Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 **Charity number: 265601** ## **THE DENMAN CHARITABLE TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2025** Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 6| |**Independent examiner's report**|7 - 8| |**Statement of financial activities**|9| |**Balance sheet**|10| |**Notes to the financial statements**|11 - 18| Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025** |**Trustees**|P R Denman, Chief Executive| |---|---| ||Dr F M-C Denman| ||C Denman| |**Charity registered**
**number**
265601
**Principal office**
45 Durand Gardens
London
SW9 0PS
**Independent examiner**
M Hewett FCA DChA
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
NatWest
23 Market Street
Cambridge
CB2 3PU
**Solicitors**
Withers
16 Old Bailey
London
EC4M 7EG
**Investment Managers**
Quilter Cheviot Limited
1 Undershaft
London
EC3A 8BB|| Page 1 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025** The Trustees present their annual report together with the financial statements of The Denman Charitable Trust for the ended 5 April 2025. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document 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) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT** ## **a. Policies and objectives** The Trustees have absolute discretion to pay or apply the whole or any part of the Charity's income and capital of the Trust Fund to or for the benefit of such exclusively charitable objects and purposes as the Trustees in their absolute discretion think fit. In general, the Trustees have set the main aims of the Charity as assisting individuals, of small means or in financial difficulties, and charitable organisations with the needs of or in the relief of, poverty, education, health, housing, and disablement or disability or any other charitable objects and purposes, as the Trustees in their absolute discretion think fit. The objectives for the year are shaped by these aims with a view to distributing the Charity's income in full after expenses (taking one year with another). The Trustees may, in certain circumstances, consider it prudent to distribute the income received over a longer period. Such circumstances might include the receipt of an exceptionally large company dividend, which the Trustees may prefer to distribute over a number of years in order to manage better the distribution of income to their beneficiaries. ## **b. Public Benefit** The Trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit when reviewing the Charity's aims and objectives, in planning future activities and setting the grant making policy for the year. ## **c. Grant-making policies** Applications for grants are considered from both individuals and organisations whether made directly or supported in writing by an organisation or a social worker. The Trustees may make grants to organisations with similar aims. Details of how to apply for grants and the information required are available from the Chief Executive. ## **d. Investment Policy** The Trustees make all investment decisions after full consultation with, and approval from, their investment advisers who are instructed to invest in a portfolio to obtain an income sufficient to meet the Charity's grant making objectives whilst ensuring the Charity's long term security (taken in its widest sense and including, for example, protection against inflation). The Trustees may purchase any investments and/or property as they, in their absolute discretion, think fit, as if they were absolute beneficial owners. Page 2 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025** ## **ACHIEVEMENTS AND PERFORMANCE** ## **a. Grant Making Performance** During the year, the Trustees received 70 (2024: 65) applications for assistance and made grants totalling £51,460 (2024: £41,908) to 22 charitable organisations and no individuals (2024: 17 charitable organisations and 2 individuals). Total grants made represent 117% (2024: 92%) of incoming resources less all administration costs. At the year end no contingent grants were outstanding (2024: none). Over the past five years, total grants amount to £182,600, and over the past ten years, £367,530. This represents 97% and 99%, respectively, of net incoming resources. ## **b. Investment Performance** When setting investment performance objectives in relation to quoted investments, the Trustees use total return as the basis of investment performance and compare actual performance with the MSCI PIMFA Private Investor Growth index as a benchmark. Following consultation with their investment advisers, the Trustees set a target rate of