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← The Bluston Charitable Settlement

2025-04-05-accounts

Charity number: 256691

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

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Sayers Butterworth LLP

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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Contents

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|||||||| |---|---|---|---|---|---|---| |Page| |Reference and administrative details ofthe Charity,|its Trustees and advisers|1| |Trustees’|report|2-4| |Independent|auditors’|report|on|the financial|statements|5-8| |Statement of financial activities|9| |Balance sheet|10| |Statement of cash flows|11| |Notes|to the|financial|statements|12-22|

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a THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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Referenceand and administrative detailsoftheCharity, itsTrusteesand advisers
FortheYearEnded 5April 2025
NO$$$
Trustees Anna Jacqueline Josse
Martin David PaisnerCBE
DanielIsaacDover
Charity registered
number		 256691
Registered office 20 Gloucester Place
London
W1U8HA
Independentauditors SayersButterworthLLP
Chartered Accountants and StatutoryAuditor
3rd Floor 12 Gough Square
London
EC4A 3DW
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors Payne Hicks Beach
10 New Square
Lincoln's Inn
London
WC2A 3QG
Seitlor Jack Bluston
Administrator Prism the Gift Fund
20 Gloucester Place
London
W1U 8HA
Investment Managers Navera Investment Management
Riverside House
2a Southwark Bridge Road
London
SE19HA

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Trustees’ report For the Year Ended 5 April 2025

The Trustees present their annual report together with the audited financial statements of The Bluston Charitable Settlement of 15 March 1968 (‘the Charity’), ("the Trust") for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document. The financial statements also comply with the Charities Act 2011 and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Policies and objectives

The Bluston Charitable Settlement is constituted under a trust deed dated 15 March 1968 and the Settlor is Jack Bluston. It is a registered charity no 256691.

The objects of the Charity are for the Trustees to hold the Trust Fund and the income thereof to or towards or for the benefit or in furtherance of such charitable purposes or charitable institutions as the Trustees shall in their absolute discretion think fit.

Grant-making policies

The Trustees meet bi-annually to consider applications from a wide range of charities. During the year ended 5 April 2025, the Trustees have supported charities in the following areas:

In addition to grants made in the year the Trustees have committed to future grants as shown in the accounts and detailed in note 10.

Organisation

The Trustees who have served during the year and since the year-end are set out on page 1.The Charity has no employees. The Trustees are experienced professionals, selected for their experience and expertise. They are currently considering appointing a new Trustee as part of succession planning.

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Trustees’ report (continued) For the Year Ended 5 April 2025 eS TF TT

Financial review and investment policy

During the year, the Charity had total income of £900,479 (2024: £900,816). The Trustees made donations of £801,203 (2024: £410,325). The Charity's future commitments have been determined by the Trustees, having taken into consideration the uncertainty of the current economic climate which could have an impact on the biannual dividends received. The Trustees will continue to monitor and review. The Trustees have included committed donations in these accounts of £126,646 (2024: £127,915).

The Trustees have funds under management with Navera Investment Management who operate the investment strategy on behalf of the Trustees.

The Trustees hold investments which generate income to meet the charitable objectives of the Charity.

Reserves policy

The intention of the Trustees is to retain the Bluston Securities Limited shares (which are not tradable) together with the other assets received from the Estate of the late Elizabeth Bluston, as long-term investments. They will distribute the Trust income within a reasonable period from each year end. Cash reserves are maintained in order to meet forthcoming commitments.

Safeguarding and other policies

The Charity has a set of policies that are regularly reviewed by the Trustees including a Safeguarding policy. The safety and welfare of any children, young people or vulnerable adults (collectively, ‘vulnerable persons’) assisted or otherwise impacted by the Charity's work or the activities and programmes it supports is of paramount importance to the Charity. Compliance with local legal and regulatory standards and best practice are considered the absolute minimum requirement. The Trust may seek assurances that higher standards are imposed.

Risk management

The Trustees have not identified any specific risks that attach to the administration of the Trust.

