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
Thi*tee*
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
s￿t￿ent 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
Othe￿iSe.
The Irusl••$ prosont their annud rnport and finandal statements lor the year énded 31 December 2025.
The financ4al ststements ha￿ been wep*4d in 8￿r￿an￿ with the 4w)unling policies 8et out In note 1 to the
financial statements and com￿Y wih the charit￿8 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 prepar1￿j Iheir accc*Jnts In
accordancè wrth Ihe FinoncAo1 Reporting Standard apWicable UK and RepUt￿G of Ir¢land IFRS 1021..
Obj•ctlvM and •cVvlll•*
The objtcts ol ¢h• Trust, as set out on IM TTh￿1 dold. are for
11 Preaching and disseminat1￿ of the K*xd of God
21 Support of Chrisli8n workw$
31 Prov*ion and maintenance of building5 for Chr*tlan rglvJiou8 wOrS￿p
4} Rel￿1 of aged or 8k* ChrlslLgn8 or Chrl$l￿n￿ kn drffic￿l ¢¥c¥m8tanc88
Thè Trusl8e8 ￿nffinn that thty have rgfeNed to the Charity Commvssk)n'8 ouidJnce on publi¢ b•ngfil wh8n
reviewing Iht Trusl's alms and gt¥'ectives. aTrJ in lu¢ure planning aclity setting the grant maklng policy for the
y•ar.
Grnnt maklng polky
Thg chaTIty makes many grants lo different and Indfviduth. Gronts discuisod irwj apwov•d In
fth1nightty r8vl8w meelirvJs.
Potential b•n&fidarfg8 mgy be Klentified wrth asslstance from Vroth h•lp8 to gather 8pplic4tion
Information and prepare recommendat￿n$, 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
$U5tainable wt¢ome.' and vthether the Trust has sUffi￿ent r05(xJrces lo make the Cofnmitmenl.
Grant8 are ¢C￿31dered wlle¢lN•ty at mknuted truste• mwtings and rèq￿￿ appro¥81 by a quorum of at lèast two
INstfjg$. Payments are then mado in aC￿danc0 wilh ts TnL%f$ payment, fin•rKl￿-C4th and d•l8g4tsd4uthority
aNangements.
Achl•v•m•nt• and p•rforn)anc•
slprnf￿￿nI a¢livilios and aGhieven*nls 8gainst 0￿CtiveS
Th& Tw$1 ha$ made gr•nts tot811￿79 £2,322,714 12024: £1.482.1521 lo varirAs irrtJI￿dy3l$ 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 Ma￿D9 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, operat￿n￿l
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 respon￿bilitieS behveen the Trust and an independent welfare organlsalon whlch 08sis18
w((h Ident￿Ing potential ￿nefficIan88. gO￿ring information and preparing recommendalKms. AH grant and k)on
decAs*Jns 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. inc￿￿n9 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
(k1￿mented 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 $9gk not onty lo rokn imnwllate hardship but, where
PO881N8, to support solutions whi¢h provth Jonger-lemi stots'lty wellwng.
FlnAnci•l r•vl•w
In the year ended 31 D•c•mb•r 2025. the Trusl h•d • 8wphJs of tr￿ning resc¥rn owr restyxcè8 eX￿nd￿ of
£883,211S {2024'. £316.7281.
Totsl w)lunt8ry Incom• r￿fved tIMs year wa8 £3.255,613121r24.' £1.827,380),
All fund8 hold wère unrèstricted fvnd8.
Reswvospollcy
In accordanc4 wlth Trust's FlnwKi81 Rosar￿ Poli¥ry, tr* trusle08 re*tr4V the aPPTowlale kn•1 ol uNe5tsict•d
rnserves by referen￿ to onJ¢ipo1od gr•nt ¢ommrfm•nts. YmlrAJ and certainty of ftrture In¢omè, oul6taThJiThJ
loans and property inleresls, optrratlng •fKI OOl**man¢e COL4ts, liquhjty r8qur•ments ond the need to raspond
prompty lo urgent charrtablo n•&d6.
