THE CAERLOW TRUST
{Reglstered Charlty No. 1202408 and Company No. 146151791
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
CONTENTS
Page
Annual Report of the Trustees
Independent Examiner's Report
Statemenl of Financial Activities (including Income and Expendrture Account)
Balance Sheet
Statement of Cash Flows
10
Notes to the Financial Statements
11- 15
Page12

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCPI 2025
The Trustees present their report and independently examined financial statements of The Caerlow
Trust {'the Trusl°}, for the period from 1 February 2024 to 31 March 2025. In January 2025 the Trustees
agreed to extend the accounting period for the Trust to 31 March 2025.
These have b*n prepared in accordance with the accounting policie$ set out on pages 11 to 13 and
compty with applicable charity law.
The Trustees have adopted the provisions of the Statement of Recommended Practice {SORP)
°Accounling and Reporting by Charities" in preparing the Trustees Report and Financial Statements.
REFERENCE AND ADMINISTRATIVE DETAILS
The TTUSt is based and administered in the Unrted Kingdom.
Registered Charlty number: 1202408
Company number:
14615179
Registered address:
5 New Streel Square, London. EC4A 3TW.
Trustees:
Lucy Rausing
Constantin Kima￿TaY10r
Hans Rausing {appointed 25 January 2023 and resigned 1 April 2024)
Charles Kirwan-Taylor
Laura Burke (appointed 1 April 2024)
The Trustees of the Trust are also the DiTedors for the purpose of Company Law. The Trustees did not
hold any beneficial interest in the Trust at 31 March 2025 or at any time during or since the period end.
Charity Director..
Hannah Bodek (appointed 7 May 2024)
Bankers:
C Hoare & Co.. 37 Fleel Street, London. EC49 4DQ
Solicitors:
Withers LLP, 20 Old Bailey, London EC4M 7AN
Accountants:
Rawlinson & Hunter LLP, Eighth Floor. 6 New Street Square,
New Fetter Lane, London. EC4A 3AQ
Independent Exarniner:
Michael Fosler FCCA, Eighth Floor, 6 New Street Square,
New Fetter Lane, London. EC4A 3AQ
Webslte..
www.thecaerlowtrust.org
Pagel I

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 202S
STRUCTURE. GOVERNANCE AND MANAGEMENT
The Trust is a charitable company limited by guarantee governed by its Articles of Association dated
25 January 2023 and is registered as a d)arty with the Charity Commission for England and Wales
and Companies House.
The Trustees have responsibility for setting the Trust's goals and strategy and meet to consider grants
for exclusively charitable purposes for the public benefrt in line with the Trust's Grant Making Policy.
The number ofTrustees shall be a minimum of￿0 al any onetime and newTrustees shall be appointed
by ordinary resolution by the existing Truslees. The range of skills represented on the Trustee Board
will be kept under review as the Trust develops over time.
Induction and Trainlng
As part of their training, Trustees are given an information pack which includes the Trust's
Memorandum and Articles of Association and the Charity Commission guidance on Trustees,
Responsibilities. All Trustees are aware of iheir legal duties and obligations in respect of the
management of the Trust, including in relation lo the protection of its assets.
Statement of Trustees, Responsibilities
The Trustees (who are also Directors of The Caerlow Trust for the purposes of company lawl are
responsible for preparing the Annual Report of the Trustees and the financial slatements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Pra¢lice}.
Company law requires the Trustees lo prepare financial slalements for each financial period. Under
company law the Trustees must not approve the financial stalements unless they are satisfied thal they
give a true and fairview of the stale of affairs of the Trust and of the incoming resources and application
of resources, including ihe income and expendilure, of the Tru51 for the period. In preparing these
financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistenUy-
observe the methods and principles in the Charities SORP {FRS 102).,
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK Accounting Slandards have beer) followed, subject to any
material departures disclosed and explained in the financial statements.. and
prepare the financial ststements on the going concern basis unless it is inappropriate to
presume that the Trust will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable
accuracy al any time the financial position of the Trust and enable them to ensure that the financial
stalemenls comply with the Companies Acl 2006. They are also responsible for safeguarding the assets
of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
Pa8e12