Public Benefit

The Trustees are conscious of the Charity Commission guidelines on public benefit. These guidelines are applied when grants are considered.

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Trustees' report (continued) For the Year Ended 5 April 2025

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Statement of Trustees’ responsibilities
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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 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 Charity (Accounts and Reports) Regulations 2008 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

Auditors

The auditors, Sayers Butterworth LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

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Martin David Pasiner CBE
Trustee a
Date: Ma naj7 Le 2b
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Nosology?Daniel Isaac Dover
Trustee
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a THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

ler ©«©$S OO Independent auditors’ report to the Members of The Bluston Charitable Settlement of 15 March 1968 a Opinion We have audited the financial statements of The Bluston Charitable Settlement of 15 March 1968 (the 'charity’) for the year ended 5 April 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: e give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ° have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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a THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Independent auditors' report to the Members of The Bluston Charitable Settlement of 15 March 1968 (continued)

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Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal contro! as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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NN THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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Independent auditors’ report to the Members of The Bluston Charitable Settlement of 15 March 1968 (continued) oY

Auditors’ responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect there under.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Statement of financial activities For the Year Ended5 April 2025

Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025		 Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025		 Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025		 Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025		 Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025		 Statement of financialfinancial activities
For the Year Ended5the Year Ended5Year Ended5Ended55April 20252025
For the Year Ended5the Year Ended5Year Ended5Ended55 April 20252025
en
Note Unrestricted
funds
2025
£		 Total
funds
2025
£		 Total
funds
2024
£
Income from:
Investments		 2 900,479 900,479 900,816
Total income 900,479
a_		 900,479
_		 900,816
_
Expenditure on:
Raising funds		 5 4,415 1,415 481
Charitable activities 3 798,142 798,142 410,325
Totalexpenditure
Netincomebeforenetgains/(losses)
investments		 on a
799,557
A
100,922		 799,557
a
100,922		 410,806
eS
490,010
Netgains/(losses) on investments 1,486,298 1,486,298 (1,057,500)
Netmovement in funds 1,587,220 1,587,220 (567,490)
Reconciliation offunds:
Total funds broughtforward 29,071,999 29,071,999 29,639,489
Net movement in funds 1,587,220 1,587,220 (567,490)
Totalfundscarriedforward 30,659,219 30,659,219 29,071,999

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 22 form part of these financial statements.

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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|||||||| |---|---|---|---|---|---|---| |Balance sheet| |As at 5 April 2025| |a| |2025|2024| |Note|£|£| |Fixed|assets| |Investments|]|29,948,323|28,452,018| |29,948,323|28,452,018| |Current assets| |Cash|at|bank and|in|hand|855,331|763,484| |855,331|763,484| |Current liabilities| |Creditors: amounts|falling due within one| |year|10|(99,435)|(143,503)| |—__.|———_.| |Net current assets|755,896|619,981| |Total|assets|less|current|liabilities|30,704,219|29,071,999| |Creditors:|amounts|falling|due|after more| |than one year|41|(45,000)|-| |Total|net assets|30,659,219|29,071,999| |Charity funds| |Unrestricted|funds|12|30,659,219|29,071,999| |Total funds|30,659,219|29,071,999|

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The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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Martin David Pasiner CBE
Trustee wa
Date: q q{u— Lo ZL
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DanielisaacDéver Trustee

The notes on pages 12 to 22 form part of these financial statements.

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Statement of cash flows| |For the Year|Ended|5|April|2025| |TT| |Note|2025|2024| |£|£| |CashNet cash usedflows|fromin operatingoperating activitiesactivities|14|(798,626)|(656,418)| |Cash flows from investing|activities| |Proceeds from sale of investments|-|1,157,385| |Purchase of listed|investments|(24,000)|(990,000)| |Cash|held|as|part|of investment|portfolio|- movement|13,994|-| |Interest received|7,781|13,655| |Dividends|received|892,698|887,161| |Net cash|provided|by|investing|activities|890,473|1,068,201| |Change|in cash|and cash|equivalents|in|the year|91,847|411,783| |Cash|and|cash|equivalents|at the|beginning|of the year|763,484|351,701| |Cash|and|cash|equivalents|at the end|of the year|15|855,331|763,|484| |The notes on pages|12 to 22 form|part of these financial|statements|

