Charlty numbor.. 260842 THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENT8 FOR THE YEAR ENDED 5 APRIL 2025
THE PAUL BASSHAM CHARITABLE TRUST CONTENT8 Page R•f•r•ne• and mdmlnl•tr4tlv• d•tall• of th• Charlty, It• Tru•ts•• and •dvlMr• Trustms. r•port Ind•ndent audltor•' r•port on th• Iln•nclal •tat•m•nts 8tstsm•nt olllnan¢l•l actlvltl•• 2-10 15 B•lanc• •h••t 16 Note• to th• Ilmncthl •tat•finIS 17-27
ThE PAUL BASSHAM CHARITABLE TRUST REFERENCE AND ADMINISTRATNE OETAILS OF THE CHARITY, rr8 TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 MoTrl8 Pèac(Kk Klmbarfey Grazyna lappolnted 29 Apfll 20251 Gr8h8m Tutu Patfk Harr Charlty regl•tsr•d numb•r 266842 Prlnclpal offlca How88 P8rcfv81 Fllnl 8ulldlng$ 1 Beddlng Lanè NolCh NR3 1RG Ind•p•nd•nt audltOf4 L8Ing Gowen LLP Chartor6d Accountant8 181 Floor. Prt> Hou8• Rouen Road NoTh¥lch NR11RE B•nk•rn Barday8 Prlvat& Bank 1 Stanhopo Mayfair London W1K1AF 8ollcltor• Howe8 Perclval LLP Flint BuildlngB 1 Beddlng Lan• Norwlch NR3 1RG Inv••lm•nt advl•or Barratt & Cook8 LlmFtod 5 Opie 8tr001 Norwith NR130W Inv•¥tm•nt •d¥l 8ardays Waalth 1 Churchill P¢ Canary Wharf London E14 SHP Page 1
THE PAUL BASSHAM CHARITABLE TRUST TRU8TEE8' REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Tfustsos present their annual roport togéthgT wllh tho audlted flnan¢lo1 Jlatements of th8 ChwSty for the 6 April 202410 5 April 2025. ObJ•ctlvM and acthittl •. ObJ•ctlv•¥ •nd •ctlvltl•$ The Trust ha8 Wtdo charitable oblects. The Tru81oeB havo unllmlted d18(¥gkn a8 to Ihe 8ppllcallon (for charftable purpo86sI of the capital and Incomo of Iha TfU81 Fund. Th8 Tnjstoes. polty In rward to the oppllcalion ol the Trust Fund is.. Prefereru 18 given to Norlolk charllle8 and charftable cau888 and conskJeratk)n Is glven lo all appllc4tlons of whatevw n8luTe provided that thèy are legally tharltabia and fulfil the publlc benelll requlremont. DMatlon8 wlll r#)1 bo m•J8 dlf8cI to Indlv5dual8 or unrngbBtered oryanl$allon8 $0 88 to an8ure that OH don8lk>ns are usod $01gly for Charttabh wrpo808. To tho extent trbal any of tha Trusfs annu81 kncom rnmaln8 und181rlbul8d wllhln 1 above. applications would be ¢ongrod from chadtlo¥ wlth natlonal or Inlernalknnal covorngo for oxpgnditure on thosg iarit588' proJecl8 within Nortolk. alm ol tho Tntsl o)ntlnug8 to b8 lo provld• a ¢harllgblg fijnd to whl¢h applk•tlon8 can bo m8do by ¢h•rltte8 and tharft8bie cau8e8 of any klnd based In Norfolk or wllh projects b8neflllng Norfdk. The Truslees have receivod many acknowledgmenis from donors whith record th8 bènefit lo th• communmy of th)nalon8 made together wllh progross updates and details of complglgd projects. M8mber8hlp ol the NoThvlch & 0131rlct Fundor8' Fofum provlde8 In8WI and w)dale8 In rnlatlon to lundiTrJ and olhor dlfflcultlos of the chorllable 58Gtor #$ wo110$ Oarfy notlc• of ony lorlh¢omlng prolgcts. The Tru8to88 alms In 2024125 financlal year 11 lolk)w those ol the prevkAM y•ar. Tho Trusteeg wlll $8ek to IdènlSfy th058 Pfol8Gts vthere the greatest and wdest beneflt ran bè att96nl. Tho Trust• onty C51j8r wrltten applicatlon8 and, whore necessary, rnake furthor enquiries. In 88ttlng obj8ctfve8 and plannlng for activities, the Trust088 have given due conslderalion lo general guklanca publlshed by the Charity Commission relating to publlc nAl. Indudtng thè guldan¢¢ 'Public benefit: runnin9 4 charlty IP821'. b. Vuln•rnbh p•r•on• Th8 Trust Is a grant hJndirKJ charity arKI does not work with vulmrable adults or childron. Accordingly. the Trust does not have 8 vulneroble per50n3 poliry In place but would croale such a pollcy In the 8v8nl that the aims and 8lructurn of the TN81 are changed. Grnnt4n*kln9 pollcl•• Tho Trustèès hav8 ¢on$iderèd and aded on th8 Charty Commission guidancè on the public benefft requirgmenl under the Charitles A¢t 2011. The Trus189$ make donations solely to bodifjs vhj are Ih8ms8lves roglslared ch&rilie8 or are ch8rilable bodies exempl from regSstralion but 8re conscious of the rned to ensure that a donalkjn will be legally chailiable. Each applicalon Is consldered on Its mertls aThJ the Trustees a180 consider the purp0868 for whlch the appllcatlon has baen mada lo confimi that tha publlc benefit requirement has boon fu11&d. Pagg 2
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 ObJ•cll¥M and •ctlvltl•• (conllnu•dl d. Volunt••r• The Trustees glve Ihelr Ilme to the charlty freely, Ihere are no olher voluntaern. A¢hl•v•m•nts •nd p•rfomi•nc• The major don8tlon8 In year ended 05 Aprll 2025 18. RNA4 SOS Spaniels Der6ham Dabl C8nlra Eatlng Matt8rs The Feed The Matthew Project Hope Ic* Tomorro Blgc £25.CO) £5.000 £5,0(Kl £s.o £5.¢J £5,CrfM) £S.1)Xl £5.C4XI The Tnmtees havo ¢¥)n¥ and gctod on Iho Charity Commbs8k)n guldance on the publlc bonaflt requirement und8r the Charities Act 2011. Tha Tru818e8 mak& donatlon8 8018ly to bodl68 who are Ihem8elve8 rtylster8d tharilios or aro charltable bodl85 éx&mpt from règistrallon but ar• wnseious of the neod to ensu that a donatlon 11 be leg81ty ch8dl8bb. E8ch appllcalbn 18 con51d8r8d on 118 merlls and the Trustees a180 c%Jnslder Ihe wrp08e8 lor vthlch appllcallon ha8 b88n m8do lo confirm that the publk b6n8fi1 requlrement has begn fuffillgd. Promln8nt examplos of publlc b8n8flt arf8Sng from donallon8 m8d8 are.. IN rfolk The Trustees m8de 8 donatlon lo the RNAA In the Bum of £25,000. The appllcats'on wag for fundlng towards the ImpMentatIon of the Norfolk Food H811 at the Showground. Norwlch. Its aim was lo act as a showcase for Norfolk's agrifood soclor. playlng a part In bringlng kngelh9r fgrrngrs. 8clgntist8 and ro8earchers with Ihe PU1¢ to promolg the availability of local produce. orfolk and Noryh h F The Trustees made 8 donallon lo th? N¢)rfolk 8nd Norwlth Ffjslival Tru81 In Ihg Sum of £7,500. The applicatson was for fundlng towards the Free Outdoor Programme whkh addrn8S08 the twrlorn to with arts arvj culture for those Ilvlng In povèrty in NoThYlch. The Trustees made a donation lo NCLS In the 8um of £5,000. NCLS supports som8 of most disadvantawl and vulnerable member5 of Norfolk, offering free. Independ8nl and confidentlal service8 on a brOj range of social welf8re law. The funding contributed towards their outreach work. The Truslees made a donation to BhJ C in th8 sum of £5,Crf)O. Bpa C18 8 charfty that provld88 8UPPOrt lo th088 affected by Canr. The funding supported their initLqlive8 Such as t{T rehabllltatlon 8essbns. mnlhty 'Art for Wellbeing activities. arKI their Teen arKI Young Adult support group. Further initiatives also Includ8d thg implementation of digital charity lins for donatnS and collaboration wlh Norfolk and Norwich Univgrsity Hospitals lo allow newiy dinOsed lung car palients lo attend their fwst appointrnenl with Big C. Page 3
