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|CONTENTS|`PAGES`|
|---|---|
|TRUSTEESANDADVISERS|2|
|TRUSTEES'REPORT|`3-5`|
|INDEPENDENTEXAMINER'SREPORT|,'~|
|STATEMENTOFFINANCIALACTIVITIES|7|
|BALANCESHEET|8|
|NOTES|9-13|





|TRUSTEES|ViceAdmiralSirTimLaurenceGCVOCB|
|---|---|
||SallyJTennantOBE|
||ChristopherDRMorgan|
||JulianAVSmithCVO|
|CHARITYADDRESS|Farrer&CoLLP|
||66Lincoln'sInnFields|
||`London`|
||WC2A3LH|
|CHARITYREGISTRATIONNUMBER|277814|
|SOLICITORS|Farrer&CoLLP|
||66Lincoln'sInnFields|
||`London`|
||WC2A3LH|
|AUDITOR|CroweU.K.LLP|
||CharteredAccountants|
||BlackCountry_House|
||RoundsGreenRoad|
||Oldbury|
||WestMidlands|
||B692DG|
|INVESTMENTMANAGERS|Sarasin&PartnersLLP|
||JuxonHouse|
||100St.Paul'sChurchyard|
||`London`|
||EC4M8BU|
|`BANKERS`|Coutts&Co|
||440Strand|
||`London`|
||WC2R0QS|





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11 November 2025 



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||Notes|2025|2024|
|---|---|---|---|
|||£|£|
|Incomefrom:||||
|Donations||4,000|8,500|
|Investments|2|233,402|233,801|
|Total||237,402|242,301|
|Expenditureon:||||
|Raisingfunds||||
|Investmentmanagementfees|3|(46,725)|(43,077)|
|Charitableactivities||||
|Grantexpenditure|4/5|(227,772)|(237,128)|
|Total||(274,497)|(280,205)|
|Net(expenditure)before gainsoninvestments||(37,095)|(37,904)|
|Netgains/(losses)oninvestments|6|(96,959)|568,303|
|Netincome/(expenditure)andmovementinfunds||(134,054)|530,399|
|Reconciliationoffunds:||||
|Totalfundsbroughtforward||8,326,868|7,796,469|
|Totalfundscarriedforward||8,192,814|8,326,868|





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|INVESTMENTINCOME|||
|---|---|---|
||`2025`|`2024`|
||£|£|
|Incomefrominvestments|228,468|227,874|
|Interestondepositandaccountsheldbyinvestment|4,934|5,927|
|managers|||
||233,402|233,801|



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|INVESTMENTMANAGER'SFEES|||
|---|---|---|
||`2025`|`2024`|
||£|£|
|TotalfeespayabletoSarasin|46,725|43,077|
|Less:deducteddirectlyfromholdingswithinportfolio|(64,498)|(58,115)|
|NetfeesrefundedbySarasin|{17,773)|(15,038)|



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|<br>madetocharitieswithinthefollowingclassificat|<br>ions:||
|---|---|---|
||`2025`|`2024`|
||£|£|
|ChildrenandYouth(5)|50,000|34,000|
|EnvironmentandWildlife(1)|4,000|4,000|
|Medical(9)|40,000|29,500|
|SocialWelfare(14)|72,000|115,000|
|ArmedForces(6)|24,000|28,400|
|Other(3)|16,000|-|
||206,000|210,900|





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|GOVERNANCECOSTS|||
|---|---|---|
||`2025`|`2024`|
||£|£|
|Legalfees|15,172|15,188|
|Independentexamination(2024Audit)andaccountancy|6,600|11,040|
|`fees`|||
||21,772|26,228|



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|INVESTMENTS|||||
|---|---|---|---|---|
||Costat|Market|Costat|Marketvalue|
|||value|||
||5April|At5April|5April|At5April|
||`2025`|`2025`|<br>`2024`|`2024`|
||`£`|`£`|<br>`£`|<br>`£`|
|Listedinvestments|7,069,985|7,978,103|7,058,322|8,131,732|
|Cashholdings|12,615|12,615|3,836|3,836|
|Totalfixedasset|7,082,600|7,990,718|7,062,158|8,135,568|
|investments|||||



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||||
|---|---|---|
|Movementininvestments|2025|2024|
||£|£|
|Investmentsatmarketvalueatstartofyear|8,131,732|7,610,129|
|Additions|7,828|11,415|
|Disposals|-|-|
|Investmentmanager'sfeesdeducteddirectlyfromportfolio|(64,498)|(58,115)|
|Netgain/(loss)oninvestments|(96,959)|568,303|
|Investmentsatmarketvalueatendofyear|7,978,103|8,131,732|





|7.|CREDITORS|2025|2024|
|---|---|---|---|
|||£|£|
||Grantspayable|12,000|20,000|
||Accruals|26,307|18,489|
|||38,307|38,489|



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