**CHARITY REGISTRATION NUMBER: 223794**
## **FOUR WINDS TRUST**
## **UNAUDITED FINANCIAL STATEMENTS**
**31 DECEMBER 2025**
## **SAINT AND CO**
Chartered Accountants 4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR
**Four Winds Trust**
## **Financial Statements**
## **Year ended 31 December 2025**
||**Page**|
|---|---|
|Trustees' annual report|**2**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|
1
**Four Winds Trust**
## **Trustees’ Annual Report**
## **Year ended 31 December 2025**
## **Reference and administrative details**
|**Registered charity name**|Four Winds Trust|
|---|---|
|**Charity registration number**|223794|
|**Principal office**|23 Three Elms Road|
||Hereford|
||HR4 0RH|
|**The trustees**|Mrs J L A Cadbury|
||Mr J N Gillett|
||Miss R Cadbury-Simmons|
||Theodora Cadbury (Resigned 31 December 2025)|
||Michael Bull|
||Tracy Clark (Appointed 8 March 2025)|
|**Secretary**|Mrs J L A Cadbury|
|**Independent examiner**|Ian Thompson, BA(Hons), FCA|
||4 Mason Court|
||Gillan Way|
||Penrith 40 Business Park|
||Penrith|
||CA11 9GR|
|**Stockbrokers**|Rathbone Greenbank Investments|
||10 Queen Square|
||Bristol|
||BS1 4NT|
|**Principal bankers**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
2
**Four Winds Trust**
## **Trustees’ Annual Report**
## **Year ended 31 December 2025**
The trustees present their annual report with the financial statements of the charity for the year ended 31 December 2025. This report should be read in conjunction with the Trust Information given on page 2.
## **Objective of the charity**
The objective of the charity is best described in a statement made by Henry Cadbury, the founder of the Trust: “After twenty three years of life in Fleet Street and six months at Toynbee Hall in Whitechapel, I had always hoped that in some way any result of my work might be to give those living in cities a better chance to enjoy nature and the beauties of the countryside.”
## **Achievements and performance**
The main achievements in the year are the grants offered and paid out to support others to enjoy nature and the beauty of the countryside.
## **Financial review**
The charity is pleased with how the charity’s funds are being managed since changing stockbrokers to Rathbones. The income from these investments help to cover the expenditure incurred by the charity in the year.
## **Reserves policy**
The charity held £619,713 in total funds (2024: £621,076). The original endowment of £72,975 is classified separately. The funds have decreased by a total of £1,363 in the financial year.
The charity holds a healthy bank balance of £29,783.
The level of reserves is monitored and reviewed by the trustees as necessary and at least once each year.
## **Structure, governance and management**
## **Governing document**
The charity is a registered charity and is governed by a constitution dated 18 June 1963.
## **Organisational structure**
The Four Winds Trust is a registered charity in England and Wales.
## **Method adopted for the recruitment and appointment of new Trustees**
The Trustees of the charity are determined by the trustees at the annual general meeting. The board of trustees is open to individuals who are interested in furthering the works of the charity and meet the approval of the current board of trustees.
