**Charity registration number 267172**
## **THE BALCOMBE CHARITABLE TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2025**
## **THE BALCOMBE CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Statement of financial position|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 21|
## **THE BALCOMBE CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr R.A. Kreitman|
|---|---|
||Mrs P.M. Kreitman|
||Mr E.N.W. Brown|
|**Charity number**|267172|
|**Auditor**|TC Group|
||5th Floor|
||3 Dorset Rise|
||London|
||EC4Y 8EN|
|**Bankers**|Barclays Bank Plc|
||1 Churchill Place|
||London|
||EC14 5HP|
|**Investment advisors**|Cazenove Capital Management|
||1 London Wall Place|
||London|
||EC2Y 5AU|
||Vermeer Investment Management Limited|
||130 Jermyn Street|
||London|
||SW1Y 4UR|
## **THE BALCOMBE CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
The Trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Structure, governance and management**
The Balcombe Charitable Trust is a registered charity and was established under a Deed of Settlement dated 27 February 1974. It is governed by this Deed of Settlement and by the Charities Act 2011.
The Trustees who served during the year were: Mr R.A. Kreitman Mrs P.M. Kreitman Mr E.N.W. Brown
The statutory power of appointing new or additional Trustees is vested in the settlor, Mr. R.A. Kreitman, during his life. Additional Trustees may be appointed at any time but the total number of the Trustees shall be not more than four.
The Trust's day to day activities are administered by the Trust, and it normally employs one person to provide administrative support. Its Trustees alone are responsible for the consideration and authorisation of the charitable donations made by the Trust.
The Trustees regularly review the major risks which the Trust faces and believe that maintaining the free reserves at the levels stated below, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Trustees have also examined other operational risks which they face and confirm they have established systems to mitigate any significant risks.
## **Objectives and activities**
The Trustees’ short term objectives are to ensure that all grant commitments are met out of investment income. In the long term the Trustees hope to make further grants as cash flow allows.
The Trustees’ grant making policy is to make grants to charities operating in the areas of health and welfare, environment and education. The Trustees assess the need of the recipient charity in terms of available funding and ensure various reporting requirements are put in place to ensure the grants are being used for their intended purpose. The Trustees closely monitor the use of funds by all recipient charities.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
There have been no changes in the policies adopted by the Trust during the year.
The Trust's objectives are met in such proportion and manner as the board of Trustees shall in their absolute discretion, from time to time, determine.
The Trustees hold the capital and income of the Trust upon trust to pay or apply the whole thereof to or towards or for the benefit or furtherance of such charitable purposes, charitable institutions or charitable foundations as they, from time to time, decide.
- 1 -
## **THE BALCOMBE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
During the year the Trust committed donations to 26 different charitable organisations amounting in aggregate to £1,010,717. It is the usual policy of the Trustees to only make awards from the accumulated unrestricted fund.
The Trust conducts its own research with regular project visits carried out by the Director of Grants and the Trustees as well as with the support of several independent grant assessors who are contracted according to their fields of experience.
Please note that the Trust makes direct approaches to charities of interest and will not accept or acknowledge any unsolicited applications.
## **Achievements and performance**
The Trust's key financial performance indicator is the return on investments held. In 2024/25 this amounted to a negative return of 0.61% compared with a positive return of 12.18% in the previous year. The Trustees monitor return on investment closely and discuss strategies with their investment managers as required.
During the year, the Trustees made grant commitments totalling £1,010,717.
Grants were awarded to 26 charities, some for multiple projects. Of these, fifteen formed part of a multi year project. It was the first year of funding from the Trust for two new charities.
There are regular Trustees' meetings, either in person or online. In addition, the Trustees remain in contact outside of these meetings and all respond swiftly to matters raised. Where appropriate, one or more of the Trustees visit projects or they arrange for professional assessors to inspect on their behalf. The Trust also liaises with other funders and funding networks to discuss appropriate needs and support strategies in different areas.
