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2025-03-31-accounts

Charity Registration No. 258958

The Colyer-Fergusson Charitable Trust

Trustees’ Annual Report and Financial Statements

for the year ended 31 March 2025

The Colyer-Fergusson Charitable Trust

CONTENTS
______________
Page
Trustees’ annual report 1 - 14
Legal and administrative information 15
Statement of trustees’ responsibilities 16
Independent auditors’ report 17 - 20
Statement of financial activities 21
Balance sheet 22
Cash flow statement 23
Notes to the financial statements 24 - 34

The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

INTRODUCTION

The trustees of Colyer-Fergusson Charitable Trust (the Trust) present their annual report for the year ended 31 March 2025 together with the audited financial statements. The trustees confirm that the annual report and financial statements have been prepared in accordance with the requirements of the charity’s governing document, the Charities Act 2011 and the 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) (second edition effective 1 January 2019) - Charities SORP (FRS 102).

The Trust’s overarching aim is to improve the lives of people in Kent and Medway, in particular those who are most disadvantaged. Its vision is of a fairer and more equal society, and it relies on charities and local community groups to translate its grant funding into meaningful impact. The Trust believes that people are society’s most valuable asset and even in the most deprived areas, they have the personal resources to strengthen their communities.

The trustees recognise that it is a privilege to fund hardworking charities and community groups. They also understand the inevitable power-imbalance of their funding relationships and to mitigate this, they strive to treat all grant applicants fairly, with respect and courtesy, being as open and approachable as possible.

Over the years, the Trust has supported Kent and Medway communities through a range of funding programmes. Its current grant programmes, and guidance about how to apply, are set out clearly and openly on the Trust’s website: www.cfct.org.uk

Equity, Diversity and Inclusion

The trustees and staff are committed to the ethos and principles of equity, diversity and inclusion and strive to put these into practice in every aspect of their work. All of the Trust’s work is aimed at creating better opportunities for people in Kent and Medway, many of whom are drawn from diverse communities. In order for it to be the most effective and authentic organisation it can be, the staff and trustees work to ensure that equity, diversity and inclusion (EDI) run through all of their systems and processes, policies, day-to-day work and culture.

Net Zero

The Trust is committed to creating positive change for beneficiaries, both current and future, and it is doing what it can to reduce its carbon impact. This includes recycling, minimising waste and maximising energy efficiency in its office, and asking staff and trustees to try to use public transport, rather than private vehicles, whilst on Trust business. Wherever possible, the Trust prioritises suppliers that are lowering their own carbon emissions. Also, it works to ensure that its investment strategy is aligned with its core values adopting environmental, social and governance (ESG) investment approaches which exclude any company that derives more than 5% of its revenues from thermal coal mining, tar sands, shale oil and gas.

Page 1

The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

MEASURING IMPACT

In the financial year ended 31 March 2025, Trust staff continued to measure grants through robust analysis of data provided by grant recipients within their monitoring reports and qualitative data gathered from staff visits to funded projects. At least every five years, the trustees review their grant strategy with the aim of establishing the impact made on the lives of people in Kent and Medway.

In the year under review, the Trust’s strategic plan focused its funding on disadvantaged young people, families in need and people at risk of offending. The impact of its programmes is measured by staff on a rolling basis, using the Trust’s dedicated grant management software. Whilst statistics can reveal a lot about the impact of grant programmes, for a full picture it is important to look also to feedback from grant recipients (grantees). All grantees are required under the terms of their grant contract to provide interim (if multi-year grants) and final reports. In these reports, grantees are asked to reflect on their original objectives, as set out in their grant application, and explain the extent to which these have been met. However, since the pandemic, the Trust has been less concerned with checking quantitative outcome measures, preferring to ask grantees what has gone well and what, with hindsight, they might have done differently.

ACHIEVEMENTS AND PERFORMANCE

The trustees agreed the following key aims and objectives to guide their funding policies for the seven-year period from 2018 to 2025.

Aims

Objectives

Page 2

The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

The trustees have delivered these aims and objectives through their strategic funding programmes, the details of which are set out in this report. Shortly after the end of the financial year under review, in May 2025, the trustees reviewed their overall mission, with the aim of measuring the impact of their programmes. To support this review, they conducted a stakeholder consultation exercise, to help shape their strategy for the next five years from 2026 to 2031.

Grant programmes

In the year under review, the trustees continued to make grants within five programmes, central to their strategic vision for Kent:

These grant programmes have been operating since autumn 2018. In this time, 2,754 grants have been awarded totalling £15,826,730.

Table 1. Grants approved by programme and financial year

Programme 2018-19
£		 2019-20
£		 2020-21
£		 2021-22
£		 2022-23
£		 2023-24
£		 2024-25
£
Communities 299,363 410,290 905,475 447,200 587,350 592,100 665,500
Families 163,660 408,325 425,450 462,500 726,500 910,200 949,000
Rehabilitation 61,215 353,620 359,625 444,500 521,000 287,500 687,500
Young People 421,022 544,675 351,000 528,700 894,360 789,250 924,000
Grants to Individuals 110,844 80,118 95,746 75,989 95,688 126,783 120,682
Total 1,056,104 1,797,028 2,137,296 1,958,889 2,824,898 2,705,833 3,346,682

In addition, during this six-year period, the Trust has made a series of ‘flagship’ grants totalling £6,257,500, most of which were awarded in 2019-2020 to mark its 50th anniversary.