3
**Four Winds Trust**
## **Trustees’ Annual Report**
## **Year ended 31 December 2025**
## **Trustees’ Responsibilities Statement**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity'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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 14 March 2026 and signed on behalf of the board of trustees by:
Jane Cadbury Secretary
4
**Four Winds Trust**
## **Independent examiner’s report to the trustees of Four Winds Trust**
## **Year ended 31 December 2025**
I report to the trustees on my examination of the financial statements of The Four Winds Trust ('the charity') for the year ended 31 December 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ian Thompson BA(Hons), FCA Independent Examiner
4 Mason Court Gillan Way Penrith 40 Business Park Penrith CA11 9GR
5
**Four Winds Trust**
## **Statement of Financial Activities**
## **Year ended 31 December 2025**
|**Page**
**No.**
**Incoming resources**
Net dividends/interest
**9**
Bank interest
Realised investment gains
**Total income**
**Resources expended**
Charitable grants
**10**
Administration expenses
**11**
**Total expenditure**
Net income/(outgoing) resources before transfers
Unrealised gain/(loss) on investments
**13**
Fund balances brought forward at
01 January 2025
Fund balances carried forward at
31 December 2025|**Unrestricted funds**
**Totals**
**Totals**
**2025**
**2024**
**£**
**£**
12,363
11,244
136
140
18,842
28,414
31,341
39,798
29,571
33,894
9,320
8,747
38,891
42,641
(7,550)
(2,843)
6,187
(33,326)
621,076
657,245
619,713
621,076|**Unrestricted funds**
**Totals**
**Totals**
**2025**
**2024**
**£**
**£**
12,363
11,244
136
140
18,842
28,414
31,341
39,798
29,571
33,894
9,320
8,747
38,891
42,641
(7,550)
(2,843)
6,187
(33,326)
621,076
657,245
619,713
621,076|
|---|---|---|
|||39,798|
|||33,894
8,747|
|||42,641|
|||(2,843)
(33,326)
657,245|
|||621,076|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
6
## **Four Winds Trust**
## **Statement of Financial Position**
## **Year ended 31 December 2025**
|||**2025**|**2024**|
|---|---|---|---|
||**Note**|£|£|
|**Fixed Assets**||||
|Investments||592,256|598,186|
|**Current Assets**||||
|Cash in hand||29,783|24,716|
|**Creditors:** **amounts falling due within one year**|**3**|2,326|1,826|
|||---------------------------|---------------------------|
|**Net current assets**||27,307|22,890|
|||---------------------------|---------------------------|
|**Total assets less current liabilities**||619,713|621,076|
|||---------------------------|---------------------------|
|**Net assets**||619,713|621,076|
|**Funds of the charity**||||
|Original endowment||72,975|72,975|
|Accumulated revenue||546,738|548,101|
|||----------------------------|----------------------------|
|**Total funds at 31 December**||619,713|621,076|
These financial statements were approved by the board of trustees and authorised for issue on 14 March 2026, and are signed on behalf of the board by:
Mrs J L A Cadbury Secretary
7
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **1. General information**
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is 23, Three Elms Road, Hereford, HR4 0RH.
## **2. Statements of accounting policies**
The financial statements have been prepared under the historical cost convention. Credit is taken for the income from net dividends when received. Credit is also taken for the recoverable tax or transitional relief relating to those dividends in the year in which they are received.
Charitable grants are accounted for when paid. The Trust’s commitment to making grants in the future is infrequent and not material **.**
## **3. Creditors: Amounts falling due within one year**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Independent Examination and Accountancy|1,826|1,826|
|Honorarium|500|-|
## **4. Investments**
The Charities Act 2011 and the Charities (Accounts and Reports) Regulations 1995 require investments to be stated at their current market value.
The Trust’s stockbrokers, Rathbone Greenbank Investments, valued the investments at 31[st] December and this valuation has been incorporated into the Accounts, the resulting increase or decrease in the value (the unrealised gain or loss) has been shown on the Statement of Financial Activities for the year.
## **5. Trustee remuneration and related parties**
Jane Cadbury honorarium payment of £500 for her work for the Charity is included in creditors owing this year. Last year the amount of £500 was paid within the financial year.
There were no related party transactions in the financial year.
