**CHARITY REGISTRATION NUMBER: 280314** # **Henry T and Lucy B Cadbury Charitable Trust Unaudited Financial Statements 31 December 2024** ## **BSN ASSOCIATES LIMITED** Chartered accountants 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Financial Statements** ## **Year ended 31 December 2024** ||**Pages**| |---|---| |Trustees' annual report|**1 to 3**| |Independent examiner's report to the trustees|**4**| |Statement of financial activities|**5**| |Statement of financial position|**6**| |Notes to the financial statements|**7 to 20**| Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** ## **Trustees' Annual Report** ## **Year ended 31 December 2024** The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. ## **Reference and administrative details** **Registered charity name** Henry T and Lucy B Cadbury Charitable Trust **Charity registration number** 280314 **Principal office** c/o The Secretary B C M PO Box 2024 London WC1 3XX **The trustees** Candia Carolan M Bevis Gillett William Gillett **Independent examiner** Hannah Justice FCA FCCA 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG ## **Structure, governance and management** The H T and L B Cadbury Trust is constituted under a trust deed dated 18 February 1924. Under the deed the trustees may apply at their discretion the capital and income of the charity for charitable purposes as they see fit. The trust implements policies reflecting the Quaker heritage whereby grants are allocated under some or all of the following headings: Advance of Health, Conflict Resolution/Peace, Environmental Issues, Quaker Causes/Institutions, Support Groups and Third World. The trust does not normally accept unsolicited applications. The trustees meet annually in order to review policy, investment management and governance issues; and to make decisions about grants. Additional meetings are arranged if particular issues arise. In addition to formal meetings trustees maintain regular contact. As the trust was established as a family charitable trust; trustees are chosen from the settlors' descendants. We reviewed the situation in relation to replacement trustees and decided to make it an agenda item for the trust meeting in 2024. **- 1 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 December 2024** ## **Objectives and activities** The charity's objectives is to make grants for general charitable purposes at the discretion of the trustees in line with its policies reflecting Quaker heritage. The charity aims to support causes that change values and attitudes within the charity's main area of focus that promote Quaker values. ## **Achievements and performance** During the year 25 grants were made compared to 22 in the previous year. It is the policy of the trust to receive reports from all grantees which helps the trustees evaluate the effectiveness of their grants. ## **Financial activity** ||2024|2023| |---|---|---| ||**£**|£| |Portfolio value and net assets|1,144,759|1,243,158| |Total incoming resources|21,324|22,595| |Total expenditure|137,270|52,792| |Investment management costs|9,195|8,639| |Governance costs (inc. examination fees)|2,075|2,053| |Grants total|126,000|42,100| |Average grant size|5,040|1,914| In 2024 the value of the portfolio decreased by 8% in comparison to 2023. The trustees will endeavour to continue investing in accordance with their ethical policy. Investment management fees are the main cost to the trust. The loss on the fair value of the listed investments has decreased the reserves carried forward for the charity. ## **Risk management and investment policy** In relation to its grant-making the trustees do not consider there are any material risks. This is because the grants are relatively small and can be viewed as gifts rather than strategic funds on which the recipient is dependent. The major risks facing the trust are the vagaries of the stock market. To minimise the risks the trust uses the firm Rathbone Greenbank Investments, who are professional portfolio managers, to manage the Trust's investments. The trust has agreed on an ethical investment policy, which has the consequence that although there is considerable diversification in different sectors of the stock market - not all sectors are covered. This means that inevitably risks in terms of performance are increased. As all trustees believe in the ethical policy adopted, which they believe fits in with the settlors wishes (principally avoiding armaments, tobacco and alcohol) they consider the extra risks involved as reasonable. ## **Reserves** Since the trust is not an operational one it does not need to have great continuous liquidity of reserves. The trustees consider that a small amount of cash in hand is sufficient and that capital may