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2025-03-31-accounts

Company number: 386771 Charity number: 214050

SCHRODER CHARITY TRUST

Financial Statements 31 March 2025

SCHRODER CHARITY TRUST

Financial statements for the year ended 31 March 2025

Contents Page
Reference and administrative information 1
Report of the Directors 2 - 5
Independent auditor’s report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 19

SCHRODER CHARITY TRUST

Reference and administrative information For the year ended 31 March 2025

Directors and Trustees:

Ms L K E Schroder (Chair from 26 June 2024) Mrs C L Fitzalan Howard Ms M K Fitzalan Howard Mr T B Schroder (Chair; resigned 25 June 2024) Mr J H F Schroder Ms C E Schroder (Appointed 10 July 2025)

Company Secretary: Mr A Conroy

Registered Office:

3.18 Warnford Court 29 Throgmorton Street London EC2A 2AT

Solicitors:

Russell Cooke LLP 2 Putney Hill London SW15 6AB

Auditor:

UHY Hacker Young Thames House Roman Square Sittingbourne ME10 4BJ

Bankers:

Schroder & Co Limited 1 London Wall Place London EC2Y 5AU

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Investment Manager:

Cazenove Capital 1 London Wall Place London EC2Y 5AU

1

SCHRODER CHARITY TRUST

Report of the Directors for the year ended 31 March 2025

The Directors, who are also the Trustees of the Schroder Charity Trust (‘the Trust’), present their report and the audited financial statements for the year ended 31 March 2025.

Reference and administrative details

The financial statements comply with the charity’s Trust Deed, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)).

Origin of Trust

The Bruno Schroder Charity Trust was incorporated on 6 April 1944 as an unlimited company having an authorised share capital of £100. The name was changed to Schroder Charity Trust on 11 June 1953.

The Trust is a charity registered in England and Wales, charity number 214050. The Trust is a private unlimited company registered in the United Kingdom, company number 386771.

Directors and their interests in shares

The Directors who were in office during the year and their interests in the shares of the company at 1 April 2024 and 31 March 2025, were as follows:

arch 2025, were as follows:
1 April 31 March
2024 2025
Mrs C L Fitzalan Howard 1 1
Ms M K Fitzalan Howard 1 1
Mr T B Schroder 1 -
Ms L K E Schroder 1 1
Mr J H F Schroder 1 1

One share is also held by the Executors of Mr B L Schroder who do not act in the capacity of a Director. One share, held by Mr T B Schroder who resigned on 25 June 2024, was transferred to Ms C E Schroder on her appointment on 10 July 2025.

People with significant control

After due counsel, the Directors have determined that there is no registrable person or registrable relevant legal entity in relation to the Trust.

Structure, governance and management

Constitution

Schroder Charity Trust is an unlimited company registered in the United Kingdom, number 386771. It is a charity registered in England and Wales, number 214050, and is governed by its Memorandum and Articles of Association.

Appointment of Directors, Induction and Training

The Memorandum and Articles of Association allow for not more than ten and not less than two Directors. New Directors can be appointed by a majority of those shareholders present at a general meeting (quorum: two) of the members either to fill a vacancy or as an addition to the existing Board.

The induction process for any newly appointed Director comprises an initial meeting with the Chairman to understand powers and responsibilities, the governing document and the strategy of the Trust. This is followed by a meeting with the Company Secretary on the Trust’s grant-making process, and internal policies and procedures.

Objects and strategy

Under the Memorandum of Association, the Directors may receive donations and pay or apply the income and, if they shall think fit, the capital of the Trust to or for such charitable purposes whatsoever at such times and in such manner as the Directors shall from time to time think proper.

The Memorandum of Association authorises the Directors to invest without limitation.

2

SCHRODER CHARITY TRUST

Report of the Directors for the year ended 31 March 2025 (cont.)

Public Benefit

The Directors have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities.

