The Noel Buxton Trust Registered Charity No. 220881 ## Report and Accounts For the year ended 31 December 2025 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Reference and administrative details** **Settlor:** Noel Edward Buxton, subsequently Lord Noel-Buxton **Name of the Charity:** The Noel Buxton Trust The principal governing document is a Settlement dated 28 June 1919. The Trust is a private charitable trust controlled by its Trustees. **Charity Registration No:** 220881 **Trustees:** Emma Compton-Burnett (Chair) Tahera Aanchawan Katie Aston, OBE James Buckley Katie Buxton Sir Brendan Gormley, KCMG Maryanna Theresa Stogdon Jo Tunnard (Vice-chair) ## **Principal Office Address:** PO Box 13669 Sawbridgeworth CM21 1DH www.noelbuxtontrust.org.uk **Independent Manager:** Vicky Chant PO Box 13669 Sawbridgeworth CM21 1DH **Independent Examiner:** Richmond Accounting and Advisory Ltd Suite 15, The Enterprise Centre Coxbridge Business Park Farnham GU10 5EH **Bankers** : CAF Bank Limited Kings Hill West Malling Kent ME19 4TA **Investments held at** : M&G Charities PO Box 9038 Chelmsford CM99 2XF Charles Stanley 55 Bishopsgate London EC2N 3AS 2 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** **Investment powers** : Under the 1919 Settlement Trustees have broad discretion over the classes of investments that may be held. **Objects of the Charity:** The promotion of the welfare of the community Our concerns are with development in Africa, the welfare of families affected by domestic abuse, and the welfare of prisoners and their families in Britain. We present our annual report and financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and they comply with the charity’s trust deed, the Charities Act 2016, and Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102) applicable to charities preparing accounts for the accounting period beginning on or after 01 January 2019. ## **Objectives and activities for the public benefit** We confirm that we have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, planning future activities, and setting the grant-making policy for the year. The Objects of the Trust reflect the Founder’s world-wide view of human welfare. They require the Board to promote the welfare of communities both by direct means and by supporting social reform. We seek to enact these broad objectives though grant making. In 2025, we worked for the public benefit by making grants supporting voluntary organisations working in three areas, where we have many years of experience: 1. Sustainable livelihood projects in Africa, such as small business support and training, and microfinance in both urban and rural regions, and projects that support and protect street children. 2. Work with families affected by domestic abuse in Britain. We fund domestic abuse projects that work with survivors of abuse and with those who want to stop using abusive behaviour in their relationships. 3. Work by organisations that help to improve the lives of prisoners and former prisoners in Britain. We fund projects that offer practical help to rehabilitate people and help them prepare for life after release. 3 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Public benefit statement** In shaping our objectives for the year and planning our activities, we have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity’ (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities. ## **Principal funding sources** The principal funding source of the Charity is dividend income from the investment portfolio. This year we also received part of a legacy from Dr John Basil Ponsonby’s estate. ## **Grant-making policies** Grants are awarded after submission of an eligible application by the applicant to the Trustees. We review the application to judge if the grant falls within the charity’s objectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed and decided upon by Trustees. All decisions are reported at their regular meetings. ## **Structure, governance and management** The Noel Buxton Trust was established by Trust Deed in 1919 and is registered as a charity (Charity Number 220881). The Trust is managed by a Board of Trustees who are chosen for their relevant knowledge and experience and from those who share the ethos of the Trust. The Board met twice in 2025. Governance issues and grant decisions were formally approved at the meetings. In addition, we included a review of our strategy on the day of the AGM. We delegate daily running of the Trust’s business to an experienced manager, who reports directly to the Trust’s Chair. Trustees receive no benefits, although the Trust will cover reasonable travel expenses. The Trust continued its membership of the Association of Charitable Foundations and took advantage of ACF’s meetings and publications, which help to inform us about good practice in grant making. ## **Achievements and performance** We have decided that, given the modest budget at our disposal, we must direct grants in an effective manner. We set out guidelines to help potential applicants understand the kinds of applications that are likely to be funded and those that cannot be considered. We publish criteria and exclusions for each of the three areas of work on our website, when programmes are open for application. 