be realised from time to time to meet any additional requirements. ## **Public benefit** The trustees consider they have complied with the duty of Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The charity provides grants for the public benefit which support the work, growth and development of organisations that meet its policies. **- 2 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 December 2024** ## **Going Concern** It is the intention of the trustees to reduce the reserves of the charity by making grants with a view to winding the charity up in the next 3-4 years. ## **Statement of Trustees responsibilities** The Charities Act 2011 requires the trustees to prepare financial statements for each financial year which comply with the regulations made under that Act. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at anytime the financial position of the Charity. 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. The trustees' annual report was approved on 24[th] October 2025 and signed on behalf of the board of trustees by: Candia Carolan Trustee **- 3 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** ## **Independent Examiner's Report to the Trustees of Henry T and Lucy B Cadbury Charitable Trust** ## **Year ended 31 December 2024** I report to the trustees on my examination of the financial statements of Henry T and Lucy B Cadbury Charitable Trust ('the charity') for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Hannah Justice FCA FCCA Independent Examiner 24[th] October 2025 3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG **- 4 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Statement of Financial Activities** ## **Year ended 31 December 2024** |||**2024**|**2024**|2023| |---|---|---|---|---| |||Unrestricted||| |||funds|**Total funds**|Total funds| ||**Note**|**£**|**£**|£| |**Income and endowments**||||| |Investment income|**4**|21,324|21,324|22,595| |||----------------------------|----------------------------|----------------------------| |**Total income**||21,324|21,324|22,595| |||============================|============================|============================| |**Expenditure**||||| |Expenditure on raising funds:||||| |Investment management costs|**6**|9,195|9,195|8,639| |Expenditure on charitable activities|**7,8**|128,075|128,075|44,153| |||--------------------------------|--------------------------------|----------------------------| |**Total expenditure**||137,270|137,270|52,792| |||================================|================================|============================| |Net gains on investments|**10**|17,547|17,547|79,402| |||--------------------------------|--------------------------------|----------------------------| |**Net (expenditure)/income and net movement in funds**||(98,399)|(98,399)|49,205| |||================================|================================|============================| |**Reconciliation of funds**||||| |Total funds brought forward||1,243,158|1,243,158|1,193,953| |||-----------------------------------------|-----------------------------------------|-----------------------------------------| |**Total funds carried forward**||1,144,759|1,144,759|1,243,158| |||=========================================|=========================================|=========================================| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 7 to 20 form part of these financial statements.** **- 5 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Statement of Financial Position** ## **31 December 2024** |||**2024**|2023| |---|---|---|---| ||**Note**|**£**|£| |**Fixed assets**|||| |Investments|**13**|1,021,879|1,226,967| |**Current assets**|||| |Debtors|**14**|258|530| |Investments|**15**|25,345|10,234| |Cash at bank and in hand||104,495|9,029| |||--------------------------------|----------------------------| |||130,098|19,793| |**Creditors: amounts falling due within one year**|**16**|7,218|3,602| |||--------------------------------|----------------------------| |**Net current assets**||122,880|16,191| |||-----------------------------------------|-----------------------------------------| |**Total assets less current liabilities**||1,144,759|1,243,158| |||-----------------------------------------|-----------------------------------------| |**Net assets**||1,144,759|1,243,158| |||=========================================|=========================================| |**Funds of the charity**|||| |Unrestricted funds||1,144,759|1,243,158| |||-----------------------------------------|-----------------------------------------| |**Total charity funds**|**17**|1,144,759
=========================================|1,243,158