Table 2. Flagship grants approved by financial year

Programme 2018-19
£		 2019-20
£		 2020-21
£		 2021-22
£		 2022-23
£		 2023-24
£		 2024-25
£
Flagship Grants 365,000 3,217,500 500,000 - 400,000 - 1,775,000

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

Flagship grants bring the total number and value of grants over the seven-year period to 2,790 and £22,084,230 respectively, representing a significant investment in the communities of Kent and Medway.

- 2024-2025 THE YEAR IN NUMBERS:

Table 3. Grants approved 2024 -2025 by programme

Grant Programme Grants awarded £ No.
Flagship projects 1,775,000 4
Investing in Families 949,000 26
Investing in Young People 924,000 25
Investing in Rehabilitation 687,500 15
Investing in Communities 665,500 82
Grants to Individuals 120,682 315
Total 5,121,682 467

The following chart shows grants made under the Trust’s four main programmes; young people, families, communities and rehabilitation of offenders, showing the type of project that was supported as a percentage of the whole.

Chart 1. Grants approved 2024-2025 in four main programmes (excluding flagship and individual grants)

----- Start of picture text -----
Youth work and Educational support
confidence-building and skills training
11%
programmes
14%
Caring for carers
3%
Homelessness and
Core operational costs housing support
of community groups 3%
16%
One-off small project
costs
1%
£3,226,000
Mentoring, counselling
and therapeutic support
Reducing offending and 18%
anti-social behaviour
17%
Debt and financial
issues
17%
----- End of picture text -----

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

The trustees aim to support projects across Kent and Medway and although they judge all applications on their merits, they are keen to allocate more funding to areas of greatest deprivation. The most recent Indices of Deprivation, published on 26 September 2019 by the Department for Levelling Up, Housing and Communities, ranked Thanet as Kent’s most deprived district, with Swale a close second. Sevenoaks, Tonbridge and Malling and Tunbridge Wells were ranked as the least deprived local authority areas.

In the year under review, under their four main grant programmes the Trust awarded 18 grants totalling £686,000 to support Kent-wide initiatives, with a further 130 grants supporting activity at a local level. The following charts show the extent to which funding correlated with areas of greatest deprivation.

Table 4. Grants to organisations 2024-2025 by LA region, showing Indices of Deprivation (2019) ranking

Kent LA Region Grants £ No. of grants Indices ranking
(1 = most deprived)
Kent-wide 686,000 18 -
Thanet 443,500 21 1
Swale 206,500 10 2
Shepway 56,000 7 3
Medway 352,500 22 4
Dover 191,000 7 5
Gravesham 160,000 5 6
Dartford 95,500 4 7
Ashford 266,000 11 8
Canterbury 287,500 18 9
Maidstone 326,500 14 10
Tonbridge and Malling 60,000 2 11
Sevenoaks 35,000 4 12
Tunbridge Wells 60,000 5 13
3,226,000 148

Chart 2. Total grants 2024-2025 by LA region

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

GRANTS TO INDIVIDUALS

In the year under review, 315 grants totalling £120,682 were awarded to young people experiencing “poverty of opportunity”, with the average grant being £385. Many had been in Local Authority Care and most had underachieved at school due to their domestic circumstances.

Table 5. Number of grants to individuals 2024-2025 showing reason for application

Primary reason for application No. ofyoung people
Leavingthe care of the local authority 95
Underachievingat school 87
Livingin a verylow-income household 74
Not in education,employment or training 49
At risk of offending 10
315

Grants were awarded for various types of practical support, and the following table shows what the grant paid for. Several grants fell across more than one category and in this case, the main item funded is used.

Table 6. Number of grants to individuals 2024-2025 showing type of support

Type of support No. ofyoung people
Tools or equipment/IT 85
Household items and furniture 68
Counsellingand mentoring 41
Course fees 39
Transport to college or work 35
Interview/work clothes 32
Workpermits and licenses 15
315

Most grant recipients identified as male (58%) with 38% identifying as female and 4% as non-binary. All grant recipients were between 12 and 25 years old, most being between 16 - 18 years old (53%).

Chart 3. Grants to individuals 2024-2025 showing age of beneficiaries

----- Start of picture text -----
21 - 25 years old 15 or under
19% 9%
19 - 21 years old
19%
16 - 18 years old
53%
----- End of picture text -----

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

INVESTING IN COMMUNITIES

The ‘Investing in Communities’ grants programme reflects the Trust’s belief that small, locally focused organisations often are best placed to deliver flexible, responsive support to the most vulnerable people in society. Organisations can apply for a grant of between £500 and £5,000 per annum, for a maximum of three years, or a one-off grant of up to £15,000. Applications are usually processed in less than two months. In the year under review, 132 applications were received and 82 grants made totalling £665,500.

Table 7. Grants awarded 2024-2025 showing type of support

Cost headings Grants £ No.
Staff salaries and recruitment £291,000 34
One-offprojects and capital £74,500 15
Rent,buildingand office £89,500 11
PR,marketingand fundraising £19,000 2
IT and social media £27,500 4
Costs of volunteers £5,000 1
Consultancy £44,500 5
New contracts and income diversification £71,000 7
Mergers andpartnerships £43,500 3
£665,500 82

Table 8. Grants awarded showing beneficiaries

Beneficiaries Grants £ No.
Children andyoung people £171,000 23
Older People £34,500 8
People with disabilities £118,500 11
Other minority groups £57,000 9
Generalpublic £284,500 31
£665,500 82

Organisations applying to this programme are limited to those with an annual turnover of no more than £500,000. The aim is to ensure that the programme supports local, grassroots community organisations. The success of this approach is evident in that 62% (51) of funded organisations operate with no full-time paid members of staff and 23% (11) have only one.

