Charlty rngl•lrnllon numbèr 244868 IEnglAnd and W•lM) THE CALEDON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE CALEDON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Thitee Soulhem Fiduciary Ltd Fwmfr•n• Ltd Charlty numb•r (Engl•nd and W*l••l R•gl•tsrnd offl¢e S8coNJ Floor Regis House 45 kn'ng Wlli•m Street London EC4R 9AN Audltor Third Fkmx. G¥t¢¥vay Houso Tolwte Chandlefs Frxd Hampshir• United Klngdom S053 3TG
THE CALEDON TRUST CONTEKrs Trustees. rewt Independent 4u¢tof$ r•prKi stent offfinandat aclMtk8 8alan(> shwl Slatemgnl ol Gath flows 10 Notes lo the fknand 6to1omonl$ 11-17
THE CALEDON TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trust has h¥0 Tpor4¢$ trustees. Firmframe Ltd and Scwjthem Fidu¢aary Ltd. In this report, references lo tru$. moan the dire¢tors of those corporate tru$tees ading In thBI capacty, unless the ctsniext rèqulres OtheiSe. The Irusl••$ prosont their annud rnport and finandal statements lor the year énded 31 December 2025. The financ4al ststements ha been wep4d in 8ran with the 4w)unling policies 8et out In note 1 to the financial statements and comY wih the charit8 oovgming document. the Ch81ili&s Act 2011, FRS 102 'The Fin8n¢ig1 Reporting Stsndard applieabbe in the UK and Republ of Irelan and th• Ch8ritio3 SORP "Acc4)unting and Rewrting by ChaTilies' Statement of Recommended Practice app7kab to chanties prepar1j Iheir acccJnts In accordancè wrth Ihe FinoncAo1 Reporting Standard apWicable UK and RepUtG of Ir¢land IFRS 1021.. Obj•ctlvM and •cVvlll• The objtcts ol ¢h• Trust, as set out on IM TTh1 dold. are for 11 Preaching and disseminat1 of the Kxd of God 21 Support of Chrisli8n workw$ 31 Provion and maintenance of building5 for Chrtlan rglvJiou8 wOrSp 4} Rel1 of aged or 8k ChrlslLgn8 or Chrl$ln kn drfficl ¢¥c¥m8tanc88 Thè Trusl8e8 nffinn that thty have rgfeNed to the Charity Commvssk)n'8 ouidJnce on publi¢ b•ngfil wh8n reviewing Iht Trusl's alms and gt¥'ectives. aTrJ in lu¢ure planning aclity setting the grant maklng policy for the y•ar. Grnnt maklng polky Thg chaTIty makes many grants lo different and Indfviduth. Gronts discuisod irwj apwov•d In fth1nightty r8vl8w meelirvJs. Potential b•n&fidarfg8 mgy be Klentified wrth asslstance from Vroth h•lp8 to gather 8pplic4tion Information and prepare recommendatn$, Th• relevant area Iruslee fevkn thg applicat)n and any flnandal, l•gg1 or evidential quosllons before it 16 wts6•nled lo the trust8e8. In ¢onwd•rlng appllcation8, the INstees a66ess whether the proposed as6i$tsnc 13Ns wrthin th8 Trusf5 charitable purp08es,' whelher genuine nood has been demonstrated.. wholhgr Ihe request rd reosonabl8 and proportionat8' whether slatutory, family or other support is avallable.. whelh8r the proposed asslsiaKe Is to wOdU a $U5tainable wt¢ome.' and vthether the Trust has sUffient r05(xJrces lo make the Cofnmitmenl. Grant8 are ¢C31dered wlle¢lN•ty at mknuted truste• mwtings and rèq appro¥81 by a quorum of at lèast two INstfjg$. Payments are then mado in aCdanc0 wilh ts TnL%f$ payment, fin•rKl-C4th and d•l8g4tsd4uthority aNangements. Achl•v•m•nt• and p•rforn)anc• slprnfnI a¢livilios and aGhievennls 8gainst 0CtiveS Th& Tw$1 ha$ made gr•nts tot81179 £2,322,714 12024: £1.482.1521 lo varirAs irrtJIdy3l$ gnd one organisalion, providing lie1 and 6UPFQrt lo tho$¢ in necessrtous car¢um$l¥n¢es and providing funding for modlcal support. During the year further loans were mad of £91.000 MaD9 a lot4 of £221.(M)012024.. £130,ofKII to indmduals in noed. It has dso pra¥lwsty provmled fundiry of £100.Cm by way of an •quty stake in a property purchase for an elderfy couple. rfng th8 year, the Irustèes undortijok a substantial proyrnmme to Stffjn91 the Twst's govemance, operatnl resilien¢, and supporting systems. This induded fewtrwing Ihe Trusfs arrangements against an gxiamal resilience framewort.. gxpanding and cons(Aidaling the policy frarnewoth". impro¥irrfJ grant and lo•n docum•ntalion.' and da"n9 responbilitieS behveen the Trust and an independent welfare organlsalon whlch 08sis18 w((h IdentIng potential nefficIan88. gOring information and preparing recommendalKms. AH grant and k)on decAsJns remain the independent responsibilty ol Ihe trustees ofThe Cale&)n Tmst.
