Registered number 207233 Gardner's Trust For The Blind Report and Unaudited Accounts For The Year Ended 30 September 2025 Smithfield Accountants LLP Chartered Accounlanls Suite 1, Unil 2, Slansled Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
Gardner's Trust For The Blind Report and accounts Contents Page Charity information Trustee's report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts
Gardner's Trust For The Blind Charity Information Trustee Gardnerfs Trustee Suite 1, Unit 2, Stansted Coutyard Parsonage Road, Takeley, Essex, CM22 6PU Clerk Simon Poli Independent Examiner Frank McDowell FJM Accountancy Ltd 23 Shackleton Court 2 Maritime Quay London E14 3QF Bankers Bank of Scotland 38 Sl Andrew Square Edinburgh EH2 2YR CCLA Fund Managers Ltd 1 Angel Lane London EC4R 3AB Investment Advisers & Portfolio Nominee Account Holders Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QP Registered Office Suite 1, Unit 2, Stansted Coutyard Parsonage Road, Takeley, Essex, CM22 6PU Registerod Charty Number 207233 Solicito Bates, Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH Organisation & Decision Making Gardners Services Ltd Suite 1, Unit 2, Slansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU Accountsnts Smithfield Accounlanls LLP Suite 1, Unit 2, Slansted Coutyard Parsonage Road, Takeley, Essex, CM22 6PU
Gardner's Trust For The Blind Registered number: 207233 Trustee's Report The Trustee presents its report along with the financial statements of Gardner's Trust for the Blind I the Charity I for the year ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 9-10 and comply with the applicable law. Legal Status The Charity was sel up under the Will of Henry Gardner, who died in 1879,. it has subsequently benefited from legacies from a variety of other benefactors. The Charity operates under a Trust Deed originally approved by the Court of Chancery in 1882, but which has been modified since on a number of occasions by Schemes approved by the Charity Commissioners, most recently during 2010. Trustee and Appointment The following served as sole Trustee of the Charity during the year.. Gardner's Trustee The following, all being Directors of Gardner's Trustee, served as members of the committee of management of the Charity during the year in that capacity.. Dr R. Forster S.C. Jones (resigned 09.07.251 Dr J.W. Hawkins Dr N.M. Berman M.H. Burrows Mrs D.A.H. Albarran T.C. Thackeray Charity Structure Gardner's Trust For The Blind is a registered charity with charity registration number 207233. There is one trustee, Gardner's Trustee, which is a charitable company limited by guarantee, with charity registration number 216147 and company registration number 112514. Rlsk Management The Trustee actively reviews the major risks that the Charity faces on a regular basis and believes that SLJfficienl resources to provide for protection against adverse financial and other developments are provided by a combination of.. maintenan of financial reserves al a prudent level, with a proportion of the Charity's investments held in relatively low risk investments. Periodic review land the implementstion of changes where necessary) of the operational controls that are In place, particularfy in relation lo investments, banking and the approval and payment of grants and annual grantees. When available al acceptable premium rates, insurance on certain classes of risk.
Gardner's Trust For The Blind Registered number: 207233 Trustee's Report Investment Powers and Policy The Trust Deed aulhorises the Trustee to make and hold investments using the general funds of the Charity. The Charity's fundamental investment policy over the long term is lo maintain the real value of capital and income., a variety of investments are held lo ensure diversification of investment risk. The Trustee agrees detailed investment guidelines with the Investment Manager from lime lo time and meets regularly to review performance against agreed benchmarks. The investment guidelines are suffi'ciently flexible to allow the Investment Manager lo anticipate and react lo changes in market conditions. Reserves and ReseNes Policy It Is the policy of the Trustee to maintain unrestricted funds at a level that equates lo a minimum of 24 months, unrestricted expenditure. Such funds have been maintained at this level throughout the year. A transfer of £47,019 has been made from the Income Fund to the Capital Fund. The Income Fund has been set al £220,000, representing the amount the Trustee feels would be prudent to maintain as being 24 months, expenditure. The capital fund held total reserves of £4,436,405 at the year-end 12024.. £4,162,392) and meaning that lotsl reserves al the year-end were £4,656,40512024.. £4,382,392). Constitution, Objects and Policies The Charity is constituted by Trust Deed and ils objects are the distribution of its income for the benefit of needy registered blind or partially sighted persons by way of discretionary annual grants, maintenance, educational and training grants and general grants for specific objects lo individuals, institutions or organisations. The Charity's policies are to maximise Ils Income subject to its constitution and investment policy and to continue to fulfil ils objects. Organisation and Decision Making The Trustee delegates the day lo day responsibility of achieving the Charity's objectives to the clerk and the staff of Gardners Services Ltd who administer the day to day transactions and maintsin the books and slatulory records, and the board of the Directors, who makes decisions on grants and pensions. The Directors of the Trustee regularly meet to review these activities and make decisions as to the strategic direction the Charity should lake, and communicate this to those resF)onsible for delivery. Grant Making Policy The constitution gives the Trustee the right to give grants to successful applicants having fulfilled all conditions slipulaled for such grants. Grants are awarded for a period of two years after which they lapse and the funds returned to the General Fund. All grants are made to blind or partially sighted individuals, or lo other organisations or institutions for the blind. Trustee Induction and Training The Charity has appointed Gardnerfs Trustee as its sole trustee. Gardner's Trustee has a policy to appoint Directors who are familiar with Charity Law. In order to assist in the running of the Charity, documentstion has been prepared setting out the constitution, objects and running of the Charity.
