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2025-03-31-accounts

Charity number: 206476

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

CHARLES S FRENCH CHARITABLE TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Trustees' Responsibilities Statement 6
Independent Auditors' Report on the Financial Statements 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 - 32

CHARLES S FRENCH CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees W F Noble
J Thomas
M Foster
J Foster
E J Cook
A McLeod
C Noble
K Reilly
S Gibson
Principal office
PO Box 5052
Hornchurch
RM12 9LQ
Chairman
W F Noble
Independent auditors
Haslers
Chartered Accountant
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors
Walker Morris LLP
33 Wellington Street
Leeds
LS1 4DL

Page 1

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 April 2024 to 31 March 2025.

Objectives and activities

a. Policies and objectives

The principal object of the Trust is the promotion and advancement of primarily local charities at the discretion of the Trustees.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trustees meet quarterly to review and approve grant applications and manage the operational aspects of the Trust’s activities. In addition, the Trustees meet regularly, normally once a year, to review and discuss Strategy. During the past few years, demand for grants have risen tremendously, both in terms of numbers of applications received and values of grants requested. As it is not possible to satisfy all requests, the Trustees maintain a mindful approach to grant giving, with a focus on providing grants to charities that are able to utilise grant funding quickly and with greatest impact. The Trustees have robust going concern evaluation processes for applicants to mitigate the risk of grant awards not being utilised as intended. The Trustees continue to review and evaluate investment and grant award strategies with a view to optimising current public benefit, while preserving sufficient income generating reserves to be able to operate in perpetuity. During the year, the Trustees have been successful in their endeavours to further reduce investment land holdings and income from sales have largely been reinvested in the existing investment portfolios. Higher investment income levels this year, coupled with utilisation of some sale proceeds, have enabled he Trust to award its highest ever value of grants.

c. Activities undertaken to achieve objectives

The Trustees have a broad range of backgrounds and experience, and each takes an interest in specific areas of grant funding. Trustees will continue to address the joint objectives of providing continuity and improving diversity. The Trustees have also sought to further strengthen follow up and feedback from charities receiving grants, and have been pleased to conduct regular visits to supported activities throughout the year. Charities receiving grants are requested to provide reports on the use of the funds and the benefits provided in relation to the purpose declared in the applications. These initiatives have fostered an environment of much improved communication between the trust and the charities that it supports.

d. Main activities undertaken to further the Charity's purposes for the public benefit

The Trust has continued to support charities within its primary catchment area (Essex and NE London), thus maintaining the broad wishes of its Founder, during his lifetime. The Trust continues to receive significantly more applications than in previous years and the Trustees now expect these levels to endure and indeed continue to grow. The Trustees are proud to have reached a new level of grant giving this year, with the annual value exceeding £653,000. However, demand for grants still far outweighs income available and so the emphasis remains upon supporting deserving charities, which demonstrate their ability to provide services and activities for those in need within the community and where our grant will make an impact.

Page 2

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Main achievements of the Charity

During During the year, the Trustees were able to award grants totalling £653,230. This was achieved by a number of factors:

Overall, the Trustees policy in recent years of selling land which produced very little income, was vindicated and enabled us to once again increase grant giving levels in the year. The sale of land with the capital placed into investments with less risk also removes the inevitable management of holding direct property allowing more time to be spent by the Trustees on charitable activities.

When considering a sale, the Trustees continue to seek the best outcome on land related holdings having regard to any potential to increase value. Direct land and property is constantly reviewed with risk and reward in mind and sales will be made to release best value in line with the Trustees strategy to ultimately divest in direct property holdings.

b. Review of activities

The Trust Manager has continued in a process of constant evaluation and improvement of all the Trust’s systems and procedures throughout the year. The Trustees have continued to work with the Trust Manager to build upon the connection with the charities that the Trust supports, so that there is an increased understanding of the needs being met by those charities. The impact of this work has become increasingly apparent with enhanced two-way communication which has enabled the Trustees to respond more effectively to support requests received.