The programme has supported 38 previously unfunded organisations (46%) demonstrating the continued success of the outreach work carried out by the staff team.

INVESTING IN YOUNG PEOPLE

The ‘Investing in Young People’ programme supports organisations that put the needs of disadvantaged young people at the heart of what they do. The trustees believe that every young person should have the opportunity to meet their full potential, but too many face huge barriers to meaningful employment. Through this programme the Trust makes grants to organisations working to meet the needs of young people in Kent who face ‘poverty of opportunity’ by improving their academic performance, vocational skills or by helping to break down the barriers that prevent them from participating in education, employment or training.

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

In the year under review, the Trust made twenty-five grants totalling £924,000. Twenty-five percent (6) of grants were made to support new and innovative projects, offering fresh approaches to tackling pernicious issues. The remainder (19) supported the extension of tried and tested ways of working.

Table 9. Grants awarded 2024-2025 showing beneficiaries

Type ofproject Grants £ Grants No.
Literacyand numeracy 45,000 1
Mentoringand counselling 201,000 6
Skills-based training 300,000 9
Youth work and confidence-building 378,000 9
924,000 25

Within this programme, the Trust targets charities not only working in but based in Kent and Medway. Although large national charities may apply, most funding is allocated to small- to medium-sized charities operating solely in Kent and Medway. This policy is reflected in the turnover of organisations that received funding: 44% being less than £250,000 (11), a further 28% between £250,000 and £1M (7) and the remaining seven (28%) having turnover of over £1M.

INVESTING IN FAMILIES

The Trust believes that ‘families’ in the most inclusive sense of the word, are the yarn that creates the fabric of society. Individual families can be delicate and vulnerable at times; but woven together into communities they are remarkably resilient and strong. But too many are struggling at the sharp end of socio-economic problems, facing persistent and chronic poverty and overwhelmed by desperate circumstances. Poverty restricts their choices, and too many are having to make impossible decisions, such as whether to heat their homes or pay their rent.

The ‘Investing in Families’ programme supports charitable organisations offering interventions to meet the needs of families with a wide range of problems, including debt; drug and alcohol abuse; mental health issues; domestic abuse; caring for a sick or disabled family member and the short and long-term impacts of bereavement.

In the year under review, the Trust made twenty-six grants totalling £949,000.

Table 10. Grants awarded 2024-2025 showing type of support

Type ofproject Grants £ Grants No.
Debt and financial issues 522,000 11
Mental health issues and bereavement 235,000 7
Caringfor a familymember 100,000 3
Domestic abuse 72,000 4
Housingand homelessness 20,000 1
949,000 26

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

INVESTING IN REHABILITATION

Each year in the UK, around 88,000 people are sent to prison and 150,000 are given a probation order. Many of them will have had chaotic and complicated lives: growing up in local authority care, excluded from school, living with drug or alcohol problems or struggling with mental health issues. The ‘Investing in Rehabilitation’ programme makes grants to support the rehabilitation of offenders and help reduce the collateral consequences of their imprisonment for their families, with the aim of reducing reoffending. The programme supports organisations that work to break the pernicious cycle of reoffending; helping offenders and their families move forward to build better lives, with real options for a meaningful and positive future within their communities.

Grants in the year were made within four broad categories:

Table 11. Grants awarded 2024-2025 showing type of support

Type ofproject Grants £ Grants No.
Practical support, pre- andpost-release 342,500 7
Familyengagement initiatives 215,000 3
Mentoringand developingself-awareness 85,000 3
Communityoutreach,reducingoffending 45,000 2
687,500 15

PLANS FOR THE FUTURE

The trustees' key objective is to make grants to improve the lives of people in Kent and Medway, particularly those who are most disadvantaged and living at the margins of society. In the months leading up to the trustees’ May 2025 strategic review, some of the Trust’s grant programmes were closed to applications, with a view to new programmes being launched in the latter half of 2025. The review would evaluate the extent to which the programmes were meeting their core aims and objectives, to support the development of their next strategic plan.

In February 2025, the Trust invited its grant applicants and other stakeholders to complete a detailed survey asking about the issues facing the Kent voluntary sector and their experience of interacting with CFCT. The survey was sent to 325 organisations, and 180 responses were received representing a response rate of 55%. Not all respondents answered all questions, and only 38 chose to complete the survey anonymously (21%). The survey asked a range of questions, firstly about the impact of the cost-of-living crisis on organisations and then, what respondents saw as the biggest challenges facing the voluntary sector and which, if any, target groups have been most adversely affected. The survey invited respondents to take a view on which groups CFCT might prioritise in future and what, if any, changes the Trust should make to its funding processes. Finally, the survey asked about respondents’ experience of interacting with CFCT.

When asked if respondents had experienced an increase in demand as a result of the economic crisis, 87% said that they had and 8% had not, with 5% saying they were unable to tell. When asked about the challenges facing their organisation and the voluntary in general, funding appeared in almost all responses as a central challenge with organisations particularly struggling with core costs and long-term funding. There was an awareness that funders were struggling with the increase in applications and grants were harder to come by as a result. The difficulty of recruiting and retaining quality staff and volunteers was also a frequent concern and the ability to increase staffing to meet growing demands on services.