Gardner's Trust For The Blind Registered number: 207233 Trustee's Report Trustee Responsibilities for the Financial Statements The Trustee is responsible for preparing the Trustee Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to". select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent", stale whether applicable accounting standards and statements of recommended practi have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Charity will continue in operation. The Trustee is responsible for keeping proper records which disclose with reasonable accuracy the financial position of the Charity and enable il lo ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Trustee is also responsible for safeguarding the Charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations. Legislation in the United Kingdom governing the preparation and dissemination of financial stslements may differ from legislabon in other iurisdiclions. Financial Report and Main Achievements The Statement of Financial Activities shows total income of £148,586 {2024 £137,756). Expenditure amounted to £101,567 12024 £105,564), of which £16,137 12024 - £16,086) was spent on governance costs and £49,964 12024 £55,592) on help lo poor and needy blind and partially sighted people through one-tsff and annual grants. The Income Fund's surplus for the year was £47,01912024 - £32,192). The Charity continued lo support, on average, 11 annual grant recipients at a cost of £10,69512024 £11,870). An annual amount, payable quarterfy, is normally payable to such pensioners as long as they continue lo meet certain criteria and the Charity has sufficient funds available, bul there is no contractual requirement for the Charity to do so. Nel single grants lotalling £39,269 12024 £43,722) were made during the year to 79 12023 851 eligible applicants. Charitable donations tolalling £2,00012024 - £2,000) were made 10 412024 41 organisalions during the year.
Gardnevs Trust For The Blind Registered number: 207233 Trustee's Report Public Benofrt statement The Trustee confirms that it has refefred to the guidance contsined In the Charity Commission's general guidance on Public Benefit vknen reviewng the Charitls objectives and in planning fvture activities. Gardner's Trust for the 1nd provides one-off and renewable grants lo members of the public in the United Kingdom are registered blind or partialty sighted.. it does this both direcdy and. sometimes. through other charities for the blind. Any member of the public Satisfying one of these criteria is tree to apply and the Charity$ committee of management, or Ihose to whom it delegates day-to-day authorty in respect of smaller appeals, considers all application8. The Charity V•vrk8 closely 1th other charitie5 for the blind and with recognised almoners, such as local authorities,. every effort is made to ensLtre that applicants are alrea(ty receiwing any stabjtory benefits to ¥thich they are entioed. Applications are considered on a case by case basis yth priority being given to those cases where grant beyond statLrtory entillements ¢an do the most good,. for example, towaids individuals setting up in business, helping meet the costs of higher edu¢alion. or ¢ontributing toward8 equipment that provide a higher qualty of life. The Trustee confirm5 that it has complied vthh Section 17151 of the Charibes Act 201 1, to have due iegard to the Chartty Commission'5 general guidance on Public 8enefit, 'ChaTibes and Public Benefiy. Thi5 report was approved by the board on 025 and signed by its order. Dr R Forster On behalf of the board of Gardner'$ Tw$tee Trustee