During 2024-2025 the Trust continued to partner with many charities with which it already had an association. Ongoing support was made to services to refugees and the homeless as well as the Trust's major funding of counselling and benefits advice delivered via food banks across the country. This particular line of charitable investment continued to produce significant social impact returns by way of access to unclaimed government benefits for those most disadvantaged.
The previous year, 2023-2024, was unusual in that no grants were made directly to benefit the environment. However, in 2024 Trustees were delighted to confirm a new multi-year commitment with Royal Botanic Gardens, Kew in association with other conservation organisations to work with village communities in the poorest areas of Madagascar.
As previously decided and recorded, no unsolicited proposals were accepted. Instead, Trustees continued to conduct their own research and approach charities with whom they were interested in working.
## **Financial statements**
The Trust is an endowed charity with assets of approximately £41.2 million. The Trust's portfolios of quoted securities are managed by Vermeer Investment Management Limited and Cazenove Capital Management Limited. All quoted securities are held on behalf of the Trustees by the appointed custodians of the investment managers in pooled investment accounts. The investment portfolio managed by Cazenove Capital Management Limited is under the custodian of Schroders (C.I.) Ltd and that managed by Vermeer Investment Management Limited is under its own custody. Changes in the Trust's investments during the year are shown in note 14 on page 17.
Whilst the Trustees are not prevented from making grants from the expendable endowment fund, they have consistently awarded grants within the unrestricted income fund and have also built up a surplus over the years. Although some of the grants awarded last for more than one year, the Trustees are confident in being able to meet their financial commitments.
Costs are well controlled and remain relatively stable from year to year. They fall into four main areas:
1. Investment fees
2. Governance — including accountancy and legal fees
3. Office management and support
4. Travel expenses for meetings and project inspections
- 2 -
## **THE BALCOMBE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **Financial review**
Details of income and expenditure for the year are shown in the statement of financial activities on page 8.
Incoming resources comprised entirely of investment income receivable of £1,172,661 (2024: £1,185,744), a decrease of £13,083 compared to previous year.
Investment management costs in the year totalled £215,545 which is a £9,984 decrease from the prior year. Grants payable in the year were £1,010,717, compared to £806,822 in 2024. Governance costs rose to £114,212 from £87,945 in the prior year mostly due to an increase in staff costs.
Total net losses, both realised and unrealised, from the investments held by the Trust amounted to £1,428,002 as compared to a profit of £3,421,791 for the previous year.
The statement of financial position on page 9 shows the financial position of the Trust as at 5 April 2025.
Total assets less liabilities amounted to £41,161,440 which are represented by the accumulated balances on both the expendable endowment and unrestricted income funds. The net assets of the Trust's expendable endowment fund are held to generate sustainable income in order to support the Trust's activities and to meet a proportion of the management and administration costs of the Trust. The net assets of the unrestricted income fund are held in order to meet the ongoing overheads and administrative expenses and also to be applied towards the Trust's charitable objectives.
## **Reserve Policy**
The Trustees have reviewed the unrestricted reserves of the Trust and consider it prudent that these funds should be maintained and are sufficient to cover the management and administration costs for at least the next three years and its ongoing conditional grant commitments.
There are currently no major commitments and the position together with the level of reserves is regularly reviewed by the Trustees.
The Trustees have the power to invest in such assets as they see fit.
The investment objective is to achieve real returns ahead of inflation.
## **Plans for the future**
The Trustees plan to continue grant-making activities for the foreseeable future.
- 3 -
## **THE BALCOMBE CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
## **Mrs P.M. Kreitman**
Trustee Dated: 17 November 2025
- 4 -
## **THE BALCOMBE CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of The Balcombe Charitable Trust (the ‘Trust’) for the year ended 5 April 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice)
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 5 -
## **THE BALCOMBE CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST**
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the reporting framework (FRS 102 as applied in the Charities SORP and the Charities Act 20211) and the relevant legislation in the United Kingdom including employment, environmental and health and safety regulations.
- We understood how the charity is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including board meeting minutes and correspondence with regulatory bodies.
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.
- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested completeness of income through substantive tests performed, analytical review procedures and cut off tests on the revenue recognised.