THE PAUL BASSHAM CHARrrABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Achl•v•m•nt4 •nd p•rformanco Iconllnuodl The Tru8teg8 made a donallon lo Little Lifts in the sum of £4.LM)O. The application was for fvnding towards 'Llttle Llfts. boxes for nlnety br88sI cancer radloth8faPy pallents. The 'Llttle LSfts' boxes are provided to bfeasl Cancèr pallanl$ In the UK rec6lvlng surgery. radiotherapy or chèmolhernpy treatment. Ben amln F The TTu8leos made a don8t5on lo The Bènjamin Foundatlon In tho own 01 £3.000. The applkallon VAS for fvndlng loword$ tha BOOMI Young C#rgrs programme which aims to allovialo many ol the IW6 pressures faced by young carer8 and their f8mllles. The prograrn focusses on provldSng carws 8 IKeak from their duts at home. acee88 to 8UPPOrt for Ihelr 8molM)nal well-b8lrwJ and oppothnili88 to rrthl p80rn. The Tru81ee8 mada a donalion to Men8Cr8ft In the sum 01 £3,000. Th8 appluknn w88 lor fundlw towards M8nsCraft Pit Stop Activitl88. whkh aro rogular fr00 drop-in 80¢i#I actlvill&B lor men Noh experlgnclTVJ londiness and sodgl Isola1n. Thg p Stop Activ11$ offer a wldg rango ol OPF¥)rtunilios for connectK)n and a¢VIl$ and InCIJe a'ch8ck4n' Inviting mn to sharo Ihelr fo8lln9s and oxperlonces. Actlvltles Indude heallh walks, mindfulnes#. yoga. kung fu. Phot3raphY and The Tru$l88s made 8 donallon lo H¢bron Houslng In tho oum of £3.000. The appllcallon wa8 for fundlng towards a TranquS111ty Sulte wlthln HobTon House, whlch wlll (¥eale 8 welcome 8poce for tho women Hebron Houslry support. Th8 women Hebron Hou8lrvJ support have eXpeenced trauma and allowlng the women to have & $pa¢• of pg8ce and qulol can holp thom to lèel $8f• In Ihg day to day, The Investmonl portlollo8 h8d 8 comblned v81uo of £13,787.188 IlnclLtdlng a e4$h o18m8nl of £143.58418105 Aprtl 2025, compared lo £14,092,678 Ilncluding a cash element of £50,671} at 05 Aprll 2024. Th1$ represents o 2% dacraa8ee In the value ol tho Tru8V8 Portfollo over the year. Pag• 4
THE PAUL BAS8HAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR ThE YEAR ENDED S APRIL 2025 Achl•v•m•nl• and wrformanc• Icontlnuod) The Barratt & Cookg portfolio is MaTrag on a medium rlsk. balonced lotal rolum and Incom8 yleld rnandatg. wllh quartgrly dlslributions. The omphasis has been on a natural incomo at bast eting the £2Wk annual dlslrlbutlon lev81, and th8 current portfollo comlortably (bJès thls wllh the annualised Income. Tho ono off ex¢eplSon81 dlBlrltMJllon over and above the distribution knl has been partlalty fundèd by capitol. The fund held vAth Barclaya, 18 a bdanced strategy and both tolal rnlum aNI yleld arn lrnportant. The aim is to produce a su8tainablo lèv81 of ineome that r4 gr¢ywiro. but tho Fund s0 88oks ¢Jpllal grovAh. The Jtral•gy h4• an Invostrngnt I7zOn d al least 10 yows. H8vlng regard lo the prud8nl 8ppro8ch adopted by the Trustsès on the b8518 of Inv8slm8nl advlce, our vlew18 that Ihg PorfcffiionGe ol the main portfolio remains sound. There ¢orbtlnue5 to be vol8tilMy In thè markets, domon8tralod by tho poor porfomianco of the h¥0 more equhy ba88d indlc08. W8 con81der Ihal Ihgre r8main rf8k8 In th8 oqulty markels and do nol ther8foT8 b8118ve 11 lo b8 prudent lor u8 to adopt 8nythlng olhar than rgasonably dolonslve 8tral8gy 110 rotainiThJ tha ability to achlove Somo growth through kooping • re880nabl8 propothn in good quallty equllie8 and malntaln ylgkl. . Fundrnl•lng actlvlth• and Incom• g•n•ratlon Th8 TruBI L8 r1 Involvod In Beeklng don8tlons or other fund-ra181ng. Fln•nclal r•vl•w a. P•rfornianc• r•vl•w The lolal Incomlnq re8ourc88 were £425.398 In 2024125 arKI £401.704 In 2023r24. Chathablo £428,012 In 2024125 and £706,718 In 2023124. b. Golng conc•rn After maklng appropd8te onquir488, the TnJ81008 have a reasonable expectatlon that the Charity Iws adequa resources lo conllnue In op8r8tlonal 6xlslence for the foreseeab future. For Ihlg reason, thèy conllnue lo adopt Ihe ng eon¢•rn bas1¥ In pr8padr4J Ihe financial ststem8nts. Further d•tall8 regardlng the adoptjon ol the golng concorn Gon be found h the accountsng wcleS. ¢. R•••rv•• polky Thg Trustoes hwo Tr) poll¢y of rntslnlng ¥lgnrficanl reserves. other than to •n$wo, whenevér po$$lblo, that wfficlent lunds ar8 held 81 any one lime lo cover tha Ilkaly donatM)ns of Ihg next quarterly mootlng glthough thrd is not es8enlLql 8lnca the Tru8lee8 have power to use both the Unre8lrfcted Income Fund and the ExperKlabl8 Endowment Fund 8houkJ th8 r*èd adse. AS al D5 April 2025 the Tru81 had total fund8 of £13.937.370 12024.. £14.558.4641, of whh £10.01)0 (2024= £10.000) was unrestri¢t¢d. Tru8te8B contlnuo to identify charitw and charilgljle causes in Norfolk where thg groalgst bonefil is attained by a malor donatlon. Pa9è 5
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED S APRIL 2025 d. Mat•rlal Inv••tnnt• pDIIGy The Trust888' polw ha8 hl6lorl¢8lly b8an to inv881 for a balanead total ralum and incomè eld withln portfolio. Th8 c8pllal prgBwvatson and gro objadive nece$$itates exposuro to oquty markots. Tho Trusto9B' pollcy In thls regard18 to mlnlmlse and, whernver possible, avold sectors of high risk. Tho Tru8t'8 Inv88lm8nl portlo1108 are managed on a full dlscrellonary ba818 by tho r8spedv8 fijnd managern. The Truslgos rec8lve full hall-yeorfy valuations and reports, whlch are monltorod agoinsl appropriats publishgd Indices. Tho Tru8tee8 r1¥8 addlllonal Intenm updates and report8 In advance of mgettngs. . Prfn¢lpal rl¥kn and unc•rtalntl•• The prlnclpal r18k art888 from th8 volallllly of stock mark8ts 08 a r88uII of gkjbal evonts. The Tru8taè8' Invg8lm8nl polbo8 aro do8lgnod to managa and mlllgalo Ihi8 d¥k. f. Prlnclpal lundlng All fundlng arlM$ Inwn and gakns from the Chty8 Ilstgd invotytmont prytsllo, Structure. qov•rn•nc• •nd mon09•mt . Con•tltutlon The Paul Bas8ham charfIab TnJ8118 a regi8tered charty, numbar 286842, and 18 con8111uled under a Tru81 