THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARirY TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended S Aprll 2025 Registered Charlty number: 266054
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 CONTENTS Pages AdministratNe information Trustees, report including statement of Trustee5' responsibilities Independent examiners, report ststement of finan¢*al actwtties {including summary of income & expenditure ac¢gunll Balan sheet Notes to the finanaal statements 8-12
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY ADMINISTRATIVE INFORMATION Trustees.. R Brook M P Green D A Seccombe S M Turner R S Watkins Bankers.. Lloyds Bank PIC Caxton Gate 3 Corporation Street Birmingham B2 4LP Accountants.. Malcolm Piper & Company Limited Kingsnorth House Blenheim Way Birmingham 844 8LS Investment managers.. EFG Harris Allday 5th Floor 103 Colmore Row Birmingham B3 3AG Registered Charity number.. 266054 Enquiries Unit 54 Weekin Works 112- 116 Park Hill Road Harborne Birmingham B17 gHD Page 1
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT The Trustees present their report and the unaudited financial statements for the year ended 5 April 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities. IFRS 102) in preparing the annual report and financial statements of the Charity. NATURE OF THE GOVERNING INSTRUMENT The TNst Fund is registered as a Charity (registered Charity number 2660541 and was established under a deed of trust dated 18 April 1973. TRUSTEES The Tnjslees who held office during the year were as follows.. R Brook M P Green D A Seccombe S M Tumer R S Watkins As the Charity becomes aware of individuals with an interest in the Charity's activities, or where il is perceived that a new Trustee can complement the skills held by current Trustees, and a new Trustee is required, they put in place a plan to appoint and train them. PRINCIPAL ACTIVITY The object of the Tnjst 1$ lo apply the income of the Charity in providing payments of grants and donations for charitable purposes lo charitable inslrtL*lions, nol for profit organisalions and charitable foundations based in the United Kingdom. PUBLIC BENEFIT The Trustees confirm that they have referred lo the glIanCe contained in the Charity Commission's general guidance on public benefit when reviewin9 the Charty's aims and objectives and in planning future activities and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE During the year. the charity made donations to charitsble institutions, not for profit organisations and charitable foundations amounting to £89.50012024.' £104.0001. The Trustees are proud that they have been able lo assist 45 different organisatr.ons with grants during the current year. The average grant provided was £1,500. FINANCIAL REVIEW The results for the year and financial position of the Charity are shovm in the Stslemenl of Financial Activities on page 6 and Balance Sheet on page 7. The gross income of Ihe Charity for the year ended 5 April 2025 amounted lo £85,04712024- £86,635). DiTecl Charitsble expenditure in the form of donab'ons, grants and other benefits paid lotalled £89,500 12024.. £704,000) and administratNe and m8nagemenl expenses totalled £25,37312024." £20,075). This resulted in net expenditure before gains and losses on investments of £29,82712024.' £37,440). After gains on investments of £83,337 12024.. £57.1921 and a profivllossl on disposal of investments of £5,39212024.' £1,880), the resulting surplus for the year was £58,90312024.'£21,6321 which was added to reserves available for fvture distribution. Page 2
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT (CONTINUED) INVESTMENTS The Trustees have discrets'on over the investment of the Fund. Investments are held spe¢ifically for the purpose of generabng income and capital growth so that the Charity can maintain the present value of the funds, finan annual donations and meet other expenditure. in the furtheran¢e of its charitable objectives. The Trustees delegate the day-to-day monitoring and management of investments through the appointment of an investment manager, EFG Harris Allday. The Trustees delegate the implementation of an investment strategy lo their investment managers and rr#)nitor investment retums achieved on those investments against the agreed strategy. The year lo 5 April 2025 was one of transition, tLtrbulence and laclical opportunity for UK investors. Companies benefitted from a degree of domestic iesilience bul the October 2024 budget had a negative impact on business confidence and earnings expectations as £40billion of tax increases were announced. The anticipation of US tariff increases triggered global volatility which impacted UK equities whilst interest rale cuts boosted bond markets and stability in UK gilts and corporate bonds helped balanced portfolios weather the slom. The