THE CALEDON TRUST TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This work conunued after the yèar 6nd. incn9 the introduclb)n of dedKated quarterty governanco meetings, fomial adion tracking, regular reifj8w of the risk rogistar and fvrth¢r vffjrk lo ensur8 that WI.@8 ale not onty (k1mented but a activety implemenled, r•Trev. and evidenced in wactlce. The truslé•s are also dèvekying imprLwed methods of gathering ben¢ftiory feedbac and dernonstrating Ihg dlffemn( made by the Trust's ossislance. In ass•swng and 5tnKturirwJ assistance, the trusts•8 $9gk not onty lo rokn imnwllate hardship but, where PO881N8, to support solutions whi¢h provth Jonger-lemi stots'lty wellwng. FlnAnci•l r•vl•w In the year ended 31 D•c•mb•r 2025. the Trusl h•d • 8wphJs of trning resc¥rn owr restyxcè8 eXnd of £883,211S {2024'. £316.7281. Totsl w)lunt8ry Incom• rfved tIMs year wa8 £3.255,613121r24.' £1.827,380), All fund8 hold wère unrèstricted fvnd8. Reswvospollcy In accordanc4 wlth Trust's FlnwKi81 Rosar Poli¥ry, tr trusle08 retr4V the aPPTowlale kn•1 ol uNe5tsict•d rnserves by referen to onJ¢ipo1od gr•nt ¢ommrfm•nts. YmlrAJ and certainty of ftrture In¢omè, oul6taThJiThJ loans and property inleresls, optrratlng •fKI OOlman¢e COL4ts, liquhjty r8qur•ments ond the need to raspond prompty lo urgent charrtablo n•&d6. The TwBt aims lo retain 8uffici8nl re•dity avail8tAe re$ to meet approbd commitmgnls ¥nd ftyeoeeab xpendilure, lIe continuing lo aFvly 1¢$ rgsoyr¢e$ aaNety in furtheranf of Its tharilable purpos•$. Unr951ri¢ted reMrv•s al the ytarvend wwè £1.910.34312024'. £1.027.13n. M8iornsks The tru$t•e8 maintsin and rewlarty Ihe prirt11 stra, fmarthl. and oper41¥)nal risks fgdng tho Th18L The$• include ¢ompllance with charity law and the goveming docum8nl,' opproprlale assessrnenl, approval and monrtoring ol grants and loans.. fraud or mlsuso ol luThJs', hv•stment and liqUty ii5k.' saf8guardlng', ¢J•ts protection and tybèr security., wopety-rel8t8d respon1.18s', f8li8nce thlr(kparty $erwic& 8rraryiments', repulallonal ri8k: and the availatw'lity of 8ufficsont lunding to me•t thaiilable ¢ommilments. Thes• risks arfj managed through trustee approv ntrol9. polldèy and (Selègated aulhorifjes, flnandal rnportlng budget moni(oring, # frtrmal risk register. peritsd¢ Tevwi of loans and propety interests. safeguarding and dal& protecllon aryangemonls, and dedkxted go¥•mance meetlngs at whw rfsks. ac1$ and rèBponsibilth$ are èwed Ind o¢orded. Pl*n• forfvturn p•rlod• The tru618e8 intend lo Continue pro¥iding 88B1S• to 4nd ory8nl8all¢s falling tmthin the Truyf tharhable purpo$. whlo fiJrth•r embeddlng the and IMpr0mntS kndy knlrodLThd. Priorit16s inchjde slT8n9thening evidèr)c8 of ben•fiuary 0C•M¢S, imwtsng fman(aal and management reportlnq: contlnuing the revi8w and documènta1h of loan$ and property interesls.. developing data-retentitin and cybgr- security aTh3ngemtnts', maintaining trustee training and 8utsxssknn plannlng.. re¥Mn0 the effeNe&s$ of policies and cOntrs., and ¢ontinuing govern¥nce aNI peer review.