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued}
Internal Controls
The Trustees h8ve overall responsibility for ensuring Ihat the Trust has appropriate systems of internal
controls. They are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Trust and enable them lo ensure that the financial
slalements follow best pradice and all applicable law regulation and guidance. The Trustees are also
responsible for the Tfust safeguarding its assets an4J for taking reasonable steps for the prever)tion and
d8te¢tion of fraud and other irregularities.
The system of inteinal controls is designed lo provide reasonable, but nol absolute, assurance against
material misstatement or loss.
Risk Managomont & Corporate Governance
A risk assessment has been undertaken which comprises..
An annual review of the risks the Trust may face.
The establishmenl of systems and procedures to millgate those risks.. and
The implementation of procedures designed to minimise any potential impact on the Trust
should those risks materialise.
This continuing process will identify risk areas to which the Trust is vulnerable and highlight any
necessary safeguards that will need lo be put in place. No major risks were identified at the date of
these accounts.
The Trustees have signed ftt and proper declarations in line wth HMRC guidance.
In additlDn, the Trustees have taken due consideration of Good Governance- A Code for the Voluntary
and Community Sector, ensuring that the seven main principles ofthe Code are adhered to. These are.-
Understanding the Trustees. role-
Doing what the organisation was set up to do-
Working effectively.,
Control.,
Behaving wÉth integrity.,
Equality. diversity and in¢lusion', and
Openness and accessibility.
The Trustees recognise that good governance plays an essenlial part in securing the future of the Trust
and confirm that the said main principles of the Code are followed by them in leading, directing and
managing the Trust.
No Trustee re￿iVed any remuneration or received any other benefrts from the Trust during the period
of this report.
The Trust does not carry out fundraising activities from the public.
Pag¢13

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Objeds of the Trust are to further such exclusively charitable purposes for the public benefit
as the Trustees may in Iheir absolute discretion determine. The Trust operates as a grant-making
charity, supporting charitable projects and organisations with grants of varying sizes and durations.
The Trust'5 operaling principles are rooted in the basi¢ belief that everyone deserves to have access
to sufficient resources such that they are not concerned with day-to-day survival. It aims to achieve this
by making grants targeting three chosen pillars of humanitarian relief=
Homelessness..
Hunger.. and
Addiction
In addition to this, the Truslees have a particular interest in Se￿iceS working lo support women across
these themes.
The Trustees have pursued a broad strategy of ensuriro proper due diligence in thé assessment of
potential grants and ensuring thal grants are made subject to appropriate terms and conditions.
statemènt of Publlc Beneflt
As a grant-￿nder, the Trust activities will provide public benefit to the individuals and communities who
are beneficiaries of the Trust's funded projects. The Trust's public benefit is not limited with reference
to geography, by the charging of fees or othejwise. The Trustees are aware of the Charity Commission
guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the
Charities Act 2011 to have due regard to it. They consider the information which follows in this annual
report, about the Trust's aims, activities and achievements in the areas of interest that the Trust
supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from
those activities.
Grat)t Making Pollcy
The TrLL8tees' grant making policy has been to consider making donations by way of direct funding and
also by way of grants to charitable organisalions recognised as such in their respective jurisdictions for
projects that are exclusively charitable under English law.
The Tru51 has put in place sound grant arrangements so that it can properly select appropriate grantees
and impose appropriate terms on grants, including, as appropriate, monitoring and evaluation of the
way in which funds are applied by grantees.
ACHIEVEMENT AND PERFORMANCE
Charitable A¢tlvltle$
During the reporting period lo 31 March 2025, the Trust slarted its grant giving Programme, approving
a total of 16 grant applications to 15 different organisatiot)s with a combined value of £1, 122,196. In
addrtion, it made six small unsolicited donations in December 2024 with a total value of £45,000.
Pag¢14

