## THE CHARTERHOUSE CHARITABLE TRUST
## ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Registered Charity Number 210894
THE CHARTERHOUSE CHARITABLE TRUST
|REGISTERED ADDRESS|Belgrave House|
|---|---|
||76 Buckingham Palace Road|
||London|
||SW1W 9TQ|
|TRUSTEES|T S Patrick|
||E J S Allen (resigned 15 August 2025)|
||M K Weidner|
||N Sandhu (appointed 15 August 2025)|
|SECRETARY|Ms I M Watson|
|BANKERS|Royal Bank of Scotland plc|
||36 St Andrew Square|
||Edinburgh|
||EH2 2YB|
|AUDITOR|Deloitte LLP, Statutory Auditor|
||2 New Street Square|
||London|
||EC4A 3BZ|
||United Kingdom|
|INVESTMENT MANAGER|BNY Mellon Fund Managers Limited (to 18 September 2025)|
||160 Queen Victoria Street|
||London|
||EC4V 4LA|
||Rathbones Investment Management Limited (from 18 September 2025)|
||Port of Liverpool Building|
||Pier Head|
||Liverpool|
||L3 1NW|
|INVESTMENT CUSTODIAN|Bank of New York Mellon (to 18 September 2025)|
||One Canada Square|
||London|
||E14 5AL|
||Rathbone Nominees Limited (from 18 September 2025)|
||Port of Liverpool Building|
||Pier Head|
||Liverpool|
||L3 1NW|
|PORTFOLIO MANAGEMENT|Newton Investment Management Limited (to 18 September 2025)|
|AND RELATED SERVICES|150 Queen Victoria Street|
||London|
||EC4V 4LA|
||Rathbones Investment Management Limited (from 18 September 2025)|
||Port of Liverpool Building|
||Pier Head|
||Liverpool|
||L3 1NW|
- 1 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Constitution
The Charterhouse Charitable Trust (the “Trust”), registered charity number 210894, was established on 5 February 1954 and is governed by a trust deed executed on that date by A Keyser & Co, Limited for the purpose of benefiting charities (the “Trust Deed”). The Trust was registered on 1 October 1962 with The Charity Commission for England and Wales, in accordance with The Charities Act 1960, and is recognised by HM Revenue & Customs as having charitable status. The Trust, an unincorporated body, is governed by the Charities Act 2011 and Charities Act 2022. The address of the registered office is 6[th] Floor, Belgrave House, 76 Buckingham Palace Road, London SW1W 9TQ.
## Trustees
The names of the Trustees who served during the year and up to the date of approval of these Financial Statements are set out on page 1.
## Recruitment and appointment of Trustees
The appointment of Trustees is governed by the Trust Deed dated 5 February 1954. The power to appoint Trustees has been vested in Charterhouse Development Capital Limited (“Charterhouse”), which only nominates as Trustees persons whom it deems suitable and qualified properly to perform the duties of a Trustee. There must be a minimum of two Trustees and no more than four Trustees, a condition which was satisfied during the year under review.
On 15 August 2025, Mr E J S Allen resigned as a Trustee and Ms N Sandhu was appointed.
## Induction and training
The Trust recognises that new and current trustees should be aware of the Trust’s charitable purposes, mode of operation, plans, policies and costs. All Trustees are provided with a copy of the Trust Deed, a copy of relevant policies and the minutes of all Trustees’ meetings. There is no formal Trustee training policy, but all Trustees are professionally qualified individuals who participate in continuing professional development related to charities in the course of their professional duties.
## Organisation
The Trust’s investment portfolio has consisted solely of units in the Newton Growth and Income Fund for Charities (“Fund”) which are held in the name of the Trust. The Trust is indirectly invested in a variety of different securities by virtue of its interest in the Fund. The Fund is managed by BNY Mellon Fund Managers Limited (“BNYM”) which is authorised and regulated by the Financial Conduct Authority (“FCA”). BNYM has appointed Newton (also FCA authorised and regulated) to provide non-exclusive portfolio management and related advisory services to BNYM.
The Administrator of the Newton Growth and Income Fund for Charities is The Bank of New York Mellon.
The Trustees are ultimately responsible for the policies, activities and assets of the Trust. They meet formally at least once a year and on an ad-hoc basis as required to discuss and approve grants. The Trustees also receive periodically a presentation on the performance of the Fund by BNYM.
