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2025-04-05-accounts

Ref: CL003855

THE CHARLES SKEY CHARITABLE TRUST

DRAFT

REPORT AND FINANCIAL STATEMENTS REGISTERED CHARITY NUMBER: 277697

for the year ended 5th April 2025

Ludlow Trust Company (London) Limited

1 Southampton Street London WC2R 0LR

THE CHARLES SKEY CHARITABLE TRUST CONTENTS

Page
Trustees' Annual Report 1 - 3
Report of the Independent Auditors 4 - 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Financial Statements 10 - 15

THE CHARLES SKEY CHARITABLE TRUST TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2025

Reference and administrative information

Founder Charles Henry Alan Skey (died 7th July 2012)
Dates of Deeds Trust Deed - 4th April 1979
Deed of Appointment - 10th March 1987
Deed of Appointment - 6th May 1997
Deed of Appointment - 8th November 2000
Deed of Appointment - 7th November 2006
Deed of Appointment - 30th October 2010
Trustees Joseph Robert Dennis (appointed 20th December 2024)
Reverend James Henry Aufrere Leggett
David Bryan Berkeley
Edward James Berkeley
Christopher Bryan Berkeley (resigned 20th December 2024)
John Martyn Leggett (resigned 20th December 2024)
The power to remove and to appoint a new or additional Trustees is vested in the Trustees.
The objects of the Trust is to support or promote such charitable purposes as the Trustees
may in their absolute discretion determine.
Nature of Trust A registered charity, registered with the Charity Commissioners for England and Wales as
number 277697.
Registered Office Ludlow Trust Company Limited
Tower Wharf
Cheese Lane
Bristol
BS2 0JJ
Independent Auditor Moore Kingston Smith LLP
9 Appold Street
London, EC2A 2AP
Investment Managers Rathbones incorporating Investec Wealth & Investment (UK)
(Referred to as Investec Wealth & Investment in accounts)
30 Gresham Street
London, EC2V 7QN
Bankers C. Hoare & Co.
37 Fleet Street
London, EC4P 4DQ
Administrators Ludlow Trust Company (London) Limited
8th Floor, 1 Southampton Street
London
WC2R 0LR
Solicitors Russell-Cooke LLP
2 Putney Hill
London, SW15 6AB

Page 1

THE CHARLES SKEY CHARITABLE TRUST TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

Report of the Trustees for the year ended 5th April 2025.

The Trustees present their report along with the financial statements of the charity for the year ended 5th April 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 10 and 11 and comply with the charity's Trust Deed, the Charities Act 2011 and the requirements of the 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 including Update Bulletin 2.

Structure, Governance and Management

The Trust Deed directs that the capital (expendable endowment) and income of the Fund be applied to or for the benefit of such charitable trusts, institutions or purposes as the Trustees think fit.

Objectives and Activities

The Trustees support causes on an annual basis, irregularly and on a one off basis. For those charities receiving annual donations, the amount to be given is reviewed and, if appropriate, awarded annually. For those receiving periodic donations, the Trustees are the judge of when a further grant should be made. For one off donations, the Trustees examine the requests which have been received and have sole authority as to which to support. In general, the Trust supports those causes where the grant made is meaningful to the recipient.

Fundraising

The Trust undertakes no fundraising activities; there is no involvement of third party fundraisers and therefore no complaints were received in the year regarding fundraising practices. All income is derived from the Trust’s endowment.

Grant Making Policy

The annual income from the Charitable Trust and its capital are used from time to time to cover the annual charitable grants and expenses. The Trustees meet several times each year to decide what grants they wish to make, in accordance with the objectives and activities policy set out above.

As required by the Charities Act 2011, the Trustees have referred to the Charity Commission's general guidance on public benefit when formulating the grant making policy. In particular, the Trustees consider how grants can be made to ensure maximum benefit flows through to the intended ultimate beneficiaries. The grants benefit a number of public causes, as detailed in note 3. In shaping their objectives for the year and planning their activities, the Trustees have considered the Charity Commission’s guidance 'public benefit: running a charity (PB2)’.

Achievements and Performance

The activities of the Trust remain satisfactory and the objects of the Trust were achieved during the year. All the funds of the Trust are considered to form part of one Unrestricted Fund, which may be used for the general furtherance of the Trust's objects. The Trustees are satisfied that the Trust's assets are available and adequate to fulfil the obligations of the Trust.