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE {contlnuedl
The geographical focus of the grant giving was London, although awards were made to five charilies
who work nationally and one that works entirety outside of London. Just under half of the granls
awarded. excluding the small donations made in December 2024, were primarily supporting
organisations working lo support people who are homeless or at risk of homeless. A third of the grants
awarded were made to organisations the alleviation of hunger as their primary objective. The
remaining grants, 230/0. were given lo charities working in the field of addiction. This breakdown is
illustrated in the graph below..
Addlction
23
33%
Hon7ele5sn￿s
44%
The themes that the Trusl supports are complex and often intersecting. Many of the organisations the
Trust has supported work in more than one of the themes. The data above provides an indication of
the primary area of Iheirwork onty-
PLANS FOR THE FUTURE
The Trustees do not propose to deviale from Ihe current objectives and activities of the Trust as
detailed earlier in this report but wll further develop and refine their stfategies, policies and
procedures in futur•, as ¢onsidered necessary.
FINANCIAL REVIEW
Th* Statement of Financial Activities (Ihe SOFA? on page 8 shows total incoming resources for tha
period of £997,095 (2023124.. £532,250) and expenditure of £1,343,429 (2023124. £44,142). The
expenditure consists of £1,167,196 (2023124.. nif) of charitable expenditure in the form of grants and
donations to other organisations and a further £103,493 of direct grant making Costs. Support and
governance ¢osts amount to £72,740 {2023124.' £44.4931 were incurred in the period. This resulted ir)
a deficit for the period of £346,334 {2023124'. £488.108 surplus).
The balance of reserves at 31 March 2025 is £141.774, all of which is unrestricted. The cash balance
at the end of the reporting period is £479,382 (2023124.. £501,708).
Reserves Policy
The Trustees have examined the Trust's requirement for resources and consideration has been given
to assessing the risk. piobability and likely impact of changes to our income and thus our abilty to meet
our financial obligations or reduce our expenditure in the short term.
Page15

THE CAERLOW TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
FINANCIAL REVIEW Icontinued)
The trustees have agreed to hold free reserves for three purposes.,
to meet the requirements of the Tru51's short term working capital requirements.,
to allow for flexibilty of timing regarding income-
to allow the Trust to make grants at short notice should an unexpected and urgent
need arise.. and
to ensure Ihe charity has sufficient funds to wind down Ihe organisation in an orderly
manner. should the need arise.
The Trustees will therefore keep free reserves equal to a minimum of four months of operating
costs plus £100,000 lo allow the Trust to respond to emergencylurgent needs for grants. At 31 March
2025, this minimum target is equivalent lo £141,000. As such, the free reserves of the Trust are in line
with the agreed policy. In addition, the Trustees will ensure sufficient liquidty to cover grants that have
been committed but not yet paid.
The financial statements have been prepared on a going concern basis as the Trustees believe thal no
material uneertainties exist. The current uncertainty in the global economy, including cost inflating
factors, have increased financial pressure on charities. The Trustees have considered, the level of
funds held, the expected level and security of income and Ihe committed expenditure for bNelve months
from the date of signing of these financial statements. The Ttustees are satssfied the forecasl income
and reseNes are suffieienl to cover all of the budgeted expenditure to be able to continue as a going
concern. The Trustees Iherefore consider the adoption of the going concern basis in preparing these
financial siatemenls continues to be appropriate.
Approved by the tru$tees on 23 June 2025 and slgned on their behalf by:
Lucy Rausing
Chair, Trustee
Page16

INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CAERLOW TRUST
I report to the Trustees on my examination of Ihe Financial Statements of The Caerlow Trust {llhe Trust") for
the period from 1 February 2024 to 31 March 2025 which are set out on pages 8 to 15.
Responsibilitios and Basis of Report
AS the Trustees of the Trust (and also its director5 for the purposes of company law) you are responsible for
the preparation of the Financial Statements in accordance with the requirements of the Companies Acl 2006
I'lhe 2006 Acl'l.
Having satisfied myself that the financial slalements of the Trust are not required to be audited under Part 16
of the 2006 Act and are eligible for indeper)dent examination, I report in resp8Ct of my examination of your
Trust's Financial Statements as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In
carrying out my examination I have followed the Directions given by the Charity Commission under section
145(5){b} of the 2011 Act.
Independent Examlner's Statsment
I have completed my examination. I confirm that no matters have come to my attention in connection wilh the
examinalion giving me cause to believe thal in any material respect-.
accounting records wer8 not kept in respect of the Trust as required by section 386 of the 2006 ACL
or
the Financial Statements do not accord with Ihose records," or
the Fir)an¢ial Statemenls do not compty with the accounting requirements of section 396 of the 2006
Act other than any requiremenl that the financial statements give a 'true and fair view, which is not a
matter considered as part of an independenl examination., or
the Financial Statements have nol been prepared in accordance with the methods and principles of
the Statement of Re¢ommended Practice for accounling and reporting by Charities applicable to
charities preparing their Financial Slatements in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland {FRS 102).
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 Financial Statements
to be reached.
Michael FosleT FCCA
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ
Page17

THE CAERLOW TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
Note
2024125
2023124
Income from:
Donations
Bank interest
997,024
71
532,250
Total Income
997,095
532,250
ExpenditUTe on:
Charitable activities
1,343,429
44,142
Total Expenditure
1.343,429
44,142
Net (expenditure} l in¢ome
{346,334}
488,108
Net movement in funds
{346,334}
488,108
Total funds brought forward at the start of the perlod
Total funds carried forward at the end of the period
488,108
141,774
488,108
All amounts relate to continuing operations.
There were no recognised gains and1055es for the period from 1 February 2024 to 31 March 2025 other
than those included in the Income and Expendilure Account.
The notes which are set out on pages 11 to 13 form part of these financial statements.
Page18

THE CAERLOW TRUST
BALANCE SHEEr
AS AT 31 MARCH 2025
Note
2024125
2023124
Current Assets:
Debtors
Cash at bank
13,194
479,382
6,450
501,708
Total Current Assets
492,576
508,158
Liabilities:
Creditors- amounts falling due wtlhin one year
(350.802)
120,050)
Total Liabilitles
{350,802}
120,050)
Net Assets
141.774
488,108
The funds of the Charity:
Unrestricled funds
141,774
488,108
Total charity funds
141,774
488,108
For the financial period in question the Trust was entitled to exemption under section 477 of the
Companies Act 2006 relating to small companies.
No members have requi￿ d the Trust to obtain an audit of its accounts for the period in question in
accordance with section 476 ofthe Companies Act 2006.
The Trustees {who are also the Directors of the Trusl for the purposes of ¢ompany lawl acknowledge their
responsibility for complying with the requirements of Ihe Act with respect to accounting records and for the
preparalion of accounts.
These accounts have been prepared in accordance wrth the provisions applicable to ¢ompanies subject
to the small companies, regime.
The financial slatements were approved and authorised lor issue by the Trustees on 23 June 2025 and
were signed on Iheir behatf by..
Lucy Rausing
Chalr. Trustee
Pa8e19

THE CAERLOW TRUST
STATEMENT OF CASHFLOWS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
Note
2024125
2023124
Cash flows from operating activities-
Net cash used in operating activities
(22,3971
501,708
Cash flows from investing actlvllies..
Bank interest
71
Net cash provlded by investlng activities
71
Change in cash or cash equlvalents in the reporting period
{22.326)
501,708
Cash at the beginnlng of the reporting perlod
501,708
Cash at the end of the reporting period
479,382
501,708
Pag¢ | 10