return for the year of 5%. The total investment return for 2025 was a decrease of 1.6% (2024: 16%, increase) and compares with a decrease in the benchmark of 2.7% (2024: 14.6%, increase). ## **FINANCIAL REVIEW** ## **a. Review** Total income during the year was £52,387 (2024: £54,441) and after payment of grants to beneficiaries of £51,460 (2024: £41,908), investment management costs of £4,069 (2023: £3,545), support costs of £1,241 (2024: £1,405), governance costs of £7,208 (2024: £7,441) and net losses on investments of £111,796 (2024: £397,817, gains), there was a net loss of £123,387 (2024: £397,959, net surplus). The market value of quoted investments at the year end was £3,025,592 (2024: £3,160,483). ## **b. Reserves policy** The Charity is reliant on income from its investments. Taking one year with another, the Trustees' intention is to distribute the Charity's income in full after expenses. The Trustees consider it prudent to maintain a target level of free reserves in unrestricted funds, which is no lower than 10% and no greater than 100% of the total net income, prior to deducting costs relating to charitable activities, as shown in the Statement of Financial Activities of the preceding year's annual accounts. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and to cover the Charity's expenses. The Trustees may, in certain circumstances, consider it prudent to distribute the income received over a longer period. Such circumstances might include the receipt of an exceptionally large company dividend, which the Trustees may prefer to distribute over a number of years in order to manage better the distribution of income to their beneficiaries. The actual level of free reserves (excluding investments) at 5 April 2025 was £28,474 (2024: £36,281), which falls within the Trustees' specified parameters for 2025 of £4,560 and £45,595. Page 3 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025** The Reserves Policy is consistent with the Trustees’ “long term security” approach to investing, its grant making policy, and with the duty to apply the income of the Charity within a reasonable time. In addition, it allows for any variation in dividend receipts over the year. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. Constitution** The Charity is an unincorporated trust, constituted under a trust deed dated 22 February 1973 and is a registered charity, number 265601. The Charity was established by an initial gift from Mrs C M Denman in 1973. The Charity does not actively fundraise and seeks to continue its work through the careful stewardship of its existing resources. ## **b. Methods of appointment or election of Trustees** There is an annual re-evaluation of Trustees who serve until such time as they resign. The Board of Trustees appoints new Trustees and the induction process for any newly appointed Trustee comprises meeting with the Board and Chief Executive who explain the Charity's policies concerning investments, grant making and the powers and responsibilities of the Trustees. All Trustees are regularly provided with relevant newsletters and technical subscriptions and are notified of changes in governance etc. published on the Charity Commission’s website which they are encouraged to visit. The Trust Deed does not provide for the appointment of a minimum or maximum number of Trustees. However, the present Trustees' policy is that there should never be less than two or more than four Trustees. The Trustees meet quarterly and agree the broad strategy and areas of activity for the Charity, including consideration and performance of all policies, e.g. grant making, investment, reserves and risk management. ## **c. Organisational structure and decision-making policies** The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Chief Executive. The Chief Executive provides his time and expertise on a voluntary basis and deals with all day to day matters, except for investment management advice and professional services which are outsourced. The Chief Executive monitors information relating to grants and makes recommendations to the Board of Trustees who make all decisions. The Trustees operate a Privacy Policy, the full details of which can be obtained by writing to the Trustees at the Trust’s principal office. There were no employees in the current or preceding year. ## **d. Risk management** The Trustees are responsible for the management of the risks faced by the Charity and have in place a risk management process designed to identify the major risks that could impact on the Charity's objectives. This process identifies the major risks the Charity faces, the