The contributions of all Trustees continue to be much appreciated as we seek to ensure that the Trust plays an appropriate role in supporting worthwhile charities in our catchment area.

c. Investment policy and performance

At the start of the financial year, the trustees were acutely aware that investment income alone would not allow them to continue the level of grant giving achieved in recent years, during which the investment income was topped up with capital receipts from property transactions. However, given further capital receipts from property and non-income producing land the recent trend was continued (as detailed above).

This enabled the Trustees to award grants with the highest ever annual value. The Trustees were also pleased to be able to make a couple of larger value additional grant awards to a couple of charities that it has supported for a number of years. The Trustees have, however, maintained a close eye on ensuring that any capital withdrawals from investment portfolios are sustainable and at a relatively low level to ensure that the long-term ability of the investments to continue to generate income to sustain grant giving is not compromised.

The investment performance of the investment portfolios is closely monitored and the risk management carried out by the investment managers is regularly reviewed. Given that much of the land and property has now been sold, the Trustees have committed to a strategic review of ongoing grant giving with an eye on ensuring the long term sustainability of the Trust’s assets – whilst also reviewing the strategic objectives of the Trust.

Following the departure of the Rathbones fund manager, a review of the Rathbones investment proposition is due to take place during Q2 of 2025.

Page 3

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The reserves policy established by the Trustees is to maintain the capital funds at a level which they judge to be necessary to produce an annual income, sufficient to enable the Trust to meet its objectives, and the cost of so doing; and the income funds at a level, which would allow the Trust to continue making disbursements in periods of reduced income or expenditure volatility.

c. Principal risks and uncertainties

The Trust maintains a Risk Register, which is reviewed annually and updated accordingly. The Trust has one part time employee and, as a predominantly grant funding Charity, has no direct contact with beneficiaries of grants. The Trust has a Safeguarding Policy, which aims to ensure that all charities receiving grants have appropriate safeguarding procedures in place. The Trustees have further reviewed all potential serious risks to the Trust and produced a serious incident policy to mitigate these. As with all policies, this will be reviewed annually.

As the Trust has continued to selectively dispose of its land holdings the exposure to risk has decreased significantly. Where appropriate overage provisions have been put in place on land sales where the Trust would share in future windfalls, should planning succeed. The Trustees have agreed a strategy to divest itself of its property and land assets and to reinvest the proceeds into other asset classes that will be less management intensive along with less risk thus allowing the Trustees to concentrate on its charitable activities.

Structure, governance and management

a. Constitution

Charles S French Charitable Trust is a registered charity, number 206746, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co opted under the terms of the Trust deed. The newly appointed Trustees have successfully completed the training and induction process as required and have already made a much-appreciated positive contribution to the activities of the Trust.

Page 4

CHARLES S FRENCH CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 8truclurgJ governance and management {contlnuedl statoment of Trustse's R•sponslbilitigS Th8 Trustees ere responsible for preparing the Trustees, Report and the financial ststemen15 in accordance with applicable law and Unit6d Klngdorn Accounting Standards {United Kingdom Generalty knepted Accounting Practice). The law applicable lo charitios in England & Wales r8quires the Trustees to pr8P8re financial 8latem8nts for each financial year which give a true and falr vlew of the state of affairs of the charity and of its incomlng resources and appllcalion of resources, induding its income and expendItu￿, for that period. In preparfng these flnanclal statements. the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 1021., make Judgments and accounting 8s1imales that are reasonable and prudent state whether applicable UK Accounting Standards IFRS 1021 have been followed. Subject to any material departures disclosed 8nd explained in the financial statements., prepare the financial slalements on the golng concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are rèsponsibl8 for keeping adequate accountlng records that are sufficient to show and explaln the charity's transactions and disclose with reasonable aGcuracy at any tim8 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 8nd the provisions of the Trust deed. They are also responsible for Sofeguarding the assets of the ch8rily and hence for taking reasonable steps for the prevention and detection of fr8ud and other irregularaties. Dlsclosure of Inforniation to audltors Eath of the persons who are Trustees at thè time when this Twste&s' Report 18 approved has confimied th8t: so far as that Tnjstee is aware, ther8 is no relevant audit infomiation of which the charitys auditors are unaware, and Ihat Trustee has taken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant 8ud¥t information and lo establish that the charlws auditors are aware of that information. Audltors The auditors, Haslers, have indicated their wllingness lo continu8 in office. The designated Trustees will propose a motion reappolnting the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trugtees on 10 September 2025 and signed on their beha by.. J Cook C Noble Page 5