4 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** Under our guidelines, we made 26 grants supporting work in Africa, work with families affected by domestic abuse, and work with prisoners. In total we spent £140,000 (2024: £131,000) on work that had direct public benefit in the form of grants. A full list of grants is given on pages 15-17. We continue to learn from the experience of making grants and actively encourage beneficiary organisations to report on their work. We also meet with beneficiary and other organisations, when we judge that this can help with our decisions and learning. ## **Financial review** We received payments totalling £80,524 as a final payment from Dr John Basil Ponsonby’s legacy. Our legacy aside, the Trust’s work is largely dependent on the income derived from its investments. It was a reasonably good year overall for the asset classes that we hold, which are predominantly equities. We therefore held firm to our commitment to support our beneficiaries. We maintained our usual grant spending for our three programmes at approximately the same level as the previous year. Buxton family members are contributing to our work with monthly payments. ## **Investment performance** The income from our investments rose slightly this year to £ **133,427** (2024: £131,951). We had more significant gains in our capital value which increased to a year-end valuation of £ **3,676,663** (2024: £3,091,948). Our aim is to have a diversified allocation across our asset classes and across geographical regions, without incurring large management costs. We remain invested in M&G Charifund. We continue to balance our portfolio with our holdings in iShares VII PLC S&P 500, giving exposure to the US stock market and IsharesEuro MSCI EUR EX-UK, giving exposure to the European market, while our Ishares IV PLC ISHS MSCI EM(ESG screened) is an emerging markets fund. This year we bought into a Japanese fund, Blackrock FM LTD BRCIF IS JP EQ IDX UK D. We continue to hold Ecofin GBL which provides a reliable income stream. M&G withdrew Charibond hence we moved our bond holding to Rathbones Ethical Bond. ## **Reserves policy** We have agreed to keep at least six-month’s running costs (approximately £65,000) in cash, at CAF Bank, as a reserve. This money ensures that the Trust can provide continuity of grant making even if the investment income falters. 5 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Risk management** We have assessed the major risks to which the charity is exposed. We have identified that the major risks are those affecting the finances (capital and/or income); the operation of the Trust (though loss of experienced Trustees or Manager) and reputational damage (e.g. fraudulent use of a grant) which might affect the Trust or individual Trustees; and cybersecurity concerns. We monitor these risks at our meetings and, where appropriate, we set out policies and protocols to mitigate risk. ## **Plans for future periods** We continue to review our funding strategy this year both to consolidate the things we are doing well and to encourage fresh thinking about how we respond to our beneficiaries and to the challenges they face. We plan to maintain the annual level of our charitable spending at approximately £150,000. This cannot be achieved solely by relying on investment income and hence we plan to take some of our capital value to supplement our budget (i.e. adopting a ‘total return’ approach to expenditure). We anticipate that we shall need to draw approximately 15% of our grants spend from capital, while the remainder will come from investment income. Signed ………………………… Emma Compton-Burnett Chair of Trustees Date: 8th May 2026 6 **THE NOEL BUXTON TRUST INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** I report on the accounts of the charity for the year ended 31 December 2025 set out on pages 8 to 17. ## **Respective Responsibilities of Trustees and Independent Examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006), and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 43(3)(a) of the 1993 Act, as amended); - follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the 1993 Act, as amended); and - state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention: - 1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: - proper accounting records are kept (in accordance with section 41 of the Act); and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or - 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Anna Coote, MAAT Dated Independent Examiner Gilroy & Brookes Accountants Limited Suite 15, The Enterprise Centre, Coxbridge Business Park, Farnham, Surrey GU10 5EH 7 **THE NOEL BUXTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025** Statement of Financial Activities |Note
Income
Investment income
3
Bank interest
Donations
Legacy
Total income
Expenditure
Expenditure on raising funds
Expenditure on charitable
activities
Grant-making
4
Donations
Total expenditure
Net income / (expenditure) before gains
and losses on investments
Net gains/(losses) on
investments
8
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward|**2025**
2024
**Unrestricted**
Unrestricted
**133,427**
131,951
**2,141**
3,754
**60**
**80,524**
152,000| |---|---| ||**216,152**
287,706| ||**156,157**
144,889
**500**| ||**156,657**
144,889| ||| ||**59,495**