THE CALEDON TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 stN¢tuY¢, governan¢t and manag•m•nt The chanty is controlled by a deed oflwsl and constthtès ) carhy. The Charty 1$ an unintt)rporated Irust ¢Stilted by a Dèed of Tnwt datsd 3 August 1965. Th• Trust was registered with Ihe Charity CcrfnmissJn kn EngLqnd and Wales on 29 Septemb•r 1965 under Charfty Registration Number.. 244868. The truslees act lled1velY in caffylng Out their rtSpOnsrt18s. Lead rnsponsibilities have been allocated for aw8$ ndudin9 Strategic dlrgcon, firhan¢e and treasury, regulatory compbianc and risk, 8aleguarding and èqual¢ty, prwrty and invwJtrnents, f•edb8dt. grants lo other tharIt$ ¥nd benefiu'ary ¢as•s. Thesè ¥llocalions supp)rt dear aGcountabllity and effed¥e overswjhl but do nol amer the Iru$l•&$' ¢ole(awe responslblity for the Twsl's d8clsion8 and activ03. Recnknnl and 8pptynlm&nt 01trust The Boards of Dk¢(IofS of PYPOTato Twslees m••t r•9ulwty. Th• Tnths at the dale Ihl• rgport Was 8lgn•d, w•r• 08 foUow$'. Firmfr8m• Ltd Soulhom Fidu¢iary Ltd The Dlrectorn ofFimrframe Ltd ond S(xrthom Fkn. Lld are Is follow¥.' John Thom88 C•Nulh Benjamin Dunham Polèr John Marsh Kenny M¢Mullan R¢bert Louis Tuffin The power lo •ppoint new Iru$lees is vest•d Sn the exi$tin9 trusteès. ProspectNti appinlmerrts are Consider by refergnce to the sklls. •xperten¢e ond succesoion n•¢¢8 of the Trust, $upport•d by it¥ Skills Malrix and Succe8$lon Plannlng Policy. The Tru8f$ fornial inductlon arrangemen18 W0de lor new Irusto9$ lo rewv¢ th• wrnIng do¢umenl, relevant polic¢es and Ch8rity Commission guidarb¢e,' an explanatlon of th•ir legal dut1è8. f•sponsibilititr$ and exp8(a8d time ¢ommitmenl', appropriate training". and a handover relatiry lo any partilar area ol r&spOrYa1lIty. Twsloas aro 8180 rnquired tts complete appropriat• dfjdoralioni of W)¢¢rts. stst•m•nt of tru•te•¥' r••ponilbllttb Tho Iru$te85 are r#Sponble for pr¢p8ring tho Tw8tee$' R•wl and the fingncial ytsl•nwl$ In cordIn¢t with appli¢able and Uni18d n10M Attounting Sland8rds (United ngdoM GeneT&ly Accepled A¢c£•unllng PTactice}. Th8 law appli¢abk to tharilies in England and W41•s requires Iho trust8e8 to prep8r& financlal slalements for each finanaal year whlch gNe a tru• 8nd fair biew of tho Stat• of affairs of tr tharity and of the incoming resources and appllcation ol res[¢85 ofthe tharity for that year. In preparln9 these finand818tatsments, th• tru5ts88 w• requ•d to: - seled svilabl& accounting poliaes and then apply them conslstentty.. - observe the methods and pnnciF4es in the Chariti'es SORP.. - make judgements and e51im8s that are re#sonabl& and prudent: - state whether •pplicablo aAunting standard$ been folhyAfed. sutlgrt to *y mat&rral departures dl$dosod and explained in the financial staloments.. and - prepaTO the finaniial statements M th• gowvJ corKem b•sis unbess M Is inappropriatè to PTgsuma that t ¢h8rity VAI ntInu& in operation.
THE CALEDON TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Tha Irusl8&$ are resp)nble for keeping $uffldgnl accountirvd rerdS thal discjose wrth r8asonable #t any time the finarK481 po8fvion of the charity and enable them lo ensure thal t ffinancial st&leThnts comply with the Chgrllles Act 2011. thé Charty IA¢¢ount8 ènd Repts) ReguLgtlons 2008 and the pro5103 of tho tru8t deed. They are also responsitA& for saf•guarfSNJ the atsets of the charity and hence for tsknng rwonable steps for the prnvenlion and delection of fraud aTrJ other lThegularlU#. Al transa4Xion8 have been rgv7owod •nd approved by trwo Truslees. The InMl8es' report was appro%d by Ihtr Board of Twsl885. Robert Tuffln Dlrector ol Firml8 Ud and South•m FwJu(* Lld Coryborat• TN•t•• 1410812026
THE CALEDON TRUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE CALEDON TRUST Oplnlon We have audAed the financial statèments ofThe Caedm Trust (the'dWI for th• yoar gnded 31 Decemter 2025 whkh Comprise the 6talemgnt of financial athtw. the balance 8het, Ihe statement of ¢ash flows and notes lo the finJn¢ial 8Mements. indudww signrficant accounting polKaes. The finanaal reportiNJ framework that has been applied in Ihoir prepafallon 15 pble and Unlled lfjngdom A¢counts'ng Sland8rds. indudkng FlnancAal Reporti Slandafd 102 Th8 Finan¢io1 RotIng Standard oppbGabl& in th8 UK and RepuNic of Itvland (Uniltd Kingdorn GenWallyApted Accounting Practice). In our opirlon. Ihe ffnancoal l1810ffr. give a truè arKI fair view ol the state of the thaiity's affalrs 0$ at 31 Dec•nb8r 2025 and of 11$ irnIng resour5 and applS¢alw)n of r8sourcs, for th• year then erthd., have boen prowrly prepartd In