution scheme are included within support and governance costs and charged to the unrestricted funds of the charity using the methodology set out in note 8.

The trust has no liability beyond making its contributions and paying the deductions for the employee's contributions.

Financial instruments

The charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the accounts, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments

Basic financial assets, which include debtors and cash bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for the goods or service that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

Page 17

continued...

JAC Trust

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Property income
Listed investment portfolio
Deposit account interest
4.
RAISING FUNDS
Raising donations and legacies
Rental expenses
Investment management costs
Exchange rate losses
Investment management
Aggregate amounts
5.
CHARITABLE ACTIVITIES COSTS
Family Fund
Climate Change and Forced
Displacement		 Grant
funding of
activities
(see note
6)
£
328,000
699,578
1,027,578		 2025
£
20,041
2025
£
9,570
151,522
6,878
167,970
2025
£
6,174
2025
£
-
31,366
31,366
37,540
Support
costs (see
note 7)
£
29,899
63,769
93,668

Page 18

continued...

JAC Trust

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. GRANTS PAYABLE

Family Fund
Climate Change and Forced Displacement
The total grants paid to institutions during the year was as follows:
REDO
Sengwer of Embobut CBO
International Refugee Trust
Re-Alliance
Street Theatre Workshop
Organisation for Community Action
Eco Brixs UK
Fanm Limye Association
In But Free
Enhanced Rural Self Help Association (ERSHA)
Grameen Virunga SA
The Felix Project
PORA Zimbabwe
Live to Love International
Grants under £3,000
Cohere
Koibatek Ogiek Women and Youth Network
Live in Green Live in Wealth Youth Initiative
RedR UK
Rural Woman Center for Education and Development
Conflicts forum
Seed of Hope CIC
Somerset Wildlands		 2025
£
328,000
699,578
1,027,578
2025
£
-
90,180
-
149,000
-
-
-
-
1,500
-
-
-
15,000
-
15,000
90,000
75,000
50,000
92,398
150,000
19,500
10,000
270,000
1,027,578		 2024
£
46,500
414,202
460,702
2024
£
60,000
-
(42,761)
-
3,000
42,761
66,000
71,702
65,000
75,000
75,000
15,000
-
15,000
15,000
-
-
-
-
-
-
-
-
460,702

During the year the Charity granted the farmland previously held as an investment property to Somerset Wildlands. Please see note 14.

Reconciliation of grants

Grants committed for the year

Grants paid during the year

Commitments at 1 January 2025
Commitments at 31 December 2025		 £
1,027,578
(780,033)
276,602
524,147

Page 19

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

6. GRANTS PAYABLE - continued

Commitments at 31 December 2025 are payable as follows:

Within one year
After more than one year		 199,016
325,131
524,147

7. SUPPORT COSTS

Management
£
Climate Change and Forced
Displacement
269		 Governance
Other
costs
£
£
72,079
21,320		 Totals
£
93,668

The allocation of governance and support costs between the programme funds of the trust is proportional, based on the number of recipients of grants for each primary objective. This apportionment will be recalculated each year.

The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:

Cost type

Staff costs
Administration
Meetings, travel and office
Website and grant
management
AFC membership and
seminars
Accountancy
Audit / examination
Legal
Insurance
Depreciation
Bank charges and FX
adjustments		 Management
£
-
-
-
-
-
-
-
-
269
-
-
269		 Other

£
40,728
10,058
3,071
1,932
1,078
-
-
15,336
-
-
-
72,203		 Governance
£
-
2,515
12,285
-
-
3,169
2,720
-
-
412
95
21,196		 2025
£
40,728
12,573
15,356
1,932
1,078
3,169
2,720
15,336
269
412
95
93,668		 2024
£
41,204
13,922
4,417
504
1,138
438
7,320
46,756
123
412
128
118,822

Allocation of administration is based on an estimate that 20% of such expenses relate to governance activities.

Allocation of a meetings, travel and office is based on an estimate that 80% of such expenses relate to governance activities.