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- 6 -
## **THE BALCOMBE CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BALCOMBE CHARITABLE TRUST**
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Stephen Simou FCA (Senior Statutory Auditor) for and on behalf of TC Group** 19 November 2025 **Statutory Auditor** 5th Floor 3 Dorset Rise London EC4Y 8EN
TC Group is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 7 -
## **THE BALCOMBE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**Unrestricted Endowment**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Investments
**2**
1,172,661
-
**Expenditure on:**
Raising funds
**3**
118,740
150,882
Charitable activities
Education
**4**
110,094
3,855
Environment
**4**
188,724
6,607
Health and welfare
**4**
788,058
27,591
**Total charitable**
**expenditure**
1,086,876
38,053
Total expenditure
1,205,616
188,935
Net (losses)/gains on
investments
**10**
-
(1,428,002)
**Net income/(expenditure)**
(32,955)
(1,616,937)
**Other recognised**
**gains and losses:**
Other losses
**12**
-
(4,178)
**Net movement in**
**funds**
(32,955)
(1,621,115)
**Reconciliation of funds:**
Fund balances at 6 April 2024
3,270,985
39,544,525
**Fund balances at 5 April 2025**
3,238,030
37,923,410|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,172,661
1,185,744
-
269,622
108,981
157,870
113,949
80,121
3,056
195,331
-
-
815,649
781,776
29,814
1,124,929
861,897
32,870
1,394,551
970,878
190,740
(1,428,002)
-
3,421,791
(1,649,892)
214,866
3,231,051
(4,178)
-
(117)
(1,654,070)
214,866
3,230,934
42,815,510
3,056,119
36,313,591
41,161,440
3,270,985
39,544,525|**Total**
**2024**
**£**
1,185,744
266,851
83,177
-
811,590
894,767
1,161,618
3,421,791
3,445,917
(117)
3,445,800
39,369,710
42,815,510|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
## **THE BALCOMBE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 5 APRIL 2025**_
|**Notes**
**Fixed assets**
Investments
**14**
**Current assets**
Trade and other receivables
**15**
Cash at bank and in hand
**Current liabilities**
Other payables
**16**
Net current assets
**Total assets less current liabilities**
**The funds of the Trust**
Endowment funds
**19**
Unrestricted funds|**2025**
**£**
**£**
40,713,007
14,999
492,040
507,039
58,606
448,433
41,161,440
37,923,410
3,238,030
41,161,440|**2024**
**£**
**£**
41,757,055
-
1,137,385
1,137,385
78,930
1,058,455
42,815,510
39,544,525
3,270,985
42,815,510|**2024**
**£**
**£**
41,757,055
-
1,137,385
1,137,385
78,930
1,058,455
42,815,510
39,544,525
3,270,985
42,815,510|
|---|---|---|---|
||||42,815,510|
||||39,544,525
3,270,985|
||||42,815,510|
The financial statements were approved by the Trustees on 17 November 2025
Mr R.A. Kreitman **Trustee**
Mrs P.M. Kreitman **Trustee**
- 9 -
## **THE BALCOMBE CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash absorbed by operations|**22**||(1,423,231)||(1,164,013)|
|**Investing activities**||||||
|Purchase of investments||(6,030,916)||(5,881,406)||
|Proceeds from disposal of investments||5,646,962||5,361,026||
|Investment income received||1,157,662||1,185,744||
|**Net cash generated from investing**||||||
|**activities**|||773,708||665,364|
|**Net decrease in cash and cash equivalents**|||(649,523)||(498,649)|
|Cash and cash equivalents at beginning of year|||1,137,385||1,635,917|
|Effect of foreign exchange rates|||4,178||117|
|**Cash and cash equivalents at end of year**|||492,040||1,137,385|
- 10 -
**THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **Charity information**
The Balcombe Charitable Trust is a registered, unincorporated charity. The correspondence address of the Trust is 5th Floor, 3 Dorset Rise, London EC4Y 8EN.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. Fixed asset investments consist of quoted shares, traded bonds and similar investments. These are measured initially at cost and subsequently at fair value based on published market prices. The principal accounting policies adopted are set out below.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next reporting period.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives and to meet ongoing overheads and administrative expenses.