Grant making policy

Applications are open to charities registered in the UK who can, if eligible, apply via an online form. Applications for funding are considered at bi-annual meetings of the Directors. During the year, applications were considered under five areas of focus: arts, culture and heritage; education, training and employment; environment and conservation; health and wellbeing; and strengthening communities. In November 2024, the Directors closed the website to new applications to review the areas of focus. A window for new applications opened on 1 October 2025. Further information on the new areas of focus can be found on the website.

Annual review

During the year 580 (2024: 1,340) applications were received. Grants were made to 117 charities (2024: 110).

Financial position

The capital of the Trust is principally shares in Schroders plc.

During the period the Trust received income of £597,567 (2024: £595,378). The Directors made grants totalling £479,750 (2024: £452,000).

After taking into consideration net losses on investments for the year of £706,070 (2024: losses of £1,596,212) the net decrease in funds for the year, as shown in the Statement of Financial Activities, amounted to £645,609 (2024: decrease of £1,516,962).

The Trust’s net assets decreased to £10,637,013 from £11,282,622 due to the realised and unrealised losses on the revaluation of investments.

Investment policy

The current policy is to maintain the Trust’s investment in the shares of Schroders plc, with the balance of the assets invested at the discretion of the Directors’ appointed Investment Manager. Performance is reviewed at each board meeting and the investment policy remains under annual review.

Investment performance

At 31 March 2025, 80% of the value of the investment portfolio was held in Schroders plc shares. 2,351,439 ordinary shares were valued at £8,178,305 (2024: £8,855,519). Custody is provided by Schroder & Co. Ltd as part of their service. The allocation of investments for the remaining 20% is delegated to the Investment Manager who provides progress reports to Directors at Board meetings. The Directors also regularly review current strategy thereby ensuring the careful stewardship of Schroder Charity Trust funds.

The Investment Manager is tasked with maintaining or increasing the value of the portfolio, while ensuring there are sufficient funds to meet all commitments in full. On 31 March 2025, the market value of the settled funds stood at £10,220,326 (2024: £10,887,373). During the year ended 31 March 2025, net losses on investments were £706,070 (2024: net losses of £1,596,212).

3

SCHRODER CHARITY TRUST

Report of the Directors for the year ended 31 March 2025 (cont.)

Future plans

The Directors continue to receive and distribute charitable funds in accordance with their policies. The Directors have developed and implemented a new grant-making strategy, which will be kept under review. The unrestricted funds are being managed to ensure that current levels of charitable grants are maintained for the foreseeable future.

Reserves policy

The Directors are aware of the general legal duty to apply charitable funds within a reasonable time of receiving them. Accordingly, they intend to continue to:

  1. Donate in excess of 65% of the net budgeted income arising each year from its unrestricted funds.

  2. Retain the balance of such income in order to allow the Directors to respond to specific appeals by making larger donations as the Directors may from time to time consider to be appropriate.

  3. Review the level of the reserves twice a year.

  4. Review this policy once a year.

At the year end, total unrestricted reserves were £10,637,007 (2024: £11,282,616).

Risks

The Directors have carried out a review of the major risks facing the charity. They have constructed a risk register which prioritises these risks and identifies the mitigating factors, systems and controls in relation to each risk. The Directors also ensure that there is a comprehensive monitoring and review process in place to capture new risks as they may arise and that systems are in place to manage these.

The major risk to which the charity is exposed is that of incurring significant losses in the investment portfolio. General performance targets are set by the Directors in relation to the investment portfolio, and investment performance is kept under review by the Directors. The income principally derived from dividends from shares in Schroders plc is allocated to grant-making activities each year, and the level of expenditure is based on available funds.

Interests

The Directors maintain a ‘Register of Interests’ as a measure of good practice and also to ensure that no conflicts occur. This register is updated and reviewed on an annual basis.