Financial Review

Total unrestricted income during the year amounted to £351,382 (2024: £427,789). Total unrestricted expenditure, including grants, amounted to £538,142 (2024: £540,498). The net decrease of total funds amounted to £818,857 (2024: increase of £958,443) after taking account of investment losses of £632,097 (2024: gains of £1,071,152). The financial statements for the year are set out on pages 7 to 15.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finances of the Trust, and are satisfied that systems are in place to manage these major risks. The Trustees' current policy on making donations is to expend, broadly speaking, an amount equivalent to their annual income, either in the year in question, or on average over a period of say 3 years. However, if a radical change in market conditions, particularly in relation to equities, were to affect adversely the expected level of income, then the Trustees may need to reduce the level of grants. In the light of this risk, the Trustees make it clear to the charities supported by the Trust that they cannot, and do not, offer any guarantee to the charities as to the making of future grants. Nevertheless, the Trustees keep their investment

Page 2

THE CHARLES SKEY CHARITABLE TRUST TRUSTEES' ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

strategy under regular review and require their investment advisers to advise them if that strategy no longer properly supports, or is likely to support, their donations policy. Another significant risk would be a failure to comply with a regulatory requirement affecting the running of the Trust. To mitigate that risk, the Trustees instruct Ludlow Trust Company (London) Limited to alert them to material changes in those requirements and to monitor regulatory compliance on an ongoing basis. The Chairman also advises the Trustees at each meeting if the Charity Commission has issued new guidance which may require the Trustees to take action.

Investment Policy and Performance

Under the Trust Deed the Trustees may use their absolute discretion to invest any money in any investments which they think fit. The Trust's investment managers have been set a performance target of achieving the 80th percentile of the unconstrained funds as measured by a composite index based 80% on the FT Allshare, 15% on UK Government Allstocks and on 5% Cash (LIBOR). For the year to 5th April 2025, the portfolio posted a Total Return of 3.45%, compared with the Benchmark return of 8.2%.

Reserves Policy

According to the Charity Commission's guidance update in their Statement of Recommended Practice: "Accounting and Reporting by Charities" revised in July 2014, the Trust's expendable endowment is not considered part of the charity's free reserves. However, this endowment is a considerable sum, and the capital can be used at the discretion of the Trustees to fund any deficit on expenditure. It is therefore the view of the Trustees that the Trust does not need to hold any additional money in reserve.

Future Plans

The intention of the Trustees is to continue with the present overall policy with regard to investments and donations.

Statement of Trustees' responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on:

and signed on their behalf by:

05/02/2026 .................................................. Date James Leggett James Leggett (Feb 6, 2026 06:49:09 GMT+11) ~~..............................~~ .................... Trustee Edward Berkeley Edward Berkeley (Feb 5, 2026 20:40:30 GMT) ~~.............................~~ ..................... Trustee

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARLES SKEY CHARITABLE TRUST FOR THE YEAR ENDED 5th APRIL 2025

Opinion

We have audited the financial statements of The Charles Skey Charitable Trust for the year ended 5th April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United KingdomAccounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 charity 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 charity’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, except to the extent otherwise explicitly stated in our report, 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 there is 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 where the Charities Act 2011 requires us to report to you if, in our opinion:

Page 4

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARLES SKEY CHARITABLE TRUST (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

Matters on which we are required to report by exception (continued)

Responsibilities of the trustees

As explained more fully in the trustees' responsibilities statement set out on page 3, 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 charity’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 liquidate the charity or 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 regulations made under section 154 of that Act.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 5

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARLES SKEY CHARITABLE TRUST (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

Auditor’s Responsibilities for the audit of the financial statements (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory auditor

Date: 06/02/2026

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Page 6

THE CHARLES SKEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5th APRIL 2025

Notes
Income and Expenditure
INCOME
Investment income
2
TOTAL INCOME
EXPENDITURE
Costs of raising funds
Investment Management Costs
Charitable activities
3
TOTAL EXPENDITURE
NET OPERATING (EXPENDITURE)
OTHER RECOGNISED (LOSSES)/GAINS
Realised (Losses) on investment disposals
6
Gains/(Losses) on revaluation of investments
6
NET (EXPENDITURE)/INCOME
Gross transfer between Funds
7
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
BALANCES CARRIED FORWARD		 Expendable
Total
Expendable
Total
Income
Endowment
Funds
Income
Endowment
Funds
2025
2024
£
£
£
£
£
£
351,382
-
351,382
427,789
-
427,789
Unrestricted Funds
Unrestricted Funds
351,382
-
351,382
427,789
-
427,789
-
74,793
74,793
-
69,163
69,163
328,349
135,000
463,349
471,335
-
471,335
328,349
209,793
538,142
471,335
69,163
540,498
23,033
(209,793)
(186,760)
(43,546)
(69,163)
(112,709)
-
106,629
106,629
-
(313,619)
(313,619)
-
(738,726)
(738,726)
-
1,384,771
1,384,771
23,033
(841,890)
(818,857)
(43,546)
1,001,989
958,443
-
-
-
43,546
(43,546)
-
23,033
(841,890)
(818,857)
-
958,443
958,443
-
15,977,282
15,977,282
-
15,018,839
15,018,839
23,033
15,135,392
15,158,425
-
15,977,282
15,977,282