THE CAERLOW TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
Accounting pollcle$
Basi$ of Preparatlon of Flnancial Statements
The Caerlow Trust ('Ihe Trust"), an incorporated charity limited by guarantee with registered charity
no. 1202408 and company no. 14615179, Is based and administered in the Uniled Kingdom. The
registered address is 5 New Street Square, London, EC4A 3TW. The nature of the Trust's operations
and Principal acts'vities are set out in the Tiustees, Annual Report.
In the event of the Trust being wound up, the liabilty in respect of Ihe guarantee is limited to £1 per
personal member.
The financial stalements have been prepared in accordance with Accounting and Reportiro by
Charities.. Statement of Recommended Practice applicable to ch2rf(ies preparing their accounts in
ac¢ord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
1021 {"Charities SORP FRS 102.), the Financial Reporting Standard applicable in the United
Kingdom and Republic ol Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and
UK Generally Accepted Accounting Practice.
The Trust has applied the provisions set out in FRS102 as published in 2019 and does not include
cash flow statement on Ihis basis.
The Trust constitutes a public benefrt entity as defined by Charities SORP FRS 102.
In applying the financial reporting framework, the Trustees have lo make subjeclive judgements. for
example in respect of signrficant accounting estimates. Estimates and judgements ale continually
evaluated and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. The nature of the estimation
means the actual outcomes COLJld differ from those estimates. The Trustees have not made any
signlficant estimates and judgements affecting these financial statements.
The significant accounting policies applied in the preparation of these financial statements are set
out below. These policies have been Consistently applied to all years presented unless otherwise
stated.
Incoming Resources
All incoming resources are included in the SOFA when the Trust is entitled to the income and the
amount can be quantified with reasonable accuracy.
Voluntary donations include donations under Gift Aid with the associated tax credits included when
receivable. Interest fiom deposit accounts are included when received.
Pagel 11

THE CAERLOW TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
Accounting policies Icontlnuedl
Resources Expended
All expendituro is included on an acuuals basis and is recognised when there is a legal or
constructive obligation oommitting the Trust to the expenditure. The Trust is unable to reclaim VAT.
Irwoverable VAT is charged against the activity for which expendrture was incurred.
Charitable activtties include grants and donations incurred during the period and are expended
through the SOFA when a formal offer is sigr)ed by the Trust and sent to the recipient.
Support costs are costs incurred to facilitate charitable activities but are not directty related to the
activity. Support costs include the central office functions, such as governan￿.
general management, information technology, human resources and finance.
Governance costs are cosl relating to the governance of the charity such as audtt, some legal fees
and any costs associaled with Trustee meetings and constitutional matters.
Support and governance cosls are allocated to charitable activities on the SOFA.
Grants payable
Grants payable are made to third parties in furtherance of the Trust's objects. Single or multi-year
grants are accounted for when either Ihe recipient has a reasonable expectation that Ihey will receive
a grant and the Trustee has agreed lo pay the grant without condition, or the recipient has a
reasonable expectation thal they will receive a granl and that any condilion attaching to the grant is
outside of the control of the Trust.
Finan¢ial instruments
The Trusl only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are recognised at transaction value and subsequently
measured at their settlement value.
Status of funds
The entire resources of the fund are unrestricted and the Trustees have complete discretion for their
use in pursuance of its objectives.
Taxation
The Trust is nol subject to any taxes on its charitable activities. Irrecoverable VAT is charged against
the category of resources expended for which it was incurred.
CTedStors payable within one year
Creditors wrth no stated interest rate and payable within one year are recorded at Iransaclion price.
Any losses arising from impaitment are recognised as expenditure.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, olher short-tem)
highly liquid investments with original maturities of three months or less and bank overdrafts. Bank
overdrafts, when applicable. are within borrowing in current liabilities.
Page | 12