Page 20

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

8. AUDITORS' / EXAMINER’S REMUNERATION

2025 2024
£ £
Fees payable to the charity's independent examiners for the
independent examination of the charity's financial statements 2,720 -
Fees payable to the charity's auditors for the audit of the charity's - 7,320
financial statements

9. TRUSTEES' REMUNERATION AND BENEFITS

The trustees all give freely their time and expertise without any form of remuneration or other benefits in cash or kind (2024: £nil).

No monetary value has been assigned to this donated time in the accounts in line with the Charities SORP (FRS102).

Trustees' expenses

Trustees were reimbursed for travel costs incurred on trust business abroad. These expenses totalled £nil (2024: £704).

10. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities
No employees received emoluments in excess of £60,000.		 2025
£
39,162
1,566
40,728

2025
1		 2024
£
39,619
1,585
41,204
2024
1

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Family Fund
Climate Change and Forced
Displacement
Total
Net gains/(losses) on investments		 Unrestricted
Restricted
funds
fund
£
£
242,764
-
17,069
-
46,500
-
118,822
-
182,391
-
-
-
Endowment
Total
funds
funds
£
£
-
242,764
53,687
70,756
-
46,500
414,202
533,024
467,889
650,280
(1,673,551)
(1,673,551)

Page 21

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
Unrestricted
funds
£
NET INCOME/(EXPENDITURE)
60,373
Transfers between funds
244,791
Net movement in funds
305,164
RECONCILIATION OF FUNDS
Total funds brought forward
208,874
TOTAL FUNDS CARRIED FORWARD
514,038
12.
TANGIBLE FIXED ASSETS
COST/VALUATION
At 1 January 2025 and
31 December 2025
DEPRECIATION
At 1 January 2025
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
Unrestricted
funds
£
NET INCOME/(EXPENDITURE)
60,373
Transfers between funds
244,791
Net movement in funds
305,164
RECONCILIATION OF FUNDS
Total funds brought forward
208,874
TOTAL FUNDS CARRIED FORWARD
514,038
12.
TANGIBLE FIXED ASSETS
COST/VALUATION
At 1 January 2025 and
31 December 2025
DEPRECIATION
At 1 January 2025
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 ACTIVITIES
Restricted
fund
£
-
-
-
-
-
Freehold
property
£
250,000
-
-
-
250,000
250,000		 - continued

Endowment
Total
funds
funds
£
£
(2,141,440)
(2,081,067)
(244,791)
-
(2,386,231)
(2,081,067)
12,602,826
12,811,700
10,216,595
10,730,633
Computer
equipment
Totals
£
£
1,649
251,649
1,237
1,237
412
412
1,649
1,649
-
250,000
412
250,412

The last professional valuation of the property was in September 2024 at £250,000, and the trustees have considered it to be the same value this year.

Page 22

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Cash and
Unlisted
settlements
Investments
investments
pending
£
£
£
MARKET VALUE
At 1 January 2025
7,585,401
1,488,405
899,391
Additions
7,531,574
-
8,239,036
Disposals
(7,685,900)
-
(8,593,568)
Revaluations
260,134
(329,293)
-
At 31 December 2025
7,691,209
1,159,112
544,859
NET BOOK VALUE
At 31 December 2025
7,691,209
1,159,112
544,859
At 31 December 2024
7,585,401
1,488,405
899,391
Listed shares and securities
Unlisted shares
Cash held as part of the investment portfolio
Investment assets in the UK
Investment assets outside the UK

Totals
£
9,973,197
22,730,490
(23,239,348)
(69,159)
9,395,180
9,395,180
9,973,197
£
7,691,209
1,159,112
544,859
9,395,180
£
7,309,350
2,085,830
9,395,180



The change in market value during the year, as shown in the revaluations above, comprises all the increases and decreases in the market value of investments held at any time during the year including profits and losses realised on sales of investments during the year. The change in market value is represented by a £260,134 decrease in the value of listed investments and a £329,293 decrease in value of unlisted investments.