stock market finished the year stronger than had been anlicipaled and this has resulted in a degree of recovery from the fall in value of the investment portfolio experienced in the prior year. During the year under review, the investment portfolio saw unrealised gains on investments due to these market frjrces totalling £83,33712024.. £S7,192}, RESERVES POLICY At 5 April 2025 the Charity held reserves, less investment assets, of £36,636 12024.. £45,699). Investment assets are invested lo provide a future income for the Charity and are therefore not generally consided to be distributable assets. However, the Trustees have the discretion lo use income as well as the capital of the Trust, if appropriate, to meet ils objectives. Reserves a necessary because all income is derived from the distrtbution reiVed from the investments in the shares and funds held. These distributions are vanable and dependent upon the economic climate. Addrtionally, distributions are not received in regular equal amounts, resulting in periods oftime when no income is being received but expenditure is still Incurred. In the opinion of the Trustees the Charity's assets are available and sufficient lo fulfil the OblationS of the Charity and are considered sufficient to enabte the Charity to operate at rts curffnl level for the foreseeable futu. PLANS FOR FUTURE PERIODS The TnJslees intend lo continue with the provision of donations, grants and other benefits. They intend to review these on an annual basis and re-consider the Teturns achieved from investments. The key uncertainty facing the Charity is the impact of the economic nrtaInty on interest and dividend income. The Trustees have undertaken a review of finanS, whh are monitored and projected daily, and we have concluded that the impact on our current and future performance is manageable. Page 3
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT (CONTINUED TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Tnjstees. Report and financial statements in accordance with applicable law and United Kingdom accounting stsndards Iunited Kingdom Generally ApIed Accounting Practice). The law applicable lo Charrties in England and Wales law requires the Trustees to prepare financial stslemenls for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resour¢es and application of the resources of the Charity for that year. In preparing these finanual statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly". observe the methods and principles in the Charities SORP IFRS 1021 make judgements and ests'males that are reasonable and prudent., act in accordance with the rules of the Charity, the Charity Commission and the Trust Deed.. state whether applicable accounting Standards have been followed, subject to any material departures discussed and explained in the financial statements.. prepare financial statements on the going concem basis unless it is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial posib.on of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities (Aeeounts and Reports) RegulalN)ns 2008 and the provisions of the Trust Deed. They are also restM)nsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevents.on and detection of fraud and other IrregUlareS. STATEMENT OF DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER We, the Trustees of the Charity who held Offi at the dale of approval ofthese financial statements, as set out above, each confirm so far as we are aware, that.. there is no relevant informalDn of which the Charity's Independent Examiner is unaware., and we have tsken all the Steps that we ought to have taken as Trustees in order lo make ourselves aware of any relevant infomwlion and to establish that the Charity's Independent Examiner is aware of that informat'on. Approved by the Trustees on 22 October 2025 and signed on its behalf by.. R S Watkins Trustee Page 4
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY. I report lo the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025, whtch are set out on pages 6 10 12. RESPONSIBILITIES AND BASIS OF THE REPORT As the Charity's Trustees you are responsible for the preparation of the accounts in accordance wrth the requirement$ of the Charities Act 20111'the Acr}. I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directs'ons given by the Charity Commission under sectton 14515llb} of the Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. l ¢onfirm that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charty as required by section 130 of the Act., or {21 the accounts do not accord with these re¢ords', or {31 the accounts do not comply with the applicable requirew*nts concerning the form and content of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'lrue and fair vievi which is not a matter considered as part of an independent examination. I have no concerns and have come across no 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 reache r Whltehoad FCA Malcolm Piper & Company Llmlted Chart8rod Accountants KSn98north House Blenhelm Way Blrn)Ingham B44 8LS Dato: 22 October 2025 Page 5