The Trustees hold the Trust Fund and its income upon trust to apply the same for the benefit of any organisation that has been granted charitable status by the Charity Commission. Grants made by the Trust must be approved by the Trustees before such grants are made. Decisions to make grants are based on whether the request has satisfied the guidelines agreed by the Trustees for supporting charitable organisations and are taken by a majority of the Trustees following a detailed review of the proposals.
The investment objective of the Trust is in line with that of the Newton Growth and Income Fund for Charities which is to achieve long-term growth of the Trust’s assets in real terms, together with maximising returns through income. The Trustees are comfortable that the investment restrictions applicable to the Newton Growth and Income Fund for Charities are broadly in line with those adopted by the Trust.
In September 2025, the Trust's investment portfolio was transferred to Rathbones Investment Management Limited (“Rathbones”). Rathbones is authorised and regulated by the FCA.
- 2 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025
## Risk assessment
The Trustees regularly consider the risks to which the Trust is exposed and currently regard such risks as being restricted to the safeguarding of the Trust's assets and the effective use of donations made.
## Safeguarding the Trust’s assets
Insofar as investments are concerned, the Trust’s assets are held in safe custody by The Bank of New York Mellon and managed by BNYM. The Trustees receive regular assurances from BNYM that it complies with the rules of the FCA, as well as quarterly valuations of the Trust's investment portfolio. Investments are held in a specialised charitable investment vehicle which is required to abide by all relevant restrictions. The Trustees are comfortable that the investment restrictions applicable to the Newton Growth and Income Fund for Charities are broadly in line with those adopted by the Trust.
The cash resources of the Trust are held by an authorised bank, The Royal Bank of Scotland plc. All cheques drawn on that account need to be signed by any two Trustees in accordance with the bank mandate. Donations are made to other registered charities, the conduct of which is governed by charity law and whose accounts are duly audited or subject to independent examination as appropriate.
## Effective Use of Donations
Prior to approving a donation, a thorough due diligence process is carried out by the Secretary of the Trust, as well as the Trustees themselves. This includes a background check with the Charity Commission, analysis of the most recent financial statements and an anti-money laundering screening of the organisation, its trustees/management and affiliated entities.
The due diligence results are carefully considered by the Trustees at the formal meeting. Most donations are made on the condition of a progress report to be submitted to the Trustees in due course to allow monitoring of donations.
## Related parties
Charterhouse is the administrator of the Trust. Mr T S Patrick was a director of Charterhouse Development Capital Limited during the year under review. Mr T S Patrick and Ms M K Weidner were members of Charterhouse Capital Partners LLP, an associated entity of Charterhouse. None of the Trustees benefit financially from the activities of Charterhouse or from the Trust itself.
## ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES
## Charitable objectives
The Trust was set up to make grants and donations for general charitable purposes and makes grants only to other charitable organisations. Its charitable objectives are to give support to a specific charity where the donation could make a difference. There is a greater focus to support charities serving the London boroughs on the City of London perimeter, with particular focus on providing opportunities for those from a deprived or disadvantaged background.
## Public benefit
The Trustees confirm that they referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and setting its grant-making policy. The Trust’s aims and objectives fall within the various descriptions of charitable purposes in the Charities Act 2011 and Charities Act 2022. Grant applications for charitable purposes are considered by the Trustees who make commitments to support a number of charities each year. During the year, grants have been awarded to the registered charities as per note 4 of the accounts and the beneficiaries are those of the recipient charities.
## Grant making policy
The Trustees meet to review the Trust’s grant making policy annually and to discuss the Trust’s strategy. Grants are awarded only to registered charities. Support is given for a specific project or charity where it is thought that the donation would make a difference. The Trustees also consider grants to charities in which Charterhouse staff or their immediate families have a direct involvement.
- 3 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025
## ACHIEVEMENTS AND PERFORMANCE
## Charitable activities
The Trustees were satisfied that the charitable objectives (as noted under “Charitable objectives”, above) and the investment objectives (as noted under “Organisation”, above) were met during the year.
The Trustees evaluate all applications received and, following satisfactory due diligence, made 14 grants (2024: 10) totalling £56,500 (2024: £73,253) during the year. These were viewed to be in line with the Trust’s general charitable aims and objectives - namely, making donations to specific charities where the Trustees feel the donation could make a difference.
The Trustees satisfied themselves that investment objectives set were being met by continuing to hold the Trust’s assets in the Newton Growth and Income Fund for Charities. This is a fund designed specifically for smaller charities, which makes and holds investments broadly in line with the aims and restrictions adopted by the Trust.
