The Teresa Kesivick Charitable Trust
Charli
no. 276
d FinnneiAI Stitements
Year Ended S A
ril 202

The Teresa Keswick Charitable Trust
Stale￿¢￿t of ALLOUlltS
r the Yexr Lnded 5th A ril 202S
Lt8al and Administraiivc Information
Report of the Trustees
Independent Exsrtiiners, Report
SchBdule I Sialetnerti of Financial Activities
Schedule 2- Balance Sheei
Schedule 3- Accounting Policies
Schedule 4- Noies 10 the Financial Statem¢DIS
Schedule 5-Noies lo the Financial Statements

The Teres9 Kcswick Charitable Trust
l .adininistr￿tIye lTr[orm￿lEO￿
For tht Y¢#r Ended 5th A
ril 2025
Regisiered Charity by Cliariry Commi5SlOD
NuJnb¢r 276577
Corr¢spondan¢¢ AddEe5S
Terega Keswick Chariiable Trust
CIO Nick G￿dSon
MTrE thc50n & Co Ltd
3 Loinbard Sireei
Londot)
EC3V 9AQ
TTUStees
Henry Nevill¢ Lindl¢y Ke$wick
John Lhipp¢ndLle Lindley Keswick
Adam Keswick
AccountaDt5
FÉtrries. Kirk & Mcvean
DumfTies Enietprise Park
Htaihhall
Dumfri¢s
DGI 3SJ
Bankers and Correspondent Address
HSBC Private Bank IUKI Limitsd
78 Si James's Sireel
London
SWIA iJr4
Inv¢$tsn¢nt Advsors
HSBC Privaie Bank IUKI Limit¢d
Soliritors
Linklaiers
One Silk Str¢ci
London
EC2Y 8HQ
Pagc I

The Teresa Keswick Charitable Trust
ort of tht Trusttt
For the YeAr Ertdt¢l Stli A rf1202
Trustees, Report for the year ended S April 2025
The TTU8tee5 of 'fh¢ Teresa Keswick Charitable Trust {Ihe 'TrLlSt'I pirsenl their I'eport. together with the Fin&ncial
Siatemenrs for the yeai. ended 5 April 2025. '1-he F inancial Stalem¢nis have been prepared in accordance ivith the
accounting policies sei out in N'ote I to the Financial Siatemenls and comply with the cliarity's trust deed, th¢
Charities Act 2011 and the Sialeinenl of Recornm¢nded Praciice.. Accouniing and Ileporling by Charities 2005.
Structure? governance and mAnagement
The I rust 15 an unin¢orporat¢d Iru51. ¢onsiituied under a trust deed daied 18 Augusi 1978 and is a registered charity.
number 276577. The Trust does not a¢tiv¢ly fundraise and $eek$ 10 ci>ntinue the phi18nthropic work desired by the
setTloi' through ¢ar¢ful stewardship of its exi$iinE resources.
The trust¥es tn¢¥l at regul￿ inietyals 10 discuss invLStmeni Sli?tegy, (he making of grants and the running of lh¢
Trust gtDerally in¢luding th¥ appointrn¢nt of new tiustees when considered necessary.
The trusiees who Served during Ihe year and since ihe vear end al'e sel out OD pag¢ l.
Risk M*n*gtment
The trustee5 hav¢ consideT¢d the tnajor risks 10 which the charity is exposed and have Teview¢d those Tisks and
established sy5terns and proG¢durs to mana8e those Tisks.
ObjectiV¢5 8nd wrtivities
The Trusl is a grani making charity and ihe capiial and income of the Trust shAII be applied for $uch charit2blc
purposes for the public benefit as the tru8tees in Iheir absolute discretion shall decid¢. The Irusl¢e$ confimi thai
they have referred 10 the guid￿L¢ cuntained in the Charity Coininission's geiTreral guidance on publi¢ b¢n¢fit when
reviewing the Trust'5 aims and obj¢ctiv¢s dnd in planning I'uiure activities and setiing grant making policy for the
year.
Grant mxking polity
The trust￿3 tncet regUl￿"1Y 10 discuss ihe makin8 of grants but do not inviie unsolicited grant appli￿tions. The
organi5ations that have bcn¢fited fTom the Tru51 are oiher Tegisiered charities.
Achicvtmtnts #nd performAnce
During the year. th¢ Trust tn8de grnnts of £40,000 {2024.. £30.0001 to a charitable Trusts. Details of the grant Tnade
are shown in note 3.
Financi&l review
The principal source of in¢otne is the holding of Jardine Mdthcson shares which had a maiket value of £2,686.981
as at 5 April 2025 12024.. £2,731,009
se¢ page 91. Given IhL nature ol. Ihc Trust's a55els it 15 anticipated that
grants will continue at a similar level in th¢ futur¢.
Investment policy and p¢rformRnce
The Trusi's investments were managed by HSBC Privaic Bank during the period and the TTusi¢es aTe saiisfieil
with the pcrformance in the period under review.
Reserve5 policy
'I'lie Iru51te5 are aware orth¢ r¢quir¢tn¢nt of the Charily Coinmi55ioncrs to rtview their policy on reserves at regular
intervals and ti is curreni policy lo distribute an ainounl 31 least ¢qiial lo all illCOTning resouTces, less investments
mana8ement and govemance costs. 'fhe Iruslees have sel aside Te5erv¢s in order to prottGI lh¢ I'utur¢ oper2tions of
th¢ charity fTOJn the effe¢ts of Any unforeseen variaiions in its income streams as pan ot a policy ot. gwd financial
management.
Plan5 for tlie future
The Iruste¢s plan io continue with the eurreni invesimcni and grani making policies.
Pag¢ 2