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

Perhaps unsurprisingly, there was a direct correlation between the groups served by respondents and the groups they thought should be prioritised by CFCT. Several organisations praised CFCT for being “ supportive”, “helpful” and “genuinely caring” and there was a strong appreciation for the Trust’s flexibility, especially around project timelines and delays. Several respondents said that the application and grant processes are straightforward and responsive. In relation to constructive criticisms, a couple of respondents pointed out an area for improvement around feedback about why applications had been unsuccessful.

The staff team is committed to its aim of being “accessible and inclusive, treating all grant applicants with courtesy and respect”. The survey asked people to share their experience of dealing with us and the extent to which they think we are we measuring up to our aims. It was pleasing to see that the overwhelming majority of respondents (96%) thought that we are. The remaining 4% chose not to answer the question, rather than saying anything negative.

The Trust’s new funding programmes will be published on the Trust’s website and its engagement platform at beginning of September 2025. Applicants are advised to visit the Trust’s website for up-to-date information about grant priorities: www.cfct.org.uk

FINANCIAL REVIEW

During the year, the Trust received income of £935,624 (2024: £1,096,771) and incurred expenditure of £5,714,170 (2024: £3,526,028). Within this, expenditure on grants awarded in the year was £5,121,682 (2024: £2,705,833). Further details of grants awarded are provided in this report and in note 15 to the financial statements. A full list of grants awarded to organisations is provided on the Trust’s website www.cfct.org.uk/grants-list/.

The Trust made losses on investment assets of £279,676 (2024: gains of £2,650,928). This comprises unrealised losses of £516,345 on its investment portfolio (2024: gains of £1,290,928) due to market conditions during the year and a realised gain of £236,669 on property (2024: gain of £1,360,000) following the disposal of properties for the sum of £2,933,503 (2024: 6,915,000).

The Trust’s net assets at 31 March 2025 were £25,959,939 (2024: £31,018,161).

INVESTMENT POLICY AND PERFORMANCE

The Deed of Settlement authorises the trustees to invest without limitation.

The trustees employ an investment objective that balances their requirement for income and for long-term capital protection and growth of the Trust's assets. The trustees take a responsible and ethical approach to investing. With regard to ethics, their investment policy sets out the trustees’ wish to avoid investment in:

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

The trustees fund grants from the natural income of the assets, but they have wide investment powers and can spend capital to supplement the Trust's income as required. They aim to spend at least £2,500,000 per annum on grants. In the year, they spent over twice this (£5,121,682) as their grant programmes were to be closed for most of the next financial year, pending the implementation of their May 2025 strategic plan.

The Trust has assets comprising both an investment portfolio and direct ownership of property bestowed by the founder. In recent years, property assets have been realised and proceeds invested in the portfolio with the final properties sold in the year. Sale proceeds totalled £2,933,503 resulting in a realised gain of £236,669.

Trustees review the management of the Trust's assets with their fund managers at least annually.

The main aim of the Trust’s investment portfolio is to produce sufficient income each year to fund the trustees’ grant-making activities. With this in mind, the trustees seek a total return which balances the need for regular withdrawals and capital growth to protect the long-term interests of CFCT. As significant cash balances are maintained outside of the portfolio, the trustees accept a medium-high risk level within the investment portfolio.

During the twelve months to the end of March 2025, the investment portfolio delivered a robust income generation of £697,042 and a flat net return of +0.0% in 2025 (2024: +9.0%). This result was behind its bespoke benchmark of +5.1% (2024: +12.39%) and slightly behind the ARC Charity Steady Growth Index benchmark of +2.2% (2024: +9.38%). Underweights to US Technology and Financials has been the primary source of underperformance with off-benchmark positioning in high-income Infrastructure not keeping pace on a total return basis.

Market dynamics have shifted materially following the reporting period and this positioning has benefited the Trust’s portfolio in the first two months of reporting year 2025/2026.

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

The trustees judge performance of their investment manager against CPI +4% per annum over rolling fiveyear periods. The investment manager is expected to report against the ARC Charity Steady Growth Index and a composite benchmark. In order to achieve these objectives, the investment manager is required to operate to the following asset allocations and permitted ranges within the portfolio:

Asset class Portfolio
weighting
(as at
31/03/25)		 Strategic
weighting
%		 Permitted
ranges %		 Index against which measured
Fixed interest 19.2 20 15-35 10% FTSE UK Conventional Gilts All Stocks,
10% ICE BofA SterlingNon-Gilts
Cash 0.4 5 0-10 SterlingOvernight Index Average(SONIA)
Equities: 74.2 75 50-80 22.5% FTSE All Share, 52.5% FTSE World
Ex-UK
UK 16.5 22.5 -
Global 57.7 52.5 -
Property 2.5 - 0-10 IPD Monthly
Infrastructure 3.7 - 0-10 UK base rates + 2%
Total 100 100

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Colyer-Fergusson Charitable Trust was established by Deed on 3 April 1969 by Sir James ColyerFergusson, a philanthropist with strong roots in Kent. He endowed the Trust with assets of land, property and cash and for the remainder of his lifetime, he bestowed further gifts of assets. The Trust is registered with the Charity Commission with number 258958. Its principal office address is shown on page 15.

The policies and strategic management of CFCT are overseen by six trustees and the day-to-day management by a staff team of six part-time staff led by the Chief Executive.