The restricted capital fund comprises an expendable endowment fund (see note 18). The income generated by the funds held on this endowment are unrestricted and are, therefore, included as part of the unrestricted income funds for the year.
## **1.4 Income**
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Investment income from interest on deposits and listed loan stocks is accounted for an accruals basis. Income from other investments is accounted for when received.
- 11 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are fulfilled.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
## **1.7 Financial instruments**
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the Trust becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## **1.8 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 12 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Foreign exchange**
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources.
## **1.10 Investments**
Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if they were acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **1.11 Irrecoverable VAT**
Irrecoverable VAT is shown separately in the notes to the statement of financial activities for the convenience of the Trustees in monitoring expenses.
## **2 Investments**
||||**Unrestricted**|**Unrestricted**|
|---|---|---|---|---|
||||**funds**|**funds**|
||||**2025**|**2024**|
||||**£**|**£**|
|Income from listed investments|||1,172,661|1,185,744|
|**Raising funds**|||||
||**Unrestricted **|**Endowment**|**Total**|**Total**|
||**funds**|**funds**|**2025**|**2024**|
||**£**|**£**|**£**|**£**|
|Foreign tax deducted|54,077|-|54,077|41,322|
|Irrecoverable VAT|10,957|25,567|36,524|37,588|
|Investment management fees|53,706|125,315|179,021|187,941|
||118,740|150,882|269,622|266,851|
|**For the year ended 5 April 2024**|||||
|Foreign tax deducted|41,322|-||41,322|
|Irrecoverable VAT|11,276|26,312||37,588|
|Investment management fees|56,383|131,558||187,941|
||108,981|157,870||266,851|
## **3 Raising funds**
- 13 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **4 Charitable activities**
|**Education Environment**
**Health and**
**welfare**
**2025**
**2025**
**2025**
**£**
**£**
**£**
Grant funding of activities (see note 5)
102,380
175,500
732,837
Governance costs (see note 6)
11,569
19,831
82,812
113,949
195,331
815,649
**Analysis by fund**
Unrestricted funds
110,094
188,724
788,058
Endowment funds
3,855
6,607
27,591
113,949
195,331
815,649|**Total**
**Education**
**Health and**
**welfare**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,010,717
75,000
731,822
114,212
8,177
79,768
1,124,929
83,177
811,590
1,086,876
80,121
781,776
38,053
3,056
29,814
1,124,929
83,177
811,590|**Total**
**2024**
**£**
806,822
87,945|
|---|---|---|
|||894,767|
|||861,897
32,870|
|||894,767|
- 14 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **5 Grants payable**
|The Trussell Trust
Royal Botanic Gardens, Kew
Lewisham Foodbank
Money for Madagascar
Refugee Community Kitchen
Zoological Society of London
Prison Radio Association
St Christopher's Hospice
The 999 Club & Lady Florence Trust
Medical Justice
Radical Recruit
Bone Cancer Research Trust
Greater Manchester Immigration Aid
Unit
The Halo Project
Assist Sheffield
In2Out
Sex Education Forum
The British Liver Trust
PANDAS Foundation
MIND (The National Association for
Mental Health)
Medical Aid for Palestinians
Asylum Support Appeals Project
Read - The Reading Agency
The Happy Baby Community
Greenwich and Bexley Community
Hospice
Bloody Good Period
Birth Companions
Nunhead's Voice Limited
Housing Justice
The BACA Charity
Stop Hate UK
Doctors in Distress|**Education Environment**
**Health and**
**welfare**
**£**
**£**
**£**
-
-
300,000
-
100,000
-
-
-
70,000
41,380
27,500