=========================================| These financial statements were approved by the board of trustees and authorised for issue on 24 October 2025, and are signed on behalf of the board by: Candia Carolan M Bevis Gillett Trustee Trustee William Gillett Trustee **The notes on pages 7 to 20 form part of these financial statements.** **- 6 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** ## **Year ended 31 December 2024** ## **1. General information** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is C/O The Secretary, B C M, P O Box 2024, London, WC1 3XX. ## **2. Statement of compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income and expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The entity constitutes a public benefit entity as defined in FRS102. ## **Going concern** The financial statements are prepared on the going concern basis however it is the intention of the charity to wind down over the next 3-4 years but the accounts do not reflect any closure costs at this point. ## **Disclosure exemptions** The entity satisfied the criteria of being a small charity as defined by Charities Act 2011 and the Charities SORP (FRS102) and has taken advantage of the disclosure exemptions available to it. ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been made by management when preparing the financial statements. The policies followed are shown below. ## **Income tax** The charity is exempt from taxation. ## **Fund accounting** All funds received to date are unrestricted funds and are available for use at the discretion of the trustees to further any of the charity's purposes and objectives. **- 7 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **3. Accounting policies** _**(continued)**_ ## **Incoming resources** All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. Investment income is recognised when receivable and is shown gross to include income tax recovered and recoverable. Investment income comprises the returns on investments for the year and interest on cash balances. ## **Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of managing the charities investments. - expenditure on charitable activities includes grants payable to third parties in furtherance of the charity's objectives, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. ## **Investments** Investments in listed equities and other instruments are carried at fair value. Investments in equities and fixed interest securities traded in quoted public markets are valued at fair value which is equivalent to their market price. Holdings in common investment funds, unit trusts and open ended investment companies are at bid price. Current asset investments comprise funds which are funds held by investment managers that are waiting reinvestment or are to be used to meet investment management costs or other costs of the charity. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses are calculated as the difference between sale proceeds and their purchase value. 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. **- 8 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** **4. Investment income** ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2024**|Funds|2023| ||£|**£**|£|£| |Dividends from UK equity and unit||||| |trust investments|11,794|11,794|13,748|13,748| |Dividends from overseas listed||||| |investments|3,995|3,995|3,837|3,837| |Interest from UK investments|5,377|5,377|4,953|4,953| |Interest on bank deposits|158|158|57|57| ||----------------------------|----------------------------|----------------------------|----------------------------| ||21,324|21,324|22,595|22,595| ||============================|============================|============================|============================| ## **Investment income is analysed as follows:** |**Dividends from UK equity and unit trust investments**|**Date Received**|**£**| |---|---|---| |Bellway PLC|10/01/2024|333| ||01/07/2024|56| |Coats Group PLC|30/05/2024|335| ||14/11/2024|72| |Equity Trustees Fund Services|01/05/2024|40| |FDM Group Holdings PLC|28/06/2024|238| ||01/11/2024|125| |Genuit PLC|05/06/2024|228| ||02/10/2024|49| |Green Coat UK Wind PLC|29/02/2024|249| ||31/05/2024|182| ||30/08/2024|182| |GSK PLC|11/01/2024|112| ||11/04/2024|176| ||11/07/2024|165| ||10/10/2024|165| |Haleon PLC|16/05/2024|42| ||02/02/2024|79| ||16/08/2024|124| |Impax Asset MGMT Group|22/03/2024|573| ||19/07/2024|118| |Impax Environmental MKST PLC|15/03/2024|126| ||05/09/2024|78| |Intertek Group PLC|21/06/2024|170| ||08/10/2024|124| |Janus Henderson Investments|31/05/2024|21| ||29/11/2024|62| |Legal and General Group PLC|06/06/2024|790| ||27/09/2024|324| |Londonmetric Property PLC|22/07/2024|102| |||---------------| |**Carried Forward**||**5,440**| **- 9 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **4. Investment