b. Organlsallonal •tructur• and d•cl•lon.maklng pollclos The Trust was cre81ed by a Deed dated 12 December 1973 and Is 8dmlnl8ler6d by Tru81868. New Trustees are appointed by the 8xi$llng Tru818a8 by vlrlug of th8 Trust8@ A¢1 1925 powgrs. From It¥ Incgplion, Ihg Tiusl wo8 8dminislered by prof988knnal Tru8lee8 appoinled by the 8ettl8r. The Trust r1 h#$ fwr Tru$lg08 and tho Trustees, view is that tho current numb•r providés 858ur8d ¢ontinuty. reduces c¢)nlllct of Interest IU09 and rethKeg the rl¥k¥ Inherent In the admlnlstrotK)n of a charlty. Th&m hav& b88n to the bagk t8m18 of the Trust CJe6d or to th8 Tru8te8s' otyecttves during the yoar. The Trustees continue lo moet at108sI four times in aach year to dlscu88 policy and administrativ8 matters and to C)nsk4er general applle4tions. Addlllon81 mèellngs or di5CU55hJn5 are held where major projects are the ¥ubjaGt of an applicatn or where there IJ Som8 degree of urgency including o)mmunlc8tbn by email. The day-l¢>day admlni8tralk)n ol tha Tru8t18 dealt wllh by Howe8 Perdval LLP. Paga 6
THE PAUL BASSHAM CHARrrABLE TRUST TRVSTEES. REPORT {copillNUED) FOR THE YEAR ENDED 5 APRIL 2025 Stru¢tur•i gOV•rnon and manag•m•nt (contlnu•dl c. Pollcl•i Adopt•d for th• Inductlon and tralnlng of Truth The Tfu8t not ath¥lod a pollw rnlalSng lo the Snductlon and lrnining of tnBto98. Morr1$ Poa¢o¢k IB a partner at HO89 Perclvgl LLP arKI the trustees ar8 adv15ed by H(ywes P&rcival LLP on an ongoiro ba815 In rolalion lo thelr re8pon81bllllles under trust and ch8rity law and of any relevant18gal and praclScal dovek)pment8 In Ihls af88. Patrfck Harrls Is an accountant wth many years professlonal experience deallng wllh chadliès and tho public 8gclor and was a Togi$lorod auditor of charitigs. The Trustsos keep the qUest)n ol training undgr rovlow. If new aj knss oxperlgncod truslo08 are appointed. appropriala training and m8nlorlng wlll be arraryd. d. P•y poll¢y Igr k•y m•Mg•m•nt p•rwnn•l Tfu8lee8 8re ihe only key mAnagemenl PgTBonnel. Truslaes are not pald. . R•l•l•d p•rty r•l•tlon•hlp• In the evenl that any of the Tru•teO8 has any connection wha180ev8r wlth an Indlvldual or organ18atlon maklng an appllcatlon to tho Trust for fundiThJ Sup. 1118 th8 TnJ8188s' policy that a declaratlon of tho o)nn0¢tion or relatknn8hip Is made and, if tho conne¢llon 18 Gon8lderod lo creatg a polenlial conflict of interest. tho Gonflict•d Truslae tak88 no further part In d18CU88bn8 or dec48Son8 In relallon lo the relev8nl appllcallon. The day to day admlnlstralk)n of the charlty 18 da811 wlth by Howes Perclv81. TruBlge Moths Peac4JL* 18 parinor of HOW Pa1¥81. f. ConfllGt of Int•rn¥t poll¢y •tst•m•nt The Trustees are fully aware of the need for tranyparency and the need to avold confllcts of Interest and hav8 n$ldered the Charlty Commls3lon guld8nce on th886 Issues. 1119 rmbjered appropriate to provldè spedfic commgnl on areas of potenllal nI11¢¢ ol Int•reBt ao folkA. Pag8 7
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 8tructUrni gov•rnanc• and managomont (contknu•d) Morfls Peacock 1$ o partner in Hcfyyes Percival LLP and the firrn is therefore a relaled paty of the Trust885. In 811 matters relating lo th8 engagemenl of Fljwes Percival LLP to provmje servic88 lo the Trust and relating to Iha p8ym8nt of thelr costs. Morrls Peacock absents hlms6lf from the ded%ion maklng proc855, whlch Is undertaken 301ety by the othèr Trustees. Hovms Percival provides vwy detalled narrallvè In Supp of their Involces are considgred by Ihg other th Tr81888. All Invoic08 818 approved by the other three Tru8tee8 before they are atrised for payment. Moth8 Paacock laka8 Th) part In TnJ8laa8' d18CUS8lon8 ¢one8rniro the conlinuad 8ngagoff*nt of H¢ Perctval LLP 8$ tho Tru$l admlnlslr•lor¥ and log81 advls8r8 arKI Iloe8 not chargg thg Trust lor the time he spond5 dealing wlth the Trust's affalrs. Tho f•06 chafged therefore 801ely relate lo the administration of the Trust. Note 14 to Iho fiMn¢ial stslemonts gfrfft fvll dg18il of related party tran8aCtloni In th6 wr èndéd 05 April 2025. . Rl•k poll¢y •tat•m•nl Thg day-104ay admlnislr8jln of Iha Trust is d8all with by Howe8 Perclval LLP a nrni of sollcltors. and 18 therefore Subject to scrutlny by the s0chor8 Regulation Authodty. Th8 corre8pondonl TTu81oe, Morr18 Pgacock, Is Supported by an experlenced tru81 team at How88 Perclv81 LLP, Includlng members of The Soci8ly of Tru81 & E81ale Praclltloners. Morr18 18 6ublecl to Ihe regulalk)n by the Sollcllors, Regulallon Authorlty as a partner In Howes Perclval LLP. How•8 Percfval LLP fv)W8 ISO gCK11 Quallty M8nagomonl UK4S accrgdlted ¢erUflGallon. Potential •reaB of rljk have bgèn kl0nuid and the Trusloe8' pollcy in rega Io oach Is 8101od as follo. Cll8nl accoun18 8r8 Intornally controlled 8nd are regulated In SCrdance with tho Solicltor8' R8gulalion Aulhorty Accounts Ru165. Under those Rules, How8s Por¢fval LLP 1$ oblhyd lo restrkt th• uso of Ihe Trust's cllgnl account for holding lunds for the Trust and has a pollcy of clearlng such money unle88 there are sp8c4flc rea80n8 why It 8hwld be hald. All bank acGount8 ara Subj1 lo Ihg snatUreS of at least ts¥o Trusle88. The account8 with Barday8 Include 811 of the present Tru81ees a8 account hokjers and all Iran8action$ musl bear the 819naluro of al 1688t two Trustee8. Under the Sollcllors, R8gulalion Authority Accounts Rules. copi83 of bank slal8mènts for all accounts of Trusts of whlch a partner In a firm of sollcltor¥ Is a Tnlee mu¥t be hekl on the filg arwj mu81 be open to Inspeckn. Tho TfU$t hokl$ tsvo Ilsled Snveslmont portlollos. ono wilh Barratt & Cookg Llmlled and the oth•r wllh Barclays Wealth. Tho$B are hgld in Ihg nomineg names of Barratt & Cooke Limitod and Barclays We811h r8spectivety and arg managed on a discretionary bas¢s. Th8 Trustees monitor tha investsnonl portfollo half yearty. revl8w Investment perfrJm)ance regularty and meet periodically with the stockbrokèrs for rep)rts and dtstusslons. The 8arTatt & Cooke investnI poliry is Low Modium Ri$k ond the Trustees have agreed wllh Barrott & Cookg Ihal the PIMFA Balanced Index provldes the approale benchmark. Barratt & cko ale aware Ihal tho lern of the Trust allow a total r8turn approach. The Barday8 Wealth inveslmenl policy Is Modaral8 Risk and Bardays Wealth us8 a blèndèd benchmafk" for comparallvo purpose5. usiThJ weighted proporlions of various inv8stm8nl funds to achieva a comparative roturn degmgd to be approprfal8 glvon thg Trustees. investrnenl objectivgs. The Tntstees do not invest In uwuote(i equltl88 or Loan Nol88. Dudng the economic downturn, the Tfusl6ès sought diversification from th8 expo8ur8 of Ihelr assets totally lo the stock marko1$ and engaggd BaTclay$ Wèahh lo rgcomm8nd struclurod products with a vi8w lo a deferbsive strategy for part of tha Trust Fund. Tha slruclurgd products provided somg prolgdion against markol rlsk and were the subjgct of Speclfic Inve$tm8nt odvice. NO 51ruclui8d products are currenuy held bu¢ thg Trustees may