aco)rdanc8 wth Unitad lfjngdom Acpted AoUnting Practice.. and have boen wepared in aC0)rdtm with th¢ Charitm Acl 2011. •1• for oplnion Wt ¢onduGted our audit In accordan 1n1amalal Starthrd$ on Audiling (UK) (IS45 (UK)) and opplicgb law. Our responsibilitiès untjer lho standards are fvrther deg¢xibed in Auditorf$ m$ponsA.IIlieS for the audlt of the fin8nclal sl8t8m6nts 3edion of our report. ar• indeFendenl of the chanty in a¢Kordgnc& with the ethical requirements that ara rolevanl to our audit of the finalla1 si¥lements in the UK. induding the FRC'S Ethical Standard, and w¢ have Iled Ouf Other hl responsii4Mlo8 in 8CC4)Tdanc• th those r8quiromnts. Wo believè th81 the 8udrt tlence wg have oblainlil is suffldenl and •PPfopriale to wo¥id• a ba6 for our oplnlon. ConcIlOn9 v•latlng to golng canM In oudits'ng the finanty¥l statementy. we h9ve n{Jdad that the trust, ol the g¢Ang b8tys of accounting in Ihè preparatlon of Ihe finnoal slatowts 15 pproyiat•. Based on the work we have perfom)ed, we have not klentified ¥ny malerlal unc8rtainti•s relating lo events OT conditltsn8 Ih8t, Individualty or colWv8ty. may c•$1 significant doubt on the charity's lo c•ntinu• As a golng Co1n for a p•rltsJ of at least twefv• months from when t financfjal statements ore aulhorfs•d for18SUg. Our ntIlo•S and r•8p0nStsJfj ol the twstees r8sp8ct to golw c¥>nn we de8ullxd In the felevanl Sections of this report. Oth•r Infomlatlon Thé other infomiation cornpri$ thg infom¥lion hKILKled in the annual rwt otheT th•n the financlal st816m6nt8 gnd our audrto¢8 report thereon. Th• trustees alp responble lor the other infomation contained wrthin the annual r•port. Our opinlon on the financial slatements OJe$ not ¢OVgr the other infomalon and we do not •xpr838 any lomi of OSSLYancè condu$ion Ihereon. Our responsiblty is to r•ad the other infoffnation and, in doing w. considor whether the other infcffiiatson 15 materialy Incrls1onL wth th• fina#al ytatoments or our knowledgè obl8lned In tho ¢ourso ol Ihe authrt. or olheTh¥ise 8ppe8ts lo be malerialty misstated. If we idÈnlJfy suth rnatarial nnSIStnCl8S or aprtsnt material misstatements, we a roquired to deleIne whelh8r thi5 gives rise lo a material rnis51atem¥nl In th• finand81 statemènts Ih8msthes. ff. ba$8d on the work we have performed, w• Gondude thal thtrri IG a material misstatement of thi5 Other inlormatN)n. we are required 10 report that fact. We have nothing lo rgpori in this royard. Matt•rs on whlch T*• arn rnqulr•d to rnport ty •xc•pllon We have nothfj'np lo report in re5Pt¢l of the foknying matters kn r•lat to which tha Charitiej {AOunts 8nd ReKY)rtsl Regulations 2C4)8 reqreS ug lo reporl to you il, in our opinirffl.. the infom)alion given in Ihtr finanaal statements is inconsistent in Y material sp&¢I wrfh Irustae8' report.. or suffn.ent accounting records ha not been kept.. or the financbal siatements are nol in agreement wth the accounting rewds.. LY have not r•c8ived al the nformalion arKI explanations w• rnquir8 for our audit
THE CALEDON TRUST INDEPENDENT AUDrroR'S REPORT (CoriNuED) TO THE TRUSTEES OF THE CALEDON TRUST R•pon¥IbllHo of Irujte As explained more fulty in the slalemenl of tnJstees' re$ponsl)ilibes. the Irujteos arè responsible for the preparation of the finan¢ial stalwents and foi bwng &itisfied that they gtve a true and fair view, and for wch internal control 99 th8 trustaés det8miin• Is nttassary to enable Ihe preparation of fmamyal statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the finandal 6tatements. the trustees are responsible for assestsing the tharity's ability to Contin as a Ing conc¢m. disdosing. as appli¢ablg. m8tters reWd to going concem and uslng the going co1M basis ol accountirq unkss the tmstees •ith•r intend lo cèase operations, ha no r•8lsllc alt•maliv8 but to do 80. Audllorf• r••pon•lbllltl•• lor the audlt of th• Ilnanclal •tst•m•nts Wo hav¢ been appointed 9$ auditof urKler 8ectlon 144 of the Charlts AfA 2011 and rnport in ac¢ordarK• ¥th the Acl and relgvant regul8lions made or haying effe¢a thwpunder. Our objectives 8Te lo obtaln reasonat>l• aSsUrar aboLrt w•er th• finagaI statements as a wholè are fre& from malerial misstatement. whether due to frgud of error, and lo rtssue an audt15 report that indudes our opinion. Reasonable assurance is a hwjh levol ol aswran¢¢ blrt 1$ not 4 guarnnlee that an aLJdrt conducted in awrdane wllh ISAS IUK) wil aayS delect a m•lerio1 misstslwnenl il e$ts. Misslatem&nts can arlse from fraud or •rror and aro exini¢dgr•d materlal tt, indlvldually or in tho aggrogal•. Ih•y ctyjld r•InablY be gxpectod lo h)fluanc