CHARLES S FRENCH CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparfng the Trustees, Report and the flnanclal statements In accordance whh applicable law snd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applic8ble to charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair vi&w of the state of affairs of the Charity and of hs incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to- select sullable accounting poliThes and then apply them consistently, observe th6 methods and principles of the Charities SORP {FRS 1021., make judgments and accounting estimates that are reasonable and prudgnt., slate whether 8pplicable UK A￿OUn￿ng Standards IFRS 1021 have been followed, subject to any maled81 departures disclosed and explained in the financial ststements., prepare the finandal statements on th8 going concem basls unless It Is Inappropriate to presume that the Charity will contlnue In buslness. The Trustees are responsible for keeplng adequate accounllng records that are sufficient lo show and explain the Charitys transactions and disclose with reasonable accuracy al any time the financial position of the Ch8rity and enable them to ensure that th6 financial statement8 compty wlth the Charities Act 2011. the Charity (Accounts and R8portsl Regulations 2008 and the Provisions of the Trust deed. They are also responsible for safeguardlng the assets of the Charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularitles. Approved by order of the members of the board of Trustees on 10 September 2025 and slgned on Ils behalf by.. EJCook C Noble Page 6

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST

Opinion

We have audited the financial statements of Charles S French Charitable Trust (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 8

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Charities Act 2011, GDPR, and Employment and Health & Safety legislation.

We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:

The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud.

Procedures performed to address these were as follows:

• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non compliance with laws and regulations, and fraud,

• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,

• Challenging assumptions and judgements made by management in its significant accounting estimates,

• Identifying and testing journal entries, in particular any unusual journal entries posted around the year end and journal entries posted by infrequent system users,

• Ensuring that restricted and unrestricted reserves have been allocated correctly,

• Reviewing board minutes for any discussion of events or evidence which will have an impact on the financial statements.

Page 9

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

• Reviewing forecasts and budgets to determine if the entity can be deemed a going concern.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Haslers

Chartered Accountant Statutory Auditor Old Station Road Loughton Essex IG10 4PL

10 September 2025

Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

CHARLES S FRENCH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Investments
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
9
Total expenditure
Net income/(expenditure) before net gains on
investments
Net gains on investments
Net movement in funds before other recognised
gains/(losses)
Other recognised gains/(losses):
Gains on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
349,303
695,803
1,045,106
103,524
689,195
792,719
252,387
123,614
376,001
150,743
526,744
11,381,900
526,744
11,908,644		 Total
funds
2025
£
349,303
695,803
1,045,106
103,524
689,195
792,719
252,387
123,614
376,001
150,743
526,744
11,381,900
526,744
11,908,644		 Total
funds
2024
£
345,469
316,507
661,976
100,165
594,865
695,030
(33,054)
535,352
502,298
128,065
630,363
10,751,537
630,363
11,381,900

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 32 form part of these financial statements.

Page 11

CHARLES S FRENCH CHARITABLE TRUST BALANCE SHEET A8 AT 31 MARCH 2025 2025 2024 Fixed assots Tangible assets Investments Investment propety 14 2,548 9,268,032 1.827.322 16 15 11,377,077 470,000 11,847,OTI 11,097.g02 Current assets Debtors 17 18.742 72,262 20,736 327.695 Cash at bank and In hand 91,004 348,431 Creditors: amounts falllng due wthin one 18 {29,437) (64,433) Net current as5Qts 61,567 283,998 Total assets less current liab115tles 11,908,644 11,381,900 Totsl net assets 11,908,644 11,38t,900 Charity funds Unreslricled funds 19 11,908.644 11,38t,goo Total funds 11,908,644 11.381,900 The financial statements were approved and authorised for Issue by the Trustees on 10 September 2025 and sign8d on their behaw by- J Cook C Noble The notes on pages 13 to 32 form part of these financial statements. Page 12

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Charles S French Charitable Trust is unincorporated and recognised as a charitable trust by the Charity Commission. The address of the registered office is PO Box 5052, Hornchurch, RM9 9LQ. The principal objective of the Trust is the promotion and advancement of premiarrily local charities at the discretion of the Trustees.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Charles S French Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 13

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 10%

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 14

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Trust status

The trust is a registered charity and as such is not subject to corporation tax on its charitable activities.