likelihood of occurrence, the significance of the risk, and the mitigating controls that are in place. It also seeks to identify any future actions and resources required to improve the management of these risks. The Chief Executive Officer has overall responsibility for the management of the risk assessment process and ensures the risks are reviewed regularly to identify the steps required to mitigate these risks. All recommendations from the Chief Executive Officer are reported quarterly to the Trustees for consideration and Page 4 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)** approval. Effective risk management is fundamental to the long-term success and sustainability of the Charity and the Trustees are committed to fostering a culture of risk-awareness and continuous improvement. ## **PLANS FOR FUTURE PERIODS AND COVID-19** The Trustees consider that whilst the immediate concerns regarding the Covid 19 pandemic appear to have eased, the economic shockwaves resulting from it were so substantial that they still affect the global economy and levels of poverty. They are also aware of increasing geopolitical instability. The wars between Russia and Ukraine, and Israel and Hamas, are causing worldwide uncertainty about many things including ongoing problems concerning the availability of gas and electricity supplies which in turn affects economic production. Additionally, the UK is facing increasing costs across a wide spectrum of goods, caused mainly by the huge rise in the cost of energy and recent high inflation. Further compounding these difficulties are growing trade disruptions, as escalating tariffs and protectionist policies - particularly those led by the current US administration - undermine free trade and depress international commerce. The unpredictability of recent financial decisions also heightens the risk of a major global recession and continues to weigh on stock market valuations, potentially impacting investment returns. The Trustees consider that the above problems continue to weigh heavily on the UK economy resulting in a sustained and substantial increase in Government debt. The consequential shortage of funds for social care and health will significantly augment hardship and need, leading to increased numbers of applications for assistance. The Trustees are aware that, for a period, these factors may affect the level of dividends that companies pay, and in turn, this may impact on the dividend income receivable by the Charity. Based on the estimated dividend yield of the Trust’s investment portfolio the income for the year ended 5 April 2026 is anticipated to be in the region of £48,000. Thus, whilst maintaining the above stated policies and objectives, the Trustees expect to have approximately £53,000 available for charitable grant making for the year to 5 April 2026. This represents 91% of available reserves and anticipated net income receipts for the year to 5 April 2026. The Trustees will closely monitor the receipt of dividend income during the year under review and may increase or decrease the level of grant making accordingly. ## **a. GOING CONCERN** The Trustees have reviewed the financial position of the Charity, including the potential impact of Covid-19, and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis. Page 5 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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. Approved by order of the members of the board of Trustees and signed on their behalf by: ## **P R Denman Trustee and Chief Executive** Date: 24 July 2025 Page 6 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DENMAN CHARITABLE TRUST ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **INDEPENDENT EXAMINER'S STATEMENT** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 7 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025** 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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Mr M Hewett Dated: 24 July 2025 FCA DChA Peters Elworthy and Moore For and on behalf of Peters Elworthy and Moore Chartered Accountants Cambridge Page 8 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025** |**Note**
**INCOME FROM:**
Investments
2
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
3
Charitable activities
4
**TOTAL EXPENDITURE**
**NET (EXPENDITURE)/INCOME BEFORE NET**
**(LOSSES)/GAINS ON INVESTMENTS**
Net (losses)/gains on investments
6
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2025**