8
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Dividends/Interest Earned**
## **£**
|Abrdn OEIC
Advanced Drainage System Inc
Aegon Asset
Applied Materials Inc
ASML Holdings
ASSA Abloy
Atlas Copco
Coats Group Plc
Deutsche Bahn Finance
Equity Trustees Fund Services
Experian Plc
FDM Group Holdings Plc
Genuit Group Plc
Goldman Sachs Funds III
Greencoat UK Wind Plc
HA Sust Inftra
Halma Plc
Impax Asset Mgmt Group
Impax Environmental Mkts Plc
Interest earned
Intertek Group Plc
Janus Henderson Investments
Kainos Group Plc
Kreditanst Fur Wie
Kurita Water Industries
Legal & General Group Plc
London Stock Exchange Grp
Londonmetric Property
Marshalls Group Plc
MIPS AB
Octopus Renew
Paychex Inc
PICTET Funds
Prudential Plc
Rathbones Asset Mgmt
Relx Plc
Renewables Infrastructure
Royal London Unit Trust
S&P Global Inc
Salesforce.com
Schroder Investment Mgmt
Spirax Group Plc
SSE Plc
Steris Plc
Tomra Systems
Treasury Stock/Gilts/Bonds
Visa Inc
Xylem Inc|404.14
15.47
224.83
48.47
57.09
113.62
64.42
198.63
187.50
75.50
123.01
99.90
289.80
180.00
688.09
226.37
121.65
376.60
207.67
235.21
279.83
58.48
135.83
61.25
39.16
1,074.00
62.56
390.40
81.01
42.05
257.46
197.32
2.00
129.54
627.20
218.62
613.94
736.39
7.93
18.08
45.83
208.01
327.42
61.66
49.00
2,476.26
103.20
121.27|
|---|---|
||12,363.37|
9
## **Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
|**Charitable Grants**
Angus Alive
Belvoir Cricket & Country MB
Bendrigg Trust
Birmingham PHAB
Children's Adventure Farm Trust
Community FoundationForPlay
Community Links
Conservation Volunteer (H Bush)
Conservation Volunteer (S Grange)
Country Trust
Cudham
Faithworks Wessex RSC
Forest of Avon
Free To Be Kids
Gairn Community Garden
Getting Better Together
Go Beyond Charity JC
Higher Ground Allerdale
John Muir Trust
Kind annual promise
Kind Liverpool
Kingswood Trust
Leicester Children’s Holi
Macaroni Wood/Noah’s Ark
New Routes Integration
Nottinghamshire Wildlife JC
Open Country
Outdoors For You SCIO
Outward Bound Trust
Phoenix Bereavement Support Services
Royal Forestry
Sefton Children's Holiday Fund
Severn River Trust
Sheffield & Rotherham Wildlife Trust
St Andrews Youth Group
St Madoc Centre
The Cart Shed
The Garden Classroom
The Greenwood Foundation CIC
Toynbee Hall
Wild in the City
Woodcraft Cudham/Folk
Woodland Trust
Woodle Trust
46thFife Scout Group
**Total**|**2025**
**2024**
**2023**
**2022**
**2021**
**2020**
1,461
1,500
1,500
1,444
2,000
2,124
1,896
1,782
1,488
1,080
1,500
1,100
2,000
1,500
1,575
1,500
1,100
1,100
1,000
1,000
1,854
1,800
1,650
1,650
1,500
1,500
1,729
1,562
1,560
1,400
1,320
2,000
1,750
1,000
750
1,500
1,370
1,200
2,000
1,100
1,000
1,000
1,000
1,000
1,000
1,000
900
1,000
1,000
2,000
1,561
1,569
1,491
1,444
1,400
1,500
1,000
1,100
1,000
1,500
1,500
2,000
1,500
2,000
1,460
1,092
1,000
1,500
1,500
1,000
1,000
1,100
500
500
2,000
1,500
1,500
1,500
1,200
1,000
1,000
1,000
1,400
1,400
1,000
1,250
1,000
1,272
1,470
1,326
1,000
2,000
1,500
400
1,000
1,750
1,500
1,650
1,000
1,000
1,100
1,000
1,000|
|---|---|
||**29,571**
**33,894**
**16,669**
**19,137**
**20,871**
**18,538**|
10
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Administration Expenses**
|**Administration Expenses**||