THE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 3INctUrn• 90man¢4 and manag•fflonl Icontlnu•dl loko advth on furthor Such pTodu¢ts as part of Ihglr inveslmgnt polky. All dl8tributions are made on the declslon of tha Trustees and are only mado to other charlll88 or through or under the ausplce$ of bodles whl¢h are legally charitable. Graham Tuttle h8s mpr8senl8d the Tru51 at meellngs of the Norwlch & Dlslrict Funders. Forum which h88 provld•d insight into and intelligen relang to various major project8 whSch have tjeen the subl8ct of appllcatk8 to the Tru8tee8 for fundlTrJ. Somg Trvstoes aro involvod with oth•r ¢h8rilles in Norfolk. In regard to appllcallons by th080 charflkns whore Ihere is any pol8nlkql conflicl of Inlorost (however sm811), the relevant Truslee takes no part In declslons relating lo posslble don8tlons. Thls confomis wllh th8 Trusl8es' Confllcts of Interest Pollcy. Pl•n• ft)r futur• p•rlods The Tru8t provkJ8s very 6ubstanlial benofil to charltabl8 bodl88 and ihrough Iham public benefft to the wlder communlty In the Trustsés, geographlcal 8r6a. Thls can only bo malnlaln8d If tha Tru8t has solld e8Pital found8tlons from whlch to oarn Incomo and future growth. The Tru8lee8' polloy wlll bè to malnlaln the 8trength of th8 Tru81 as a grant maklng charlty through 80und inv8stm8nl management. The Trust does not r8188 fund8 from oulslde 8ources so growth can only be achiaved by Ihesg means. In accordance with the govornl document of the Tru81, the Trustees con use capttal well a8 Income for its purpose¥ 80 capilal grrhvth 18 re880n8blo inve8tmanl alm for the Tru8t808. The polky In rngard lo grant appllcalknns 11 convnue 88 already stated. The Trusts wlll particulaty encourage projects wh8r8 fundlng from 80urce8 oulshle Norfolk economy wlll b& atlfacted 88 a result ol local support. Examples of this #re charilles segking matchgd furKllng lo quallfy lor grnnts from bOdS 8uGh as thg Herlla99 Lottery Fund and other Govemmgnt matchod funding OppOnitIO1. Throuoh ¢onlInU particlpatlon In th8 Nornvi¢h & Dlslrict Grant Fundorn, Forum, th8 Trusl¢e5 will be ab19 to Idenllfy projects whlch have not appllgd lo the Trust for support where the Trustees fe81 Ih81 Ihey could provlde financlal asslst8nce and wlll be able lo ld6nfy prolacts whlch hava applled but hav8 Ilmlled pro5Cts of belng achieved. The Fomm also enabl88 the Trusleg8 to identify prolgGls whlch ar8 not Bufficlently well pl8nngd and whlGh are unllk8ly to gain sufficignl support to 8UCCoed. The Tru8t888 wlll conllnu8 to work wllh the Norfolk Community Foundatlon on projects arKI funding whorg the Trus1o0$ bellev8 that ft is approprialo to do w and wharg the public ben8fi1 which will rurt from th8 use of the TruBI'8 fund8 In Ihls way Is 8ufflclenlty Idenllllable. Page 9
ThE PAUL BASSHAM CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 8tst•m•nt of Tru•tM•' r••pon•lbllltl Thg Tru8tg08 are responsible for preparing the Trustees, report and tho finonGlal 8lalgmenls in accordance wlth appllcable law and Unlled Kiwdom Accounting Standard8 IUnll8d KlnoJom Genoramy Accepled Aco)unUng Practkel. The IBW appIlble lo chÈrlU89 In England & W8les requlre¥ the TN8téa$ to prepare financial statements for each flnanciBI whSch glve a true and fair view of the 81alo ol affair8 01 the Chartty and of ils ino)nNng resource8 and appllcallon of re60urce8. Includlng its Income and oxpendlluro. for thal p8rk)d. In preparlTrJ th888 finandal statements. Ihg Tru¥lgos 8r8 rgquirod to.. select suttable accounung polIc and then appty tham conslotènlty,. observe the methods and Pflnciplgs of th9 Charits8s SORP {FRS 102),. make judgments and aCcntIng astimales that are raa80nabl8 and prudent., slat6 4¥helr applicable UK AccountiThJ StsTrJard¥ {FRS 1021 have btsn followod. Buty•¢t to any material dep8rture8 disdosed and explained in the fin&nd818ts1oments; prepare the Ilnanclal slalements on the golng concem ba818 unl98811 IB Inapproprfale to pre8UTh that th8 Charity will conllnuo In busino88. Thè Trusteès are re$pon$Sblo for keeplrKJ adéquala accounllng record$ th81 ara 8ufficlenl lo shV and $xplaln thg Charitys Ir8nsBctions and disclo$e wlth rgasonable 8ccuracy al any Ilme Ihg fin8ncl81 posltlon of the Charlty and enable them to ensur8 thal tho financlal 81atemonts comply wlth the Charlll08 Act 2011. the Charity (Aetounts and R8port8) R8gulalion8 28 and tha provislons of tho Trutsl deed. They aro also responsible for 88feguardlnq the a88818 of Ihg Ch8rity and henGe for taking reasonable 818pg for tho pTevonlion aryj delecly)n ol fraud and other Irrogularbtl88, Dl•clo•ur• of Inform•tlon to audllw• Each of the person8 who ar• Tru81eee at th8 Ilme wh8n this Trust8e8' rewt18 approved ha8 confirnwd that.. so far as that Trustee Is awwo, there bu relovanl aud informallon of whK* the chaty'¥ auditors are unaware. and that Trusleo has tskon 011 the steps that i)ught lo havo beèn lak&n 08 a Tru81a8 In ordèr to b• awaro of any r81ovanl audit Informatlon and to establish ttl Ihe audllorn aro aware of that Infomiatlon. Auditw# Th9 audOr$, Lavklng Gowgn LLP. have Indlcaled their willingngS8 lo conllnug In office. The deslgnaled TnJ8teo8 VAII prowse a rrKJtlon reappolntlro the audllof8 al a meellng of the Tru8lees. Approv8d by ordgr of tho m•mbor8 of th9 boord of Trustg9s and signéd on tholr bghow by: lorr18 Peaco¢k ITrusteg) Dale.. 03 December 2025 Page 10
