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 glI￿anCe 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
conside￿d 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 re￿iVed 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 Obl￿ationS 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 ￿n￿rtaInty on interest and dividend
income. The Trustees have undertaken a review of finan￿S, wh￿h 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 A￿pIed
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 IrregUlar￿eS.
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
CUr￿nt 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$ls of accounllng
The financial statements have been prepared in accordance with the Slalement of
Recommended Practice ISORPI, 'Accounts"ng and Reporting by Charities as applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard 102
(FRS 102) applicable in the United Kingdom and Republic of Ireland and the Charf(iesAcl 2011.
The financial slalemenls are prepared on a going concern basis under the historical cost
convention, modified to include investments and investment prope￿eS at market value.
The Twst, as a small charity, is exempt from the ￿qUIrementS to prepare a Statement of Cash
flows.
The presentation currency of the financial statements is the pound sterling (£1.
The significant aC￿Unting policies applied the p￿ParatIon of these financial statements are
sel out below. These policies have been consistently applied lo all years presented unless
otherwise ststed.
Fund accounting
Unrestricted funds which are available IOT use al the discretion of the Trustees in furtherance
of the general objective of the Charity and which have not been designed for other purposes.
Reslricled funds repfesenl specific assets and funds which are held for specific grant making
purposes and thus needs to be kept separate from other investments and funds which can be
applied to a wider criteria of needs. Income arising from restricted investments can be used in
accordance with the strict objecb.ves of those restricted fvnd$ 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 obligat￿n 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 donat￿n$ totalling £89,500 during the year12024.. £104,0001- Unostricted
donations totalled £62,00012024.' £74,000) and reStr￿ted 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