the •¢onomi¢ dxisw$ of users token on Ihe basiy ol Ihese financial statements. A furthef de8Crtpllon ol c1 responsti ¥lill•s Is available on the Finan¢ral Reportin9 Co¢1,$ w•bslte •l'. http$Jl vMw.frc.org.UkJauditorsrosFrf8IblIIiIe8. Th dlpl10n forms p4rt of our audrtof$ rew1. Ext•nt to whleh th• audtt w•• ¢¢n¥ld•r•d c4p•bl• ol d•tKtTrng IrTrgvl•rftlM. kncludlng hud Irregularit$, Induding fraud. #re instances of nonvCOrnF4iance tth Itws and regulats'on$. We deslgn procedures lin• with our r•8p)n8itilTts•1, oulllned above and on the FinaNxal ReportYl9 co01,$ w•bstt•. lo dèloct matsrSal mi88latemenls in SpeCt of irrogularitioj, In¢dIng tra9. oblaln and updat• our understanding of tr• •ntity. its •¢bvitm. Is ¢¢ntrol •nvironml. and Ikdy futur• de¥8lopm8nts, includlng In r•lation to the lag81 and ragulalory Ifam¢work appluble and how tho enlty 1$ ¢omplying th Ihol framework. Ba$ed on this under5tsndirrfJ. id•nbfy and a88089 tho risks of fflaterial misslalement of th8 fin8na81 slatements, whether due t¢ fr•ud or error. design and pwlorm audrt procedureg reSpOnV to those ri5k8, and obtabn al1¢ evldencfr that is suffKitinl and •ppropriale to provth a ba81$ for our opink)n. Th58 indude8 c)nslder8Uon of the rlsk of 8¢18 by th6 entity that wore eontrary lo applicab laws and regulations. in&lAing fraud. In ro8p)n80 lo the ol irwulavill WKI noTrCoffylice with Ithv8 and reguknticm, K4[Ing fraud. we deslgned proc•dur•8 wNch Indudd.' Enquiry of rnanagement arKI 1how tharg•d wrfh gO¥Wn wourrfl g¢lual and poknlal Iltig&tion and dalm5 85 wel as 8ctu81, suspect•d and 8lleg•d fraud; Rewewing minutes of meetings of Ihose charge(I th govemarK4; Assessing Iho •xt•nt ol coMplnce with the Iww5 and regulytions con3itler•d lo have a dire¢t maleri8A effecl on the fln0nd slalgThnts ty the op•rab'ons olthe enlty Ihrough enquiry and inspectKIn.' Rewgwing finan(741 ststemenl digck)sures &)d tegtiNJ to 8uprthtiig 00MInIatiOn to assess MplIanc• whh applicab laws and re9alK)ns.' Pèrfomiirg audit work ovei lh• ri6k of management bkis and override of 1Xtroll. indudlng 1è8tsng of journ81 entries and other adjustments for approwiateness, ovaluating the sinesS rationale of significant tran$a¢tions t$e the norn81 cOue of trHJsines5 8rNI remewing a&untIng esllmales for indicalors of potential bi Because ol the inherent limrtatiorts of an audit, tharg is a iisk Ihat we not dgtecl al Irregularities, including Ih98e leading to a material misstatement in th• finanaal slatemwts cf norcOMplgN¢t WTth regulation. This risk Increases tho more that cornplanco wrth a law or reguLgtlon is remo4d from the evenly and transactions refl8Cted in thtr finanoal statements, as we wll be 19$$ lthejy to bgwrTP wdr¢ of i[tarKe3 of rrf)noJmplian. Thg ri$k of not detecling a materlal misstatent resutting from fra1 is higher than for one resukn'ng from error. as fraud may invdve GOllUOn, forgery, int¢nknono1 OmilOn$. mlsr9presenlaliL)s. or 0¥grrido of ¥rtemèl conlrol.
THE CALEDON TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CALEDON TRUST Use of our r•port This report is made sobety lo Ihe L8rW¥ tmstees. as 4 bothy. n aco)nl•nc• ith Part 4 of the Charits ccOunts ond Reports} Re9ulaJons 2(Th. Our oudit work has been undertaken 80 th81 w• might state to thè chaMtI8 tnjstg th050 matters we arè required lo stale to them in an audttor'$ report aTrJ for othgr purpose. To the fullest •xtsnt pem)itled by law, we ¢Jo not ac1 or assume respOnk.1ty to anyone olher than th• charity and thè chaWs Iru$te8s as a body, for our audit wo. for thks report. or for the we hav8 lonned. Jon Moble Isonlor Slabrtory Audltor) For and on b•half ofAz•ts Audlt S•rykM. Sltirtory Audltor Ch•rt•r•d A¢¢¢untants Third Floor. Galw8y Hou Tollgate Ch•ndl•rs Ford Hampshlrg S053 3TG Dal•'. If Av 12*Z£ Azels Audit s¥¢&$ is eligibl• for appointment as audltor of the charity by %Artug of Its •lglknlty for appolnlm•nl auditor ol a company undor soc1K 1212 of Ihe Companies Act 2¢M.
THE CALEDON TRUST STATEMENT OF FINANCIAL ACTivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrnstrlet•d Unr•strlct•d nd• funth 2025 2024 In¢om• Ivom: DonalM8 and18gaty•s 3,255.813 1.827.380 Totsl Ineom• 3255.813 1,827.380 Exp•nd1r• on: Charitable èctMIi8s 2.372.607 1.510,652 Total •xp•ndllur• 2.3T2.807 1.510,652 N•t Incom• and mov•m•nt In fvndl 883.206 316,728 Recon¢lllaUoTh of fund*: Fund balanc$ al 1 January 2025 1,027,137 710,409 Fund balancm •t 31 O•¢•mb•r 2020 1.910,343 1,027,137 The s18lemenl of financial aclivitses indude8 all galn8 And108868 wnised In tho y•ar. Al irKune and fjxponthluro derive from conlinuing ackn'vit3.