## FINANCIAL REVIEW
## Results for the year
The Trust’s income from investments for the year ended 30 June 2025 amounted to £52,765 (2024: £52,043). Donations totalling £5,010 (2024: £4,770) were received in the year. During the year under review, the Trust made donations totalling £56,500 (2024: £73,253). The breakdown of these donations can be seen in note 4.
Investment assets are revalued to their open market value at the end of the financial year. The investment portfolio had, at 30 June 2025, a market value of £2,444,527 (2024: £2,364,578).
## Reserves Policy
The Trustees are entitled, at their discretion, to distribute the income received on the Trust’s Endowment Fund and any other income to such charities as they see fit. They are prohibited by the Trust Deed from making any distributions out of the Endowment Fund, being a permanent fund. As at 30 June 2025, the Trust’s funds consisted of £2,444,527 in the Endowment Fund (2024: £2,364,578) and £48,753 in the unrestricted funds (2024: £52,488).
The Trustees review reserves as part of each Trustee meeting and compare these with the Trust’s estimated and committed future expenditure. The Trustees consider current reserves more than adequate to cover the Trust’s minimal administrative expenses for the foreseeable future, being at least 12 months from the date of signing these accounts.
## FUTURE PLANS
The Trust aims to continue without significant change. The Trust aims to carry on the activities mentioned in future years and for a minimum of twelve months from the signing of the financial statements.
## AUDITOR AND ACCOUNTS
## Auditor
Deloitte LLP will continue to act as the Trust’s auditor.
- 4 -
Docusign Envelope ID.. D988D443-C92B4936-A439-55BBB6CFBB10
THE CHARTERHOUSE CHARITABLE TRUST
TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025
AUDITOR AND ACCOUNTS (coniinued...)
Going concern
The Trllst's business activities, togeiher with the factors likely lo affect lis fuiure development, perfomance and posiiion are
set oui above. The Trusi has positiile net assets ofQ493280l24= £2,417,066) as ai 30 June 2025 which includes cash ai
bank and cash for invesimenis of £53,753(24= £52,488). The market value of investmenis held by the Trusi at year end is
greaier ihan hisioric cosi. Donations made by the Trust are funded by investment income and donations received. Investment
income received totalled £52. I65(24= £510431 w,hilsi antS of £56,500(24= £73.253) were made. The Endowment
funds (from which donations are not paid) have iteased by £79,949 in ihe year (2= £202,609).
The Trustees of the Trust can reduce oulgoings by decreasing fuiure commilrnents to donate if investment income declines.
No indications exisi ,hich may suggest that ihe Tjustees would need to exercise such measures. The Trust doc5 not have
any material annual donations thai place a constrllclive liabiliry on the Trust. The Trusiees therefore consider ihe going
concern basis for the preparation of the financial statements appropriate.
TRUSTEES, RESPONSIBILITIES STATEMETrIT
The Trustees are responsible for preparing ihe Trustees. report and financial staiements in accordance with applicable law
and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Principles including FRS
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland).
The law applicable to charities in England and Wales requires the Trustees io prepare accounts for each financial year which
give a trne and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of
the tyharity for that period. In preparing these financial sraiemenis ihe Trustees are required to.-
select suitable accouniing policies and then apply them consistently;
observe the meihods and principles in the Siaiement of Recommended Practice {Accounting and Reporting by
Chariliesl Ithe'charities SORP");
make judgemenis and estimates that are reasonable and pNdent.'
SLqte iNheiher applicable Uniied Kingdom Accounting Sthndards have been followed subjeci to any material
departures disclosed and explained in ihe financial statements; and
prepare the accounts on the going concern basis unless li is inappropriate to presume that that charity will
continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the
financial p)silion of the charity and enablc them to ensure that the accounts comply w'ith the Charities Act 2011, the Chariiy
(Accollnis and Reports) Regulaiions 2008 and the provisions of the Trnst Deed. They are also responsible for safeguarding
the assets of ihe charity and hence foriaking reasonable steps for the prevention and detection of fraud and oiher irregulariiies.
S*n•dty.
C2032773E4Y4B3
Tom Patrick
Tiustee
17 March 2026
THE CHARTERHOUSE CHARITABLE TRUST
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE CHARITABLE TRUST
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
## Opinion
## In our opinion the financial statements of The Charterhouse Charitable Trust (the ‘charity’):
- give a true and fair view of the state of the charity’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
- have been prepared in accordance with the Charities Act 2011.