Statement of Directors’ responsibilities

The Directors (who are also the trustees of the Schroder Charity Trust for the purposes of charity law) are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

4

SCHRODER CHARITY TRUST

Report of the Directors for the year ended 31 March 2025 (cont.)

The ~~Di~~ rectors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

In so far as the Directors are aware:

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

Approval

Approved by the Board of Directors on and signed on its behalf by:

L K E Schroder

Director

5

SCHRODER CHARITY TRUST

Independent Auditor’s Report to the members of Schroder Charity Trust

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Directors, other than the financial statements and our Auditor’s report thereon. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

6

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities, the Directors 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 Directors 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 Directors are responsible for assessing the charitable company'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 Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibility for the audit of the financial statements

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.

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:

Non-compliance with laws and regulations

Based on:

We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK tax legislation.

The charitable company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Data Protection Act 2018 and the Bribery Act 2010.

Our procedures in respect of the above included:

7

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be journals and key estimates and judgements.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of no detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s website at frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Moore BFP ACA (Senior Statutory Auditor)

For and on behalf of

UHY Hacker Young

Chartered Accountants and Statutory Auditors Thames House Roman Square Sittingbourne Kent ME10 4BJ

Date:

8

SCHRODER CHARITY TRUST

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 March 2025

2025 2024
Total Total
Notes Restricted Unrestricted funds funds
£ £ £ £
Income from:
Investments 3 - 597,567 597,567 595,378
Total - 597,567 597,567 595,378
Expenditure on:
Raising funds – investment manager fees 4 - 2,492 2,492 2,326
Charitable activities 5 - 534,614 534,614 513,802
Total - 537,106 537,106 516,128
Net income before - 60,461 60,461 79,250
losses on investments
Net losses on investments 7 - (706,070) (706,070) (1,596,212)
Net expenditure and movement
in funds 8 - (645,609) (645,609) (1,516,962)
Fund balances brought forward - 11,282,616 11,282,616 12,799,578
Fund balances carried forward - 10,637,007 10,637,007 11,282,616

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above and therefore those stated above represent total comprehensive income.

The notes on page 12 to 19 form part of these financial statements.

9

SCHRODER CHARITY TRUST

Balance sheet as at 31 March 2025

Notes
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors:amounts due within 1 year
11
Net current assets

Net assets
Financed by:
Share capital
12
Funds
Unrestricted funds
Total funds
13		 2025
£
10,220,326


362,095
78,583
440,678
(23,991)
416,687
10,637,013

6
10,637,007

10,637,013
 2024
£
10,887,373

362,164
71,249

433,413
(38,164)

395,249

11,282,622

6
11,282,616

11,282,622

These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

Approved by the D ~~ir~~ ectors and authorised for issue on and signed on their behalf by:

L K E Schroder Director

Registered company number: 386771

The notes on page 12 to 19 form part of these financial statements.

10

SCHRODER CHARITY TRUST

Statement of cash flows for the year ended 31 March 2025

Notes
Cash flows from operating activities:
Net cash used in operating activities
(a)
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Change in investment cash
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period

Cash and cash equivalents at the beginning of the reporting period
(b)
Cash and cash equivalents at the end of the reporting period
(b)
(a) Reconciliation of net income to net cash flows from operating activities
Net expenditure for the reporting period
Adjustments for:
Losses on investments
Dividends and interest from investments
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities
(b) Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
(c) Analysis of changes in net debt:
1 April
2024
Cash flows
£
£
Cash and cash equivalents
71,249
7,334		 2025
£
(551,210)

554,591
7,129
(3,176)
558,544
7,334
71,249
78,583
(645,609)
706,070
(597,567)
69
(14,173)
(551,210)
78,583
78,583

Non-cash
movement

£

-		 2024
£
(521,996)

553,964
22,851
(22,174)

554,641

32,645

38,604

71,249

(1,516,962)
1,596,212
(595,378)
(7,968)
2,100

(521,996)

71,249

71,249

31 March
2025
£
78,583

The notes on page 12 to 19 form part of these financial statements.