THE PAUL BASSHAM CHARITABLE TRUST INDEPENDENT AUDrroR8' REPORT TO THE MEMBERS OF THE PAUL BASSHAIA CHARITABLE TRUST Oplnlon Wo have audited the financlal 8latements ol The Poul Bassham Charllable Trust Ilhe 'charity'l for tho year ended 5 April 2025 whlch compri80 tho Statem&nt of financlal acllvlll88. iha 8alance 8hael. the Slat8menl of cash flNs and thè relaled notes. includirbg a Summary of signlflcanl accounllng pollcl88. Tha financ6al reporting m8work that has been gpplied In their preparation 18 applicable 18w and Unlted Kingjom Accounung sards, Induding Flnancl81 Reportlng Standard 102 'The Flnanclal Reportlng Standard appllcable In the UK arJ Republlc of Ire18nd' Iunlted Klngdom Generally Accepted Accountlng Pracllc•l. Tho finan¢bal statement8 have b¢6n propared In aCrdance wllh Ac£ounllffj and RepJrling by Chari preparfng thoir accounls In accordanco with the Flnancial Reportlng Standath appluble in the UK and R&publlc of Ireland (FRS 102) In prolorence lo the Acct)untlng and Reporting ty Charlti68'. Stst8m8nl of Recommended Practi¢0 Issu on 1 Aprfl 2(K)5 whl¢h Is referred lo In the gxtsnl rogul8Uons bul has bggn whhdrawn. Th18 h88 beèn dona In ¢ydor for tho accounts lo provkle a true and folr vlèw In a¢¢or(lance with tho Gtrnorol Accoplod A¢¢ounbw PraGtke olyoctfve for rewtlrvJ periods boglnning on or aft•r 1 January 2015. In our oplnk)n the finandal stal8m8nts: glve a tru8 and falr vlèw of thè stata of the charity's affalrs a$ 01 S Aprll 2025 and of Its In¢omln9 resource3 and applSGollon of resources for the year thon ended. have been properly prepared In accordance wllh Unlted Klngdom Goneralty Accapted Accountr Pracllce,. and have been prgpargd In ac¢ordanc• th Ihe requlrgments of the Chariti08 Act 2011. Ba•l• for oplnlon We corKlucted our audtt kn 8ccordanc• vllh Intematlonal StandardB on Audltlng (UK} (ISA8 IUKII and applIcae Lryw. Our responsibilitiès under tlth8 8tsrthrds are furthor d8scribad In the Auditors. responsibllllS0¥ for the audit of the financial sta19mgnl8 socth?n of our r8port. Wg arg indep8nd9nl of the chaTIty In accordance with tho gthical requirements that are relevant ID our audit of the flnancSal 8181emenl8 In the Unlled Kingdom. Indudlng the Flnancial ReporNng Councll'8 Elhlc81 Standard, and hav8 fulfillod our other 8lhical ponsibllllle8 In aexordanc8 wlth Iheyo requlr¢monls. We b8ligvo that the 8udit gvidencg we havo obtained18 Sufficnt approprlate to provlde a b8818 for our oplnlon. Conclu•lon• r•latlng to 9olng conc•rn In aud115ng thè financial statemgfbts. wa havo e<>ncluded that thg Trusteo5' use ol th• goiw ncoM bas15 of accounllng In the pieparalion of the financlal slalements is appropriate. Based on the wcKk we have porfom)ed, V•* have not Identified any malerlal uncertalnlles relallng to events or )ndilion8 that, Indivldually or collecliv&ly. may ea81 sonificanl doubl on the charity'$ abillty lo continue a¥ going cor)¢em for a pgrioj of at basl I1ve months from Ihg flnanGlal stat9mgnt8 are aulhorf8gd for Our reswjnslblllues and the resFM)nslbllllles of the Tru81ee8 wAh respect to golro concam are doscrlbwj in the rel8vant secllon8 of thig report Page 11
THE PAUL BASSHAM CHARITABLE TRUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST (CONTINUED) Oth•r Inft4mwtlon The olher Inf0MtIon txffipr18es the Information included In the Annual retKKt other than the financla1 oialemonts aThJ our Aud018, report th8raon. Trustees ar8 re8pxinglbb8 for thè other informallon contsln8d wilhin the Amnual roport. Our opinK>n on tho financial slalemonts doe8 not covor the other informallon and. •xcepl to Ihg extent oihewse explkn'uy $talod in our report, we do not express any fomi of a8surae conclu8bn thereon. Our responslblllty 18 to read the other Informatlon and, In dolng so, consider whether the oth8r Infomation L8 materially Inconsistent th the flnanclal slBtem8nts or our knovAedge obtalnod In Ihg course of the oudil. or olherwls8 appears lo be materially mi3sts1ed. If we identify such material inconsis1oncl8S or apparent materlal mi881alemen18, we are requlred lo d818miln8 knlhor thi8 gives rise lo a malorial mlsststemenl In th6 financlal 81818men18 Ih6m8elv88. If. bas on tha work we hav8 p8rfomwd. cond that Ihere is a molerial misslalomgnl of Ihls olhgr Informatlon. wg aro requlrod lo rgport that ts¢L We have nolhlng to report In th18 regard. Matt•r• on whlGh w• tn r•qulr•d to r•port by •x¢•pUon We have nothlng to report In respgd of thg lollowlng matter8 %thore Ihe Charfll89 {Accoun18 arKI Report81 Regulatlon$ 21X)8 f8quk•s us to report lo you K, In wr oplnlon.. Informalknn glvon In tho TN$loeJ' r•port 18 Incon8i$l•nt In any mal•rlal reBpè¢I wlth tho finda1 8191omenl8-, or sufficl&nl accountlng r8cord8 have not been kopl., or tha fin8n¢ial stal8mgnl$ ore not In $grMan1 wllh tho $Gntld records 8TrJ rotums: w8 hove not rgceived all the Infoimallon and oxplanation8 vm requlre for our audlt. R••pon•lbllltl•• ol Iru•t• As explalned mcKe fully In the Tru81088' ro8PCm81bllliles statement. lh8 TnMte88 are r88wnslble for the preparation ol the financbal stolgmenls whlch glve a tru8 gnd fair vlew, and lor yuth Internal corbtrol as the Tn$81088 datarming is necessary to onable Iho prepwauon of financlal 8181emen18 that are free from materl mlsslalemenl, W1her du8 to ftaud or 8fror. In proparlng th8 flnandal statemonts. the TnJg186s are responsiblo for as$o$$lng the ch8rfty$ ability to conllnue as a golng concern. dlscloslng. as applScable, matters relalgd lo golng cOrM and using the golng concem ba818 of accounllng unles8 the Trustee8 ellher Intend lo Ilquldale the chartty or lo cea8a operations, or have no rgali81ic all8malive but lo do so. Page 12