We have audited the financial statements which comprise:
- the Statement Of Financial Activities;
- the Balance Sheet; and
- the related notes 1 to 8.
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).
## 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 auditor's 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 UK, including the Financial Reporting Council’s (the ‘FRC’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 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.
## Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 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.
- 6 -
THE CHARTERHOUSE CHARITABLE TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE CHARITABLE TRUST (continued)
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the charity’s industry and its control environment, and reviewed the charity’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the Trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the charity’s business sector.
We obtained an understanding of the legal and regulatory framework that the charity operates in, and identified the key laws and regulations that:
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These include the Trust Deed, Charities Act and Charities (Accounts and Reports) Regulations 2008; and
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty. These include the Charities Commission Regulations.
We discussed among the audit engagement team regarding the opportunities and incentives 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 fraud in the following areas, and our procedures performed to address it are described below:
- the risk that donation/grant expenses and income are inaccurate or incomplete. In order to address this risk we obtained an understanding of the relevant key controls, obtained board approvals, donation letters, and agreed the payments to bank statements for all donations.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
- 7 -
Docusign Envelope ID.. D988D443-C92B4936-A439-55BBB6CFBB10
THE CHARTERHOUSE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE CHAIUTABLE
TRUST (continued)
Extent to which the audit wa5 considered capable of detecting irregularities, including fraud (continued)
In addition to ihc ab0c, our proccdurcs to respond io the risks idLnlified included the following..
reviewing financial statement disclosures by tesiing to supporting documentation io assess compliance with
provisions of relevani laws and regulations described as having a direct effect on the financial slaiements;
perfom)ing analytical procedures io identify any unusual or unexpected relationships thai may indicate risks of
material misstatement due to fraud;
enquiring of management concerning actual and poteniial litigation and claims, and instances of non-compliance
with laws and regulations.. and
reading minuies of meetings of those charged with governance.
Report other legal and regulatory requirements
Matters on whl¢h we are requlred to report by exceptlon
Under the Charities (Accounis and Reports) Regulaiions 2008 we are required lo report in respect of the following matters
if. in our opinion..
Ihe infom)ation given in the financial statements is inconsisteni in any material respect with the iti]stees' rqN)rt- or
sufficient accouniing records have noi been kept- or
the financial staiements are noi in agreement with the accounting records and returns: or
we have not received all the infom)ation and explanations we require for our audit.
We have nothing to report in respect of these matiers.
Use of our report
This report is made solely to the charity's trustees. as a body, in accordance with Part 4 of the Chariiies {Accounts and
ReporLs) Regulations 2008. Our audit work has been undertaken so ihai we mighi slate to the chariiy's irusiees those matters
wc arc rcyuired to slaie ro them in an audiior's report and for no oiher purpose. To the lullest exteni pemiitied by law,, we do
not accept or assume resp)n8ibiliiy to anyone other ihan the charity and ihe charity's trustees as a body, for our audit work,
for this report. or for the opinions we have forn)ed.
ILR
Deloitte LLP
Siaiutory Audiior
London, Uniied Kingdom
17 March 2026
Deloitte LLP is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as audit of a
company under section 1212 of ihe Companies Act 2(K)6.
THE CHARTERHOUSE CHARITABLE TRUST
## STATEMENT OF FINANCIAL ACTIVITIES
|Notes
INCOME FROM:
Investments
2
Donations - Gift in Kind
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds - investment management costs
6
Charitable activities and support costs
4
TOTAL EXPENDITURE
Net expenditure before investment gains
Net gains on investments
6
Net (expenditure)/income for the year
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Fund balances brought forward
Fund balances carried forward|Year ended 30 June 2025
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
52,765
-
52,765
5,010
-
5,010
57,775
-
57,775
-
(13,759)
(13,759)
(61,510)
-
(61,510)
(61,510)
(13,759)
(75,269)
(3,735)
(13,759)
(17,494)
-
93,708
93,708
(3,735)
79,949
76,214
(3,735)
79,949
76,214
52,488
2,364,578
2,417,066
48,753
2,444,527
2,493,280|Year ended 30 June 2025
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
52,765
-
52,765
5,010
-
5,010
57,775
-
57,775
-
(13,759)
(13,759)
(61,510)
-
(61,510)
(61,510)
(13,759)
(75,269)
(3,735)
(13,759)
(17,494)
-
93,708
93,708
(3,735)
79,949
76,214
(3,735)
79,949
76,214
52,488
2,364,578
2,417,066
48,753
2,444,527
2,493,280|
|---|---|---|
|||57,775|
|||(13,759)
(61,510)|
|||(75,269)|
|||(17,494)
93,708|
|||76,214|
||||
|||76,214|
|||2,417,066|
|||2,493,280|
The income and resources and net movement in funds arise from continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 17 form an integral part of these financial statements.