11

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

1. General information

The Schroder Charity Trust is a charitable company registered in England and Wales (company number 386771 and charity number 214050), governed by its Memorandum of Association. The registered office is 3.18 Warnford Court, 29 Throgmorton Street, London EC2N 2AT. The annual statements are prepared in sterling, being the functional currency of the entity, and have been rounded to the nearest pound.

2.

Principal accounting policies

a) Basis of accounting and going concern

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2022) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The Trust constitutes a public benefit entity as defined by FRS 102.

The preparation of the financial statements requires the Directors to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Directors’ best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

The Directors’ consider that there are no key sources of estimation uncertainty and that there are no material uncertainties over the Trust’s ability to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.

b) Income

Income is stated on a receivable basis.

Income received by way of donations and gift aid is included in full in the Statement of Financial Activities when receivable. Income receivable from Gift Aid claims is recognised when the claim had been submitted.

Investment income is credited gross to the Statement of Financial Activities on the date it becomes payable.

c) Expenditure

Expenditure is recognised in the period in which they are incurred. Expenditure includes attributable VAT which cannot be recovered.

Expenditure on raising funds includes investment manager fees which are calculated quarterly by Cazenove Capital (the investment manager) and included in investment manager fees on a payable basis. Expenditure on charitable activities includes charitable grants, administration costs and governance costs.

Charitable grants are charged to the Statement of Financial Activities when approved by the Directors and any conditions placed on the recipient have been met. Other expenditure is provided on an accruals basis.

c) Expenditure (continued)

Administration costs consist of the day-to-day administration of the Trust’s affairs as carried out by staff employed by The Schroder Foundation. The costs are recharged to the Trust based on the levels of activity of the charity.

12

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

2. Principal accounting policies (continued)

Governance costs charged in these financial statements include the auditor’s remuneration and other compliance costs imposed by the requirements of charities legislation.

d) Gains/losses on investment assets

All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investment assets represent the difference between their fair value at the end of the year and their fair value at the beginning of the year, or transaction value if acquired during the year. Realised gains and losses on disposal of investment assets represent the difference between the sale proceeds and the fair value at the beginning of the year, or transaction value if acquired during the year.

e) Taxation

The Trust is a registered company and charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

f) Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

g) Investments

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 their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. Investments held in the cash liquidity funds are classified within current assets.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in the investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors of sub-sectors.

h) Debtors

Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

i) Cash at bank and in hand

Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.

j) Creditors

Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

k) Restricted funds

Any restricted funds would be used for the specific purposes laid down by the donor. Expenditure which meets their criteria is charged to the fund together with a fair allocation of management and support costs.

13

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

2. Principal accounting policies continued

l) Unrestricted funds

Unrestricted funds are donations, investment income and other incoming resources receivable or generated for the objects of the charity. The general fund therefore comprises those monies which may be used towards meeting the charitable objectives of the Trust at the discretion of the Directors.

3. Investment income

Investment income
Dividends
Bank interest
All income received in both 2025 and 2024 were in respect of unrestricted funds.
Raising funds - costs
Investment management costs
All costs incurred in both 2025 and 2024 were in respect of unrestricted funds.
Charitable activities
Charitable grants (note 6)
Administration
Governance		 2025
£
586,135
11,432
597,567

2025
£
2,492
2025
£
479,750
47,985
6,879
534,614		 2024
£
584,832
10,546

595,378

2024
£
2,326

2024
£
452,000
55,056
6,746

513,802

4.

5.

All costs incurred in both 2025 and 2024 were in respect of unrestricted funds.