142,816| ||**546,799**
131,132| ||**606,294**
273,949| ||**3,207,325**
2,933,376| ||**3,813,619**
3,207,325| ## **Continuing Operations** None of the Trust’s activities was acquired or discontinued during the above two financial years. ## **Total recognised Gains and Losses** The Trust has no recognised gains or losses other than the above movement in funds for the above two financial years. 8 **THE NOEL BUXTON TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2025** ## Balance Sheet |Note
**_Fixed assets_**
Investments
8
**Total fixed assets**
**_Current assets_**
Cash at hand and in bank
**Total current assets**
**_Liabilities_**
Creditors falling due within one year
**Net current assets**
**_The fund of the charity_**
Unrestricted fund
**Total funds**|**2025**
2024
**Unrestricted**Unrestricted
**3,676,662**
3,091,948| |---|---| ||**3,676,662**
3,091,948| ||**136,957**
115,377| ||**3,813,619**
3,207,325| ||- -| ||**3,813,619**
3,207,325| ||**3,813,619**
3,207,325
**3,813,619**
3,207,325| These financial statements were approved by the members of the committee and authorised for issue on 8 May 2026 and are signed on their behalf by the Chair: Signed ………………………… Emma Compton-Burnett Chair of Trustees 9 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **1. Accounting Policies** ## **(a) Basis of preparation and assessment of going concern** The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (FRSSE), and the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. ## **(b) Funds structure** The Charity’s assets are unrestricted. The Trustees have wide powers of investment and are able to spend both capital and income in pursuance of the objects of the Trust. ## **(c) Income recognition** All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. ## **(d) Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings in the statement of financial activities. For more information on this allocation refer to note (f) below. Grants payable are charged in the year when the offer is made. Grants offered subject to conditions that are not met at year end are noted as a commitment but not accrued as expenditure. ## **(e) Irrecoverable VAT** Irrecoverable VAT is charged against the expenditure heading for which it was incurred. ## **(f) Allocation of support and governance costs** Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs relating to trustee Board and sub Committee meetings. The allocation of support and governance costs is analysed in notes 6 and 7. ## **(g) Charitable activities** The expenditure on charitable activities includes grants made, governance costs and support costs. A full list of grants made in 2025 is given at the end of these notes. 10 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **(h) Fixed asset investments** Investments are initially recognised at their transaction value and subsequently measured at their market 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. ## **(i) Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. ## **2. Related party transactions and Trustees’ expenses and remuneration** The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil). Expenses paid to the Trustees in the year totalled £204 (2024: £nil). There were no related party transactions. ## **3. Investment income** |Dividend income
M&G Charifund
M&G Charibond
RATHBONE ETHICAL BOND S DIS
ECOFIN GBL UTILITI ORD GBP0.01
ISHARES IV PLC ISH MSCI EM IMI ACC
ISHARES MSCI EUR EX-UK GBP HDG UCIT
ISHARES VII PLC S&P 500 UCITS ETF GBP-H
**Total**|**2025**
**2024**
**£**
**£**
**90,285**93,594
**6,695**12,618
**6,900**
-
**14,738**14,217
**10,045**7,772
**4,765**
3,750| |---|---| ||**133,427**
131,951| 11 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **4. Analysis of charitable expenditure** |Direct costs|**Grants to**
**beneficiaries**
**£**
**Governance**
**and support**
**£**
**Total**
**2025**
**£**
Total
2024
£| |---|---| ||**140,000**
**16,157**
**156,157**
144,889| ## **5. Analysis of grants** ||**Number**|**Amount**|Number|Amount| |---|---|---|---|---| |Grant Programme|**2025**|**2025**|2024|2024| |||£||£| |Supporting African communities|**4**|**40,000**|5|45,000| |Supporting families affected by domestic||||| |abuse|**2**|**20,000**|5|43,000| |Supporting prisoners and former offenders|**20**|**80,000**|18|43,000| ||**26**|**140,000**|28|131,000| |**6. Management and administration**|**costs**|||| ||**2025**|2024||| ||**£**|£||| |Administrator’s fee|**11,500**|10,663||| |Office expenses (post, email, website,|**1,136**|||| |travel to meetings)||727||| |Bank fees|**136**|168||| |Charles Stanley custodian charge|**1,247**|1,439||| |Sundries|**-**|-||| ||**14,019**|12,997||| 12 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **7. Governance costs** |**7. Governance costs**|| |---|---| |Annual subscriptions
Meeting expenses
Trustees' expenses
Independent examiner's fees|**2025**
2024
**£**
£
**533**
280
**903**
126
**204**
-
**498**
486| ||**2,137**
892| ## **8. Fixed asset investments** |Market value
At 1 January 2025
Additions
Disposals
Unrealised gain/(loss) on investment
Realised gain
At 31 December 2025|**2025**
2024
£
**3,091,948**
2,770,867
**513,451**
339,949
**-**
**475,536**
-150,000
**546,799**
131,132
-
-| |---|---| ||**3,676,662**