**£**
**52,387**
**52,387**
**4,069**
**59,909**
**63,978**
**(11,591)**
**(111,796)**
**(123,387)**
**3,234,634**
**(123,387)**
**3,111,247**|**Total**
**funds**
**2025**
**£**
**52,387**
**52,387**
**4,069**
**59,909**
**63,978**
**(11,591)**
**(111,796)**
**(123,387)**
**3,234,634**
**(123,387)**
**3,111,247**|Total
funds
2024
£
54,441| |---|---|---|---| ||||54,441| ||||3,545
50,754| ||||54,299| ||||142
397,817| ||||397,959| ||||2,836,675
397,959| ||||3,234,634| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 11 to 18 form part of these financial statements. Page 9 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **BALANCE SHEET AS AT 5 APRIL 2025** |**Note**
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
8
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**11,112**
**25,609**
**36,721**
**(8,247)**|**2025**
**£**
**3,082,773**
**28,474**
**3,111,247**
**3,111,247**
**3,111,247**|12,801
31,032
43,833
(7,553)|2024
£
3,198,354
36,280| |---|---|---|---|---| |||||| |||||3,234,634| |||||3,234,634| |||||| |||||3,234,634| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ## **P R Denman Trustee and Chief Executive** ## Date: 24 July 2025 The notes on pages 11 to 18 form part of these financial statements. Page 10 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** **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) (effective 1 January 2019), 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 October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Denman Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. There were no significant estimates or judgements made by management in preparing these financial statements except the valuation of investments as calculated by Quilter Cheviot Limited. ## **1.2 GOING CONCERN** The Trustees have reviewed the financial position of the Charity and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis. ## **1.3 FUND ACCOUNTING** General funds are unrestricted funds which 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. ## **1.4 INCOME RECOGNITION** 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. Income from funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. The payment of Reportable Overseas Income can be subject to delays of up to 12 months and therefore the Charity may not have been advised about this income before the accounts are completed. For this reason Reportable Overseas Income is recognised when received. Other dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Ex dividends that have been notified to the charity but not yet received by 5 April are included as debtors. Page 11 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **1. ACCOUNTING POLICIES (CONTINUED)** ## **1.5 EXPENDITURE** Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Costs of raising funds consist of management fees charged by Quilter Cheviot Limited. Charitable activities include grants payable and support costs including governance costs. 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. Support costs have been allocated between governance and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs relating to the Independent Examination and legal fees. Additions to office equipment are accounted for and written off in the year of purchase. All resources expended are inclusive of irrecoverable VAT. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. ## **1.6 GAINS AND LOSSES** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or purchase date if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities. ## **1.7 INVESTMENTS** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. ## **1.8 DEBTORS** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 12 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **1. ACCOUNTING POLICIES (CONTINUED)** ## **1.9 CASH AT BANK AND IN HAND** 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. ## **1.10 CREDITORS AND PROVISIONS** Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **1.11 FINANCIAL INSTRUMENTS** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2. INVESTMENT INCOME** |**Unrestricted**
**funds**
**2025**
**£**
UK investment funds
44,368
Interest on cash deposits
1,834
Overseas funds
6,185
52,387
TOTAL 2024
54,441|**Total**
**funds**
**2025**
**£**
**44,368**
**1,834**
**6,185**
**52,387**
54,441|Total
funds
2024
£
45,673
3,680
5,088| |---|---|---| |||54,441| |||| Page 13 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **3. INVESTMENT MANAGEMENT COSTS** |**Unrestricted**
**funds**
**2025**
**£**
Investment management costs
4,069
TOTAL 2024
3,545|**Total**
**funds**
**2025**
**£**
**4,069**
3,545|Total
funds
2024
£
3,545| |---|---|---| |||| ## **4. ANALYSIS OF EXPENDITURE BY ACTIVITIES** |Charitable activities
TOTAL 2024|**Grant**
**funding of**
**activities**
**2025**
**£**
51,460