- 9 -
THE CHARTERHOUSE CHARITABLE TRUST
## STATEMENT OF FINANCIAL ACTIVITIES
|Notes
INCOME FROM:
Investments
2
Donations - Gift in Kind
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds - investment management costs
6
Charitable activities and support costs
4
TOTAL EXPENDITURE
Net expenditure before investment gains
Net gains on investments
6
Net (expenditure)/income for the year
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Fund balances brought forward
Fund balances carried forward|Year ended 30 June 2024
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
52,043
-
52,043
4,770
-
4,770
56,813
-
56,813
-
(13,312)
(13,312)
(78,023)
-
(78,023)
(78,023)
(13,312)
(91,335)
(21,210)
(13,312)
(34,522)
-
215,921
215,921
(21,210)
202,609
181,399
(21,210)
202,609
181,399
73,698
2,161,969
2,235,667
52,488
2,364,578
2,417,066|Year ended 30 June 2024
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
52,043
-
52,043
4,770
-
4,770
56,813
-
56,813
-
(13,312)
(13,312)
(78,023)
-
(78,023)
(78,023)
(13,312)
(91,335)
(21,210)
(13,312)
(34,522)
-
215,921
215,921
(21,210)
202,609
181,399
(21,210)
202,609
181,399
73,698
2,161,969
2,235,667
52,488
2,364,578
2,417,066|
|---|---|---|
|||56,813|
|||(13,312)
(78,023)|
|||(91,335)|
|||(34,522)
215,921|
|||181,399|
||||
|||181,399|
|||2,235,667|
|||2,417,066|
The notes on pages 12 to 17 form an integral part of these financial statements.
- 10 -
Docusign Envelope ID.. D988D443-C92B4936-A439-55BBB6CFBB10
THE CHARTERHOUSE CHARITABLE TRUST
BALAF4CE SHEET
30 June 21)25
30 June 24
Notes
Ini'estment assets
Invegttnents
3444,527
2,364,578
44,527
2,364,578
Current assets
Cash at bank
53,753
52,488
53,753
52,488
Current liabilities
CT¢ditors.' Arnounts falling du¢ within on¢ y¢ar
S,IMIO
Net current x$sets
48,753
52,488
Net assets
2,493280
2,417,066
Funds
Endoivrnent
Ulliestticted
2,444,527
2,3&1,578
52,488
2,491280
2,417,066
These Financial Ststements were approved by lh¢ TJust¢¢s ffl 17 March 2026 and signed on their b¢half by..
S&n•d by..
C2032F73E45U63
Tom Patrick
Trustcc
The schedules and notes on pagcs 12 to 17 forni an integral part of these financial statements.
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS
## 1 ACCOUNTING POLICIES
## Charitable status
The Charterhouse Charitable Trust, a public benefit entity, is a registered charity with The Charity Commission for England and Wales. There are currently three Trustees who are also the members of the charity. The registered office is given on page 1.
## Basis of accounting
The accounts (financial statements) have been prepared under the historical cost convention as modified by financial instruments recognised at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), FRS 102 and the Charities Act 2011.
## Going Concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future, being at least 12 months from the date of approval of these financial statements. As outlined in the Reserves Policy, the Trustees consider current reserves more than adequate to cover the Trust’s expenditure for the foreseeable future, including at a minimum twelve months from the signing of this report. The performance of the investment portfolio following the balance sheet date, valued at £2,580,533 as at 28 February 2026, provides further assurance here.
Accordingly, they continue to adopt the going concern basis in preparing the report of the Trustees and financial statements.
## Income
Bank interest is accounted for on an accrual basis. Income from investments in equities, unit trusts and fixed interest securities is accounted for on a receivable basis. Gifts in kind are recognised in donations.
Grant and donation income is recognised as income when the Trust is entitled to the funds, when the receipt is probable and when the value of income can be measured reliably.