The trustees who served during the year, and to the date of this report were:

Nicholas Fisher DL (Chairman) Christopher Buxton Julia Megone Ruth Murphy James Thorne Bhargawa Vasudaven DL

New trustees are approved by the existing trustees for the skills and experience that they bring to help the Trust to meet its charitable objectives. New trustees are given copies of the Deed of Settlement, recent copies of the Trust's annual report and accounts and documents explaining the Trust's history and its key policies and procedures. In addition, all new trustees are given guidance material published by the Charity Commission on the responsibilities of being a trustee and a copy of the latest edition of the Charity Governance Code, supported and endorsed by the Commission.

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

Trustees are offered training regularly to keep them up to date with new charity regulation and good practice and they are expected to commit to the seven guiding principles of the code: leadership; integrity; decisionmaking; risk and control; board effectiveness; diversity; openness and accountability.

The full trustee board meets at least three times during the year to make and review their charitable grants. Small community grants are reviewed and approved by a sub-committee of two trustees and the Executive Director of Programmes, with decisions reported to the full board. An investment subcommittee, comprising four trustees, the Chief Executive and the Director of Finance, meets once or twice a year to monitor the performance of investments and report back to the full board of trustees. Also, a subcommittee comprising two trustees, the Chief Executive and the Director of Finance meets once or twice a year to review the Trust’s property investments.

KEY MANAGEMENT PERSONNEL REMUNERATION

The Trust operates with a small paid staff team, drawing on the expertise of specialist consultants as required. The trustees believe that this structure is cost-effective and provides a robust administrative base. The trustees consider that the trustees and the Chief Executive, Executive Director of Programmes and Director of Finance are the Charity’s key management personnel. The trustees are responsible for the charity's governance. Other key management personnel are responsible for the charity's day-to-day operations. No trustee remuneration was paid in the year and details of trustee expenses are disclosed in note 6 to the financial statements.

Trustees are required to disclose all relevant interests as soon as they become aware of them and register them with the Chief Executive and withdraw from decisions where a conflict of interest arises. The pay of the Charity’s key management personnel is reviewed annually and usually increased in accordance with average earnings. In view of the nature of the charity, the scale of its grant-making operations, and the extensive management of professional advisers to the trust board, the trustees consider that a multiple of up to three times the median annual pay in South-East England is appropriate for the role of Chief Executive. The remuneration is also bench-marked with other grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for comparable roles.

RISK MANAGEMENT

The trustees have examined the major risks that the Trust faces and established systems to mitigate these, which are set out in a formal risk policy and reviewed regularly. The trustees recognise that the main risks they face involve the performance of their investments which are subject to the unpredictability of the financial markets, and the efficacy of their grant-making. To mitigate these risks, investments are held by a reputable investment firm authorised by the FCA and trustees review investment performance against recognised benchmarks at least once a year. The Trust’s investment activities also may risk diverging from the Trust’s charitable purpose and aim, and this is why environmental, social and governance factors are a key focus of the Trust’s new Investment Policy. The Trust’s grant-making is rigorously controlled by clear objectives and supported by formal grant-making policies and established monitoring procedures.

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The Colyer-Fergusson Charitable Trust

TRUSTEES’ ANNUAL REPORT For the year ended 31 March 2025

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

Under the Deed of Settlement, the trustees may pay or apply the income, and if they shall think fit, the capital of the Trust to or for such charitable purposes whatsoever at such times and in such manner as the trustees shall from time to time think proper. The trustees have referred to the Charity Commission’s guidance on ‘public benefit’ when reviewing their aims and objectives and planning their future activities. They believe that their strategic grant-making meets the objective of benefiting a wide cross-section of the community and this is demonstrated within the following sections of this report. The trustees ensure that a robust monitoring system is in place to establish the benefit derived from each grant to be confident of meeting their public benefit obligations.

RESERVES POLICY

At 31 March 2025, the Trust had total reserves of £25,959,939 (2024: £31,018,161). The Trust has a flexible approach to its reserves planning, aligned to income and its grant spending programmes. There is flexibility to spend capital, beyond the natural income from investment and property. It has been the intention of the trustees to make use of unrestricted funds to support their stated aims and objectives to a minimum annual level of c. £2,500,000 in charitable grants. This policy is reviewed annually by the trustees who will continue to review the level of reserves on a regular basis in association with quarterly management information.

ASSET COVER FOR FUNDS

All assets are represented by unrestricted funds which are sufficient to enable the Trust to meet its obligations for future costs and grant commitments.

FUNDRAISING

Colyer-Fergusson Charitable Trust does not engage in fundraising with the general public. It explicitly does not undertake any fundraising campaigns via email or direct mail and does not engage in cold calling. As a registered charity, it can accept donations from those wishing to support its work, but it does not actively seek them. Any offers of financial support for the Trust’s work are initiated by the donor and the Trust will not share information about donors or potential donors and never put anyone under pressure to donate funds. The Trust did not receive any complaints in relation to fundraising in the year (2024: none).