All investments are carried at their fair value. Investments in listed and fixed interest securities are all traded on quoted public markets. Holdings in common investment funds, unit trusts and open-ended investments companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost.

During the year, the investment assets were transferred from Rathbones to Tribe Impact Capital, who subsequently sold the holdings and reinvested the proceeds, which has inflated additions and disposals in the year.

The current holding of C & J Clark Ltd ordinary shares is as follows:

C & J Clark Ltd £1 ordinary shares 1,318,202
Valuation at 1 January 2025
Disposals
Revaluation
Valuation at 31 December 2025		 £
1,488,405
-
(329,293)
1,159,112

Page 23

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

13. FIXED ASSET INVESTMENTS - continued

At 31 December 2025 the trustees held 1,317,173 £1 ordinary shares. These shares have been valued at £0.88 per share based on a valuation of the issued ordinary shares by BDO on 23 September 2025.

14. INVESTMENT PROPERTY

FAIR VALUE
At 1 January 2025
Disposals
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 £
270,000
(270,000)
-
-
270,000

The investment property represents farmland. The farmland was professionally valued at £270,000 as at 15 February 2024 by Cooper Tanner. In the year the farmland was donated in full.

15. SOCIAL INVESTMENTS

MARKET VALUE
At 1 January 2025
Additions
Disposals
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Mixed
motive
investments
£
454,999
50,847
(13,335)
492,511
492,511
454,999

This includes a loan to the Wyre Catchment Natural Flood Management Project. The loan facility is £80,000 and as at 31 December 2025 a loan of £80,000 had been advanced in total. The loan is repayable by 6 equal instalments between 30 November 2025 to 30 November 2030. Interest is charged on the loan at between 5 and 6% p.a. The disposal shown above for £13,335 is the first repayment of the loan. At the year ended 31 December 2025, the loan outstanding was £66,665.

Also included is a £175,000 investment in Conduit EIS Impact Fund aimed at innovative climate and social impact start-ups. There was no further investment this year.

Also included is an investment made in the prior year in Thrive Renewables PLC for £199,999. There was no further investment this year.

There was an investment made during the year in Micro Rainbow for £50,847.

Page 24

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Prepayments and accrued income
1,483
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Grants payable
199,016
Accruals and deferred income
9,038
208,054
18.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Grants payable
325,131
19.
MOVEMENT IN FUNDS
Net
Transfers
movement
between
At 1.1.25
in funds
funds
£
£
£
Unrestricted funds
General fund
514,038
(240,411)
309,672
Endowment funds
Expendable endowment
10,161,147
(785,890)
(309,672)
Tangible fixed asset revaluation
reserve
55,448
-
-
10,216,595
(785,890)
(309,672)
TOTAL FUNDS
10,730,633
(1,026,301)
-
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
188,011
(428,422)
-
Endowment funds
Expendable endowment
-
(730,944)
(54,946)
TOTAL FUNDS
188,011
(1,159,366)
(54,946)		 2024
£
484
2024
£
228,602
21,659
250,261
2024
£
48,000
At
31.12.25
£
583,299
9,065,585
55,448
9,120,853
9,704,332
Movement
in funds
£
(240,411)
(785,890)
(1,026,301)

Page 25

continued...

JAC Trust

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Endowment funds
Expendable endowment
Tangible fixed asset revaluation
reserve
TOTAL FUNDS		 At 1.1.24
£
208,874
12,523,289
79,537
12,602,826
12,811,700		 Net
movement

in funds
£
60,373
(2,141,440)
-
(2,141,440)
(2,081,067)		 Transfers

between

funds
£
244,791
(220,702)
(24,089)
(244,791)
-
At
31.12.24
£
514,038
10,161,147
55,448
10,216,595
10,730,633

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS		 Incoming
resources
£
242,764
-
242,764		 Resources
expended
£
(182,391)
(467,889)
(650,280)		 Gains and
losses
£
-
(1,673,551)
(1,673,551)		 Movement
in funds
£
60,373
(2,141,440)
(2,081,067)

The expendable endowment funds represent the original capital of the Trust, the gift of the property from the JA Clark 1960 settlement, realised and unrealised gains and losses on investments, the related investment management fees incurred and any charitable expenditure since the fund was set up.