THE CALEDON TRUST BALANCE SHEET AS AT31 DECEMBER 2025 2025 2Q24 Fix•d as•9ts Tangiwe assets 11 10),(rfXI 1¢)0.000 Cun•nt aM•t* Dobtors Cash at bank and In han 12 221.OlX) 1.752.770 700,780 259,169 1.973.770 959,949 Cr•dltorn: •mounts lalllng wlthln on• y•ar 13 (163.427) (32.8121 N•t curr•nl M••ts 1,810,343 927,137 Totsl ••••ts IM• Gurr•nt1S•bliti•8 1,910,343 1,027.137 Th• lund• of th• ch•rlty Unreslrided fvTrds 14 1.910.343 1.027.137 1,910,343 1,027,137 Thg fin8nc4al statements worn Approwd by the trust$ on .......IAIQ812026 Robert Tuffin Dlrectof ol Flrmftamo Ltd and Soutrwi Flduwry Ltd CorpoAt• Tru•ts•
THE CALEDON TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 C•8h flow• from operntino activbtl•s Cash generated Iromllabsorbed by) operaltons 1.493.801 (181,045) N•t ca•h o•n•rnt•d Invmllng •¢tiviil N•t ¢i#h g•n•rnt•d from Ilnanckng aCtl¥ltl•4 N•t In¢r••••l(dKrna••l In u•h wld c•h •qulv•hnt 1,493,601 1181.0451 Co$h and $h gquivabnts •1 *intNng ofy••r 259,169 440,214 C4•h and ¢•ih •qulv•l•nts at •nd of y•ar 1,752.TlO 259,169 10-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ountlng pt)Il¢l•• Ch•rtty Infornutlon The Caledon TNSI 18 a tharity wlth Tegistration number 244868. The Tegistw8d office is S8¢ond Floor, R•gi$ House. 45 n9 ¥MHit4n Street, London EC4R 9AN. 1.1 Accountlng conv•ntlon The finandal statement8 h8¥e been wepared in aLwd•rvi the chantys governing documènt, the Charibes Acl 2011. FRS 102 Yhe Finantsal Reporting Stsnd•rd oppluble in thè UK 8nd Republic of Iran(r and the chafiti.es SORP -AGontId 8nd ReportiThJ by Charit". Ststament of R•comm8nd8d Pract applible to tharrtle$ pfgparing Iheir ¥c¢ounts in acrnrdance with Ihe Finanrial RepcKb'ng Standard applicable in the UK and Rapublic ol Ireland (FRS 102).. The charity18 a Put4ic Benerr( Entity as dofflned by FRS 102. The financid stst•mgnts are prepared in slerlrwJ. whith Is thè fimthongl omncy of th• ¢hwity. Mongtary •rNJunts In Ih•8e finandal statentS aro rc4Jnded to nfrarest £. The ffinanclal Slatements have boen pryad d0T thè historical I{ Ln4ffjnth)n. Thg prin(xpal accountk)g pc41deB adDpt¢d gre 8•t out b•kn¥. 1.2 Golng ¢onvrn At the Ilme of aF$v0ng the financlal slal•m•nts, the trustees have g reasonable expe¢lalion that the charity hgs ad9qU8te rexrS to continuo in oFw¥lional exislence lor the fOSe0at1e future. Thu$ the IfusIw$ c¢rtlirw to adopt lh• golre Ca)nrn b8818 of a)Ur5n9 In pr•paring th• finwd81 stslfrmonts. 1.3 Charft•bl• fund Unrè$ln'cled fund8 available for ¥1 lh• dilugtkn ol the trust5 In furtheranc of their charitable ot¥'ectNe¥. Re$lrictod funds are 8Ut4ect lo specific rtn8 by donorn or grantw 98 to they may b• us•d. The purFo899 ond uses of the r•strict8d bjnds are set oul in the note6 to the flngnc4al sthtement8. Erdowmenl fund8 are 8ubAvl lo (dlon3 by donorn Ih•t th• copw MUBI be mainlakn•d by th• charfly. 1A In¢om• Incom8 Is recognised when Ihe tharity is1¢981ty •ntrfled lo it after any p8rformanct condrtlon8 have boen mot, th• amourts can be Measu reliably. and it Is wobatl8 Ihat i•Me wil r8ceiv. Cash donations are recognised on Teceipt. Ottrf donats'ons are rècognised once thè carfty has befjn notJfi8d of Ihe donation. e¥S perfonnarKe rtionS require deferral of th8 amount. Inc¢yne tax r*verabl8 in rfrlaln to donatn$ roceived under Grft Aid or deeds of conant is rewiised at the time ofthe t1onalbn. Le1•8 Are recogn on r•¢eipl or 01herwi If Ihe dwiity has been no15rd of an impending dijtribution, Ihè amount is known. and re¢elpt is exp8ded. If the amount is kntrml, the legacy 19 trèated ae a contingent ass8t. 11