income (continued)** |**Dividends from UK equity and unit trust investments**|**Date Received**|**£**| |---|---|---| |**Brought forward**||**5,440**| |Londonmetric Property PLC|11/01/2024|164| ||08/05/2024|164| ||22/07/2024|102| ||08/10/2024|195| |Marshalls group PLC|01/07/2024|110| |National Grid PLC|11/01/2024|249| ||19/07/2024|502| |Octopus renew Infra Trust PLC|27/02/2024|90| ||31/05/2024|103| ||30/08/2024|103| |Prudential PLC|16/05/2024|125| ||23/10/2024|57| |Relx PLC|13/06/2024|234| ||05/09/2024|102| |Renewi PLC|02/08/2024|108| |Schroder Investment MGMT|29/02/2024|1| ||30/08/2024|212| ||03/12/2024|21| |SEE PLC|08/03/2024|200| |Smith and Nephew PLC|22/05/2024|203| ||08/11/2024|200| |Smith PLC|31/01/2024|276| |Spectris PLC|28/06/2024|270| ||08/11/2024|133| |Spirax Group PLC|24/05/2024|361| ||15/11/2024|100| |SSE PLC|19/09/2024|400| |The Unite Group PLC|24/05/2024|556| ||01/11/2024|136| |Thrive Renewables PLC|30/07/2024|168| |Vodafone Group PLC|02/02/2024|277| |**Accumulation Income**||| |Jo Hambro Capital|29/02/2024|124| |Baillie Gifford & Co Ltd|29/02/2024|91| |First Sentier Investors (UK) SI Global|31/03/2024|13| ||30/09/2024|72| ||30/09/2024|33| |Fund partners LTD|30/04/2024|99| |||----------------------------| |**Total dividends from UK Equity and unit trust investments**||**11,794**| |||============================| **- 10 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **4. Investment income (continued)** ## **Total dividends from overseas list investments Date Received £** ## **Interest** |Euro Investment Bank|19/06/2024|304| |---|---|---| |Deutsche Bahn Finance|24/07/2024|531| |**Dividends**||| |ASML Holdings NV|15/02/2024|38| ||08/05/2024|22| ||07/08/2024|19| |ASSA Abloy NPV|03/05/2024|97| |Franklin Templeton|06/04/2024|339| ||31/08/2024|317| |I Share II PLC|10/06/2024|126| ||29/08/2024|158| |Infineon Technologies AG NPV|28/02/2024|94| |Paychex Inc|27/02/2024|125| ||30/05/2024|137| ||29/08/2024|132| |Renewable Infrastructure Group|03/01/2024|219| ||03/04/2024|219| ||02/07/2024|228| ||02/10/2024|228| |Republic services Inc|15/04/2024|51| ||15/07/2024|49| ||15/10/2024|26| |Rockwool|16/04/2024|164| |Steris Plc|22/03/2024|34| ||26/06/2024|34| ||20/09/2024|35| |Visa Inc|04/03/2024|49| ||04/06/2024|48| ||03/09/2024|47| |Xylem Inc|20/30/2024|53| ||27/06/2024|53| ||26/09/2024|19| |||-----------------| |**Total dividends from overseas listed investments**||**3,995**| |||============| **- 11 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **4. Investment income (continued)** ## **Total interest from UK investments** ## **Date Received £** ## **Interest** |Mayfair Capital Investments|01/02/2024|51| |---|---|---| ||04/03/2024|57| ||05/04/2024|62| ||02/05/2024|49| ||04/06/2024|45| ||02/07/2024|66| ||02/08/2024|50| ||03/09/2024|54| ||03/10/2024|55| ||06/11/2024|53| ||03/12/2024|62| ||31/12/2024|54| |Octopus Renew Infra Trust PLC|27/02/2024|132| ||31/05/2024|127| ||30/08/2024|129| |Rathbones|28/02/2024|235| ||25/03/2024|94| ||31/05/2024|244| ||25/06/2024|208| ||25/06/2024|303| ||30/08/2024|244| ||29/11/2024|253| ||23/12/2024|301| |Rcb Bonds PLC|10/06/2024|135| |Thera Trust PLC|04/04/2024|220| ||30/09/2024|180| |Thrive Renewables|03/04/2024|200| |Treasury - Rathbones Asset Mgmt|31/01/2024|175| ||22/04/2024|24| ||22/05/2024|17| ||31/07/2024|119| ||31/07/2024|499| ||10/08/2024|7| ||22/10/2024|24| ||07/12/2024|781| |Tridos Bank UK LTD|02/05/2024|79| ||04/11/2024|80| |Westmill Solar Co-Op LTD|01/08/2024|183| |Brought forwards accrued income released in year||(274)| |||-------------| |**Total interest from UK investments**||**5,377**| |||=========| **- 12 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **5. Staff costs** The average head count of employees during the year was Nil (2023: Nil). No employee received benefits of more than £60,000 during the year (2023: Nil). ## **6. Investment management costs** ||Unrestricted|**Total Funds**|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---| ||Funds||**2024**|Funds|2023| ||£||**£**|£|£| |Administration of investments|9,195||9,195|8,639|8,639| ||=======================||=======================|=======================|=======================| |**Expenditure on charitable activities**|**by fund type**||||| ||Unrestricted|**Total Funds**||Unrestricted|Total Funds| ||Funds||**2024**|Funds|2023| ||£||**£**|£|£| |Grant making|126,000||126,000|42,100|42,100| |Support costs|2,075||2,075|2,053|2,053| ||--------------------------------||--------------------------------|----------------------------|----------------------------| ||128,075||128,075|44,153|44,153| ||================================||================================|============================|============================| ## **7. Expenditure on charitable