The fixed asset revaluation reserve represents the unrealised gains on the gifted property from the JA Clark 1960 settlement.

General unrestricted funds are available to be spent for any purpose of the Trust.

Transfer between funds represents endowment investment transactions together with the grants liability underwritten from endowment funds.

Page 26

continued...

JAC Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2025

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.

21. ULTIMATE CONTROLLING PARTY

The charity is controlled jointly by the trustees.

22. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net expenditure for the reporting period (as per the Statement
of Financial Activities) (1,026,301) (2,081,067)
Adjustments for:
Depreciation charges 412 412
Losses on investments 69,159 1,674,628
Interest received (6,878) (6,974)
Dividends received (151,522) (223,217)
Expenditure attributable to endowment 1,456,976 467,889
Property income (9,570) (12,573)
Increase in debtors (999) (161)
Increase/(decrease) in creditors 234,924 (73,974)
Net cash provided by/(used in) operations 566,201 (255,037)
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.25 Cash flow At 31.12.25
£ £ £
Net cash
Cash at bank 79,802 18,541 98,343
79,802 18,541 98,343
Total 79,802 18,541 98,343

23. ANALYSIS OF CHANGES IN NET FUNDS

24. FAIR VALUE OF ASSETS AND LIABILITIES

Exposure to credit risk

The Charity is not exposed to material credit risk on the basis there is very little debt on the balance sheet

Exposure to market risk

Investments represent the majority of the charity's net assets. The risk of a financial loss arising from listed investments due to changes in the market is mitigated by the active management of the investment portfolio by a professional investment manager and the diversification of the investment portfolio based on an investment policy approved by the trustees.

The unlisted investment in C&J Clark Limited was revalued based on a valuation of the issued ordinary shares by BDO on 23 September 2025.

Changes in fair value of debtors, creditors and investments due to credit risk

There have been no changes in the fair values of basic financial instruments (debtors, creditors and investments) attributable to changes in credit risk.

Page 27

JAC Trust

Detailed Statement of Financial Activities for the Year Ended 31 December 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Property income
Listed investment portfolio
Deposit account interest
Total incoming resources
EXPENDITURE
Raising donations and legacies
Rental expenses
Investment management costs
Exchange rate losses
Investment management
Charitable activities
Grants to institutions
Other
Exchange rate losses
Support costs
Management
Insurance
Other
Wages
Pensions
Administration
Meetings, travel and office
ACF membership & seminars
Other: Website & Grant Management
Computer equipment
Governance costs
Auditors' remuneration
Legal
Accountancy
Carried forward		 2025
£
20,041
9,570
151,522
6,878
167,970
188,011
6,174
-
31,366
31,366
1,027,578
580
269
39,162
1,566
12,573
15,356
1,078
1,932
412
72,079
2,720
15,336
3,169
21,225		 2024
£
-
12,573
223,217
6,974
242,764
242,764
17,069
2,731
50,956
53,687
460,702
-
123
39,619
1,585
13,922
4,417
1,138
504
412
61,597
7,320
46,756
2,898
56,974

This page does not form part of the statutory financial statements

Page 28

JAC Trust

Detailed Statement of Financial Activities

for the Year Ended 31 December 2025
Governance costs
Brought forward
Bank charges
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Realised gains/(losses) on investment
property
Net expenditure		 2025
£
21,225
95
21,320
1,159,366
(971,355)
(54,946)
-
(1,026,301)		 2024
£
56,974
128
57,102
650,280
(407,516)
(1,317,627)
(355,924)
(2,081,067)

This page does not form part of the statutory financial statements

Page 29