The TwBt aims lo retain 8uffici8nl re•dity avail8tAe re￿￿$ to meet approb*d 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 prirt1￿1 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 liqU￿ty ii5k.' saf8guardlng', ¢J•ts protection
and tybèr security., wopety-rel8t8d respon￿1￿.1￿*8s', 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￿$. whlo fiJrth•r embeddlng the and IMpr0￿m￿ntS kndy knlrodLThd.
Priorit16s inchjde slT8n9thening evidèr)c8 of ben•fiuary 0￿C•M¢S, imwts￿ng fman(aal and management reportlnq:
contlnuing the revi8w and documènta1h￿ of loan$ and property interesls.. developing data-retentitin and cybgr-
security aTh3ngemtnts', maintaining trustee training and 8utsxssknn plannlng.. re¥M￿n0 the effe￿Ne￿&s$ of policies
and cOntr￿s., 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 *) c*arhy.
The Charty 1$ an unintt)rporated Irust ¢￿Stil￿ted by a Dèed of Tnwt datsd 3 August 1965. Th• Trust was
registered with Ihe Charity Ccrfnmiss*Jn kn EngLqnd and Wales on 29 Septemb•r 1965 under Charfty Registration
Number.. 244868.
The truslees act ￿lled1velY in caffylng Out their rtSpOns￿￿rt18s. Lead rnsponsibilities have been allocated for aw8$
ndudin9 Strategic dlrgc*on, 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 activ￿03.
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$'.
Firmfr8m• Ltd
Soulhom Fidu¢iary Ltd
The Dlrectorn ofFimrframe Ltd ond S(xrthom F￿kn.￿ Lld are Is follow¥.'
John Thom88 C•Nulh
Benjamin Dunham
Polèr John Marsh
Kenny M¢Mullan
R¢bert Louis Tuffin
The power lo •ppoint new Iru$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 W0￿de lor new Irusto9$ lo rewv¢ th• w￿rnIng 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 parti￿lar area ol r&spOrYa￿1lIty. Twsloas aro 8180
rnquired tts complete appropriat• dfjdoralioni of W)¢¢r￿ts.
stst•m•nt of tru•te•¥' r••ponilbllttb
Tho Iru$te85 are r#Spon￿ble for pr¢p8ring tho Tw8tee$' R•wl and the fingncial ytsl•nwl$ In ￿cordIn¢t with
appli¢able and Uni18d ￿n￿10M 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 e51im*8s that are re#sonabl& and prudent:
- state whether •pplicablo a￿A*unting 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)n*ble for keeping $uffldgnl accountirvd re￿rdS 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 Rep￿ts) ReguLgtlons 2008 and the pro￿510￿3 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 Firml￿8 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 8he*t, 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 ￿p￿￿ble and Unlled lfjngdom A¢counts'ng Sland8rds. indudkng FlnancAal
Reporti￿ Slandafd 102 Th8 Finan¢io1 Ro￿tIng Standard oppbGabl& in th8 UK and RepuNic of Itvland (Uniltd
Kingdorn GenWallyA￿pted Accounting Practice).
In our opirlon. Ihe ffnancoal l1810ff￿r￿.
give a truè arKI fair view ol the state of the thaiity's affalrs 0$ at 31 Dec•nb8r 2025 and of 11$ i￿rnIng
resour￿5 and applS¢alw)n of r8sourc*s, for th• year then erthd.,
have boen prowrly prepartd In aco)rdanc8 wth Unitad lfjngdom Ac￿pted A￿oUnting Practice..
and
have boen wepared in aC0)rdtm￿ with th¢ Charitm Acl 2011.
•1• for oplnion
Wt ¢onduGted our audit In accordan￿ 1n1amal￿al 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 final￿la1 si¥lements in the UK. induding the FRC'S Ethical
Standard, and w¢ have I￿led Ouf Other ￿h￿l responsii4Mlo8 in 8CC4)Tdanc• ￿th those r8quirom*nts. Wo believè
th81 the 8udrt t￿lence wg have oblainlil is suffldenl and •PPfopriale to wo¥id• a ba￿6 for our oplnlon.
ConcI￿lOn9 v•latlng to golng can￿M
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 fin*noal 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•$1 significant doubt on the charity's lo c•ntinu• As a golng
Co￿1n for a p•rltsJ of at least twefv• months from when t￿ financfjal statements ore aulhorfs•d for18SUg.