-
-
-
50,000
-
48,000
-
46,000
-
-
-
-
-
-
-
36,500
-
-
30,000
-
-
-
-
-
25,000
-
-
25,000
-
-
20,000
-
-
20,000
-
-
20,000
-
-
20,000
-
-
15,000
-
-
15,000
-
-
15,000
-
-
15,000
-
-
15,000
15,000
-
-
-
-
10,000
-
-
10,000
-
-
10,000
-
-
7,000
-
-
4,337
-
-
-
-
-
-
-
-
-
-
-
-
102,380
175,500
732,837|**Total**
**2025**
**£**
300,000
100,000
70,000
68,880
50,000
48,000
46,000
-
36,500
30,000
-
25,000
25,000
20,000
20,000
20,000
20,000
15,000
15,000
15,000
15,000
15,000
15,000
10,000
10,000
10,000
7,000
4,337
-
-
-
-
1,010,717|**Total**
**2024**
**£**
300,000
-
35,000
50,310
45,000
-
30,000
30,000
46,000
25,000
19,675
25,000
25,000
20,000
15,000
40,000
-
-
-
-
15,000
15,000
15,000
-
-
15,000
-
4,337
16,500
5,000
5,000
10,000|
|---|---|---|---|
||||806,822|
- 15 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **6 Governance costs**
|**Governance costs**|||
|---|---|---|
|Staff costs
Audit fees
Legal and professional fees
Travelling expenses
Irrecoverable VAT
IT Costs
Sundry expenses|**2025**
**£**
52,322
9,000
35,234
3,340
9,392
4,188
736
114,212|**2024**
**£**
32,606
9,000
28,576
4,782
8,381
3,597
1,003|
|||87,945|
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year. One of the Trustees, Mrs P.M. Kreitman, was reimbursed £2,298 (2024: £2,125) for travelling and other expenses during the year.
One of the Trustees, Mr E.N.W. Brown, is also a consultant with BDB Pitmans LLP ("BDB"), a firm of solicitors. During the year the Trust paid BDB legal fees amounting to £22,772 (2024: £11,440).
## **8 Employees**
The average monthly number of employees during the year was:
|Total
**Employment costs**
Wages and salaries
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
**Auditor's remuneration**
**Fees payable to the Trust's auditor and associates:**
Audit of the Trust's annual accounts
**Non-audit services**
Fees payable to the Trust's auditor for all other non-audit services|**2025**
**2024**
**Number**
**Number**
1
1
**2025**
**2024**
**£**
**£**
51,100
31,950
1,222
656
52,322
32,606
**2025**
**2024**
**£**
**£**
9,000
9,000
11,748
16,611|**2025**
**2024**
**Number**
**Number**
1
1
**2025**
**2024**
**£**
**£**
51,100
31,950
1,222
656
52,322
32,606
**2025**
**2024**
**£**
**£**
9,000
9,000
11,748
16,611|
|---|---|---|
|||**2024**
**£**
31,950
656|
|||32,606|
|||**2024**
**£**
9,000|
|||16,611|
## **9 Auditor's remuneration**
- 16 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **10 Net gains/(losses) on investments**
||**Endowment **|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Revaluation of investments|(1,320,128)|3,196,817|
|(Loss)/gain on sale of investments|(107,874)|224,974|
||(1,428,002)|3,421,791|
## **11 Taxation**
No liability to taxation arises as the Trust is a registered charity and is, therefore, exempt from UK taxation on the income arising from its normal activities.
## **12 Other gains or losses**
|**12**|**Other gains or losses**|||
|---|---|---|---|
|||**Endowment **|**Endowment**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Foreign exchange losses|(4,178)|(117)|
|**13**|**Financial instruments**|**2025**|**2024**|
|||**£**|**£**|
||**Carrying amount of financial assets**|||
||Instruments measured at fair value through profit or loss|40,713,007|41,757,055|
## **14 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2024|41,757,055|
|Additions|6,030,916|
|Valuation changes|(1,320,128)|
|Disposals|(5,754,836)|
|At 5 April 2025|40,713,007|
|**Carrying amount**||
|At 5 April 2025|40,713,007|
|At 6 April 2024|41,757,055|
- 17 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **14 Fixed asset investments**
## **(Continued)**
## **Fixed asset investments revalued**
The historical cost of the fixed asset investments held at the year end is £37,080,396 (2024: £36,187,806).