The Teresa Keswirk Chxritable Trust
orl of th¢ Try.stce%
For the I'trtr Ended 5th A ril 2025
Tru$t¢¢s' rc5pon$ibilitiCs in relation to the financial 51at¢m¢nt¥
Th¢ law applicable to chari11¢5 ID England and Wales T¢quir¢s ih¢ Iru51¢¢5 lo pr¢paT¢ financial slat¢Tnents for each
rjnancial year, which giv¢ a true and fair view ef Iht Trusi's finaiicial a¢iiviiies durinby the year and of ils financtal
sition &1 the end of the year. In preparin8 financial 5tatcmcnls Bivin8 a true and fair view. Ihc trustees should
follow best practice and.,
s¢l¢¢t suiiÈbl¢ 8cwunting wlici¢s 8nd then apply them tOn5iStertily
mak¢ judg¢Tnenls and estimates that are r¢asonable and prudent
SLqlC whciher applicablc accounting siandards and slaiemcnts ofr¢commended praditt have b¢eD follo￿¢d,
subject io any departures disclosed and explained in the tinancial siar¢nients: and
prepare tlie fiTtsntial si2iem¢nis on Ihe 80in8 conccm b&sis unles5 il is inapproprJal¢ lo pr¢5UDl¢ that Ihc
Tru51 will continue in otKration.
The trustee5 #Te Tespongible for keeping acwuniing rc¢ords which di5closc with reasonable aGcura¢y. the financial
rA)sJtion of ihe Trust and which ¢nabl¢ ih¢ni io J5¢¢fEain th¢ financiELI wsilion of (he Trust and to ensure tliat th¢
Financial Ststemenis comply with the Charities Acl 2011, th¢ Charily IFinanci21 Sidiemenis and Reports)
Keguldtions dnd the provisions of the Irusi deed. ThL trus￿¢5 arc responsible for 5af¢gug1'ding ihe 3ssets of the
Trust and henc¢ for taking reasonable steps for the prevention and deie¢iion of fraud and Oihcr irregularities.
Ad
Keswick. Chairman of Trusiees
Page J