Our ￿￿n￿tIl￿o•S and ￿ r•8p0nStsJ￿fj* ol the twstees r8sp8ct to golw c¥>n￿n we de8ullxd In the
felevanl Sections of this report.
Oth•r Infomlatlon
Thé other infomiation cornpri￿$ thg infom¥lion hKILKled in the annual rwt otheT th•n the financlal st816m6nt8
gnd our audrto¢8 report thereon. Th• trustees alp respon￿ble 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 Inc￿r￿ls1onL 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 ￿n￿nSISt￿nCl8S
or ap￿rtsnt material misstatements, we a￿ roquired to dele￿Ine 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 {A￿Ounts 8nd
ReKY)rtsl Regulations 2C4)8 req￿reS 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 (Co￿riNuED)
TO THE TRUSTEES OF THE CALEDON TRUST
R•*pon¥IbllH￿o of Irujte
As explained more fulty in the slalemenl of tnJstees' re$ponsl)ilibes. the Irujteos arè responsible for the preparation
of the finan¢ial stalwents and foi bwng &itisfied that they gtve a true and fair view, and for wch internal control 99
th8 trustaés det8miin• Is nttassary to enable Ihe preparation of fmamyal statements that are free from material
misslatemenl, whether due lo fraud or error. In preparing the finandal 6tatements. the trustees are responsible for
assestsing the tharity's ability to Contin￿ as a ￿Ing conc¢m. disdosing. as appli¢ablg. m8tters reWd to going
concem and uslng the going co1￿M basis ol accountirq unkss the tmstees •ith•r intend lo cèase operations,
ha￿ no r•8lsllc alt•maliv8 but to do 80.
Audllorf• r••pon•lbllltl•• lor the audlt of th• Ilnanclal •tst•m•nts
Wo hav¢ been appointed 9$ auditof urKler 8ectlon 144 of the Charlt*s 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• fina￿gaI statements as a wholè are fre& from
malerial misstatement. whether due to frgud of error, and lo rtssue an audt1￿5 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 a￿ayS delect a m•lerio1 misstslwnenl il e￿$ts. Misslatem&nts can arlse from fraud or
•rror and aro exini¢dgr•d materlal tt, indlvldually or in tho aggrogal•. Ih•y ctyjld r•I￿nablY be gxpectod lo h)fluanc*
the •¢onomi¢ dxisw$ of users token on Ihe basiy ol Ihese financial statements.
A furthef de8Crtpllon ol c￿1 responsti ¥lill•s Is available on the Finan¢ral Reportin9 Co￿¢1,$ w•bslte •l'. http$Jl
vMw.frc.org.UkJauditorsrosFrf￿8IblIIiIe8. Th￿ d￿￿lpl10n forms p4rt of our audrtof$ rew1.
Ext•nt to whleh th• audtt w•• ¢¢n¥ld•r•d c4p•bl• ol d•tKtTrng IrTrgvl•rftlM. kncludlng hud
Irregularit￿$, Induding fraud. #re instances of nonvCOrnF4iance t*th Itws and regulats'on$. We deslgn procedures
lin• with our r•8p)n8itilTts•1, oulllned above and on the FinaNxal ReportYl9 co￿01,$ w•bstt•. lo dèloct matsrSal
mi88latemenls in ￿SpeCt of irrogularitioj, In¢￿dIng tra￿9.
oblaln and updat• our understanding of tr• •ntity. its •¢bvitm. Is ¢¢ntrol •nvironm￿l. 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$ed on this under5tsndirrfJ. ￿ id•nbfy and a88089 tho risks of fflaterial misslalement of th8
fin8na81 slatements, whether due t¢ fr•ud or error. design and pwlorm audrt procedureg reSpOn￿V￿ to those ri5k8,
and obtabn al￿￿1¢ evldencfr that is suffKitinl and •ppropriale to provth a ba81$ 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 noTrCoffyli￿ce with Ithv8 and reguknticm, *K4[￿Ing fraud. we deslgned
proc•dur•8 wNch Indud*d.'