## **15 Debtors**
|**15**
**Debtors**|||||
|---|---|---|---|---|
|**Amounts falling due within one year:**
Other receivables
**16**
**Creditors**
**Amounts falling due within one year:**
Accruals and deferred income
**17**
**Unrestricted funds**
General funds
**Previous year:**
General funds|**At 6 April**
**2024**
**£**
3,270,985
**At 6 April**
**2023**
**£**
3,056,119|**Incoming**
**resources**
**£**
1,172,661
**Incoming**
**resources**
**£**
1,185,744|**2025**
**£**
14,999
**2025**
**£**
58,606
**Resources**
**expended**
**£**
(1,205,616)
**Resources**
**expended**
**£**
(970,878)|**2024**
**£**
-|
|||||**2024**
**£**
78,930|
|||||**At 5 April**
**2025**
**£**
3,238,030|
|||||**At 5 April**
**2024**
**£**
3,270,985|
The unrestricted funds of the Trust comprise of the unexpended balances of investment income and donations which are not subject to specific conditions by donors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
## **18 Analysis of net assets between funds**
|**Unrestricted**
**Endowment**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**Fund balances at 5 April 2025 are represented by:**
Investments
2,789,597
37,923,410
Net current assets
448,433
-
3,238,030
37,923,410|**Total**
**2025**
**£**
40,713,007
448,433|
|---|---|
||41,161,440|
- 18 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
|**18**|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|---|
|||**Unrestricted**|**Endowment**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
||**Fund balances at 5 April 2024 are represented by:**||||
||Investments|2,212,530|39,544,525|41,757,055|
||Net current assets|1,058,455|-|1,058,455|
|||3,270,985|39,544,525|42,815,510|
- 19 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **19 Endowment funds**
|**Endowment funds**|||||||
|---|---|---|---|---|---|---|
|**Balance at**
**6 April 2023**
**£**
**Expendable endowments**
Expendable
restricted funds
36,313,591
36,313,591|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Investment**
**gains/(losses)**
**Foreign**
**exchange**
**gains/(losses)**
**£**
**£**
**£**
(190,740)
3,421,791
(117)
(190,740)
3,421,791
(117)|**Balance at**
**5 April 2024**
**£**
39,544,525
39,544,525|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Investment**
**gains/(losses)**
**Foreign**
**exchange**
**gains/(losses)**
**£**
**£**
**£**
(188,935)
(1,428,002)
(4,178)
(188,935)
(1,428,002)
(4,178)|**Balance at**
**5 April 2025**
**£**
37,923,410|
|||||||37,923,410|
The Trust's expendable endowment fund is attributable to the original amount settled on the Trust, subsequent settlements and the accumulated realised and unrealised gains (less losses) thereon. Under the terms of the Deed of Settlement, the endowment is expendable at the discretion of the Trustees on expenditure which meets the charitable objectives of the Trust.
- 20 -
## **THE BALCOMBE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_
## **20 Financial commitments, guarantees and contingent liabilities**
At the year end, the Trust had made commitments to pay a further £723,500 (2024: £298,000) in grants to certain charities but subject to specific future conditions being satisfied by those charities. As there is uncertainty as to whether those conditions will be satisfied, these future commitments have not been provided for in these financial statements. Of the total amount, £547,500,000 (2024: £245,000) would be payable within one year, while 176,000 (2024: £53,000) would be payable in more than one year.
## **21 Related party transactions**
The only related party transactions during the current and comparative years have been disclosed in note 7.
|**22**|**Cash generated from operations**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||(Deficit)/surpus for the year|(1,649,892)|3,445,917|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(1,172,661)|(1,185,744)|
||Foreign exchange differences|(8,356)|(234)|
||Loss/(gain) on disposal of investments|107,874|(224,974)|
||Fair value gains and losses on investments|1,320,128|(3,196,817)|
||Movements in working capital:|||
||(Decrease) in trade and other payables|(20,324)|(2,161)|
||**Cash absorbed by operations**|(1,423,231)|(1,164,013)|
- 21 -