All amounts relate to continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

Page 7

THE CHARLES SKEY CHARITABLE TRUST BALANCE SHEET AS AT 5th APRIL 2025

Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at Bank
Fixed term deposit
Debtors
8
CURRENT LIABILITIES
Creditors - falling due within one year
9
NET CURRENT ASSETS
NET ASSETS
UNRESTRICTED FUNDS
Expendable Endowment
Income Fund
TOTAL UNRESTRICTED FUNDS		 2025
£
14,589,989
612,830
-
-
612,830
(44,394)
568,436
15,158,425
15,135,392
23,033
15,158,425		 2024
£
15,391,485
327,629
250,000
46,854
624,483
(38,686)
585,797
15,977,282
15,977,282
-
15,977,282

Approved by the Trustees and authorised for issue on:

and signed on their behalf by:

05/02/2026 .............................................................................. Date

James Leggett .............................................................................. James Leggett (Feb 6, 2026 06:49:09 GMT+11) Trustee

Edward Berkeley .............................................................................. Edward Berkeley (Feb 5, 2026 20:40:30 GMT) Trustee

Page 8

THE CHARLES SKEY CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5th APRIL 2025

Notes
Cash flows from operating activities
Net cash (used in) operating activities
10
Cash flows from investing activities
Dividends and interest from investments
Movement in fixed term deposits
Proceeds from sale of fixed asset investments
Purchase of fixed asset investments
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Cash & cash equivalents comprise:
Cash at Bank
Cash held in investment portfolio		 2025
£
(485,580)
351,382
250,000
3,396,910
(3,177,549)
820,743
335,163
336,915
672,078
612,830
59,248
672,078		 2024
£
(528,183)
427,789
250,000
2,516,925
(2,694,736)
499,978
(28,205)
365,120
336,915
327,629
9,286
336,915

The notes on pages 10 to 15 form part of these financial statements.

Page 9

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2025

1 ACCOUNTING POLICIES

(a) Basis of Preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP) including Update Bulletin 2 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

(b) Fund Structure

The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Funds. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.

(c) Income

All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and receipt is probable. Where a claim for repayment of income tax has been or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:

Grants and Donations Receivable

Grants and Donations are recognised in the SOFA when conditions for receipt have been complied with.

Investment Income

Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is accounted for when received by the investment manager.

(d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Costs of Raising Funds

The costs of raising funds consist of investment management and certain legal fees.

Charitable Activities

Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.

Page 10

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2025

1 ACCOUNTING POLICIES (Continued)

Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs.

(e) Fixed Assets

Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

(f) Realised and Unrealised Gains and Losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

(g) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The trustees have the flexibility to draw down on the expendable endowment fund if required to support grant expenditure. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(h) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See note 8 for the debtors note and note 9 for the creditors note.

(i) 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.

(j) Key Estimates and Judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Page 11

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

2 INVESTMENT INCOME

Investment income
Interest on cash deposits		 2025
2024
£
£
335,374
409,775
16,008
18,014
351,382
427,789

3 CHARITABLE ACTIVITIES

The charity undertook no direct charitable activities but awarded donations to a number of institutions in furtherance of its charitable activities.

Grants made
Support costs
Governance costs (see note 4)
The grants made comprised the following:
Advancement of education
Brasenose College, Oxford
Monkton Combe School
Sherborne School Foundation
St Sepulchre-without-Newgate
Advancement of religion
Faith in Kids
Immanuel Church
London City Mission
St. James' Church, Ryde
Stewardship (East Cowes)
Trinity Church, Scarborough
Advancement of health or the saving of lives
Dementia UK
French Hospital
World Sight Foundation
Advancement of citizenship or community development
Centre for Enterprise Markets and Ethics
Envision		 2025
£
442,500
20,849
463,349
80,000
15,000
30,000
35,000
-
167,500
15,000
-
130,000
10,000
-
12,500
35,000
15,000
10,000
10,000
10,000
10,000
-		 2024
£
424,500
46,835
471,335
48,500
15,000
30,000
-
3,500
80,000
10,000
10,000
20,000
10,000
30,000
-
30,000
10,000
10,000
10,000
40,000
10,000
30,000