|---|---|
|Saint & Co Accountants
Rathbones Admin Fees
AGM Expenses
Honorarium
Bank Charges
ICO
Legal Fees|£
1,938.00
5,300.16
876.29
500.00
58.51
47.00
600.00|
||**9,319.96**|
11
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Purchase of shares**
|23|Accenture Plc|4,720.49|
|---|---|---|
|10|Adobe Inc|3,068.24|
|390|Atlas Copco AB|4,973.24|
|5|Belimo Holding|3,697.60|
|110|Bluebay Funds|10,905.40|
|2500|Greencoat UK Wind Plc|2,447.55|
|46|London Stock Exchange Group Plc|5,013.61|
|36|London Stock Exchange Group Plc|3,342.24|
|18|London Stock Exchange Group Plc|1,601.94|
|860|National Grid Plc|9,789.81|
|5|Partners Group Holding|4,639.70|
|1200|Rathbones SICAV Asia Equity|12,000.00|
|5401|Rathbones Asset Mgmt Ethical Bond|5,458.55|
|4825|Renewables Infrastructure Grp|3,284.74|
|13|S&P Global Inc|4,780.94|
|23|Salesforce.com Inc|4,844.57|
|25|Schneider Electric SE|5,261.38|
|310|Stewart Investors Asia Pac|2,572.75|
|3300|Stewart Investors Gbl Emerg|14,212.44|
|65|Veralto Corp|4,870.61|
|36|Waste Connections Inc|4,743.72|
£ 116,229.52
12
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Unrealised gains on investments**
|Opening Valuation
Add Purchase of Shares
Less Sale of Shares (at cost)
Value of Investments as at 31 December
2025
Unrealised gain/(loss) on Investments
(Page 4)
£|598,186
116,229|
|---|---|
||128,346|
||586,069
592,256|
||**6,187**|
13
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Sale of shares**
|**Name of Company**
1400
Aegon Asset Mgmt UK
100
APTIV Plc
3
ASML Holdings
80
ASSA Abloy
950
CT Lux III Responsible Gbl
Euro Investment Bank 1.125%
6753
Fund Partners Ltd
170
Halma Plc
190
Halma Plc
6800
Home REIT Plc
853
Impax Asset Mgmt
547
Impax Asset Mgmt
200
Kurita Water Industries
1400
Lombard Odier Funds
20
Pictet Funds (Lux) Water
40
Rockwool A/S
690
Stewart Investors Asia Pac
3300
Stewart Investors Gbl Emerg
Treasury 7/8% Green Gilt|**Proceeds**
**Cost**
**Profit/(Loss)**
12,658.80
12,320.66
338.14
4,875.27
6,838.22
(1,962.95)
2,313.02
1,036.14
1,276.88
2,239.34
1,504.56
734.78
14,402.00
13,743.50
658.50
12,993.50
12,258.27
735.23
14,213.23
9,814.63
4,398.60
5,492.03
229.03
5,263.00
6,695.83
255.97
6,439.86
680.00
6,999.42
(6,319.42)
1,523.00
2,251.92
(728.92)
942.88
1,444.08
(501.20)
5,272.52
5,904.06
(631.54)
13,023.22
14,054.60
(1,031.38)
9,936.40
6,706.98
3,229.42
14,133.32
7,897.42
6,235.90
6,155.83
6,292.72
(136.89)
14,129.61
13,342.31
787.30
5,508.32
5,451.73
56.59|
|---|---|
||**147,188.12**
**128,346.22**
**18,841.90**|
14
**Four Winds Trust**
## **Notes to the Financial Statements**
## **Year ended 31 December 2025**
## **Charitable Donations**
## **Name of Company**
|Bendrigg Trust
Children’s Adventure Farm Trust
Cudham
Gairn Community Garden
Getting Better Together
Higher Ground Allerdale
Kingswood Trust
KIND (9/10 annual promise)
Noah’s Ark Children’s Venture
Nottinghamshire Wildlife Trust
Sefton Children’s Trust
Severn River Trust
TCV Hollybush
TCV Skelton Grange
The Cart Shed
The Garden Classroom
The Greenwood Foundation CIC
The Royal Forestry Society
£|1,500
2,000
2,000
1,500
1,370
2,000
2,000
1,000
1,500
1,500
2,000
1,500
1,575
1,854
1,272
2,000
1,500
1,500|
|---|---|
||29,571|
15