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Summary of incom¢ and expenditure accounti AS AT 5 APRIL 2025 Unrestrlctod Restrlcted fund fund 2025 Unrestrlcted Restrlcted Totsl nd fund 2024 Totsl Income Investments Dividends and income from investments Other interest received 53.534 332 30,974 207 84,508 539 54,612 214 31,768 41 86,380 255 Total income 53.866 85,047 54,826 31,809 86,635 Expenditure on: Charitable activities Donations. grants and other benefits paid 162,000 127,500} 189.5001 174,0001 {30,000} 1104,0001 Other Support ¢osts Inote 51 Governanee wsls {note 113,601 15,2801 16,492) 120,0931 15.2801 112,3391 12,4001 15,3361 117,6751 12,4001 61 Total expenditure 80,881 114873 124 075 Net lexpenditurel bofore gains and losses (27,0151 12,812) 129.8271 {33,9131 13.5271 137.4401 Nel gainslllosses} on investments 122,0121 105.350 83.338 57,770 {578} 57,192 Profiullossl on disposal of investments 4,211 1,181 5.392 1201 1.900 1,880 Ngt surplusl(deficitl and nel movement in funds 144,8161 103,719 58,903 23,837 {2,2051 21,632 Total funds brought forward at 6 April 2024 1,541,703 736.997 2,278,700 1,517,866 739,202 2,257,068 Tolal funds ¢arri•d forwafd at 5 Aprll 2025 1,496,887 840,716 2,337,603 1,541,703 736,997 2,278,700 All gains and losses recognised in the year are included atXJVe. These unaud((ed financ(al statements have been subject to Independent Examintlion. See report on page 5. The notes on pages 8 to 12 form part of the financial statements. Page 6
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Note FIXED ASSETS Invostments Listed investments Note 8 2,300,967 2,233,001 CURRENT ASSETS Cash and bank account CUrnt account 48 099 CURRENT LIABILITIES: Other creditors Note 9 {3,840} 12,4001 NET CURRENT ASSETS 36,636 45,699 NET ASSETS 2,337,603 2,278,700 CHARITY FUNDS Note 10 Unrestricted funds 1,496,887 1,541,703 Restricted funds 840.716 736,997 TOTAL CHARITY FUNDS 2,337,603 2,278,700 These financial statements were approved and aulhori$ed for issue by the Board on 22 October 2025 Signed on behaFf of the board ofTfUStees'. R S Walkins- Trustse eccomb¢ - rustee These unaudited financial statements have been subject to independent examinatton. See report on page 5. The notes on pages 8 to 12 fom part of the financial stslements. Page 7
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 1 ACCOUNTING POLICIES a. Charity status The charity is a constituted under a Trust Deed in the United Kingdom and registered with the Charity Commission in England. The address of the principal offits is given in the Charity information on page 1 of these financial stalemenls. The nature of the Charity's operation and principal activits.es are given on page 2. b. Ba$ls of accounllng The financial statements have been prepared in accordance with the Slalement of Recommended Practice ISORPI, 'Accounts"ng and Reporting by Charities as applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (FRS 102) applicable in the United Kingdom and Republic of Ireland and the Charf(iesAcl 2011. The financial slalemenls are prepared on a going concern basis under the historical cost convention, modified to include investments and investment propeeS at market value. The Twst, as a small charity, is exempt from the qUIrementS to prepare a Statement of Cash flows. The presentation currency of the financial statements is the pound sterling (£1. The significant aCUnting policies applied the pParatIon of these financial statements are sel out below. These policies have been consistently applied lo all years presented unless otherwise ststed. Fund accounting Unrestricted funds which are available IOT use al the discretion of the Trustees in furtherance of the general objective of the Charity and which have not been designed for other purposes. Reslricled funds repfesenl specific assets and funds which are held for specific grant making purposes and thus needs to be kept separate from other investments and funds which can be applied to a wider criteria of needs. Income arising from restricted investments can be used in accordance with the strict objecb.ves of those restricted fvnd$ and cannot be mixed with unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the funds are charged against the fund. d. Income recognltlon All income is included in the SOFA when the Charity is legally enlstled lo the income after any performance conditions have been met., the amount Can be quantified with reasonable accuracy,. and it is probable th31 the income will be received. Investment income is earned through holding assets for investment purposes such as shares and investment funds. It includes dividends and interest and is all allocated lo Funds in accordance with the Trust Deed. Page 8