¢n(lent Ex*miner'$ Rc
vrt to thL' Trustees of
The Teresa Keswick Charitabl¢ Trust
Report of the Ind¢p¢nd¢nt ¢%arnin¢ri to the TruytLes of the Tere5a Ke8Wltk Charitable Trugt
WB havc cxamined th¢ financiul slalem¢iit$ of the Tcresa K¢swi¢k Chariiable Trwi for th¢ y¢w ended 5 ApTiI 2025
which coTnpris¢ the Stalcrnenl of Fin&nctal Acriviiies, th¢ Balgnce %heet and the relaied nores. Th¢ fingn¢ial
porting framework that has k¢n applied in their prepardiion is applicable law gnd United Kingdom Accounting
Standards (United Kingdom Generally Accepted Acwunling Pr￿tICe81.
This report 15 made solcly to th¢ ¢heTity'S Irllsiees, 85 a ￿dy, in acwrd8nce with 8eciion 144 of the ChaTitits Act
2011 and r¢gulations made under seciion 154 of th¢ Aci. Our work has be£n undenaken so that we tnighi siaic io
th¢ charity's Iruste¢s those mDtters we thre required 10 slate io th¢m in an independent examI￿rS report and for no
other purposes. To the fullest ektenl ￿rMItted by law, we do nei abwi or a55um¢ reswnsibility 10 anyone other
Ihan the charity and th¢ charity's trusiees as a body, lor our work. for thi5 report, or for the opinions have formed.
Rt$pcttiv¢ r¢sponyibilitics of Tru$teey Examin¢r
A$ explained more fully in the Trust¢e5' Respunsibiliiies SlaienienL the Irusiees are responsible for th¢ prBparalion
of Fin8ncial Sialemvnts which give a true gDd fair view.
W¢ hove been appoinico as ExamiD¢Ts under seciion 144 of Ihe Charities Aei 2011 and rewrt ID g¢wrdance with
regulaiions made uDder se¢iion 154 of thai Act. Our r¢5ponsibilily is io examine th¢ accounts followin8 Ihe general
dlreciions given by ihe Charity Comrnission to 8thie wlietli¢r 8ny particular tnaiiers havc com¢ to our gttention.
Scopt of tht Financial Stat¢m¢ntS
Our work involves obtaining ¢￿IdenCe about th¢ amounls and disclosures iii the financial mateTial mi5siatemenL
eiher caused by fraud or ¢rror, This includes an a$￿s.￿ment uf,. wh¢iher thc at¢ouniinÉ polici¢s ar¢ appropriAte te
th¢ charity'5 CTrcumsiane£s and hav¢ been consistently applied and ad¢qual¢ly di%clo%ed: the reasonablcness of
significant accounting estimates madc by Ihe Irusl¢es: and lh¢ overall presentation of Ihe financial $18i¢menis. In
addition. we read all Ihc financial and non-financial inlorniaiion in the Tru5te¢s' Report 10 ideniify material
inconsist¢ncie5 Wlth th¢ Finttncial Siaicmenrs. If we beconi¢ awaie of any appar¢nt mat¢rial mibslaiements or
inconsistencies we consider th¢ impli¢aiions for our repori.
Independent Examiner5 Statement
In connection with gur ¢xtminEttion, no mallcr has come to our gttention which gives re￿Onable caus¢ lo believe thai
iti Ally material respect th¢ following r¢quirernents, have not ￿en mei or to which in our opinion, ai*niioii should b¢
drawi in order 10 enable a proper und¢rsu9nding of the accounls 10 be reached.
To k¢¢p a¢counlin8 re¢oTds in accordance with th¢ Chari11¢5 Art 2011: ttnd
To prepar¢ aGcount5 which accord wilh the accouniing recvrds and to cemply with the ￿CoUn11￿E r¢quirenients
of the abov
Gerald McGill B.A., C.A.
Farrie5, Kirk and Mcvean
Chbrtered Ac£ounian15
Dutnfiies Enierprise Park
Heaihhall
Duinfries
S} Ioiis
DGI 3SJ
PaBe ¢1

The Teresa Keswick c.h?¢ ritable Trust
For the Ychr Li nd¢(i sih A ril 2025
2024
UnYestri¢t¢d
Ilnreytricted
Funds
Notes
INCOME AND EXPINDITIIRE
lrttomlng Resour¢es
Investment Income
76,303
97.090
Totwl InronJin£ Rtsour¢es
97.090
Rcsuurces Expended
Inves￿ent managem¢nl WSIS
165
Grant Funded Aciivity
40.0(K)
30.000
Gov¢rnonce Costs
540
Tot*1 Resources Exptnde
40.705
31.088
Net IOut2oithgVlnLoming Re50ur¢¢s
35.598
66,002
Other retogthlstd gain5 #nd 1055ts
Realised and unrealised gainslllosses} on invcsiment a55tts
.44.028
204.699
-8.430
270.701
Fund Balance broughi forwwd at 6th April 2024
2.859,438
2.588.737
Fund Balan¢¢ Carri¢d fiofwArd *15ih April 20Z5
2.851.008
2.859,438
P88t 5

Tlie Teresa Ke5wick Charjtable Trust
A5 Mt 5th A ril 2025
2025
2024
FixeiS Asset5
Investments
2.823,449
2.830.830
Current Assets
Cosh at Bank
28,398
Total A55cts
2,851,848
2.860.279
Liabiliti¢$
C￿dItOrs f211ing due within one year
840
840
Net Asjtts
2.851,008
2,859,439
Tht fiundy of the Ch*rity
Unrestri¢ied Funds
2.851.008
2 859 439
The 5tat¢m¢nt of 4c¢ounts were approved by lh¢ Board of Trustees on
Adam Kcswick, ChairTnan
Page 6