Page 15

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Critical accounting estimates and areas of judgment

Estimates and judgments are 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.

Critical accounting estimates and assumptions:

Valuation of Investment Property

The trust has measured its investment property at fair value. In determining fair value, an external reviewer completed the valuation. Consideration is given to comparable land and other forms of market research.

5. Investment income

Unrestricted
funds
2025
£
Rental income from investment properties
32,396
Interest and dividends from listed investments
278,060
Interest on cash deposits
38,847
349,303
Other incoming resources
Unrestricted
funds
2025
£
Profit on disposal of investment property
695,803		 Total
funds
2025
£
32,396
278,060
38,847
349,303
Total
funds
2025
£
695,803		 Total
funds
2024
£
86,838
244,242
14,389
345,469
Total
funds
2024
£
316,507

6. Other incoming resources

Page 16

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Investment management costs

Unrestricted
funds
2025
£
Investment management fees
75,913
Investment property expenses
13,111
Wages and salaries
14,500
103,524		 Total
funds
2025
£
75,913
13,111
14,500
103,524		 Total
funds
2024
£
69,894
16,271
14,000
100,165

8. Analysis of grants

Medical activities
Youth activities
Community activities
Education activities
Sports/Holiday activities
Elderly activities
Disadvantaged activities
Hospice activities
Disabled activities
Health assistance		 Grants to
Institutions
2025
£
119,490
42,325
51,350
59,850
54,713
47,582
89,804
17,330
103,477
67,309
653,230		 Grants to
Individuals
2025
£
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2025
£
119,490
42,325
51,350
59,850
54,713
47,582
89,804
17,330
103,477
67,309
653,230		 Total
funds
2024
£
81,845
25,318
50,750
60,150
37,650
60,120
63,507
20,928
108,545
21,881
530,694

Page 17

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Medical activities
119,490
Youth activities
42,325
Community activities
51,350
Education activities
59,850
Sports/Holiday activities
54,713
Elderly activities
47,582
Disadvantaged activities
89,804
Hospice activities
17,330
Disabled activities
103,477
Health assistance
67,309
Governance Costs
18,047
Grant Management
17,918
689,195		 Total
2025
£
119,490
42,325
51,350
59,850
54,713
47,582
89,804
17,330
103,477
67,309
18,047
17,918
689,195		 Total
2024
£
81,845
25,318
50,750
60,150
37,650
60,120
63,507
20,928
108,545
21,881
48,906
15,265
594,865

Page 18

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Analysis of expenditure by activities

Medical activities
Youth activities
Community activities
Education activities
Sports/Holiday activities
Elderly activities
Disadvantaged activities
Hospice activities
Disabled activities
Health assistance
Governance Costs
Grant Management
Total 2024		 Grant funding
of activities
2025
£
119,490
42,325
51,350
59,850
54,713
47,582
89,804
17,330
103,477
67,309
-
-
653,230
530,694		 Support
costs
2025
£
-
-
-
-
-
-
-
-
-
-
18,047
17,918
35,965
64,171		 Total
funds
2025
£
119,490
42,325
51,350
59,850
54,713
47,582
89,804
17,330
103,477
67,309
18,047
17,918
689,195
594,865		 Total
funds
2024
£
81,845
25,318
50,750
60,150
37,650
60,120
63,507
20,928
108,545
21,881
48,906
15,265
594,865

Analysis of support costs

Staff costs
Depreciation
Auditors' remuneration
Professional fees
Repairs
Rent
Total 2024		 Grant
Management
2025
£
15,370
2,548
-
-
-
-
17,918
15,265		 Governance
Costs
2025
£
-
-
6,864
9,623
-
1,560
18,047
48,906		 Total
funds
2025
£
15,370
2,548
6,864
9,623
-
1,560
35,965
64,171		 Total
funds
2024
£
14,840
425
6,600
2,497
39,809
-
64,171

Page 19

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Auditors' remuneration

2025 2024
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 6,864 6,600
Fees payable to the Charity's auditor in respect of:
All taxation advisory services not included above 960 -

12. Staff costs

2025
£
Wages and salaries
29,000
Contribution to defined contribution pension schemes
870
29,870
The average number of persons employed by the Charity during the year was as follows:
2025
No.
Administration
1		 2024
£
28,000
840
28,840
2024
No.
1

No employee received remuneration amounting to more than £60,000 in either year.