THE CAERLOW TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
Accounting pollcles (continued)
Provislons
Provisions are recognised when Ihe Trust has an obligation al the Balance Sheet date as a result of
a past event, it is probable that an oufflow of economic benefits will be required in settlement and
the amount can be reliably estimaled.
Going con¢ern
The financial statements have been prepared on a going concern basis as the Trustees believe that
no material uncertainties exist. The current uncertainty in the global economy, including cost inflating
factors, have increased financial pressure on charilies. The Trustees have considered the level of
funds held, the expected level and security of income and commrtied expenditure for ￿e1ve months
from the date of signing of these financial statements. The Trustees are satisfied the forecast income
and resetves are suffi¢ient to cover all of Ihe budgeted expenditure to be able lo continue as a going
concern. The Trustees therefore consider the adoption of the going concern basis in preparing these
financial statements continues to be appropriate.
2024125
2023124
2. Income from donatlons
Donations received
GiftAid
Gifts in kind
965.000
4,024
28,000
525,800
6,450
997,024
532,250
3. Expendlture on charltable activities
2024126
Grant Support &
making governance
2023124
Grant Support &
making governance
Total
Total
Grants and donatlons
Slaff costs
Office costs
Professional services
Governance costs
Training cosls
Bank charges
General expenses
1,167,196
56,392
21,727
19,732
1,167,196
99,824
33,938
30,822
2,836
5,781
911
2,121
43,432
12,211
11,090
2,836
2.080
328
763
35,520
6.781
1.496
302
43
35,520
6,781
1,496
302
43
3,701
583
1,358
Total costs
1,270,689
72.740 1,343,429
44.142
44,142
Grants and donations and governance costs are direct costs. All other remaining cost8 are indirect
costs and have been allocated belween grant making and support and governance costs based on
an estimate of staff time spent on each activity. InclLKled within governance Costs are the costs of
the independenl examination of £2,750 (2023124.. £1,200). In addition to the cost of the independent
examination, £7,12912023124- £4,065) has been paid lo the same fim for accountancy and payroll
services.
Page | 13

THE CAERLOW TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
2024125
2023124
4. Grants
Grants payable at the start of the period
Grants awarded in the year (note 3)
Grants paid in the year
1,167,196
{825,149)
Grants payable al the end of the year (note 8)
342,047
6. Staff
Salary and wages
Social secvrity costs
Pension costs
other benefits
83,795
4.960
10,474
594
Total staff costs
99,823
The chanty had an average of one employee during the period {2023124.' none). The estimated full
time equivalent {FTEI for the period is 0.76 FTE. The key management personnel of Ihe charity
comprise the truslees and the charity director. None of the Trustees received any remuneralion
during the period nor claimed any expenses. The total employee benefits (including social security
costs and pension contributions} for the key management personnel were £86.862 (2023124.. nil).
One employee had tolal employee benefils (excluding pension contributions) within the range
£70,000 to £80,000 during the period.
6. Debtors
Payroll control account
Prepayrnents
Gift Aid reclaim
6,726
2,718
3,750
6,450
Total debtors
13.194
6,450
7. Cash at bank
Current account
479,382
501,708
8. Creditors - amounts falling due within one year
Grants payable
Accounts payable
Accruals
other creditor5
342,047
5,548
2,750
457
15,850
4.200
Total creditors
350,802
20,050
Page | 14

THE CAERLOW TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2024 TO 31 MARCH 2025
9. Reconciliation of nèt incomel(expendlture} to net cash flow from operatlng actlvltles
2024125
2023124
Net (expendlture) I Incorne for Ihe reporting perlod
(as per SOFA)
Inlerest receiv8d
{Increase)Idecrease in debtors
Increase in creditors
(71)
16,744)
330,752
{6,450)
20,050
Net cash provided byllu$ed by> operatlng actlvltles
(22.397)
501,708
10. Cash and cash equivalents
Cash in hand
479,382
501,708
Total cash and cash equivalents
479,382
501,708
11. Financial Instruments
The ¢arry amounts of the Trust's financial instruments are as follows..
Financial assets
Measured at fair value through SOFA:
Cash at bank and in hand
Debtors
479,382
13,194
501,708
6,450
Finan¢lal liabilities
Measured al amortised cost-
Creditors
350,802
20,050
12. Related party transactions
The Trust received donations lotalling £15,000 (2023124.. £25,800) from a Trustee during the period
from 1 February 2024 to 31 March 2025 on which gm aid of £3.750 (2024125.. £6,450} wll be
reclaimed.
13. Ultimate controlling party
The Trustees considei that the Trust is jointly conlTolled by the TTUStees and that there is no ultimate
Controlling party.
Pagel 15