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The Colyer-Fergusson Charitable Trust

LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 31 March 2025

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Nicholas Fisher DL (Chairman of trustees)
Christopher Buxton
Julia Megone
Ruth Murphy
James Thorne
Bhargawa Vasudaven DL
Charity number 258958
Principal address 34 Hill Street
Richmond TW9 1TW
Principal Officers Jacqueline Rae - Chief Executive Officer
Steve Boucher - Executive Director of Programmes
Noel Flannery - Director of Finance (re����� 30 June 2025)
Auditors Saffery LLP
71 Queen Victoria Street
London EC4V 4BE
Accountants RSM UK Tax and Accounting Limited
25 Farringdon Street
London EC4A 4AB
Bankers Coutts & Co
440 The Strand
London WC2R 0QS
Solicitors Farrer & Co LLP
66 Lincolns Inn Fields
London WC2A 0QS
Investment advisors LGT
14 Cornhill
London EC3V 3NR
Property advisors Caxtons
49-50 Windmill Street
Gravesend
Kent DA12 1BG
Hobbs Parker
Romney House, Monument Way, Orbital Park
Ashford
Kent N24 0HB

Page 15

The Colyer-Fergusson Charitable Trust

STATEMENT OF TRUSTEES’ RESPONSIBILITIES For the year ended 31 March 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees who were in office on the date of approval of these financial statements have confirmed, as far they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the trustees has confirmed that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Approved by the trustees on ………………………………………….. and signed on their behalf by

Nicholas Fisher DL (Chairman) Trustee

Page 16

The Colyer-Fergusson Charitable Trust

INDEPENDENT AUDITOR’S REPORT For the year ended 31 March 2025

Opinion

We have audited the financial statements of the Colyer-Fergusson Charitable Trust for the year ended 31 March 2025, which comprise the Statement of financial activities, the Balance sheet, the Cashflow statement and the notes to the financial statements, including 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:

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 Auditor’s 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 UK, including the FRC’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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Page 17

The Colyer-Fergusson Charitable Trust

INDEPENDENT AUDITOR’S REPORT For the year ended 31 March 2025

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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control 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.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

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.

Page 18

The Colyer-Fergusson Charitable Trust

INDEPENDENT AUDITOR’S REPORT For the year ended 31 March 2025

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees and informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 19

INDEPENDENT AUDITOR’S REPORT For the year ended 31 March 2025

The Colyer-Fergusson Charitable Trust

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………… ……………………………………………… S a ff ery LLP 71 Queen Victoria Street Statutory Auditors London EC4V 4BE

Date: …………………………27 November 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 20

The Colyer-Fergusson Charitable Trust

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2025

______________
Notes
Incoming resources:
Investment income
3
Total
Resources expended:
Costs of generating fund
Investment property costs
Investment management costs
4
Charitable activities
Grantmaking
Grants approved
Grants withdrawn
Support costs
Governance costs
Total cost of grantmaking
Total
4
Net (losses)/gains on investments
9
Net (expenditure)/income
19
Reconciliation of funds:
Total funds brought forward
17
Total funds carried forward
17		 ___
Unrestricted
funds
2025
£
935,624
935,624
84,067
172,719
256,786
5,121,682
(15,000)
267,888
82,814
5,457,384
5,714,170
(279,676)
(5,058,222)
31,018,161
25,959,939		 ____
Unrestricted
funds
2024
£
1,096,771
1,096,771
366,275
139,399
505,674
2,705,833
(10,000)
232,239
92,282
3,020,354
3,526,028
2,650,928
221,671
30,796,490
31,018,161

All the above results derive from the continuing activities of the Trust. There are no other gains or losses other than those shown above.

The notes on pages 24 to 34 form part of these financial statements.

Page 21

The Colyer-Fergusson Charitable Trust

BALANCE SHEET

As at 31 March 2025

______________
Notes
Fixed assets:
Tangible assets
10
Investments:
Investment properties
11
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Total net assets
The funds of the Trust:
Unrestricted funds
17
Total Trust funds		 ___
2025
£
4,943
-
23,620,914
23,625,857
112,463
5,298,191
5,410,654
(2,690,572)
2,720,082
26,345,939
(386,000)
25,959,939
25,959,939
25,959,939		 ____
2024
£
3,892
2,663,500
24,135,826
26,803,218
98,741
6,828,042
6,926,783
(2,272,690)
4,654,093
31,457,311
(439,150)
31,018,161
31,018,161
31,018,161

The accounts were approved by the trustees on ……………………………………. and signed on their behalf by:

Nicholas Fisher Trustee

The notes on pages 24 to 34 form part of these financial statements .

Page 22

The Colyer-Fergusson Charitable Trust

CASH FLOW STATEMENT

For the year ended 31 March 2025

_____________
Cash flows from operating activities:
Net cash used in operating activities
19
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investment property
Proceeds on disposal of investment property
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Analysis of cash and cash equivalents
Cash at bank
Cash held in 95 day notice account
Cash held as part of the fixed asset investment portfolio
Total cash and cash equivalents
Analysis of changes in net funds
As at 1 April
Cash flows
2024
£
£
Cash and cash equivalents
Cash
2,304,325
298,373
Cash held in 95 day notice account
4,523,717
(1,828,224)
Cash equivalents
684,472
(611,188)
7,512,514
(2,141,039)		 ____
2025
£
(5,279,298)
853,741
(3,030)
7,290,291
(33,334)
2,933,503
(7,902,912)
3,138,259
(2,141,039)
7,512,514
5,371,475
2025
£
2,602,698
2,695,493
73,284
5,371,475
Other non-
Cash changes
£
-
-
-		 ___
2024
£
(4,339,683)
1,096,771
-
10,910,730
-
-
(8,534,952)
3,472,549
(867,134)
8,379,648
7,512,514
2024
£
2,304,325
4,523,717
684,472
7,512,514
As at 31
March 2025
£
2,602,698
2,695,493
73,284
5,371,475

Page 23

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1. Accounting policies

The Trust is an unincorporated charity registered with the Charity Commission for England and Wales (charity number: 258958). Its registered office address is 34 Hill Street, Richmond TW9 1TW.