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 20

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Tangible fixed assets

At 1 April 2024
Disposals
At 31 March 2025
At 1 April 2024
Charge for the year
On disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Fixtures and
fittings
£
4,248
(4,248)
-
1,700
2,548
(4,248)
-
-
2,548

Page 21

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Investment property

Valuation
At 1 April 2024
Disposals
Surplus on revaluation
At 31 March 2025		 Freehold
investment
property
£
1,827,322
(1,508,065)
150,743
470,000

The 2025 valuation were made by rural consultants, on an open market value for existing use basis.

16. Fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Listed
investments
£
9,247,412
2,527,028
(691,287)
123,614
11,206,767
11,206,767
9,247,412		 Other fixed
asset
investments
£
20,620
-
149,691
-
170,310
170,310
20,620		 Total
£
9,268,032
2,527,028
(541,596)
123,614
11,377,077
11,377,077
9,268,032

Page 22

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2025
£
-
18,742
18,742		 2024
£
4,500
16,236
20,736

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
8,798
1,136
-
19,503
29,437		 2024
£
20,907
1,150
3,733
38,643
64,433

Page 23

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds

Statement of funds - current year
Balance at 1
April 2024
£
Income
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
-
General funds
General Funds -
all funds
283,998
1,045,106
Total
Unrestricted
funds
11,381,900
1,045,106		 Statement of funds - current year
Balance at 1
April 2024
£
Income
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
-
General funds
General Funds -
all funds
283,998
1,045,106
Total
Unrestricted
funds
11,381,900
1,045,106		 Statement of funds - current year
Balance at 1
April 2024
£
Income
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
-
General funds
General Funds -
all funds
283,998
1,045,106
Total
Unrestricted
funds
11,381,900
1,045,106		 Statement of funds - current year
Balance at 1
April 2024
£
Income
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
-
General funds
General Funds -
all funds
283,998
1,045,106
Total
Unrestricted
funds
11,381,900
1,045,106		 Statement of funds - current year
Balance at 1
April 2024
£
Income
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
-
General funds
General Funds -
all funds
283,998
1,045,106
Total
Unrestricted
funds
11,381,900
1,045,106		 Expenditure
£
-
(792,719)
(792,719)		 Expenditure
£
-
(792,719)
(792,719)		 Transfers
in/out
£
749,175		 Gains/
(Losses)
£
-		 Balance at
31 March
2025
£
11,847,077
Balance at 1
April 2024
£
Unrestricted
funds
Designated
funds
Designated Funds
- all funds
11,097,902
General funds
General Funds -
all funds
283,998
Total
Unrestricted
funds
11,381,900
283,998
11,381,900		 1,045,106
1,045,106		 (792,719)
(792,719)		 (749,175)
-		 274,357
274,357		 61,567
11,908,644

Designated funds - The purpose of the fund is to generate income to enable the charity to fund its grant making activities. The value of the designated funds matches the total value of fixed assets (investment properties and investments) at the end of each year.

Page 24

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all funds
General funds
General Funds -
all funds
Total
Unrestricted
funds		 Balance at
1 April 2023
£
10,751,537
-
10,751,537		 Income
£
-
661,976
661,976		 Expenditure
£
-
(695,030)
(695,030)		 Transfers
in/out
£
346,365
(346,365)
-		 Gains/
(Losses)
£
-
663,417
663,417		 Balance at
31 March
2024
£
11,097,902
283,998
11,381,900

20. Summary of funds

Summary of funds - current year

Designated
funds
General funds		 Balance at 1
April 2024
£
11,097,902
283,998
11,381,900		 Income
£
-
1,045,106
1,045,106		 Expenditure
£
-
(792,719)
(792,719)		 Transfers
in/out
£
749,175
(749,175)
-		 Gains/
(Losses)
£
-
274,357
274,357		 Balance at
31 March
2025
£
11,847,077
61,567
11,908,644