Gardnorfs Trusl For Tho Blind Independent examinerf$ report to the trustse of Gardnefs Trust For Th• Bmnd I report lo the trustee on my exa1ronat of the of Gdn8 Tntst frjr ts BIR Tnsyl for the year ended 30 September 202S, vthich are set out pagès 7 to 18. R88ponslbllltle8 and basls of r•port As the charity trustee of Chanty you we rgsp)rnit4e fc the wep•kni crf the aCcnIS In YdanCe with the requirgmgnls ofthe CharitSes Act 2011 fth8 Ad). I r¢ptsrt In f•8PèCt of my exarninabon of the Tnffjt89's cath1 undar seca)n 145 of lh• 2011 Act and in carryirKJ out my examinalKJn I havg f(thpAwd al the awknbl8 reC¢ gNen by th8 Ch¥ity Commis8KJn under 8oCtlon 145151{b} of the 2011 Acl. Independtnt txamlnef$ ststement I have completed my examinati. I confimi that no mater1 have c(¥nB to rny attènlion in connethon wlh lh• ?xorninèbon gfvlng me cause to believe that in matial rèsper 111 accountlng recordB were not keF4 in respa ofth•Tmst 88 reffjwred by 130 of the Ad,. lx 12) the accounts do not accrd those 8. or 131 the accounts do not LY)mply the appIC•b reqwr¢m8 cCMIrj th8 form 8nd cont•nt of arunt¥ set out in tha char48 (Aoxjunts and R8prytsI Rewlati(Th 21K18 other than arry reqiirerrwt that the acc4>Jnts giv? 0 Yruè and fglr ew 1¢h is rt a maltgr ¢Sler•d as part of an iThJepeTrJert examinthn. I hav• no conc•m8 and have come no olhw mattu8 In Th tt •X?wticffi to whith attonlion ahould be drawn in Ihis Y•Fth in crI0 •not48 a prrw undwththrwJ ofthts attcJnts to be reschgd. Frnnk McD¢xdl FJM Account8w Ltd 23 Shac*leton Court 2 Marrtlme Quay Lond¢ E14 3QF Dat•.. [6 y)14
Gardner's Trust For The Blind ststement of Financial Activities for the year ended 30 September 2025 2025 2025 2025 2024 Unrestricted Unrestricted Unrestricted Unrestricted Income Capital Total Total Fund Fund Funds Funds Income Income from investments Donations received Interest on deposit accounts Totsl income 143,371 143,371 129,965 750 7,041 137,756 5,215 148,586 5,215 148,586 Expenditure Managing funds Charitable activities (Notes 8 and 91 Governance costs (Note 121 Total expenditure 20,596 64,834 16,137 101,567 20,596 64,834 16,137 101,567 19,406 70,072 16,086 105,564 Net surplus for the year 47,019 47,019 32,192 Transfer beeen funds 147,0191 47,019 Gain on investments (note 31 226,994 226,994 395,542 Net movement in funds 274,013 274,013 427,734 Reconciliation of funds Total funds brought forward Total funds carried forward 220,000 220,000 4,162,392 4,436,405 4,382,392 4,656,405 3,954,658 4,382,392 There were no recognised gains or losses for 2024 or 2025 other than those included in the statement of financial aclivilies. None of the Charity's activities were acquired or discontinued in the above two financial years.
Ganlnerfs Trust For Tho Blind Registered number. Balance Sheet as at 30 September 2025 207233 Notes 2026 2024 Fixed assets Investrnents 4,282,603 4,166,481 Curr•nl assets Debtors Cash at bank 432 387,994 388,426 438 234,979 235,417 CrediloTS: amounts falling due within one ar {14,624) (19,5061 Net current assets 373,802 215,911 Net a$sets 4 656 405 4 382 392 Re5erve5 Unrestricted ¢apitsl fund Unrestn'cted income fijnd 4.436,405 220,000 4.162,392 220.000 Total reseThes 14 4.656,40S 4,382,392 The accounts were approved by the board on and signed on its behalf. Dr R For8ter On behalf of the board of Garthe¢$ Trustee Trustee
Gardnevs Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 1 Aecounting policies a) Statutory Infomiatlon Gardne¢s Trust for the Blind is a charity, domiciled in England and Wales, registration number 207233. The registered office is Suite 1, Unit 2, Stansted Courtyard, Parsonage Road, Takeley, Essex CM22 6PU. b) Bosis of Preparation The financial statements have been prepared in accordance wrth the Charity's trust deed, the Charities Act 2011 and "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 IFRS 1021 leffeclive 1 January 20191" Gardnerfs Trust for the Blind 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 staled in the relevant accounting policy notes. The Trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern. c) Investment Income Investment income is credited lo the Statement of Financial Activities when the Charity has entitlement lo the resources and to the exlenl that the resources will be received. d) Charitable Activities Grants payable are accounted for on the accruals basis when approved by the Trustee. Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing the Charity lo the expenditure. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. The grants are charged in the year when formally awarded by the Charity and communicated lo the recipient irrespective of the period covered by the grant as they are regarded by the Trustee as financial obligations. Annual grants payable lo beneficiaries are on a quarterly basis and reviewed annually by the Trustee. The annual grants are at the discretion of the Trustee and therefore are provided as they accrue. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and costs linked lo the management of the Charity. These costs are allated against charitable activities. e) Investments Investments are staled al fair value at the balance sheet dale. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Gardnevs Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 fj Fund Accounting Capital Fund This represents the original capital of the Charity and accumulated growth. There are no reslriclions lo its use, and the Trustee tries lo maintain this at a level which will generate sufficient income to cover annual expenditure. Income Fund (formerly General Fund) This represents accumulated income over the years, less annual expenditure. The fund is primarily used to meet the annual expenditure and generate further income. The management committee consider il appropriate lo maintain an income fund to provide reserves amounting to approximately 2 years of aggregate anticipated expenditure Icomprising grant and annual grant awards and administrative expenses). This level takes into account the possibilities of varian$ in investment income., an unexpected financial loss., any exceptional calls for grants,. and operational losses not Covered by insurance. The level of the Income Fund is adjusted principally through increasing and decreasing the level of grants. Al 30th September 2024 the Income Fund of £220,000, represented 2 years of aggregate expenditure ending on that date. g) Voluntary Income Voluntary income is recognised where there is enliuement, rtaInty or receipt and the amount can be measured with sufficient reliability. 2 Income from a¢tivitie$ The income from dividends and interest which arose wholly wthin the United Kingdom, and the surplus, are wholly attributable to the welfare of the blind, less governance costs. 3 Investments 2025 2024 Market valuation At 1 October 2024 Additions Realised gain on investments Unrealised gain on investments Disposal proceeds 4,166,481 176,846 42,614 184,380 1287,7181 3,780,375 386,978 103,243 290,695 1374,8101 At 30 September 2025 4,282,603 4,1 $6,481 Full details of the investments are given in note 17. 10
Gardnevs Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 4 Debtors 2025 2024 Other debtors and prepayments 432 438 432 438 5 Creditors.. amounts falling due within one year 2025 2024 Sundry creditors Grants awarded 7,924 6,700 4,361 15,145 14,624 19,506 6 Unrestrlcted capltal fund 2025 2024 At 1 October 2024 Gain on investments Transfer fromlltol income fund 4, 162,392 226,994 47,019 3,734,658 395,542 32,192 At 30 September 2025 4,436,405 4,162,392 7 Unrestricted income fund 2025 2024 At 1 October 2024 Nel surplus for the year Transfer Itollfrom capital fund 220,000 47,019 {47,0191 220,000 32,192 132,1921 At 30 September 2025 220,000 220,000 8 Expenditure on Charitable activities 2025 2025 Activities Undertaken Directly Grant Giving Activities Support Costs INote 101 Total Donations (Note 111 Grants Awarded (Note 111 Annual Grants Awarded 2,000 495 9,726 2,649 2,495 48,995 13,344 39,269 10,695 2,000 49,964 12,870 64,834
Gardnevs Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 9 Expenditure on charitable activities 2024 2024 Activities Undertaken Directly Grant Giving Activiti8S Support Costs INote Total 101 Donations (Note 111 Grants Awarded (Note 111 Annual Grants Awarded 2,000 433 9,475 2,572 2,433 53,197 14,442 43,722 11,870 2,000 55,592 12,480 70,072 10 Analysis of support costs 2025 2024 Secretarial Fees & Disbursemenls.. Grants 12,870 12,480 The support costs relate to the portion of seereterial fees and disbursements which relate to the proSSIng of grant applications. 