THE PAUL BASSHAM CHARITA8Le TrUST INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST ICOKllNUEO) Audltor•' r••pon8lblllll•• for th• audlt of th• Ilnnclal •tst•m•nl• Wg havg been appoin19d as audltor undar 88Gth)n 144 of tho Charftle8 Act 2011 aryj report in a¢ooT(lanco wlth the Act and rel8vanl fegulalions made or having affect Iheraunder. Our objectives are to obtsln m8sonabl8 assurance about whelh8r tho financlal stat6mnts as a W1 arè freè from m816rlal rnisstslefflenl. whether duè lo fraud or error, arKI lo issue an Audllor$' rgport that Indudes our oplnbn. Reasonab assufanc4 18 a hlgh level of assurarK, but18 not a guaranlee that an audit conducled In rcordance wlth ISA8 (UK) wlll alw8y8 delect a material mi3stal8m8nt then118xlsls. Misstatemenis can 8rlse from Iraud or ern)r arKI ato ¢kner0d mal8rlal If. individually or In the aggregalo. thoy could reaSon8Y bo expgcted to InflUer the ewnomk dgcl8lon8 of u80rn taken on the bash d th980 ftnanclal 8tatement8. IrreguLqrldeJ, IndudSng fraud, aro kn8lanco$ of nonwcomplL4rt8 wlth law• and r8gulatlon8. We doslgn procedure$ In Ilne with our rè$ponslbllllies, outlined above, to delacl mat•rial mi851al8menls in r88peGI of Irregular11188, Including fraud. The exlent lo which our procedure8 arn capable of detecting irregulafi1188, Indudlng fraud Is detalled balow: B880d on our undor8tanding ol the trust and sector In whkh11 OP8fat88, we Id8ntlfled tha pdnclple ri8k8 01 non eA)mp158nce w(th laws and regulallons related to charllabb8 trusts and the 8ppllcallon of chadlable funds. W8 abo consldèred th058 laws arKI regulallonN that havg a direct Impacl on the prep8rnlk>n of the flnanclal 8t8lemonts 8Lth as the Charitie8 Act 2011. We evaluated managemen18 inc•nUves and opporiunlll88 lor traudul8nl manlpulalion of the financlal 81atem•nts d8terminod Iho PncIpal rifyk8 wero fololod lo mgna9gmonl bia8 In gc¢ounting oslimotu. In a rnBpon86 lo the88 rknk8, audtt pffjcodur08 perform&J by the engagomnl team Included.. Dlxus5nS wllh management of known cf ¥utspeGted Instancos of nonompllan¢o vlth Im and regUtionS 8nd fraud. R8viewlng mlnutes of Iru8te8 meetirga. There are Inheront Ilmitatlons In Ihg audll prooodure8 de8crib8d above and the further removed non compllance ol lawB and regulallon818 from the ev8nt8 and tr8n88cllong reflected In the flnanclal 818t8men18, Ihe18ss likely w8 would bacoma awara of It. Al80, thé rlsk of not d¢lo¢tJng a m8tgrlo1 ml$st8lBm8nt ralatlng lo fraud 1$ high8r than th• rlsk of not delecling one rgsulung Irom error. a5 fraud may Involve dellb8r8le conce8lmenl. A further de8crlption of our re8ponslblllil88 lor ihe audlt of the financlal 8tatoments18 localod on th6 Hnandal Rgportlng Councifs websito at.. This d88criplion foms part ol our Audltorn, rnport. Page 13
THE PAUL 8A8SHAM CHARrrABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST (CONTINUEO) U•• of our r•port Thls report is made solely lo the charitys Iru81oes, as a body, In accordance with Port 4 of tho Chariti98 (Accounts and Report81 Regulation8 2CK)8. Our audlt VI1k has b88n undertaken so tt1 mlght 8tal8 to the ¢h8rlty'8 Irusl868 th088 matter8 are rèquir8d lo Btalo lo tham In an Audltors, report and lor no oth8r purposè. To Ihg lullo$l oxtgnt perm6ttgd by law. th) not accopl or assurrwJ rgsponsibility lo anyono Other th th8 ch8rtty and K3 trustees, a8 8 body, for our audll work, for this raF, or ftx the opSnlons we have fomod. Larklng Gow•n LLP Chartered Accountants Statutory Audllor8 1st Floor. Pro¥pe(l Ho Rouen Road Norwk NR11RE Date.. 9 December 2025 Lwklng Gowen LLP are ellglblo to act a8 audltor8 In tami8 of 8ecllon 1212 of the Companles Act 2006. Pagg 14
ThE PAUL BASSIIAM CHARITABLE TRUST 8TATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unr•strlct•d Endowm•nt funds fund• 2025 2025 Total funds 202S Totol funds 2024 Not• Incom• and •ndowmonts from: Inve81ments 425,398 425,398 401.704 Tot•1 In¢ome and •ndOVfflnts 425,398 425,398 401,704 Expgndltur• on: Investment managgr feos Ch8rltabla activities 23,112 23,112 507,169 21,256 786.751 507,169 Total •xp•ndltur• 507,169 23,112 530,281 808.007 N•t •xp•ndltur• TranBfÈr8 blw•gn funds 181,7711 81.771 123.112} 181,7711 (104,8831 (406.303) N•t mov•m•nt In fund* b•for• oth•r r•cognl••d VIn(lO1¥) (104.883> (104.8831 (406.303) Oth•r r•cognlsod galnsl(lo•M•): ILos8asygalns on revaluallon of flxgd (516.2111 1518,211) 602.074 N•t movom•nt In fund• (621,0941 1621,0941 195.771 R•¢on¢lll•tlon ol fund$: Total fund3 broughl forward Net movemenl In funds 10,(K(I 14.548,484 1621.0941 14,558,484 1621,094) 14.362,693 195.771 Total fund• carrl•d fonvard 10,C 13,927.370 13,937.370 14,558.464 Th• Stalemenl ol financlal actMtlo8 Indude8 all g81ns aryj lo¥se8 ronISed in the year. Th• nota8 ijft p48$ 17 to 27 fomi part of Iho8a Ilnanc4al statemants. Pa99 15
THE PAUL BASSHAM CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Flx•d •M•ts Investments Currnnt a•••ts 13.787.187 14,092.678 Dabtors Cash ot bank and In hand 70,827 110,636 83.135 434,055 181,463 497, 190 Curr•nt Il•bllltlo• Cr8dilor8: amount8 falllng du8 wllhln one yoar 10 {31.2801 (31.404) N•t curr•nt aM•t• 150,183 465.786 Total n•t ••••l• 13,937,370 14.558.464 Charlty fund• Endowme fvTrJs Unrestricted fund8 13,927.370 10,000 14,54&464 10.000 Totsl fund• 13,937,370 14,558,464 Tho llnanclal 8talemènt8 wero approvod and authorlsed for l¥$uè ty the Trustse8 and slgnod on tholr behaff by.. Morr1• P•acock (rrustee) Patrick Harrf• (Trustee) Graham Tuttl• (rruslee) Oat8'. 03 t)ecember 20 Klmbofvy Gr•zyna (Trusleg) Th8 notes on pw 17 to 27 forn part ol these flnanclol statements. Page 16
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 5 APRIL 2025 G•n•r•l Inf•matlon The Paul Ba38ham Chadl8ble Tru51 Is an unlncorpor8ted chadty reglster8d In England and Wal8$ govemed by a Trust Deed dated 12 December 1973, charlty number 266842. The rngistereAJ office 18 Howes Percfval LLP. Fllnl BulldirwJs. 1 Bedding LanB. Nomch. NR3 1RG. Accountlng pollcl•8 2.1 8••l• of pr•p•r•ll•n of Iln•ndl stst•m•nts The IInaral slatemonls h8ve been prep8red In acc4)rdanc wlth Charflie8 SORP (FRS 102) - Aceounbng and R8portln9 by Chadties.. Ststement of Rècomménded Pracllce applicable to charlU88 preparlng iholr nI8 ifb accordarKo with tho Flnanclal Reportlng Standard oppli¢ablo In the UK ar¥J Republk of lrnland {FRS 102) {effecliv8 1 January 20191, tho Flnanclal Reportlng Standard app1{blo In tho UK and R8publlc of Ireland IFRS 102} and th8 Charlll88 Act 2011. The financlal 8t8tem8nl8 hwe been prepared lo glve a 'lru• and falrf vlew and have departed from th8 Charltl88 (Accounts and Reports) Regulallon8 2008 only to the exlenl requlred to provid8 a Iru arKI falrf vlow. ThlB d8p8rturo ha$ involved following tho chorlli88 SORP (FRS 1021 publish•J In October 2019 r8lh8r than the Accounllng and Roporting ty Ch8rttleJ'. Statement of RtGommended Pr•dl¢o off$¢livo from 1 Apdl 2005 whlch h83 slnce boon wllhdrawn. The Paul Bas8ham Ch8dlable Tiusl mgets the definlllon of a publlc bonelSt enllty under FRS 102. Assets and Ilabllltles 8rn Inlllally recognised al historic81 cost or trHns8clion v8luo unless olheThAse atated In tho relovant ac¢ountlng wlicy. Tho finan¢lal Blalements are pre8ented In Sterflng. wtkh