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Notes to the financial statements For the Year Ended 5 April 2025 — 1. Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in OctoberPractice effective2019 rather fromthan1 Aprilthe 2005Accounting which hasand sinceReporting been withdrawn.by Charities: Statement of Recommended

The Bluston Charitable Settlement of 15 March 1968 meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with assets and liabilities recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The accounts are prepared on the basis that the Charity has adequate resources to continue to operate. The Trustees have reviewed and considered relevant information, including the future cash flows in making their assessment. This assessment covering a period of a minimum of twelve months from approval of these financial statements. Based on these assessments, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Bank interest is recognised as it is earned and dividends when they are receivable.

1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements, including audit, strategic management and Trustee's meetings and reimbursed expenses

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TD Notes to the financial statements —[TS] For the Year Ended 5 April 2025 1. Accounting policies (continued)

1.4 Expenditure (continued) Charitable costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to the charitable activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled, Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Raising funds are costs incurred in attracting voluntary income and the management of investments. 1.5 Taxation

The Charity is exempt from tax on its charitable activities to the extent that they are applied for charitable purposes.

Unlisted investments are value by the Trustees. Unlisted investments comprise shares in Bluston Securities Limited, a property investment company.

The Trustees have determined the value of the shares the Trust holds in the company based on the net assets of the company at 31 March 2025 which incorporate the property valuation.

All gains and losses on revaluation are included in the Statement of Financial Activities in the year in which they occur.

Listed investments are initially recognised at their transaction cost and subsequently measured at fair value. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments’ in the statement of financial activities.

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

a | Notes to the financial statements | TS — For the Year Ended 5 April 2025 | 1. Accounting policies (continued) 1.9 Financial instruments

Other basic financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and changes in fair value are recognised in profit or loss.

Basic financial instruments includes basic financial liabilities — other payables — which are recognised at transaction price and investments which are included at market value

1.10 Fund accounting

All funds are unrestricted and are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

2. Investment income

Unrestricted
funds		 Total
funds
2025 2025
£ £
Dividends receivable 892,698 892,698
Interest receivable 7,781 7,781
Total2025 900,479 900,479
Unrestricted
funds		 Total
funds
2024 2024
£ £
Dividends receivable 887,161 887,161
Interest receivable 13,655 13,655
Total2024 900,816 900,816

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Notes to the financial statements | For the Year Ended 5 April 2025 | TTX 3. Analysis of expenditure by activities | ! Activities Grant | undertaken funding of Support Total directly activities costs funds 2025 2025 2025 2025 £ Expenditure on charitable activities 40,795 756,976 371 798,142 | ee | | Activities Grant undertaken _ funding of funding of of Support Total |

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||||||||| |---|---|---|---|---|---|---|---| |Activities|Grant| |undertaken|_ funding of funding of of|Support|Total| |directly|activities|costs|funds| |2024|2024|2024|2024| |£|£|£|£| |Expenditure|on|charitable|activities|42,443|367,497|385|410,325| |Analysis|of direct|costs|

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||||||| |---|---|---|---|---|---| |Total|Total| |funds|funds| |2025|2024| |£|£| |Governance|costs|(see|note 4)|40,795|42,443|

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

ea Notes to the financial statements For the Year Ended 5 April 2025

3. Analysis of expenditure by activities (continued)

Analysis of support costs

Total
funds		 Total
funds
2025 2024
£ £
Bankfees 374 385
Governance costs
2025 2024
£
Audit fees
Administration fees
Accountancyfees
Legalandprofessionalfees		 7,604
26,755
6,436
-		 5,218
28,800
4,470
3,955
Total 40,795 42,443