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 coMpl￿nce with the Iww5 and regulytions con3itler•d lo have a dire¢t maleri8A
effecl on the fln0nd￿ slalgTh*nts ty the op•rab'ons olthe enlty Ihrough enquiry and inspectKIn.'
Rewgwing finan(741 ststemenl digck)sures &)d tegtiNJ to 8uprthtiig 00￿MInIatiOn to assess ￿MplIanc•
whh applicab￿ laws and re9￿alK)ns.'
Pèrfomiirg audit work ovei lh• ri6k of management bkis and override of 1X￿troll. indudlng 1è8tsng of
journ81 entries and other adjustments for approwiateness, ovaluating the ￿sinesS rationale of significant
tran$a¢tions ￿t$￿￿e the norn81 cOu￿e 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 nor￿cOMpl￿gN¢t WTth regulation. This risk
Increases tho more that cornplanco wrth a law or reguLgtlon is remo4*d 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$k of
not detecling a materlal misstat￿ent resutting from fra￿1 is higher than for one resukn'ng from error. as fraud may
invdve GOllU￿On, forgery, int¢nknono1 Omi￿lOn$. 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 L*8rW¥ tmstees. as 4 bothy. n aco)nl•nc• *ith Part 4 of the Charit*s ￿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 ac￿1 or assume respOn￿k￿.1ty to anyone olher than th• charity and thè chaWs
Iru$te8s as a body, for our audit wo￿. for thks report. or for the we hav8 lonned.
Jon Moble Isonlor Slabrtory Audltor)
For and on b•half ofAz•ts Audlt S•rykM. Sl*tirtory Audltor
Ch•rt•r•d A¢¢¢untants
Third Floor. Galw8y Hou
Tollgate
Ch•ndl•rs Ford
Hampshlrg
S053 3TG
Dal•'.
If Av 12*Z£
Azels Audit s¥￿¢&$ 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•nd1￿r• 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'vit￿3.

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 Ir￿an(r
and the chafiti.es SORP -AGo￿ntI￿d 8nd ReportiThJ by Charit￿". Ststament of R•comm8nd8d Pract
appli￿ble 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 stat￿entS aro rc4Jnded to nfrarest £.
The ffinanclal Slatements have boen pryad ￿d0T thè historical I￿{ L*n4ffjnth)n. Thg prin(xpal accountk)g
pc41deB adDpt¢d gre 8•t out b•kn¥.
1.2 Golng ¢onvrn
At the Ilme of aF$v0￿ng the financlal slal•m•nts, the trustees have g reasonable expe¢lalion that the charity
hgs ad9qU8te rex￿r￿S to continuo in oFw¥lional exislence lor the fO￿Se0at1e future. Thu$ the IfusIw$
c¢rtlirw to adopt lh• golre Ca)n￿rn b8818 of a￿)Ur￿5n9 In pr•paring th• finwd81 stslfrmonts.
1.3 Charft•bl• fund*
Unrè$ln'cled fund8 available for ¥1 lh• dilugtkn ol the trust￿5 In furtheranc* of their charitable
ot¥'ectNe¥.
Re$lrictod funds are 8Ut4ect lo specific ￿rt￿n8 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 (￿d￿lon3 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. Ottr￿f donats'ons are rècognised once thè c*arfty has befjn notJfi8d
of Ihe donation. ￿￿e¥S perfonnarKe ￿￿rtionS require deferral of th8 amount. Inc¢yne tax r*￿verabl8 in
rfrlal￿n to donat￿n$ roceived under Grft Aid or deeds of co￿nant is rewiised at the time ofthe t1onalbn.
Le￿1•8 Are recogn￿ on r•¢eipl or 01herwi￿ If Ihe dwiity has been no15r￿d 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• M￿SU1•d r•liabty.
Expendllure is dassif￿￿ by acbwty. Thè costs ol each ac*vrty are made up of the lolal of dlrect costs and
Shared (¥sts. Induding yupport cosls in¥thd In undertaknng each acti￿ty. DY8ct eoÉts attributable lo a 8ingb8
actmiy are albcated direclly lo that actiwty. Shared costs t*thich 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• pOri￿n olthe a$s¢t's u￿.