11 Grants awarded 2025 2024 General Aid Grants Donations 39,269 2,000 41,269 43,722 2,000 45,722 12 Govemance Costs 2025 2024 Gardner's Trustee Annual Retum Secretarial Fees & Disbursemenls.. Governan Sundry Expenses Indemnity Insurance Independent examination fees 34 14,244 239 480 1,140 16,137 13 13,812 512 549 1,200 16,086 The governance costs relate lo the portion of secrelerial fees and disbursements which relate lo all matters other than processing of grant applications, and all other administrative expenses. 13 Trusteos. rgmunoration and exponsgs The Charity has an Officers, Insurance Policy, on behalf of the Directors of the Trustee, in respect of any damages and legal expenses that may arise as a result of their actions during their periods of office. The premium paid was £48012024 - £5491. There were no staff other than the Trustee. The Trustee received no remuneration during the year12024- £ nill. 12
Gardnevs Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 14 Analysis of net assets between funds 2025 2025 2025 2024 Capital Account Income Account Total Total Investments 4,282,603 4,282,603 4,166,481 Current Assets 153,802 234,624 388,426 235,417 Current Liabilities 114,6241 {14,6241 119,5061 Total 4,436,405 220,000 4,658,405 4,382,392 15 Contlngent Ilablllty Unclaimed Balance donations of £1,223 and £379 were received respectively from LDJ Solicitors and Brighouse Solicitors client accounts lin the years ended 30th September 2014 and 30th September 20171, which may have to be retumed if their clients make a claim for the said sums. 16 Related party transactions A donation of £nil was received from a director of the Trustee during the year12024 £1501. The board is satisfied that the director did not receive any benefit as a result of the donation. 13
Gardner's Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 17 Invgstmgnts 2025 202S 2024 ¢08t BIFwd Addltlon5 At C08t Dlsposals Cost ClFwd At C08t Market value Market value Ishares S&P 500 Nav Unlts 5.485 59,423 59,423 270,109 233,805 UK Govemment 0.125% IIL 0312026 60.000 80,862 80,862 93,270 89,330 Mèreantilè Invèstmènt TST Ple Ord. 25p 70.000 73,264 73,264 176,400 170,975 Colurnbia Throadnegdla Invèstmènt UK Equity Income Units 106.814 137,323 137,323 241,475 228,785 Blackrock Fund Managers Ltd European Dynamic Fund Income Units 65.000 65,422 65,422 210,292 194,108 Artemis Fund Managers Institutional Income Unlts 178.306 55.000 233.306 160,918 69,833 230,751 307,311 206,746 Empiric Student Property Ord1p 64.000 65,337 65,337 59,264 62,336 ishares Li PIC Core UK Gilt8 Institutlonal Income Unots 6.000 79,515 79,515 59,130 62,423 Fid•lity Sp•cial Valug Ord GBPO.05p 75.000 10,000 85,000 145,501 35,475 180,976 335,750 236,438 International Publie Partnership 56.500 85,277 85,277 70,851 72,433 Sehrodar Inv•stm•nt Managom•nt 1.258 109,337 109,337 152,593 136,571 Dlverse Income Tru Ordn GBPO.001 125.000 1125.0001 106,646 1106,6481 115.125 C8rded forward 1,188.82S 105.308 1106,6461 1,167.487 1,978,44S 1,809,075 14
Gardner's Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 2025 202S 2024 ¢08t BIFwd Addltlon5 At C08t Dlsposals Cost ClFwd At C08t Market value Market value Brought foward 1.168.825 105.308 1106.6461 1.167.487 1.976.445 1,809.075 Franklin T8mpVlm UK Smaller Cos W Acc Nav 5,601 39,560 576 40,136 42,672 45,938 Rlum Royal London Sustainable Leaders Trust 130,554 117,879 117,879 158,381 149.223 Henderson Euro Fo¢ Ord GBPO.SO 40.000 140.0001 52,721 152,7211 73.100 Schroder Unit Tst US Smaller Cos Z Inc 35,000 50,760 50,760 66,745 65,625 RIT Cap Partners Ord GBP1 5,000 93,701 93,701 102,000 91.600 Schrod8r Real Estate Ordinarty Shares NPV 135,000 42,796 42,796 67,905 70.065 Sd¢l eneryy Efficlent Ord GBPO.01 100,000 111,577 111,577 56,600 63,050 The Renewable$ Inf Ord NPV 70.832 85,192 85,192 54,824 73.736 Warehouse Reit PLC Ord G8PO.01 70.000 170.0001 84,700 184,7001 61.565 Oaktm (Lux) Funds Global High Yi•ld Bond 600 56.520 56.520 53,316 52,746 Royal London Bond Fund 65.000 93.554 93,554 79,950 79,365 Twentyfour Global Inv Corporate Bonds 1.000 102.794 102,794 86,450 86,880 C8rded forward 2,100.S79 105.884 1244,0671 I,2.396 2,745,268 2,721,968 15