14

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

6.
Charitable grants
Made to institutions:
Access Your Right to Care
Action for Conservation
Age UK North Yorkshire Coast & Moors
Age Well East Ltd
Aid Box Community
All People All Places
Aloud Charity, The
Amber Trust, The
Ampney Crucis Parochial Church Council
Arkbound Foundation
Arts Taunton
Association of Wheelchair Children – Go Kids Go
Baby Necessities Southampton
Bach Choir, The
Barking & Dagenham Youth Zone
Become Charity
BEEP Doctors (BASICS Cumbria) Ltd
Berkshire Autistic Society
Books Beyond Words
Bristol Autism Support
British Allergy Foundation, The
British Youth Music Theatre
CARIS Camden
Changing Faces
Chelsea Old Church Trust, The
Cheshire Dance Workshop
Children’s Book Project
Climate Ed
Colostomy UK
Community Drug & Alcohol Recovery Services
Connecting Carers
Craigavon Area Compassion Project Foodbank
Creative Kids
Crown & Manor Boys Club
Daisy’s Dream
Dolphin Society
Domestic Abuse Volunteer Support Services
Dressability
E:Merge (UK) Company Limited
EFA London
EMERGE 3RS
Euan’s Guide
Every Youth
Fares4Free
Feeding Britain
Friends of the Family Winchester Ltd
Fulham Reach Boat Club
Gateshead Older People’s Assembly
Girl’s Network, The
Give a Book
Give. Help. Share
Gloucestershire Nightstop
Governors for Schools
Headway Portsmouth & South East Hampshire
Home Start Walsall
Hope for Tomorrow
HUMEN
I Choose Freedom Charity
In2ScienceUK.org
Inquest Charitable Trust
Carried forward		 2025
£
5,000
4,000
3,000
4,000
4,000
4,000
5,000
2,500
6,250
3,000
5,000
4,000
3,000
5,000
5,000
5,000
4,000
4,000
4,000
3,000
3,000
4,000
4,000
4,000
1,500
4,000
5,000
3,000
4,000
5,000
4,000
3,000
4,000
4,000
3,000
5,000
5,000
5,000
3,000
5,000
5,000
3,000
5,000
3,000
10,000
3,000
3,000
4,000
5,000
4,000
4,000
5,000
5,000
3,000
3,000
5,000
4,000
5,000
5,000
5,000
250,250

15

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

6.
Charitable grants (continued)
Brought forward
Into Work
Jigsaw (South East)
Key4Life
Kingswood Trust
Learning with Parents
Luminary Ltd
Men Walk Talk
Mersey Counselling & Therapy Centre
Mid Devon Mobility
Mindout LGBT Mental Health Project
Money Advice Scotland
Music for All
Musical Connections
MyBigCareer
National Archives Trust, The
National Association for Children of Alcoholics, The
National Opera Studio
National Youth Arts Trust
NIWE Eating Distress Service
Northumberland County Blind Association
Not Beyond Redemption Limited
Orchestras for All
Orchid Cancer Appeal
Outside Edge Theatre Company
Ovacome
Pearl Exchange, The
Peeps
Pregnancy Expectations Trauma & Loss Society
Prison Phoenix Trust, The
River Waveney Trust
Royal Academy of Culinary Arts Adopt a School Trust, The
Royal Chapel of All Saints
S.A.V.T.E
Salford Loaves and Fishes
Sal’s Shoes
Samaritans of Cornwall at Truro
Sexual Assault and Abuse Support Service Buckinghamshire & Milton Keynes
Shine PND Support
Solicitors Pro Bono Group
SOS Special Educational Needs
St Andrew’s Church (Curry Rivel)
St Jude's United Church, Englefield Green
Stand Against Violence
Swan Women’s Centre
Tax Volunteers
Tinnitus UK
Together Collective
Together Project, The
Trailblazers Mentoring
Turnaround Project, The
Uniform Exchange
Urban Uprising
Veterans with Dogs
Warwickshire Association for the Blind
West Sussex Countryside Studies Trust, The
Wizeup Financial Education
Wood Street Mission
2025 total
2024 total		 2025
£
250,250
4,000
4,000
5,000
5,000
5,000
5,000
4,000
5,000
3,000
3,000
5,000
5,000
3,000
5,000
5,000
4,000
5,000
3,000
4,000
3,000
5,000
5,000
5,000
4,000
4,000
3,000
4,000
4,000
4,000
5,000
3,000
1,500
4,000
5,000
4,000
5,000
3,000
4,000
4,000
4,000
1,500
1,500
4,000
4,000
5,000
3,000
4,000
4,000
5,000
4,000
5,000
4,000
3,000
4,000
3,000
5,000
4,000
479,750
452,000