## Expenditure
Expenses, which relate to direct charitable expenditure and administration and management fees, are accounted for on an accrual basis. Investment administration and management fees are charged against endowment funds.
## Fixed asset investments
Financial assets are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial assets which qualify as basic financial instruments as laid out in FRS 102 paragraph 11.8, including investments in non-puttable ordinary shares.
Financial assets are derecognised when and only when (a) the contractual right to the cash flows from the financial asset expire or are settled, (b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
- 12 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 1 ACCOUNTING POLICIES (continued)
## Critical accounting judgements and key sources of estimation uncertainty
In the application of the Trust’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
## Fund accounting
The Endowment Fund represents the capital funds of the Trust and cannot be used to make charitable donations and grants.
Unrestricted funds represent donations received, investment income from listed investments and bank deposit interest and are available for general charitable purposes of the Trust at the discretion of the Trustees.
Restricted funds represent donations received where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose.
## Grant expenditure
Grants made during the financial year are reflected in the Statement of Financial Activities. Liabilities for future commitments are only reflected in the Balance Sheet to the extent that the Trustees make an unconditional commitment.
## Cash flow
The Trust meets the definition of a small charity under the Charities SORP. The Trust has applied an exemption in taking the decision not to prepare a Cash Flow Statement.
## 2 INVESTMENT INCOME
|Investment income
Income from investment
Bank deposit interest|Unrestricted
Funds
Total
Funds
£
£
52,133
52,133
632
632
52,765
52,765
Year ended 30 June 2025|Unrestricted
Funds
Total
Funds
£
£
51,159
51,159
884
884
52,043
52,043
Year ended 30 June 2024|
|---|---|---|
## 3 RELATED PARTY TRANSACTIONS
During the year under review, neither the Trustees nor any party related to them received any remuneration or reimbursement of expenses from The Charterhouse Charitable Trust. There are no persons employed by the Charitable Trust. The audit fee of £5,010 (2024: £4,770) is borne by Charterhouse Development Capital Limited. This has been recognised as a gift in kind and included within donations. There were no other related party transactions.
- 13 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 4 CHARITABLE ACTIVITIES AND SUPPORT COSTS
Year Ended 30 June 2025
|Year Ended 30 June 2025||
|---|---|
|Charity
Charity's purpose
Doorstep Library
UK charity that brings books and reading sessions to
children’s homes, helping families build literacy skills and a
love of reading.
Adult Literacy Trust
One-to-one literacy support for adults, as a complement to
teaching in a formal setting.
Kemp Hospice
Provides care, support, and compassion for people with life-
limiting illnesses and their families across the Wyre Forest
community.
South London Harriers
An athletics club supporting runners of all ages and abilities
across track, field, road, and cross-country events.
Children Today
Supports disadvantaged children across the UK by funding
projects that improve their wellbeing, education, and life
opportunities.
Caris Camden
Provides various services, educational and enrichment
projects for children from homeless families.
Theodora Children’s
Charity
Enhances the wellbeing of children in hospitals and hospices
through therapeutic visits from professional performers.
School-home Support
Education charity working to improve low attendance in
schools and maximise educational opportunities for all
children.
Oracle Head & Neck
Cancer
Funds research, education, and awareness initiatives to
improve prevention, diagnosis, and treatment of head and
neck cancers.
Trussell Trust
Support a nationwide network of food banks, providing
emergency food and support to people locked in poverty.
Half Moon Young
People’s Theatre
Extensive participatory performing arts programme
engaging those who are often excluded from arts activities:
ethnically diverse, disabled and neurodiverse children.
Charlie Waller Trust
Suicide prevention among young people: training at schools,
universities, workplaces, GP surgeries.
Outward Bound Trust
Courses and experiences for disadvantaged young people in
the wilderness of the Lake District, North Wales and the
Highlands.
Big Moose
Provides rapid-access mental health support and therapy for
individuals.
Total Donations Made
Support Costs
Governance costs–Audit & Admin
Total Donations Made and Support Costs|£
Number of
donations
2,500
1
7,500
1
2,500
1
2,500
1
1,500
1
3,500
1
2,000
1
7,500
1
2,000
1
5,000
1
5,000
1
5,000
1
5,000
1
5,000
1|
||56,500
14|
||5,010
61,510|
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THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 4 CHARITABLE ACTIVITIES AND SUPPORT COSTS (continued)
|Year Ended 30 June 2024
Charity
Charity’s purpose
PAPYRUS
Suicide prevention among young people: phone line,
dedicated to young people feeling suicidal, HOPELine, and
other related resources.