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting poki Icontlnu•dl 1A Expenditu¥• ExperKlibJre is recognlsed once there li a legal or constnKl[ oblgallon to transfer economic benèfrt to a Ihird party. it is probable that o trgnsfer ol econom bmfits vll be regulr¢d In 8ettlement, and the Amount of Ihe obligation ean b• MSU1•d r•liabty. Expendllure is dassif by acbwty. Thè costs ol each acvrty are made up of the lolal of dlrect costs and Shared (¥sts. Induding yupport cosls in¥thd In undertaknng each actity. DY8ct eoÉts attributable lo a 8ingb8 actmiy are albcated direclly lo that actiwty. Shared costs tthich conlribLrte lo moro Ihan one 8ctMty and support costs which are not altributable lo a sitwle acbthty are apportion•d b•iween those acaiwties on a basis eon51stent wllh the use of re$our¢83. Cgntral $18ff ¢osts aw l0¢81ed on the basiry ol time spgnl. and deprwation thargo$ alhx•tfjd on th• pOrin olthe a$s¢t's u. 1.6 T•nglblg flx•d •M•ts Tangible fixed assets are initiaThy measured al c481 9Th1 ¥eQuentfy megsured al cost or valuation. n•t of depredallon and any Impaimient losses. D•wlatron18 ffjcognlsèd 80 ai io wri1• off ts Lt orvotM)n of ••uts leM their r88idual valu•s 0r t11 usefvl Iivgs cffl th9 following ba$es'. Equlty 8tak• In prop8rty The gain or loys arising on thè disFosal of an ass8t Is d•t•miln8d as the diff•rane belween thè iale procaad8 and the carrying va8 of the asset, aThJ is recogni In th• statement ol ffin8nclal acti1. 1.7 ImJrM•nt of Ibx•d ••••ts Al each reporting end date. Ihe charity re¥i•ws tho amour of tt¥ langlbb •ets lo determlno whelhtrr there Is any indication that Ihose assels ha suffered an impglrment loss. If any Such indication •xlsls. the rfywvgrab amount of tho 1$ •$tirnatod in ord¥r lo ¢lelwmine the exttnl of the impalrmenl loss Iir any). 1.• C••h •nd ¢uh •qulval•nts Cash and ¢#sh equivalents in(MJ8 cash in hand. deposit8 hekl at call wlth bank8. other short-tem liquid Investments th original matunties ol three monlhs or 5e8B. and bank obwdrafts. Bonk overdrafts are shown wlthln bc¥rowlngs In rren1 IlabllR508. IJ FlnAncl•l ItruThnts The charty has elecled to ap&y the provion3 of Section 11 'Basic Finandal Ingtruments. and Section 12 'Oth•r Financial Instrument8 1s88, ol FRS 102 to all ol ils financial instnrn•nt$. Flnancial instrumenf$ arg ro¢ognI$ in the iarity'$ •heet when the thartty b8¢omes party to the Contractual pro¥Asknn$ of instrument. Finand81 ass•ts ¥nd Ilabilrfigs a offW. with the net arUnts pr•senl8d in tho flnanual stm8nls, when there Is a 18galty enfOratr right to s•t oft the re¢ognised amounts and there 15 an intontyon to sett on a net basis or lo r8allso the a88et and solllo Ihe108bdrty 6imkn8ty. B•slc ffn•ncl•lass•ts Baslc finan¢ial 8ss8ts. whic orKI debtfms ¥nd cash and bank bal8nces. •re inthally measured al Iran88ction prKe induding trans8dn ¢osts aNJ are subsequenty carried al amortised cost using the effectbvè interest melFKid unless the #rr8vnt constitutes a fjnanrjng transactn, wh8r8 th• transaction is measured 81 tho pre86nl valuè of thè fvturè ripts discounted al a market rat¢ of inleresL Flnandal 866ets clafd as receivable one year are rntised. 12-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounllng polScl•s Icontlnuodl Basle fin•nci•l li•billtl•s Bas1¢ financial &abilrfi8s, induding crèditors ire In01Y recognised at Ir8nsactbM prfce unless the arr4ngemenl con3btute$ a finawng trang8th"on, where the debt Instrument is mèasured al the present v&lu¢ of the fvlure paYnIS discountsd at a m8t•t ralfj of vrtere. Fii•ncial liabllrt8 ¢knssffied aB payabkn wtthln one y•ar ar8 not amortise(l. Debl instrum•nts ar• wbsequenlly ¢arrwd at anxytised o)st. U51ng Ihe •ffe¢ti¥e intor•8t rate method. Trade creditorn a obligations to Pay for goods or Se•3 that have been 8¢quired In the ordln8ry ¢r$• of operaon$ from suppliers. Amounls payaW• are cjassffied 8$ ¢urT8nt 'abIle5 rf payment 15 due wrthln ¢)ne year or I&. 