1.6 T•nglblg flx•d •M•ts
Tangible fixed assets are initiaThy measured al c481 9Th1 ¥￿eQuentfy megsured al cost or valuation. n•t of
depredallon and any Impaimient losses.
D•wlatron18 ffjcognlsèd 80 ai io wri1• off ts L￿t orv*otM)n of ••uts leM their r88idual valu•s 0￿r t￿11
usefvl Iivgs cffl th9 following ba$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 va￿8 of the asset, aThJ is recogni￿ In th• statement ol ffin8nclal acti￿1￿￿.
1.7 Im￿JrM•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$ •$tirnatod in ord¥r lo ¢lelwmine the exttnl of the impalrmenl
loss Iir any).
1.• C••h •nd ¢uh •qulval•nts
Cash and ¢#sh equivalents in(*MJ8 cash in hand. deposit8 hekl at call wlth bank8. other short-tem liquid
Investments ￿th original matunties ol three monlhs or 5e8B. and bank obwdrafts. Bonk overdrafts are shown
wlthln bc¥rowlngs In ￿rren1 IlabllR508.
IJ FlnAncl•l I￿truTh￿nts
The charty has elecled to ap&*y the provi￿on3 of Section 11 'Basic Finandal Ingtruments. and Section 12
'Oth•r Financial Instrument8 1s8￿8, ol FRS 102 to all ol ils financial instnrn•nt$.
Flnancial instrumenf$ arg ro¢ognI$￿ in the i*arity'$ •heet when the thartty b8¢omes party to the
Contractual pro¥Asknn$ of instrument.
Finand81 ass•ts ¥nd Ilabilrfigs a￿ offW. with the net ar￿Unts pr•senl8d in tho flnanual st*m8nls, when
there Is a 18galty enfOr￿atr￿ 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 trans8d￿n ¢osts aNJ are subsequenty carried al amortised cost using the effectbvè
interest melFKid unless the #rr8v￿￿nt constitutes a fjnanrjng transact￿n, wh8r8 th• transaction is
measured 81 tho pre86nl valuè of thè fvturè r￿ipts discounted al a market rat¢ of inleresL Flnandal 866ets
cla￿f*d 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 In￿01Y 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 paY￿￿nIS discountsd at a m8t*•t ralfj of vrtere￿. Fii•ncial liabllrt*8 ¢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$• of
opera￿on$ from suppliers. Amounls payaW• are cjassffied 8$ ¢urT8nt ￿'abIl￿e5 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 $ubwu¢nlly measured at omorfised co# using Ihe effecti￿ Inlwèst m8thod.
D•r•cognhlon of Iln•nehl H•bllftl•s
Financial lia￿1￿103 are defecogni$*d ¥thon the ch•ritl$ COntradu￿ obllgatiom expirè or are dischorged or
Can￿lled.
c￿11￿1 •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$, estlmatsi
Jnd assumptions aboul the Car￿n9 omount ol assets 8nd liablrtiès that 8o not readily app8renl from olhgr
sourchs. The eslvnole$ aThJ assotjatèd ¥$$Lsmpt￿n$ afe ba$gd on hisloii¢al wellen￿ and olhei faclors Ihal
are considered lo bo relevgnl. Actu￿ rtsults may dthr from I￿s8 8stimates.
The e8tlm•t•s *)d undertying •s$umptioni rw8wed on an ongoirvJ b•8is. Re*l$lon$ to ￿￿OuntIng
ostimales are rgcognised in the period in which th& g$timat• 1$ r&¥isad W￿re 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 odp*lllo518w 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 paY￿ts 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 m￿M¥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
Thi*t••*
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 pu￿0$8$.
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• t*lthln om y••r.
Loan$
PrepayTn•nts and a¢cr￿d 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• Tr￿tts8 of The C•b•don TNBt and tho
t1￿8nt
13 Crndltorn: amounts hlllng du• 7*lthln 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 Un￿strICted 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 tra￿sad￿n$ the yew12W24- nM¢l.
16 C••h g•n•rat•d fron￿1•blOrtI•d tyl ¢)p•rnllon•
2025
2024
S￿￿U8 for the year
883,2C
316,728
IAov•m•nts in W0￿1n9 Upital:
D8¢roasellincreasel in debtOf8
In￿ease 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-