41,908|**Support**
**costs**
**2025**
**£**
8,449
8,846|**Total**
**funds**
**2025**
**£**
**59,909**
50,754|Total
funds
2024
£
50,754| |---|---|---|---|---| |||||| Page 14 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **4. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)** ## **ANALYSIS OF SUPPORT COSTS** |Accountancy fees (governance)
Independent examiners fees (governance)
Office furniture
Postage
Publication subscriptions
Stationery
Travel & Parking
Office equipment
Repairs and maintenance
TOTAL 2024|**Support &**
**governance**
**2025**
**£**
5,000
2,208
-
18
197
202
485
257
82
8,449
8,846|**Total**
**funds**
**2025**
**£**
**5,000**
**2,208**
**-**
**18**
**197**
**202**
**485**
**257**
**82**
**8,449**
8,846|Total
funds
2024
£
5,175
2,266
138
9
-
-
297
961
-| |---|---|---|---| ||||8,846| ||||| Governance costs as shown above totalled £7,208 (2024: £7,441). ## **5. ANALYSIS OF GRANTS** |Grants
TOTAL 2024|**Grants to**
**Institutions**
**2025**
**£**
51,460
39,308|**Grants to**
**Individuals**
**2025**
**£**
-
2,600|**Total**
**funds**
**2025**
**£**
**51,460**
41,908|Total
funds
2024
£
41,908| |---|---|---|---|---| |||||| Page 15 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **GRANTS TO INSTITUTIONS** |Action Medical Research
Autism Puzzles
Bexhill & Rother Hug
Blind Veterans UK
Cambridge Psychotherapy Assistance Trust
Campaign Against Living Miserably
Caudwell Children
Compliments of the House
Criminon UK
Ditch the Label Ltd
Exeter Community Transport
Filwood Hope
Florence Park Community Association
Food Lifeline
Giving Day
Handicapped Childrens Action Group
Lennox Children's Action Group
Moorfields Eye Charity
Parenting Mental Health
Refreshing Minds
Royal National Institute of Blind People
Seashell Trust
Social Square (UK)
Space
Sparks of Success
Speaking Up Speaking Out
The Bren Project
The Freya Foundation
The Royal Trinity Hospice
The Sequal Trust
Whizz Kidz
Woodwork to Wellness
Young Bristol|**2025**
**£**
**2,000**
**3,000**
**1,000**
**3,000**
**3,000**
**-**
**-**
**3,000**
**-**
**1,000**
**-**
**2,000**
**200**
**-**
**-**
**-**
**4,000**
**-**
**3,000**
**3,000**
**2,000**
**2,000**
**-**
**4,000**
**-**
**-**
**3,000**
**3,000**
**1,000**
**3,000**
**3,000**
**1,260**
**1,000**
**51,460**|2024
£
-
-
-
3,000
3,000
2,500
2,808
3,000
1,500
-
2,000
-
-
2,000
1,000
1,500
-
3,000
-
-
4,000
-
2,000
1,500
2,500
2,000
-
-
-
-
2,000
-
-| |---|---|---| |||39,308| Page 16 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **6. FIXED ASSET INVESTMENTS** |**VALUATION**
At 6 April 2024
Additions
Disposals (proceeds £474,666; realised gain £27,968)
Revaluations
Cash movement
AT 5 APRIL 2025|**Listed**
**investments**
**£**
**3,160,483**
**451,571**
**(446,698)**
**(139,764)**
**-**
**3,025,592**|**Cash at**
**broker**
**£**
**37,871**
**-**
**-**
**-**
**19,310**
**57,181**|**Total**
**£**
**3,198,354**
**451,571**
**(446,698)**
**(139,764)**
**19,310**| |---|---|---|---| ||||**3,082,773**| All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). When considering the Charity’s investment policy, the Trustees take the advice of Quilter Cheviot Limited. The Charity operates an investment policy that includes provision for a degree of diversification of holdings within different investment trusts and unit trust investments. The Charity has invested in a number of these investments in order to better protect the Charity’s exposure to volatility in the market and seek low risk investments wherever possible. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term growth and annual income. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions. ## **7. DEBTORS** |**DUE WITHIN ONE YEAR**
Other debtors
Prepayments|**2025**
**£**
**10,888**
**224**
**11,112**|2024
£
12,801
-| |---|---|---| |||| |||12,801| Page 17 Docusign Envelope ID: 762A3AAA-819A-46EB-8206-CF5EDAC99980 ## **THE DENMAN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025** ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**2025**|2024| |---|---|---| ||**£**|£| |Other creditors|**8,247**|7,553| ## **9. KEY MANAGEMENT PERSONNEL, TRUSTEES' REMUNERATION AND EXPENSES** The Charity considers its key management personnel to be the Trustees. The Trustees all give their time and expertise without any form of remuneration or other benefit in kind (2024: £nil). During the year ended 5 April 2025, travel and office expenses were reimbursed to one Trustee of £685 (2024: £339). There were no Trustees' expenses settled directly to a third party (2024: £nil). ## **10. RELATED PARTY TRANSACTIONS** There were no related party transactions during the current year or prior year. Page 18