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 y￿th 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
0￿25
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 G￿dn￿8 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 aCc￿nIS In ￿￿YdanCe with the
requirgmgnls ofthe CharitSes Act 2011 fth8 Ad).
I r¢ptsrt In f•8PèCt of my exarninabon of the Tnffjt89's cath*1 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 mater*1 have c(¥nB to rny attènlion in connethon wlh lh•
?xorninèbon gfvlng me cause to believe that in mat*ial rèsper
111 accountlng recordB were not keF4 in resp*a ofth•Tmst 88 reffjwred by 130 of the Ad,. lx
12) the accounts do not acc*rd those ￿8. or
131 the accounts do not LY)mply the appIC•b￿ reqwr¢m**8 c￿C￿MIr￿j th8 form 8nd cont•nt of ar￿unt¥ set out in
tha char￿48 (Aoxjunts and R8prytsI Rewlati(Th 21K18 other than arry reqiirerrwt that the acc4>Jnts giv? 0 Yruè and fglr
ew ￿1¢h is r￿t a maltgr ¢￿S￿ler•d as part of an iThJepeTrJert examinthn.
I hav• no conc•m8 and have come no olhw mattu8 In T**h tt* •X*?w￿ticffi to whith attonlion ahould
be drawn in Ihis Y•Fth in c￿rI0 •not48 a prrw undwththrwJ ofthts attc*Jnts 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 be￿een 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
all￿ated 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
pro￿SSIng 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 fo￿ard
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 be￿een 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 be￿een 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