School‐Home Support
Services (UK)
Assistance (advocacy, advice, information) in educational
settings to the children and young people by providing
services, contributory to pastoral care for disadvantaged
children in education through consultancy and training.
Helping children overcome barriers to learning.
The Ahoy Centre
Offering water-based activities to young people at risk,
aimed at breaking social barriers, developing essential life
skills. The programmes are focused on teaching transferable
and employable skills.
Recyke‐a‐Bike
Community recycling services and advancement of young
people’s education by providing wide ranging services
across cycling, events, mechanics and employability, incl.
cycling lessons, bike mechanic certifications and cycle and
driver training.
The Access Project
Helping students from disadvantaged backgrounds win
places at top universities by way of one-to-one tuition, in-
school mentoring, enrichment activities to get “university
ready”.
Smart Works Charity
Supporting and empowering women in their professional
pursuits by providing smart clothes, interview techniques
and career coaching to young women looking for
employment.
Build Up Foundation
Practical construction projects for young people (10-23
years old) from deprived areas of London, Hackney,
Newham, Enfield, Lewisham, Haringey, Waltham Forest
and Barnet.
Resurgo Trust
Assisting young people from disadvantaged backgrounds
through Spear Programme, a 12 months’ course aimed at
coaching, training and mentoring the young people into
employment.
The Art Academy
Access to art through education for all community.
The Downside Settlement
(Downside Fisher Youth
Club)
Structured activities in support of socially excluded young
people in Bermondsey area of London.
Total Donations Made
Support Costs
Governance costs–Audit & Admin
Total Donations Made and Support Costs|£
Number of
donations
10,000
1
10,000
1
2,500
1
2,500
1
5,000
1
10,000
1
7,753
1
10,000
1
8,000
1
7,500
1|
|---|---|
||73,253
10
4,770
78,023|
- 15 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 5 TAXATION
As a charity, the Trust is exempt from tax on income and gains falling within part 10 of the Income Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that the income is applied to its charitable objects. No tax charges have arisen in the Trust.
## 6 INVESTMENTS
|INVESTMENTS|||
|---|---|---|
|Market value at commencement of year
Additions (at cost)
Disposals proceeds
Net realised gains on investments
Management fees
Unrealised gains on investment assets
Market value at end of year
Historical cost|30 June 2025
Total
£
2,364,578
-
-
-
(13,759)
93,708|30 June 2024
Total
£
2,161,969
-
-
-
(13,312)
215,921|
||2,444,527|2,364,578|
||1,276,434|1,276,434|
The above investments have been revalued at 30 June 2025 based on their market bid price at that date.
|Listed equities
Market value at end of year|30
In the United
Kingdom
£
2,444,527
2,444,527|June 2025
30 June 2024
Total
In the United
Kingdom
Total
£
£
£
2,444,527
2,364,578
2,364,578
2,444,527
2,364,578
2,364,578|June 2025
30 June 2024
Total
In the United
Kingdom
Total
£
£
£
2,444,527
2,364,578
2,364,578
2,444,527
2,364,578
2,364,578|
|---|---|---|---|
||||2,364,578|
The Trust’s investment portfolio is invested in the Newton Growth and Income Fund for Charities.
## 7 ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS
|Investment assets
Current assets
Current liabilities
Total funds|30 June 2025
Unrestricted
Funds
Endowment
Funds
£
£
-
2,444,527
53,753
-
(5,000)
-
48,753
2,444,527|Total
£
2,444,527
53,753
(5,000)
2,493,280|30 June 2024
Unrestricted
Funds
Endowment
Funds
£
£
-
2,364,578
52,488
-
-
-
52,488
2,364,578|Total
£
2,364,578
52,488
-|
|---|---|---|---|---|
|||||2,417,066|
In accordance with the Trust Deed, the Endowment Fund is a permanent fund. The income generated from the Endowment Fund is available for the benefit of charities.
- 16 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 8 POST BALANCE SHEET EVENTS
- Donations totalling £28,339, which were approved by the Trustees post year-end, were paid following the completion of the requisite beneficiaries and trustees screening.
In September 2025, the Trust's investment portfolio was transferred to Rathbones Investment Management Limited.
The investment portfolio following the balance sheet date is valued at £2,580,533 as at 28 February 2026.
- 17 -