Page 25

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds		 Balance at
1 April 2023
£
10,751,537
-
10,751,537		 Income
£
-
661,976
661,976		 Expenditure
£
-
(695,030)
(695,030)		 Transfers
in/out
£
346,365
(346,365)
-		 Gains/
(Losses)
£
-
663,417
663,417		 Balance at
31 March
2024
£
11,097,902
283,998
11,381,900

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
11,377,077
Investment property
470,000
Current assets
91,004
Creditors due within one year
(29,437)
Total
11,908,644		 Total
funds
2025
£
11,377,077
470,000
91,004
(29,437
11,908,644

Page 26

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
2,548
9,268,032
1,827,322
348,431
(64,433)
11,381,900		 Total
funds
2024
£
2,548
9,268,032
1,827,322
348,431
(64,433)
11,381,900

Page 27

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. List of grants paid in the year

2025
£
14th Walthamstow Scout Group 3,000
Action for Family Carers 2,000
Afghanistan and Central Asian Association (ACAA) 5,000
Afro-Brazilian Arts & Cultural Exchange Institute 2,500
Age UK Waltham Forest 2,500
Age Well East Ltd 5,000
All Ability Sports and Leisure 3,715
Angel Shed Theatre Company 4,000
Apollo Music Projects 1,000
Bag Books 4,564
Barking & Dagenham Youth Zone 3,000
Billericay Baby Basics 3,740
Blind in Business 4,200
Bonny Downs Community Association (BDCA) 4,938
BOSP Brighter Opportunities for Special People 5,000
Bow Foodbank 3,000
Box Clever Theatre Company 5,000
Bridging the Gap Islington 2,000
British Liver Trust 1,000
Camp Jojo 6,000
Centre for Action on Rape and Abuse (CARA) 5,000
Changing Faces 3,500
Clean Break Theatre Company 3,000
Coach Core Foundation 5,000
Colchester and Tendring Youth Enquiry Service (YES) 2,000
Combat Stress 3,000
Community Albums 1,000
Copenhagen Youth Project 3,000
Create (Arts) Limited 5,000
Crown & Manor Club, Hoxton 2,000
Cruse Bereavement Support Essex 3,750
Dads Unlimited 2,000
Dementia Adventure Trust 5,000
Dentaid Ltd Dentaid The Dental Charity 6,000
Doctors of the World UK 3,000
Downright Excellent 2,550
Ekota Academy Ltd 2,000
English for Women 5,000

Page 28

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Essex Boys and Girls Clubs 26,396
Face Front Inclusive Theatre 2,000
Families In Focus (Essex) 2,500
Farms for City Children 5,000
Feeding the Family 2,000
Foodcycle 2,000
Forest Churches Emergency Night Shelter (FCENS) 5,000
French Kier Benevolent Trust 10,800
Frenford Clubs 3,825
Friends of Castledon School 2,000
Friends of Oakland Care Home 3,000
Frontline Partnership 864
Frozen Light 3,000
Go Beyond Charity 3,600
Groundwork East 3,000
Hackney Doorways (The Hackney Night Shelter) 2,500
Hackney Migrant Centre 2,500
Hamelin Trust 4,570
HANDICAPPED CHILDRENS ACTlON GROUP 2,892
Happy Days Children’s Charity 5,000
Happy Hill Essex CIO 5,000
Harlow Stroke Support – Rehab Centre 4,000
Haven House Foundation 12,330
Havering Christian Fellowship 3,000
Headway Essex 3,000
Hear Me Out Music 4,000
Hope for Tomorrow 2,000
Hornsey Lane Estate Community Association 3,000
Island House Community Centre 2,000
Islington Centre for Refugees and Migrants 3,000
Jesuit Refugees 2,924
Kazzum Arts Project 4,000
KEEN London 2,970
Kids Cancer Charity 5,500
Kids Inspire 5,000
Kool Carers South East Ltd 3,000
Lambourne End Ltd 2,008
Listening Books 2,000
Little Angel Theatre 3,000
LONDON YOUTH CHOIR 3,240
London's Air Ambulance Charity 5,000
Loughton Ladies Choir (postal) 750
Loughton Voluntary Care Association 1,400