3,091,948| 13 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **9. The Trust’s holdings at market value at year end** ||**No. units**||No. units|| |---|---|---|---|---| ||**2025**|**Value 2025**|2024|Value 2024| |M&G Charifund|**87,651**|**1,514,209**|99,771.94|1,469,042| |M&G Charibond|||257,511|277,854| |BLACKROCK FM LTD BRCIF||||| |IS JP EQ IDX UK D|**155,317**|**198,343**||| |ECOFIN GBL UTILITI ORD||||| |GBP0.01|**173,384**|**407,452**|173,384|310,357| |ISHARES IV PLC ISH MSCI||||| |EM IMI ACC|**38,121**|**245,423**|38,121|198,058| |ISHARES MSCI EUR EX-UK||||| |GBP HDG UCIT|**56,304**|**479,935**|53,735|386,435| |ISHARES VII PLC S&P 500||||| |UCITS ETF|**47,487**|**550,137**|45,081|450,201| |RATHBONES ETHICAL||||| |BOND S DIS|**309,422**|**281,163**||| |||**3,676,663**||3,091,947| ## **10. Grant commitments** At 31 December 2025 the Trust had commitments in respect of grants offered subject to conditions which have not been met at year end: ||**2025**|2024| |---|---|---| |Within one year:|**£56,000**|£70,000| 14 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Grants supporting organisations working in Africa** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |Danwadaag Relief
Alliance|Dhobley
Region,
Somalia|To support women setting up
Village Savings and Loans
Associations.|£10,000| |Mango Tree|Homabay,
Kenya|To support the Our Lives Our
Land project - an agricultural
and fisheries project led by
Mango Tree Kenya, as the UK
team hand over responsibility.|£10,000| |Salaam Junub|Gurei Suburb,
Juba, South
Sudan|To support former child
soldiers and survivors of
gender-based violence to
develop sustainable
livelihoods|£10,000| |Siiqqee Women's
Development
Association|Nemente
Town,
Ethiopia|To support internally
displaced women to develop
sustainable livelihoods.|£10,000| |||Total of fourgrants|£40,000| ## **Grants supporting organisations working with families surviving domestic abuse** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |Family Rights
Group|UK Wide|To bring the voices of children
and families with experience
of the child welfare and family
justice system into the
discussions that shape policy
and practice.|£10,000| |Not Beyond
Redemption|England and
Wales|To support the costs of
running in-prison legal advice
clinics for mothers needing
help with child custody and
contact. Advice provided pro
bono by family lawyers.|£10,000| |||Total of twogrants|£20,000| 15 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **Grants supporting organisations working with prisoners and former offenders** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |abandofbrothers|Midlands|To support the Quest for
Community programme that
provides mentoring for young
men leaving prison.|£5,500| |Beating Time|West
Midlands|To support singing in prison
settings and work to tackle
homelessness when people
leave prison.|£4,000| |Bucks Association
for the Care of
Offenders (BACO)|South East|To support prison leavers with
the transition to community
life by providing essential
items and access to training.|£3,000| |Changing Tunes|South West|To help expand the in-person
music and performance
services for prisoners and
former offenders.|£2,000| |Clean Sheet|England|To help former prisoners into
sustainable employment or
training by linking with
supportive employers.|£2,000| |Elizabeth Fry
Charity|South|To help fund an outreach
programme for vulnerable
women leaving HMP Reading.|£5,000| |Fresh Start
Futures
Enterprises|East Anglia|To fund mentoring for
prisoners and former
offenders aimed at breaking
the cycles that lead to
reoffending.|£5,000| |Landworks|South West|To help fund prisoners learn
transferable skills
(landscaping, gardening,
woodwork) in a supportive
environment.|£5,000| |Liberty Choir|England|To support the costs of
running singing workshops
and concerts in prisons and
community choirs for prison
leavers.|£2,000| |New Bridge|England and
Wales|To help fund a volunteer
befriending programme for
the most vulnerable
prisoners.|£2,000| 16 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2025** |Next Chapter
Scotland SCIO|Scotland|To fund core costs of a charity
that breaks down the
discrimination faced by
former offenders in Scotland.|£9,000| |---|---|---|---| |Prodigal Arts|South West|To expand its programme of
visual arts workshops in
prison settings.|£2,000| |Release Mates|North West|To support prison leavers
recovering from substance
abuse as they move out of
HMP Lancaster Farms.|£5,000| |Sixty-One|South West|To support mentoring,
educational and rehabilitation
services to prisoners and
former offenders.|£2,500| |SOFA Project|South West|To support job training for
prisoners and ex-offenders|£2,000| |Step Together|North West|To support a volunteer peer
mentoring programme
working with women who
have been involved with the
CJS.|£2,000| |StreetDoctors|England and
Wales;
Scotland|To expand a project that trains
young prisoners in first aid at
HMP Hindley.|£9,000| |The Recruitment
Junction|Northeast|To extend a specialist job
finder project benefitting
former offenders in Co.
Durham.|£5,000| |Unlock|England and
Wales|To help fund a volunteer-led
helpline giving advice to ex-
offenders who face barriers to
employment and housing.|£5,000| |Upper Room|London|To help fund UR4Driving, a
project that helps former
offenders gain a driving
licence in tandem with
volunteering opportunities.|£3,000| |Total of 20 grants
£80,000.00|||| 17