16

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

7. Net investment gains/(losses) 2025 2024
£ £
Realised losses (1,593)
(7)
Unrealised losses (704,477)
(1,596,205)
(706,070)
(1,596,212)
8. Net movement in funds
Net movement in funds is stated after charging:
2025 2024
£ £
Directors’ remuneration - -
Auditor’s remuneration
- as auditor 6,240 6,000
- for tax advice 210 180
The~~Di~~rectors consider themselves and the company secretary as comprising the key management personnel
of the Trust. The Directors and company secretary received no remuneration or benefits in kind (2024: £Nil) and
received no reimbursement of expenses (2024: £Nil).
9.
Investments
Market value brought forward
Additions at cost
Disposal proceeds
Net losses on disposals and revaluations
Portfolio cash held by investment manager
Market value carried forward
Historic cost carried forward
Investments comprise the following:
Equities (listed)
Private equity
10.
Debtors
Dividends receivable		 2025
£
10,862,054
42,976
(7,129)
(706,070)
10,191,831
28,495
10,220,326

13,235,298

2025
£
10,181,929
9,902
10,191,831

2025
£
362,095		 2024
£
12,439,704
41,413
(22,851)
(1,596,212)

10,862,054
25,319

10,887,373

13,193,162

2024
£
10,840,681
21,373

10,862,054

2024
£
362,164

17

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

11. Creditors:amounts falling due within one year 2025 2024
£ £
Accruals
23,991 38,164
12. Share capital Allotted,
called up
and fully
Authorised paid
£ £
Ordinary shares of £1 each 100 6

The ordinary shareholders have no rights over the funds of the Trust.

13.
Analysis of net assets between funds - 2025
Investments
Net current assets
Net assets at the end of the year		 Share
Restricted
Unrestricted
Total
capital
funds
funds
funds
£
£
£
£
-
-
10,220,326
10,220,326
6
-
416,681
416,687

6
-
10,637,007
10,637,013

All funds held at 31 March 2025 were unrestricted funds and all transactions in the year ended 31 March 2025 were within unrestricted funds.

Analysis of net assets between funds - 2024
Investments
Net current assets
Net assets at the end of the year		 Share
Restricted
Unrestricted
Total
capital
funds
funds
funds
£
£
£
£
-
-
10,887,373
10,887,373
6
-
395,243
395,249

6
-
11,282,616
11,282,622

18

SCHRODER CHARITY TRUST

Notes to the financial statements for the year ended 31 March 2025

14. Related party transactions

Ms L K E Schroder and Mrs C L Fitzalan Howard are non-executive directors of Schroders plc, the ultimate parent company of Cazenove Capital, which acts as investment manager for the Charity, and Schroder & Co Ltd, which act as bankers for the charity.

As at 31 March 2025 the charity holds 2,351,439 ordinary shares in Schroders plc with a value of £8,178,305 (2024: £8,855,519 total value of ordinary shares) representing 80% (2024: 81.3%) of the total value of the Schroder Charity Trust investment portfolio.

Two of the Directors, Mrs C L Fitzalan Howard and Ms L K E Schroder, are also trustees of The Schroder Foundation. During the year The Schroder Foundation made a charge to the charity of £40,970 (2024: £45,916) in respect of administration and accountancy services provided during the year and £34 regarding Companies House costs. An amount of £16,066 (2024: £20,406) is due to The Schroder Foundation at the year end.

19