Page 29

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Make Them Smile 5,506
Meningitis Now 1,000
Mental Health Innovations 1,000
Ministry of Stories 5,000
Mitchell's Miracles Neuroblastoma Charity 5,000
Motor Neurone Disease Association 5,000
New Life Wood 4,000
Newark Youth London 5,000
Nordoff-Robbins Music Therapy 5,000
Orchid Cancer Appeal Application 1,500
Over The Wall 5,000
Parent - Infant Foundation Ltd 5,000
Parent Club 5,000
Phab Limited 5,000
Pimlico Opera 5,000
POP ARTS 2,000
Positive East 5,627
Prisoners’ Education Trust 5,000
Providence Row 3,000
Quaker Social Action 3,000
Rainbow Services (Harlow) 5,000
Reach Out For Mental Health CIO 5,000
Read for Good 2,000
RE-ENGAGE LTD 1,000
Refugee and Migrant Forum of Essex & London (RAMFEL) 4,440
Renaissance Foundation 3,000
Retune Charity Limited 3,000
RICHARD DIMBLEBY CANCER FUND 1,000
Richard House Children’s Hospice 5,000
S.M.I.L.E 4,500
SALEM HEALTH PROJECT (SHP) 3,350
SANE 2,000
SCAFT 3,500
SEND the Right Message 3,600
Sense 1,000
Shift.ms 3,615
Signals Essex Media Centre 3,000
Signpost (Colchester) Ltd 2,500
South Chingford Community Library 3,100
South West Essex Choir (SWEC) 2,000
Southend YMCA 2,500
Spare Tyre Theatre Company Ltd 3,000
Special Needs and Parents Ltd 5,000

Page 30

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Spina Bifida, Hydrocephalus, Information, Networking, Equality - Shine 2,000
Spinal Injuries Association (SIA) 3,000
St Mary's Loughton -Living Hope 10,500
Stagetext 5,000
StreetlightUK 2,000
Sunny Day Children's Fund 5,000
Support after murder and manslaughter (SAMM National) 5,000
Support Through Court 1,500
Sycamore Trust UK 4,068
Tax Volunteers (known as Tax Help for Older People) 5,000
The Art Ministry 3,000
The Arts Emergency Service 2,000
The Brentwood RC Diocese Trust (The Pass it on club) 500
The Cirdan Sailing Trust 2,500
The Country Trust 5,190
The Friends of Aspen Court 1,580
The Guildhall Trust 2,500
The Hygiene Bank – Waltham Forest and West Redbridge Branch 3,000
The Ickle Pickle Partnership Limited 2,866
The Kids Bank HQ 3,000
The Literacy Pirates 4,000
The Living Paintings Trust 1,500
The Lullaby Trust 4,067
The Macular Disease Society (Macular Society) 4,000
The PCC of Christ Church with All Saints Spitalfields 2,500
The Reading List Foundation 2,750
The Sequal Trust 7,050
The Sick Children’s Trust 10,000
The Sickle Cell Society 4,206
The Sporting Memories Foundation 1,000
The Tom Bowdidge Youth Cancer Foundation 5,000
The Transforming Autism Project 3,000
Thyroid Uk 3,000
Tower Hamlets Mission CIO (2,995)
Tower Hamlets Parents Centre 3,665
Tower Hamlets Youth Sport Foundation 2,500
UNIVERSAL EASE TO REDRESS 2,230
Voluntary Action Islington 5,000
Waltham Abbey Youth 2000 3,000
Waltham Forest Churches Night Shelter 5,000
Waltham Forest Youth for Christ 1,000
Wheely Tots 4,814
Whizz-Kidz 8,600

Page 31

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Wilderness Foundation UK
Willow Foundation
Woman’s Trust
XLP (The eXcel Project)
Yes Futures
YES Outdoors
Young Minds Trust
Your Place (London) Ltd.
Youthscape		 4,500
4,375
5,000
3,000
5,000
3,000
5,000
5,000
3,000
653,230

Page 32