11 not. they aro prosonled as noTrcuThenl Ilabllrtiès. Trade creditors aro recoonised initi'¥lly al Irans•¢tKJn price and $ubwu¢nlly measured at omorfised co# using Ihe effecti Inlwèst m8thod. D•r•cognhlon of Iln•nehl H•bllftl•s Financial lia1103 are defecogni$d ¥thon the ch•ritl$ COntradu obllgatiom expirè or are dischorged or Canlled. c111 •ccountln• Mllmal•• •nd Judg•iiwiits In thè appl¢allon of the th•rlty'8 a¢untIng p, th• tru•t••$ 4T• requirad lo 5udg•msnt$, estlmatsi Jnd assumptions aboul the Carn9 omount ol assets 8nd liablrtiès that 8o not readily app8renl from olhgr sourchs. The eslvnole$ aThJ assotjatèd ¥$$Lsmptn$ afe ba$gd on hisloii¢al wellen and olhei faclors Ihal are considered lo bo relevgnl. Actu rtsults may dthr from Is8 8stimates. The e8tlm•t•s )d undertying •s$umptioni rw8wed on an ongoirvJ b•8is. Rel$lon$ to OuntIng ostimales are rgcognised in the period in which th& g$timat• 1$ r&¥isad Wre the revision affecis only that period, or In the period ol thts r¥iwon and fijture where sion affects both ¢urrent And fulure parfod8. In¢om• from don•lbon• and hy¢l•• Unre•trI Unr•*trlet•d fvnd• lunds 2026 2024 Donatlcffls 4nd ft8 Grants 255.B13 3,OCQ.000 194,600 1.632,780 3,255,813 1.827,380 -13-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Exp•ndilyr• on ¢harilabh •cthilll•• Ch•rttsble Charflabl• •xp•ndliur• •xp•ndltur• 2026 2024 DIMct co•ts Bank charggs Legal fees 33 47 12,155 12,197 Grant lundiThJ ol odplllo518w not• 5) 2,322,714 1.482.152 Sh•r• ol •upport nd gov•rn•n¢• ¢o•ts {••• nots 11 Support 30,796 19.017 116 18,187 2,372,e07 1,510,852 Anaty•h by lund Vnre$lTided fvnd$- g•nernl 2,372.007 1,510,652 Grnnts Y•bI• Ch•rftabl• Ch*ritab •xp•ndltyr• •yndltur• 2026 2024 Gr•nt$ lo InsblulhJn8- H•Td8hlp and Rdl•fTmst Grants to indivh4uo18 1.922,714 1,482,1 $2 Support ¢tt •lloc•tèd to •¢tivltl•• 202S 2024 IT co819 GovemanGe costs 116 16.187 19.017 49.813 18.303 An•1•d b•lw••n: Charitable exp9ndttwg 49,813 16.303 Govttnance tsjsts indudes paYts to the audit of £8.$00 (2024 £8.11)J} Judit fees. 14-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2025 N•1 mov•m•fil In lund• 2025 2024 The n8t mM¥nt In fvnd$ is sLited aft•r thaTgi@(¢x•thtirql: F$ payable for the aL¥Jil of Ihe chaiity8 finarwial st8tem8nl$ 8,500 8,100 Thit•• None of the Iw31e¢s (or any pers¢8 o)nne(*ed with thoml receW any romunernlon or b•neffts from I charlty durin9 the ygar12024'. w¢r• reimtr¥Jtsed). Employ• Thore were effrfJbye•s In the year (2024.. 10 Tu•ilon The thwity is exempt from twtion on rts becws• ¥1 it8 irKomg15 akwied lor tharttablo pu0$8$. 11 T•n9lbh fix•d ••••ts eqylty •t•k• In prop Co•t Al 1 Jarwary 2025 100,000 Al 31 Dec•mb¢r 2025 100,000 Carrylng •mount Al 31 DgGember 2025 1W.000 At 31 December 2024 1CQ,000 Tho above equity Stake relalog 10 8 17.63% share in a Freehokj Pffjp•ty ¢Jwnèd under a dedarab'on of trust. The value will onty be realised on a Sa of the Property or the dealh of the owner o¢cupiers. 15-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 12 Dtbtor 2025 2024 Amounts falling du• tlthln om y••r. Loan$ PrepayTn•nts and a¢crd Incomè 206,000 115.000 570.780 206.000 685.780 2025 2024 Amoun1• 14lllng du• •ft•r morn than on• y•ar. Loang 15.C(Kl 15.OCK> Totsl d•btorn 221.000 7CKI.780 The loan8 are intereil free WKI Ihfn is no b8bYeen th• Trtts8 of The C•b•don TNBt and tho t18nt 13 Crndltorn: amounts hlllng du• 7lthln on• y••r 2026 2024 Other ¢r•d Ac(7U815 8TrJ deferred Income 147.349 16,078 20.032 12.780 163,427 32,812 14 Unrn•trfct•d lund• The UnstrICted fund5 of the charity comprls8 the un8xpend8d balances of donalions and grants which are not Subject lo wedfic condibons by donors and granttys 8$ to how Ihey may be used. At 1 Janu•ry 2026 lThcomlng R•*ourc ource• •xpend•d At31 O•cemb•r 2025 G¢ngral fvnds 1.027.137 3.255.813 (2,372.60n 1.910,343 Prnvlou• y••r.' At 1 J•nu•ry IncomlTra Re•our¢es At31 2024 r••ourc•• •xpgnd•d Do¢•mb•r 2024 General funds 710,409 1.827,380 11.510.6521 1.027,137 16-
THE CALEDON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 16 R•lat•d wrty knn•a¢tlon8 There werè no dlsdosable related paty trasadn$ the yew12W24- nM¢l. 16 C••h g•n•rat•d fron1•blOrtI•d tyl ¢)p•rnllon• 2025 2024 SU8 for the year 883,2C 316,728 IAov•m•nts in W01n9 Upital: D8¢roasellincreasel in debtOf8 Inease In creditoys 479,780 130,815 {524,4551 26,682 Ca•h g•n•rnl•d frnml{*horb•d by) op•rntlon• 1.493.801 1181.0451 17 Analy¥h of ch•ng•• ID n•t fund• The chadty had no d•bt during th8 ytAr. 17-