Gardner's Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 2025 202S 2024 ¢08t BIFwd Addltlon5 At C08t Dlsposals Cost ClFwd At C08t Market value Market value Brought foward 2.100.579 105.884 1244.0671 1.2.596 2.745.268 2,721.968 Avlva Invrs Sel Fd Al Us eqty Inc 164.808 158,081 158,081 175,669 173,312 Valu.Trac Inv Funds Protean Cap eider 135,000 125.141 125,141 134,082 133,439 Life S¢ien¢e Reit sM).000 60.391 60,391 32,850 35,010 Primary Health Prop 45.000 41.601 41,601 41,085 45,878 Hicl Infrastructur8 56.000 70.245 70,245 68,880 73,864 Muzinich & Co Global 434 38,515 38,515 40,924 40,857 Morgan Stanley If Emerging Markets 13.100 108,221 108,221 118,162 114,625 LF Linds•ll Tr UK 64.000 218,939 218,939 210,682 220,563 BA Beutal Goodman 12,700 158.623 158,623 178,435 187,833 Juplter UT Managers 120,000 131.808 131,808 186,272 144,900 G8mcap Inv8Stm8nt Ahfm Structur8d Products 50,000 59,081 604 59,685 83,010 60,990 M&G Inv8Stm8nt Fund M&G Japan Sterllng 45,000 83,113 14611 62,652 74,043 64,170 Invesco European Invesco 79,148 149.234 149,234 162,637 149,072 Carried foard 3.483.572 106.488 1244.5281 3.345.532 4,211.999 4,166.481 16
Gardner's Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 2025 202S 2024 ¢08t BIFwd Addltlon5 At C08t Dlsposals Cost ClFwd At C08t Mark•t value Market ¥alu8 Brought forward 3,483.572 106,488 1244,5281 3,345.S32 4,211.999 4,166,481 Treasury 4 118°A GIIt 2910112027 70,358 70,358 70,604 70.000 70,000 Total 3.483.572 176.846 1244.5281 3.415.890 4,282.603 4,166.481 17
Gardner's Trust For The Blind Notes to the Accounts for the year ended 30 September 2025 18 Comparative statement of financial activities 2024 2024 2024 Unrestricted Unrestricted Unrestricted Income Capital Total Fund Fund Funds Income Investment income Interest on deposit accounts 130,715 7,041 130,715 7,041 Total income 137,756 137,756 Expenditure Managing funds Charitable activities (Notes 91 Governance costs (Note 121 19,406 68,072 18,086 19,406 68,072 18,086 Total expenditure 105,564 105,564 Net surplus for the year 32,192 32,192 Transfer beeen funds 132,1921 32,192 Gain on investments (note 31 395,542 395,542 Net movement in funds 427,734 427,734 Reconciliation of funds Total funds brought forward Total funds carried forward 220,000 220,000 3,734,658 4,162,392 3,954,658 4,382,392 There were no recognised gains or losses for 2025 and 2024 other than those included in the slalement of financial aclivilies. None of the Charitys activities were acquired or discontinued in the above financial year. 18
Gardner's Trust For The Blind ststement of Financial Activities for the year ended 30 September 2025 This schedule does not form part of the statutory accounts 2025 2025 2025 2024 Unrestricted Unrestricted Unrestricted Unrestricted General Capital Total Total Fund Fund Funds Funds Incoming resources Income from investments Donations received Interest and deposit accounts 143,371 143,371 129,965 750 7,041 5,215 5,215 Totsl incoming resources 148,586 148,586 137,756 Resources expended Managing funds Gardner's Trustee Annual Return Secretsrial Fees & Disbursements.. Grants Secretarial Fees & Disbursements". Governance Sundry Expenses Indemnity Insurance Audivlndependenl Examination Fees Donations Grants Awarded (Note 111 Annual Grants Awarded 20,596 20,596 19,406 13 12,870 12,870 12,480 14,244 239 480 1,140 2,000 39,269 10,695 14,244 239 480 1,140 2,000 39,269 10,695 13,812 512 549 1,200 2,000 43,722 11,870 Total resources expended 101,567 101,567 105,564 Net incoming resources for the year 47,019 47,019 32,192 Transfer beeen funds 147,0191 47,019 Unrealised gain on revaluation of investments Realised gain on revaluation of investments 291,439 291,439 122,4441 104,103 104,103 115,364 Net movement in funds 442,561 442,561 125,112 Total funds brought forward Total funds carried forward 220,000 220,000 4,162,392 4,604,953 4,079,770 4,522,331 3,954,658 4,079,770 There were no recognised gains or losses for 2024 or 2025 other than those included in the statement of financial aclivilies. None of the Charity's activities were acquired or discontinued in the above two financial years. 19