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with the ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’, the Financial Reporting Standard applicable in the United Kingdom 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) rather than Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) which has been withdrawn.

The accounts are prepared in Sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £1.

The Trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern due to the volume of the total trust funds at the period end.

1.2 Going concern

The trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future with no material uncertainties concerning this ability to continue; hence the trustees have adopted the going concern basis in preparing the financial statements.

1.3 Income recognition

All incoming resources are included in the statement of financial activities when the Trust is entitled to the income, and the amounts can be quantified with reasonable accuracy.

Rental income from investment property leased out under an operating lease is recognised in the Statement of Financial Activities on a straight-line basis over the term of the lease.

Income from listed investments and fixed interest investments is recognised when it is receivable once the dividend or interest has been declared and the amount can be measured reliably by the Trust. This is normally upon notification by the investment advisor of the yield of the investment portfolio.

Interest on funds held at bank is included when it is receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank.

Page 24

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis.

Expenditure on raising funds are those costs directly attributable to managing the investment portfolio and raising investment income and an apportionment of overhead and support costs.

Expenditure on charitable activities are grant funding costs and an apportionment of overhead and support costs.

Grant funding costs are grants awarded to third parties in furtherance of the charitable objects of the Trust. Grants payable are charged in the period when the offer is formally conveyed to the recipient.

Governance costs comprise all costs involved in the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs relating to statutory audit.

Governance and support costs are allocated to the activities on the basis of time spent supporting those activities by the Trust staff: 25% to raising funds and 75% to charitable activities.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing more than £500 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated on a straight-line basis at the rate of 25% per year so that fixtures, fittings and equipment are written off over four years.

1.6 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. The fair value of equity investments is measured using the closing quoted market price. The fair value of investment properties is primarily estimated using a multiple of rental income for leased properties and based on the expected net return for development property.

All gains and losses are taken to the statement of financial activities as they arise. Equity investments are revalued on a quarterly basis. The property portfolio is revalued annually. Realised gains and losses on investments are calculated as the difference between sales proceeds and their carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

The significance of investments to the Trust’s financial performance and position is considered in the financial review and investment policy and performance sections of the trustees’ annual report. The Trust does not acquire put options, derivatives or other complex financial instruments.

Page 25

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1.7 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's statement of financial position when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors, are initially recognised at transaction price. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8 Operating leases

Rentals payable under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other shortterm liquid investments with a short maturity of three months or less from the date of acquisition.

1.10 Pensions

The Trust participates in a defined contribution pension scheme. The Trust’s contributions are charged to the Statement of Financial Activities as they fall due.

1.11 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

2. Critical accounting judgements and key sources of estimation uncertainty

Judgements and estimations are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In making these estimates the trustees make assumptions concerning the future. In the opinion of the Trustees there are no critical accounting estimates and judgements made in these financial statements.

Page 26

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

3. Income from investments

Rental income
Income from investments
Interest receivable
Other property income
.
Total expenditure
Grant funding
costs
£
Raising funds
Investment
property costs
-
Investment
management costs
-
-
Charitable activities
Grant funding of
activities
5,106,682
Total
5,106,682		 Other direct
costs
£
25,617
114,268
139,885
-
139,885		 Support and
Governance
Costs (note 5)
£
58,450
58,451
116,901
350,702
467,603		 2025
£
830
697,042
237,752
-
935,624

Total 2025
£
84,067
172,719
256,786
5,457,384
5,714,170		 2024
£
42,194
556,399
492,441
5,737
1,096,771
Total 2024
£
366,275
139,399
505,674
3,020,354
3,526,028

4. Total expenditure

Grant funding costs above reflect the value of grant commitments made in the period, £5,121,682 (2024: £2,705,833), less the remaining balance on grants withdrawn in the period, £15,000 (2024: £10,000).

4.1 Total expenditure 2024

Raising funds
Investment property costs
Investment management costs
Charitable activities
Grant funding of activities		 Grant funding
costs
£
-
-
-
2,695,833
2,695,833		 Other direct
costs
£
312,188
85,313
397,501
-
397,501		 Support and
Governance
Costs
£
54,087
54,086
108,173
324,521
432,694		 Total 2024
£
366,275
139,399
505,674
3,020,354
3,526,028

Page 27

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

5. Support and governance costs

upport and governance costs
Staff costs (note 7)
Professional fees
Office costs		 2025
£
305,887
46,254
115,462
467,603		 2024
£
301,138
53,049
78,507
432,694

Included in the figures are governance costs of £82,814 (2024: £92,282) relating to the cost of external audit, direct costs incurred by the board and an apportionment of support costs. Also included are support costs of £116,901 (2024: £108,173) associated with raising funds e.g. investment management.

6. Related party transactions and trustees’ expenses and remuneration

During the period, 2 trustees were reimbursed £1,509 in respect of travel, subsistence, computer support expenses and office costs (2024: £1,843). No trustee received any remuneration in the period (2024: none).

James Thorne, a trustee, worked as a consultant to Farrer & Co. James Thorne did not take part in the decision-making relating to the appointment of the firm as the Trust’s legal advisers.