Page 12

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

3
CHARITABLE ACTIVITIES Cont'd
Advancement of arts, culture, heritage or science
Almeida Theatre
British Film Institute
Institute of Imagination
Polka Theatre
Royal Museums Greenwich
Watts Gallery
Woodchester Mansion Trust
Advancement of amateur sport
MCC Foundation
On Course Foundation
Relief of those in need by reason of youth, age, ill-health,
disability, financial hardship or other disadvantage
Hebridean Pursuits Outdoor Learning
West Ham Sea Cadets
Promotion of the efficiency of the armed forces of the Crown,
or of the efficiency of the police, fire and rescue service or
ambulance services
The Fusiliers Fund
4
ANALYSIS OF GOVERNANCE COSTS
Trustees' expenses
Auditor's remuneration:-
Audit fee for the year
Prior year (over)/under provision
Ludlow Trust Company (London) Limited:-
Administration fee for the year
Prior year under/(over) provision
Russell Cooke LLP legal fees
C. Hoare & Co. bank charges
Investment Management Costs
Investec Wealth & Investment - Legal Entity Identifier fee
Investec Management fees		 2025
£
67,500
15,000
10,000
-
10,000
20,000
12,500
-
40,000
20,000
20,000
22,500
22,500
-
20,000
20,000
2025
£
1,733
7,500
(300)
18,500
(7,612)
1,020
8
20,849
60
74,733
74,793		 2024
£
137,500
15,000
10,000
60,000
10,000
20,000
-
22,500
45,000
20,000
25,000
23,500
22,500
1,000
20,000
20,000
2024
£
819
7,500
1,300
28,000
4,200
5,016
-
46,835
60
69,103
69,163

Page 13

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

5 REMUNERATION OF TRUSTEES

In the financial year ended 5th April 2025 none of the Trustees, who are deemed to be key management personnel, received any remuneration from the Charity (2024; Nil). Five Trustees received a total of £1,733 in respect of the reimbursement of expenses incurred in their duties as Trustees (2024; £819).

There were no employees during the year under review (2024; nil).

6 FIXED ASSET INVESTMENTS Movement in fixed asset investments

Listed investments
Market Value Brought Forward
Additions at cost
Less Disposal proceeds
Realised Gain/(Loss) on disposals
(Losses)/Gains on revaluation
Market Value Carried Forward
Cash held by brokers
Total Investments at 5th April 2025
Historical cost of Investments as at 5th April 2025
Geographical Analysis
United Kingdom investments
Overseas investments		 2025
£
15,382,199
3,177,549
(3,396,910)
106,629
(738,726)
14,530,741
59,248
14,589,989
11,052,015
5,555,116
8,975,625
14,530,741		 2024
£
14,133,236
2,694,736
(2,516,925)
(313,619)
1,384,771
15,382,199
9,286
15,391,485
10,043,796
5,552,674
9,829,525
15,382,199

7 FUND TRANSFERS

The Trustees did not make a transfer between the Expendable Endowment Fund and the Income Fund during the year under review (2024: £43,546).

8 DEBTORS

Year end income cash transfer due from Investec
CREDITORS
Investec Wealth & Investment Management fees
Moore Kingston Smith - Auditor's Remuneration
Ludlow Trust Company (London) Ltd Administration fees		 2025
£
-
-
2024
£
18,394
7,500
18,500
44,394		 2024
£
46,854
46,854
2023
£
7,386
7,500
23,800
38,686

9 CREDITORS

Page 14

THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5th APRIL 2025

10 RECONCILIATION OF OPERATING DEFICIT TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

RECONCILIATION OF OPERATING DEFICIT TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
Net operating expenditure
Investment Income
Decrease/(Increase) in Debtors
(Decrease)/Increase in Creditors
Net cash outflow from operating activities		 2024
£
(186,760)
(351,382)
46,854
5,708
(485,580)		 2023
£
(112,709)
(427,789)
4,100
8,215
(528,183)

11 RELATED PARTY DISCLOSURE

In the year the charity gave grants totalling £10,000 (£10,000; 2024) to St James’s Church Ryde for the furtherance of their charitable objectives, a charity with a trustee in common with The Charles Skey Charitable Trust.

Page 15

Accounts - 5.4.2025 - FOR SIGNATURE

Final Audit Report

2026-02-06

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