bs th8 fundonal cajrroncy of the Charlty. and roundod to tho no•ro8t £. Tha folkrthng prlrKlpal accountlTra poNd88 have been appl68d: 22 Golng conc•rn Tho Twsteo$ ¢on8hJ•f th•1 ar8 no mal#rlal un¢•rtaintleJ aboul tho Tru8V8 8blllty to conllnu8 08 a gc4ng concem. Wllh respgcl lo the fores8aable future, the most sbgnlficanl ur¢certalnty that affects tha carryln9 value of assets hold ty Iha Trust are the lev81 of Inve8lmenl return and the PerfoanCe of Inv881menl mark818 (888 the inveslmenl pollcy and p8rfom)ance and risk managemenl 8oGtlons of the Tru8tg9$' Annual Report for morg Inlormgllon}. Tho Truslge8 ctsns*J6r that the leval of 8s8els h8ld by Ihg Charity mean that It can absorb any reasonable fluclualions In perfomancA wlihout Is8UO. 2.3 Incomo All incom• 18 r8cogni8od onca the Charfty has entilleThnt to t Income, It 18 wobable th81 the incomg will b0 r•¢olvod and Iho amunt of In¢omB recaivablo ¢an bo mgaBured r•llably. Interest on funds held on deposll Is Induded when rS¥8b19 and the amount cw be mgasurod rellabty by the charlty: Ihlg Is normally UF(trn notfficallon of the interest pald or payable by the bank. DNidends are reccgnised Or the dlvidend hès been declared and lif1¢StiOn ha5 beèn rrteived ol tho dNidond due. This is nomalty upon notification by the investrngnt a(fv18or of th8 dfvidend yield of the inv981mgnt p)rtIo1. Page 17
THE PAUL BA8SHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 Accountlng pollcle• (Contlnwd 2.4 Exp•ndltw• Llablllll08 are recognlsed as expendllure a8 800n 88 there 18 8 Iggal or n81Ctive obligallon commilling the charity lo that expenditure, il is probabty Ihal 8ettl8manl wlll b8 required aTrJ •mcwnl of tha oblwlion can b8 measu1 rdkibly. All expendllure is ac(x)unted for on an accruals basls. All expenses Including supwt o)sts and emance cost are alkncatad or appcrftnèd lo thè appllcable eXperlIut headings. Grants P8y&ble are payments made to thlrd partl88 In tha furthor8nc8 of the charflable objects of the Tru81. Gfanl8 are racoJnlsed as expendlluro In tha y8ar In whlch they ara approv8d by Tru8te88. Grant8 whlth aro unpald ot Iho yearaend arg carrlod foThvard aj cr•dltor8 Expendlture on ral8lng fund8 Includes 8118xp8ndllure Incurred by tha Chadty lo ra18e funds for its CrItable purpo888 and Indude$ of all fundralslng octlvltl&s evènl8 and non-¢harltable trading. Expondllure on ch8rllabla actSvill8818 Incurred on dlr8ctly und8rtaklng the actlvlll88 whlch fvrthor the Charfty'8 obJo¢tSvo$. a$ woll a8 any asoocialèd Support CV8ts. 2.3 Int•r•8t r•c•lvAbl• Inlero3t on fund8 held on d8posrt 18 included when r8C01vable and the amwnl can b8 mea8ured rnllably by lh8 Charity., thls 18 normally Up rbOtrfkali)n of ts Irlorn81 paid or payabl& by th& In$lllullon wlth whom thè lund8 are dgP0311od. 2.6 Inv•slm•nl• Quolgd Inveetments aro slated at f value (being Ihdr bld fv). Flxed a$so1 inv8$tmenl8 are a form of financial inslrumgnl and am inillally TeQ)gnl$od at thelr tr8n88cYon cost and Subsequonty measured al falr value at Ihg Balance sha81 d8tg, unl5 the value cannot be measured rellably in whkh case it Is measured al co$t1898 Impalrmenl. Investment galns and losstrs. whether realiged or unrealised. are combined and prnsèntod as 'GalnallLo85981 on Investmenl8' In Iho Slalgmgnl of financial activitios. Th8 Tru81 not acquire put optlon8, d6rivativ88 or other complex ffinanclal 8talam8nl8. The maln fonn of flnanclal flsk fa¢od by the charfty ts that of volatS1Ity In gqulty m8rkels and investment markets due to wlder economlc conditions, the attitude of Investors to Investment ri8k, aTrJ chang88 In senllm8nl concemlng èqurties thIn a particular Sector or sub-sector. 2.7 D•btorn Trade and other d6btors are rownl88d at the settlemènt amount after any trade dlscount offered. Prepaymonts are valued al th8 omounl prepaKI net of any trade discounts dug. 2.8 Cash at bank and In hand Cash at bank arKI in horKI In¢lude8 CA8h and $hort4erm highty IKiuid inv6slmonts th a 81Th1 maturity of throe month$ or from thg date of aul$ll10n or opBnku ol th• dof)sft or 81mllar account Page 18
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED SAPRIL 2025 Accountlng pollch• Icontlnuod) 2.9 Llabllltio8 and provl•lon• Llabllllle8 are recognlsed when thore18 an oblallOn at Ihg Balanco Bheel date as a r08uIt of a pa8t evont, 1118 probable that a transfer of economlc benefft wlll bg requir8d kn setdamanl, and the amount of tha 88ttleThnt ¢an bo 6slimattd r81iabty. Ll8blllllo8 are recognlsed al the amount that th8 Charity anlklpales R wlll pay to Sett the d8bt or the amount11 has recelved 83 advanced payments for the goods or $8p4tC88 It musl provld8. Provi8lons are mea8ured al the besl ostimale ol Iho amounts roqulred to settte thg obligatlon. Where Ihe effocl of tho lima valu8 of mon8y is matsdal, the prov181on is ba88d on tha pr88ent valu6 of Ihos6 amounts. di8counl8d at the pre-tax dt5counl rglo th91 roflè¢ts the dsks $pèclfic to the Ilablllty. The unWln9 ol the discount is recognisod In tho Statement of flnanclal aGlivilies as finance o)8t. 2.10 FInalI1 In•tfum•nt• The Chaty only h•$ fln8n¢lal assets and fTrn8n¢l81 Ilabllltlo8 ol a klnd that quallfy 8$ ba81¢ flnondal In8lrum9nts. Ba81c financi81 Inslrumonls aro InllSally recwnlsed al tran8acll¢)n value and •ubJ•quently m8a8ured al thelr 80ttlement value. 2.11 Fund a¢countlng Tho ondowmonl of Iho char 18 an oXPondabl• ondthymonl. Ithkh l• rtyularly rav tmd malntalned by the Trustees. The Trust Deed 8IIow8 thls lund to be spenl 88 Income or rot81ned capllal al th8 Truslee8' dl8crelk)n. The Income arfslng from the 8xp8ndable ondowment l¥ unr6slrSclod, Gen8ral lund8 arn Unftricted lund8 whkh available for uao al Ihe dlwotlon of ts Tnmlw In lurthèranca of thè g•noral ¢bce3 of tho Charity 4fKI vthkh hov8 not bèon dèsKJn•t&J for othor purposes. Investm6nl In¢ome, yln$ and losw are 8lk)calad to th8 approwl8ts fund. Inv•slm•nt Incom• Unr••trlct•d fund• 202J Total fund• 2025 Income from118tsd invtr81mentB Intarast on dysils 420,933 4.465 420.933 4.465 425,398 425,398 P#90 19
ThE PAUL BASSHAM CTrIARITA6LE TRUST NOTES TO THE FINANCIAL 8TATeMeNTS FOR THE YEAR ENDeo 5 APRIL 2025 Inv••tm•nt In¢om• leontlnts•d) Unrnstrtcled funds 2024 Total fvnds 2024 Income from IiBlod invgstmenl$ Interest on ca8h d8p086ts 398,286 3,418 398,286 1418 401,701 401,704 AMly•l• of grnnts Grnnt• lo IMtitutlon$ 2025 Tot*1 funds 2025 Grants payablo 428,012 428,012 Grnnts to In8titullon8 2024 Total 2024 ts paya18 706.718 706,716 Page 20