7. Staff costs and remuneration of key management personnel

Number of employees

The average monthly number of employees during the period was:

Administrative
Employment costs
Wages and salaries
Social security costs
Pension costs		 2025
Number
6
2025
£
258,917
23,199
23,771
305,887		 2024
Number
6
2024
£
254,968
22,656
23,514
301,138

The Trust considers its key management personnel comprise the trustees and the Chief Executive, the Executive Director of Operations and the Director of Finance. The total employment benefits of the key management personnel were £230,664 (2024: £205,934).

Page 28

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
£60,001 - £70,000 1 1
£80,001 - £90,000 - 1
£90,001 - £100,000 1 -

8. Fees payable to the Trust’s auditors

Resources expended include amounts payable to the Trust’s auditors (excluding VAT) as follows:

Audit services - current year
Audit services - prior year
Non-audit services
et (losses)/gains on investment
Investment property
Equity investments		 2025
£
19,550
-
-
19,550
2025
£
236,669
(516,345)
(279,676)		 2024
£
19,475
5,685
5,700
30,860
2024
£
1,360,000
1,290,928
2,650,928

9. Net (losses)/gains on investment

Page 29

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

10. Tangible fixed assets

angible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge in the period
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Fixtures,
fittings and
equipment
£
6,875
3,030
9,905
2,983
1,979
4,962
4,943
3,892

Page 30

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

11. Investments

Investments
Investment properties
Market value at 31 March 2024
Additions
Disposals proceeds
Net gain on revaluation
Market value at 31 March 2025		 £
2,663,500
33,334
(2,933,503)
236,669
-

The investment properties were last revalued by Caxtons, Chartered Surveyors of Gravesend, Kent based on rental yields on 31 March 2024.

All investment properties were sold in the year.

Fixed asset investments

Market value at 31 March
2024
Acquisitions at cost
Disposals at proceeds
Net loss in the year
Movement on cash
Market value at 31
March 2025
ebtors
Trade debtors
Prepayments and accrued income		 Listed
investments
£
23,451,354
7,902,912
(7,290,291)
(516,345)
-
23,547,630		 Cash
£
684,472
-
-
-
(611,188)
73,284
2025
£
-
112,463
112,463		 Total
£
24,135,826
7,902,912
(7,290,291)
(516,345)
(611,188)
23,620,914




2024
£
14,400
84,341
98,741

12. Debtors

Page 31

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 2025

13. Creditors: amounts falling due within one year

Grants payable (note 15)
Tax and social security
Accruals
Deferred income
Other creditors		 2025
£
2,641,450
6,363
39,471
-
3,288
2,690,572		 2024
£
2,167,025
6,788
26,405
285
72,187
2,272,690

Deferred income relates to rent received in advance. All deferred income brought forward was released in the period.

14. Creditors: amounts falling due after more than one year

14.
Creditors: amounts falling due after more than one year
Grants payable (note 15)
15.
Grants payable
Reconciliation of grants payable
Commitments at 1 April
Commitments made in the period
Grants withdrawn in the period
Grants paid during the period
Commitments at 31 March
Commitments at 31 March are payable as follows:
Within one year
After more than one year
Commitments at 31 March		 2025
£
386,000
2025
£
2,606,175
5,121,682
(15,000)
(4,685,407)
3,027,450
2,641,450
386,000
3,027,450		 2024
£
439,150
2024
£
3,521,200
2,705,833
(10,000)
(3,610,858)
2,606,175
2,167,025
439,150
2,606,175

Page 32

The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

16. Operating lease commitments

At the balance sheet date, the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
In the second to fifth years inclusive		 2025
£
27,500
13,034
40,534		 2024
£
27,500
40,534
68,034

The Trust also acts as a lessor in connection with operating leases and continues to recognise the assets subject to the operating lease as assets on its balance sheet. The lease amounts received from the lessee are recognised in the Statement of Financial Activities on a receivable basis. The leases relate to the rental of property. The future minimum lease receipts arising from non-cancellable operating leases are shown below. Following the sale of rental properties during the year, the amounts now due to the Trust fall due as follows:

Within one year
17.
Unrestricted funds
Movements on unrestricted funds are as follows:
Funds brought forward at start of period
Income
Expenditure
Net (loss)/gain on investments
Net movement in funds
Funds carried forward at end of period		 2025
£
-
2025
£
31,018,161
935,624
(5,714,170)
(279,676)
(5,058,222)
25,959,939		 2024
£
1,578
2024
£
30,796,490
1,096,771
(3,526,028)
2,650,928
221,671
31,018,161

Unrestricted funds are available to be spent for any purposes of the Trust.

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The Colyer-Fergusson Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

18. Financial instruments

At the balance sheet date, the Trust had financial instruments categorised as follows:

2025
£
Financial assets measured at fair value
23,547,630
Financial assets measured at fair value comprise listed investments.
19.
Reconciliation of net income to net cash flow from operating activities
2025
£
Net (expenditure)/income for the reporting period
(5,058,222)
Adjustments for:
Depreciation charges
1,979
Losses/(gains) on investments
279,676

Dividends, interest and rent from investments
(845,494)

Decrease in debtors
(22,254)
Increase/(decrease) in creditors
365,017
Net cash used in operating activities
(5,279,298)
 2024
£
23,451,354
2024
£
221,671
1,719
(2,650,928)
(1,096,771)
37,819
(853,193)
(4,339,683)

20. Ultimate controlling party

The trustees do not consider that there is an ultimate controlling party.

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