The Teresa Keswick ChnrTtable Trust
F(kr thc Ye￿r F.ndcd 5th A ril 202.5
l Accounting Policies
A Basis of Pr¢paration
The financia] 51aiem¢nls hav¢ Lren Prep￿rd under the hisioric cosi convenlion, with ih¢ exc¢plion that investhjenls
aFe in¢luiJed ai market valu¢. Th¢ financial statements liavc prtparcd in a¢wTdance with tbe Sialetnent of
Recommended Practice'Acouniing and Reporting by Chariries, ISORP 20051 issued in March 2905 and
applicable UK Accouniing Slandard5 and the Chnrities Aci 2011.
B Furtd$ Structure
Unresiricied funds compri5¢ thos¢ fund$ ￿1th the ItUSICCs free to us¢ for tny purpN)se in the furtlieran¢¢ of th¢
charitable objecis.
C Incoming Re50urc¢s
All incoming resources ar¢ recognised tsr￿e the Trust has eniitlein¢nt to the ffjSOUTtes. It is certain that tlie T¢sourres
will be received and th¢ monetory value of incoming resources caD measurLd with surricieni reliability.
D Resources Expend¢
Liabilities are te¢ognised as r¢sourc¢s expEDd¢d #$ soon as Ihere is a Icgal or con5¢ru¢tive r>bligaiion cominitting
the charity to ihc cxpcnditure. All exptnditUT¢ is tt¢counied for on an accruals basis and been el&%sif￿d und¢r
h¢#dings thai aggrega￿ all cosis r¢la*J 10 Il* category.
Granis payable att payinenls lo third pDrties in Ilic turthcrance ofthe charitable objectives ofihe Trusi. Single or
multi-year 8rants arc accouiiied for when eilheT the rtcipi¢ni has a rcasonable extK¢la¢ion thai t￿Y will receive a
grant 2nd ihe trusiees hav¢ agreed to pay the grant wiihoul condition or the r¢cipienl has a reasonable ¢A￿elatIon
that they will receive a grani aDd any condition attachirJ8 io the gr￿11 is outsid¢ ofthe £onirol olihe Iruslets.
E Irre¢ov¢rabl¢ VA T
Irre¢overablc VAT is charg¢d again$1 the uteBory of resources exptnd¢d for which it incurred.
F CD5tg of Generating Fund$
Costs of generating funds consisi of inv¢stm¢rtt TnonÈgemeni fees.
G Chxrii#blt Aetivitits
Costs of chaTiiable activities consists of grants mad¢ as Shown in note 3
Page 7

The Teresa Keswlek Charitable Trust
iNot¢s to the Fin&nL'Lal Siiitetncnls
For Iht Y¢¥r to f th A rtl 2025
H Gover*nte Costs
Gov¢ranc¢ costs comprise all costs involving th¢ publi¢ a¢counlab2lity ofthe charity and ils Compliance
with Tegulation and good pid¥tice. These costs include cosis relalin8 10 the inde￿ndent exwninalion
and p￿paratIon of the financial statements.
Fixe¢J As$tt Inv¢stments
Investments are a¢¢ounted foT ai market value ￿ at the balgnce sheet daie. The stal¢m¢nl of finBncial
activit1¢5 includ¢ nel gains and lesses arising on r¢valu8tion and di5ptrsals Ihroughout the y¢￿.
J R¢ali$ed Gain5 and Losses
All gains and losses are taken 10 the Sia¢¢tnent of Fintncial Activiiies ￿ ih¢y aris¢. Reali5ed gains
and losses on investments are calcul8l¢d ￿ the diffeienLL' bciwccn 5a1¢5 pro¢¢¢ds and opcning market
value (purch￿¢ cost if later). Unreali5¢d gains and losses are calculai¢d as the difference beiwecn
the market value 81 the ycar cnd and opcniDg markei value lor purc11￿¢ c051 if laierl. Realised and
unrealis¢d gRin$ are noi sep#ra*d in ihe SiateJn¢nl of Financial Aciivites.
2 Investment Ineome
2025
2024
DivideDds- Overseas equiises
Int¢r¢st on Cpsh Deposils
76.303
97.090
76,303
97.090
3 Ath8lysls of Gronts
Edith Bessie Gibson Trust
?? LondotL UK
40,iX)O
30,000
30,000
40,(X)O
4 AnAIy5is of Staff Costs
No staff were employed by Ilie Trust during the yeaT.12024 £nill
Trus*es receiv¢d no ¢molunients OT expenses in ihe ycar. 12024 LDill
5 Anwly515 of GoYernantE Colts
Accountsncy and Audit Fees
540
984
Page 8

The Tere5a Kcswick ChaTltable Trust
Notes 10 the Finan¢i¥l Stilomtnts
lior thc Yt*r Ended 5th A
ril 2025
6 Fiied Asset Investmeb)t5
Movement5 in Fixed Asset Investments
21J25
2024
M3rk¢t Value broughi forward
2.731,009
2,526,310
Net Gain/lLos$l on revaluation
-44,028
204 699
2.686,981
2.731.009
Cash Held on Capitsl Accouni by Brokers
136,468
99,821
2.823,449
2,830.830
Historical C0518s al 5th April 2025
60,723
The sole inve51m¢nl consists of 55,366 Jardine M8th¢son USSO.25 {Singapore Quote) shaT¢$,
7 Analy515 of Current Ltablilitie$
2024
Cr¢ditor5 under l yethr
Accruals for Prof¢5sional Fr¢s
Pagc 9