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINAMCIAL STATEklENTS FOR THE YEAR ENDED 5 APRIL 2025 The Charity ha8 made the follo5ng malerial grants to In8111utlon8 durlng tha year. 2025 2024 N•m• of Inltitutlon Age UK Big C Cancer Charfty Dereh8m 8apti81 Church E•ling Mattor8 Fresh St8rt Boglnnln Fn)zen Lbht Future Prolacts Hope for TOTrroW The Matthew Prolecl Muskal Koys Nara Ne180n'8 JrneY Norfolk and NoTr¥lth Fo8llv•l Normch Door lo Door N¢)Mch School. Nortolk Summ•r Scho NoThvKh Men Shed Norfolk Communlty Law Servlco RNA4J FId & F8rnlw DI$¥ry Trust Save Our Spaniels stepplng Ston88 Sunflow•r Sthool Club Sheringham W¢y)dfield8 School Sl Edmunds Society The British Hgart Foundatlon The Feed The Garage Thè Harnlel Centr8 TN81 The Magdalene Group 25,000 5,000 5,000 5,000 10,000 5.0 5,000 25,fM) iO,L 25,0 io,o¢Jo 10,000 5,000 25,000 5,000 10,C(il 10,CIIO 25.000 72.500 223.500 Other grants to institutiorbB I•r £S.01)01 355.512 304,276 428.012 527,716 Page 21
THE PAUL BASSHAM CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 5APRIL 2025 Analysls of expendlture by actlvltlo8 Grant fundlng of activltl•• 2025 Support costs 2025 Total funds 2025 Grants payabl• 428.012 79.157 507,169 Grant funding ol aclivitles 2024 Support costs 2024 Total fvnds 2024 Grants payable 706,716 80,035 786,751 Analy•h of support costs Grnnts payablo 2025 Total fund• 2025 Management fees Audit & accountancy 66,510 12,847 66.510 12,647 79.157 79.157 Grants P8y8bl8 2024 Tot81 funds 2024 Manogement f888 Audft & ac£ounlancy 69.276 10.759 69,276 1Q,759 80,035 80,035 Pag8 22
ThE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2025 2024 Fee3 payable to the CharfV8 audllor for the audlt of the Charl1 annual accounts 11,340 9,978 Tru•t•o•' r0mun•r•OTr and •xp•n••• Dudng the y6ar. no TnJBt888 ro¢•lvod any f•muratIon or othgr b•noflts12024- £NIL). During the year ended 5 Aprll 2025, Th) Tru8ts8 8xpon8e8 have been Inrrnd f2024- £NIL), Flx•d a8Mt Inv••trrt•nl• Ll•t•d Inv••tm•nts Co•t or valuatlon At 6 April 2024 Addition D18P08818 RovaluatSon$ Cash held at broker8 14,042.009 1,910,681 11,792,878) 1516,2111 143,584 Al 5 Aprll 2025 13,787,187 N•t book valu• At S April 2025 13.787,187 At 5 2024 14.042,009 Pago 23
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Flx•d as••l Inv••lm•nts (¢ontlnu•dl The hlstodc (x)81 of tho Ilsted Invostrrnnts {8xclthllry c88h held at brokers) was £12.342,354 {2024: £12.029.$42>. Investm8nts in wuille8 and Ilx8d interest Secu1188 ara all traded in quoled public markets, primarlly the London Stock Exchange. Hoklings in common invo8kn8nl funds, unll trusts and open-8nded Inv861manl companiés are al tho bid prlce. The basis of fjir vgluo for quoted Inv6Stmenls is gqulvalant to tho market volue, uslng the bld prlco. Asset salg8 and wrchases are rocognlsgd at tho date of tradg al c06t {thal Is their tr8n8actlon value). Ono holdlng was abovo 5% 01 tho whole portlolio, b8lng the Barclay8 Charlty Fund - R. wllh a do8lng market valu8 of £6,770,828 {2024'. £8,672,177). The portfollo was Inve8t a6 folbw8'. 2025 2024 GIRS 8ond$ UnM trusts Equltl88 51 38 49 100 2025 2024 Du• wlthln on• y•ar Prnpaym•nls and accwod In¢om• 70.827 63,135 70,827 63,130 Page 24
THE PAUL BASSHAM CHARrrABLE TRUST NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 10. Crndltorn: Amounts falllng du• ¥Athln on• y•Ar 2025 2024 Accruall and doforrod Ino)m• 31.280 31,404 11. Flnanclal In•trum•nt• 2025 2024 Flnanclal •M•ts Finandal a888ts r0d at lalr valw th(owJh Ino)m• a1 exp1tr• 13,787.187 14.092.678 Flnan¢ial ats5ets moa¥urod at falr valu8 In(x)mo and oxp6ndltur• c¢)mpr18e118bJ Invostments. Pag8 25
THE PAUL BASSHAM CHARITABLE TRUST NOTES TO ThE FINANCIAL 8TATEIAENTS FOR THE YEAR ENDED 5 APRIL 2025 12. Summ•ry of fund• Summary of fund• . cwr•nt y•ar Balan¢• at 6 Aprll 2024 Tr•n•f•rn Inlout Galn¥l Balan¢• 5 (Losses) Aprll 2025 Income Expondltur• Gonoral fund8 Endowmont fund8 10.fJ)O 425,398 (507.169) 81.771 10,000 14,548,464 (23.112) {81.771) 1516,211) 13,927.370 14,SS8,464 425,398 (530,281) 1516,211) 13,937,370 The unvo3trlctod Incom• fvnd coryrises those whkh tho TnJ8to6s arn fr08 Io use In acojr Ith the (tharltable objects. The extJOb1e ondowrn8nl fund con8ists of luTrJ8 provkjgd by way of donatlon lo the capital of thg Iw8t, princlpally compri81ng Invo8tments. Tha fund may b8 U8&J In accordance with the charitsbl8 obJ8¢ts. Ineomg 8rf$lThJ on thè expendablo ondowmenl fund ¢•n bo u50d In a¢¢ordanc8 wllh thg oblects of charlty and 18 Includgd In unr88trlcted hcome. Any capltal galn8 ar l)8888 arf81ng on th investmnl8 fom) part of the fund. Summary ol lund• - prfor y•ar 8818nco ot l Aprfl 2023 Tffjnsfer8 InL7)me Expendtture (Losses) 5Apfll 2024 Gener81 lunds Endowment funds 22,CQO 401,704 (786,751) 373,047 10,000 14,340,693 (21,256) (373,047) 602,074 14,548,464 14,362,693 401,704 (808,LX17) 602,074 14,558,464 13. Analysh of n•t aM•ts b•ts*•n fund• Anal18 ol n•1 b•lw••n lund•- curv•nt y••r Unr••trlct•d Endowm•nt fund¥ fund• 2025 2025 Totsl funds 2025 Flxed bssel investments Current assets Creditors due wlthln one year 13,787.187 13.787,187 140,183 181.463 {31,280) 41,280 (31.280) Total 10.(M)) 13,927.370 13,937.370 P8 26
THE PAUL 8AS8HAM CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025 13. Anly•l• of n•t a•••t• b•ts•n funth IGontlnu•dl An•ly•l• of n•t au•ts In lund•- prlor y•w Tolal fvnds 2024 funds 2024 funds 2024 Flxad 8888t Inva8tm8nt8 Current a6$9ts Credltors du6 wlthln ono year 14,092,678 14.092,6T8 456, 786 497. 190 (31,404) 4t.404 (31.404) Totsl IQ.OLk) 14,548.464 14.558.461 1& R•l•t•d p•ty tr*Mactlon• Morrfs Paacod( 16 a partngr at How88 perc81 LLP. Th8 nmi wa8 pald £66,510 kn r08pect of man8gamgnt char$ for tho Trust (2024 £69,278)- AJ al 5 ApMI 2025 £nil {2024'. £nlll w46 du• to Howes PercNal LLP. Graham Tuttle 18 a IN$l8ts of Rad Housa Youth Tn46t. Durlrwj tho yoar. £nll12024: £2.000> of granto were pald acro88 to Red House YoLth Trust In Ilne wllh the conflict of interest policy do$cribod In Iho Tru81888 report he dld not partlclpale in the daclslon to award the grant. At 5 April 2025 £nll (2024.. £2.0001 was due to Red Hou8e Youth Trust. Pago 27