4. Governance costs

5. Expenditure on raising funds

Raising funds

Unrestricted
funds		 Total
funds
2025
£		 2025
£
Raising funds 1,415 1,415

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a THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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Notes to the financial statements
For the Year Ended 5 Apri! 2025
nn
5. Expenditure on raising funds (continued)
Raising funds
6. Analysis of grants
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Unrestricted
funds		 Total
funds
2024
£		 2024
£
481
——————————		 — 481
6. Analysis of grantsof grantsgrants
Grants to Total
Institutions funds
2025 2025
£ £
Grants payable 756,976 756,976
Grants to Total
Institutions
2024		 funds
2024
£ £
.
Grants payable 367,497 367,497
7. Summary ofgrants
2025 2024
£ £
Beit Halochem UK 25,000 18,000
BIICL (The British Institute of International and Comparative Law) 90,000 -
British Friends ofBeth Medrosh Govoha -Lakewood East - 10,000
British Friends ofthe Sara Herzog Memorial Hospital 20,000 -
British Friends ofShalva 10,000 10,000
The British Friends ofZichron Menachem - 22,000
Camden Psychotherapy Unit 5,000 5,000
CCJO Rene Cassin 5,000 -
Central British Fund forWorld Jewish Relief - 25,000
ChiefRabbinate Trust 55,000 55,000
Childhood Trust 25,000 10,000
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Notes to the financial statements Notes to the financial statements
Forthe Year Ended 5 April 2025
a
CommunityTrading Limited
FarmsforCityChildren Limited		 1,500
7,500		 -
7,500
Golders Green Beth Hamedrash Congregation 20,000 10,000
Holocaust Educational Trust 25,000 25,000
Interlink Foundation
JCORE(HIAS+JCORE)
Jerusalem Music Centre		 -
5,000
10,000		 9,997
-
-
Jewish Care
JW3Development
Kisharon		 25,000
40,000
-		 25,000
-
10,000
MaccabiGB
MarieCurie
Noa Girls		 5,000
50,000
20,000		 5,000
-
-
North London Welfare & Educational Foundation 5,000 -
Ohel Sarah - 50,000
Prism the Gift Fund 12,000 -
Shaarei Torah 25,000 50,000
Stand With US UK - 10,000
The British Friends ofthe Jaffa Institute 25,000 -
The Friends ofOhel Torah Trust 60,000 60,000
The Jerusalem Foundation 15,976 -
The Jewish Association for Mental Illness 45,000 -
TheRoyal Free Charity 50,000 -
The Sir Martin Gilbert Learning Centre 20,000 -
TheWeizmann Institute Foundation 50,000 -
VarietyThe Children's Charity - (50,000)
World Jewish Relief 35,000 -
756,976 367,497

8. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - None).

During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - None).

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

eee eee eee eee
eeeee		 eee
eeeee		 ———=—=————————=e
Notesto the financial statements
FortheYearEnded5April 2025
a
9. Fixedassetinvestments
Unlisted
investments		 Listed
investments		 Total
£ £ £
Costorvaluation
At6 April2024
Additions		 27,350,000
-		 1,102,018
24,000		 28,452,018
24,000
Revaluations
Revaluation		 1,510,000
-		 -
(23,702)		 1,510,000
(23,702)
Cash movement within investment portfolio - (13,993) (13,993)
At5April2025 28,860,000
—S		 1,088,323
——————__—		 29,948,323
———————
Net book value
At 5 April 2025 28,860,000 1,088,323 29,948,323
At5April2024 27,350,000 1,102,018 28,452,018

For the year ended 5 April 2025, the Trustees have valued the unlisted investments held at £28.86m (2024: £27.35m), having taken into consideration the net assets of Bluston Securities Ltd and the rental yields of certain investments it holds based on publicly available information at the date of approving these financial statements. A discount factor of 10% has been applied in the calculation of the valuation which the Trustees consider reasonable. Martin D Paisner CBE is a director of Bluston Securities Limited.

The valuation is made in accordance with the Trustees' reporting obligation and the fair value of the Bluston Securities Limited shareholding for charity accounting purposes should not be treated as anything other than an expression of the opinion of the Trustees and not as a representation upon which any third party can or should seek to rely.