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED S APRIL 2025 1 ACCOUNTING POLICIES Icontlnued e. Expendltyre recognitlon All expenditure is accounted for on an accrual$ basis and has been classified under headings that aggregate all costs relaled to the category. Vlhere costs cannot be directly attributed lo particular headings, they have been allocated to activities on a basis consislenl with use of the resour$. Expenditure is recognised Whe 117ere is a legal or constructive obligatn to make payments to third parties, il is probable that settlement will be required and the amount of the obligation Can be measured reliably. It is categorised under the following headings". Expenditure on charitable activities includes donations, grants and benefft5 paid., Investment management costs relate lo costs of professional investment managers and Other expendrture represents those items not falling into the above categories. Investments Investments are staled at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revalLialions and disposals throughout the year. g. Debtors and creditors recelvablfr I payablg withln one year Debtors and ¢ditOrS with no stated interesl rate and receivable or payable within one year are recorded attransaction price. Any losses arising from impairment are recognised it) expenditure. h. Tax The Charity is exempt from laxalion under section S(11) of the Taxes Act 1988 on the basis that the fund is recognised as a Charity by the Inland Revenue according lo the terms of the Trust Deed dated 18 April 1973. 2 TRUSTEES, REMUNERATION No remuneration has been paid or is payable lo the Trustees either directly or indirectly in the current or prior year. There were no trustees. expenses paid for in the year ended 5 April 2025 nor for the year ended 5 April 2024. The Charity maintains Tnjstees, Indemnity Insurance for the Tnjstees which is induded in Support and Adminislralion Costs and amounted lo £40512024.. £4001. 3 INVESTMENT INCOME 2025 2024 Dividend and Interest Income 86.635 Included in investment income is £31,18112024.' £31,809} which is restricted income. Page 9
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continuedl FOR THE YEAR ENDED 5 APRIL 2025 4 DONATIONS The charity made 43 donatn$ totalling £89,500 during the year12024.. £104,0001- Unostricted donations totalled £62,00012024.' £74,000) and reStrted donations amounted to £27,50012024'. £30.000}. Donations made in excess of £5,000 during the year are detailed below.. Unrestrlcted Restri¢t¢d Coventry University 20,000 S SUPPORT COSTS 2025 2025 2025 2024 2024 2024 Unre5trithd RestriGted Totsl Unre5trctsd Restricted Total Support and administration expenses 4,192 2,051 6,243 2,809 936 3.745 Investment management costs 9.410 4,440 13,850 9,530 4,400 13.930 13,601 6,492 20,093 12,339 5,336 17.675 6 GOVERNANCE COSTS 2025 2025 2025 2024 2024 2024 Unr08trfcte(I Rostrlctsd Total Vnro8trfct8d Re8trfcted Total Independent examiners fee 5,280 5,280 2,400 2,400 7 EMPLOYEES There were no full or part time employees during the year12024'. Nill. Page 10
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED S APRIL 2025 8 INVESTMENTS Market value blfwd 06.04.24 Additions Market value Change in market value Disposals 05.04.25 Listed Investments 2,233,001 168,611 1183,983} 83,338 2,300,967 Total Funds 2.233,001 168,611 1183,9831 83,338 2,300,967 All investments held are listed Investments. The fair value of listed investments is determined by reference lo the quoted price for identical assets in an active market at the balance sheet dale. 9 CREDITORS: AMOUNTS FALLING DUE WITHIN 1 YEAR 2024 2023 Other Creditors 3,840 3,840 10 STATEMENT OF FUNDS At 6 April 2024 Net gain I Ilo$sl on Expendlture Investments At 5 April 2025 Income Unrestricted fund 1,541,703 53,866 {80,8811 117,8011 1,496,887 R65tricled fund 736,997 31,181 {33,9921 106,531 840,718 Totsl fund$ 2,278,700 85,047 1114,8731 83,338 2,337,603 Details of the nature of funds are given in note 1c. The restrtcted funds comprise entirely fvnds transferred in during the previous financial year relating to the Howard Wag51aff Memorial Trust now held in a separate restricted account called the Howard Wagstaff Fund. These funds continue lo be applied for the same purposes and causes as had previously been the case for that charity and in accordance with a letter of wishes from the Trustees of that Trust confirming the objectives of the settlors of that Trust. Page11
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 5 APRIL 2025 11 BALANCE SHEET RECONCILIATION OF FUNDS Unrgstrictgd Restricted Total Investments 1,475,543 825,424 2,300,967 Ca$h and bank a¢count 26.684 13,792 40,476 Other Creditors 13,8401 {3,840) Net Assets 1,498,387 839,216 2,337,603 Page 12