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10. Creditors: Amounts falling due within one year

2025 2024
£ £
Grants payable 80,000 127,915
Accruals and deferred income 19,435 15,588
99,435 143,503

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

Notes to the financial statements For the Year Ended 5 April 2025 ns 41. Creditors: Amounts falling due after more than one year

Grants payable 12. Statement of funds Statement of funds - current year

----- Start of picture text -----
2025 2024
£ £
45,000 -
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||||||||| |---|---|---|---|---|---|---|---| |Balance|at|6|Gains/|Balance|at|5| |April|2024|Income|Expenditure|(Losses)|April|2025| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all funds|29,071,999|900,479|(799,557)|1,486,298|30,659,219| |Statement|of funds|-|prior year| |Balance|at|Gains/|__ Balance|at| |6 April 2023|Income|Expenditure|(Losses)|5 April 2024| |£|£|£|£|£| |Unrestricted|funds| |General|Funds-|all funds|29,639,489|900,816|(410,806)|(1,057,500)|29,071,999|

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13. Analysis of net assets between funds Analysis of net assets between funds - current year

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2025|2025| |£|£| |Fixed|asset|investments|29,948,323|29,948,323| |Current|assets|855,331|855,331| |Creditors|due within|one|year|(99,435)|(99,435)| |Creditors|due|in|more than|one year|(45,000)|(45,000)| |Total|30,659,219|30,659,219|

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a THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

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Notes to the financial statements For the Year Ended 5 April 2025

13. Analysis of netassets betweenfunds(continued)
Analysis ofnetassets betweenfunds -prioryear
Unrestricted
funds
2024		 Total
funds
2024
Fixed assetinvestments
Current assets
Creditorsduewithinoneyear		 28,452,018
763,484
(143,503)		 28,452,018
763,484
(143,503)
———<—< LS
Total 29,071,999
SaaS=		 29,071,999
&&—&"E”E"EE
14. Reconciliation of netmovement infunds to netcash flowfrom from operating activities
2025 2024
£ £
Net income/expenditure
for the year (as per Statement
Activities)		 of Financial 1,587,220 (567,490)
Adjustments for:
Realised (profit}/loss on investments (1,486,298) 7,057,500
Interest received (7,781) (13,655)
Dividends received (892,699) (887,161)
Increase/(decrease) in creditors 932 (245,612)
Netcash used in operating activities (798,626) (656,478)
15. Analysis ofcash and cash equivalents
2025 2024
£ £
Cash in hand 855,331 763,484
Totalcashandcashequivalents 855,331 763,484

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THE BLUSTON CHARITABLE SETTLEMENT OF 15 MARCH 1968

<= 16. Analysis of changes in net debt

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At 6 April At 5 April
2024 Cash flows 2025
Ps £ £
Cash at bank and in hand 763,484 91,847 855,331
Cash held in investment portfolio 19,498 (13,993) 5,505
a
782,982 77,854 860,836
; eee nnenenen
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17. Related party transactions

,

Martin Paisner, a Trustee of the Charity is also a Director of Bluston Securities Limited. During the year the Charity received dividend income of £881,491 from Bluston Securities Limited (2024: £881,491).

Martin Paisner is also a partner of Payne Hicks Beach, which provides the Charity with legal services. During the year, the Charity paid Payne Hicks Beach £nil (2024: £1,500). During the year, the Charity awarded Farms for City Children Limited, a Charity where Martin Paisner is PSC, grants totaling £7,500 (2024: £7,500).

During the year, the Charity also awarded to The Weizmann Institution Foundation, a Charity of which Martin Paisner is a Trustee, grants totaling £50,000 (2024: nil).

Anna Josse, a Trustee of the Charity is also a director of Prism Administration Limited, which provides administration and Trustee services to the Charity. During the year, the Charity paid the Company £26,755 (2024: £28,800).

During the year the Charity also awarded Prism the Gift Fund grants totalling £12,000 (2024: Enil), a Charity of which Anna Josse is a co-founder.

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