activities by fund type** ## **8. Expenditure on charitable activities by activity type** ||Grant funding|Support|**Total funds**|Total fund| |---|---|---|---|---| ||of activities|costs|**2024**|2023| ||£|£|**£**|£| |Grant making|126,000|–|126,000|42,100| |Governance costs|–|2,075|2,075|2,053| ||--------------------------------|-----------------------|--------------------------------|----------------------------| ||126,000|2,075|128,075|44,153| ||================================|=======================|================================|============================| |Governance costs can be analysed as follows:||||| ||||2024|2023| ||||**£**|£| |Independent examination fees|||1,776|1,854| |Trustee travel expenses|||93|65| |Bank charges|||57|11| |Administrative expenses|||149|123| ||||-----------------------|-----------------------| ||||2,075|2,053| ||||=======================|=======================| Governance costs can be analysed as follows: **- 13 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** |**9.**|**Analysis of grants**|||| |---|---|---|---|---| ||||**2024**|2023| ||||**£**|£| ||**Grants to institutions**|||| ||Grants to institutions||126,000|42,100| ||||--------------------------------|----------------------------| ||Total grants||126,000|42,100| ||||================================|============================| ||**Grants are analysed as follows:**|||| ||**Analysis of grants**|**2024**||**2023**| |||**£**||**£**| ||**Conflict resolution and peace**|||| ||British American Security Information Council|14,000||4,100| ||Campaign Against Arms Trade|5,000||-| ||Declassified UK|5,000||3,000| ||Drone wars|3,000||2,000| ||Nuclear education Trust|4,000||1,000| ||Peace Brigades - UK|10,000||-| ||United Nations Associations - UK|4,000||2,000| ||**Environmental issues**|||| ||Centre for Alternative Technology|12,000||-| ||CEE Bill Alliance|4,000||3,000| ||**Support Groups**|||| ||Boabab Centre, For Young Survivors in Exile|3,000||2,000| ||Bristol City of Sanctuary|2,000||2,000| ||Daughters of Africa Gambia|5,000||-| ||Foodbank Bristol|4,000||4,000| ||Greater Manchester Immigration Aid Unit|5,000||-| ||Inquest|5,000||-| ||Money for Madagascar|3,000||-| ||Refugee Women of Bristol|2,000||2,000| ||Roadpeace|4,000||2,000| ||Settle UK|5,000||-| ||Tourture ID|3,000||2,000| ||Zahid Mubarek Trust|3,000||-| ||Detention Action|-||2,000| ||Social Workers Without Borders|-||2,000| ||**Quaker Causes**|||| ||Britain Yearly Meeting|12,000||3,000| ||**Other**|||| ||Coventry University Young Arab Violence in Israel|-||3,000| ||Black Lives Matter|3,000||-| ||Bristol Refugee Arts Collective|2,000||-| ||Open Trust|4,000||3,000| |||---------------------||---------------------| |||126,000||42,100| |||=======================||=======================| **- 14 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **10. Net gains on investments** |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---| |||Funds|**2024**|Funds|2023| |||£|**£**|£|£| ||Gains/(losses) on listed investments|17,547|17,547|79,402|79,402| |||============================|============================|============================|============================| |**11.**|**Independent examination fees**||||| |||||**2024**|2023| |||||**£**|£| ||Fees payable to the independent examiner for:||||| ||Independent examination of the financial|statements||1,776
=======================|1,854
==============| ## **12. Trustee remuneration and expenses** The trustees give freely their time without any form of remuneration or other form of benefit (2023: Nil). £93 was reimbursed as trustee expenses during the year (2023: £65). ## **13. Investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 January 2024|1,226,967| |Additions|1,466,172| |Disposals|(1,690,075)| |Fair value movements|(320,044)| |Non market transactions|1,268| |Profit/(Loss) on disposals|337,591| ||-----------------------------------------| |**At 31 December 2024**|1,021,879| ||=========================================| |**Impairment**|| |**At 1 January 2024 and 31 December 2024**|| |**Carrying amount**|| |**At 31 December 2024**|1,021,879| ||=========================================| |At 31 December 2023|1,226,967| ||=========================================| All investments shown above are held at valuation. ## **Financial assets held at fair value** Listed investments are valued at fair value at the year-end by the investment managers Rathbone Greenbank Investments. **- 15 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **13. Investments (continued)** Investments are listed below, analysed by category and organisation |**Holding**
**4,000**
**1,400**
**4,180**
**150,000**
**300,000**
**313,000**
**250,000**
**5,600**
**11,000**
**4,000**
**15,000**|**Market value**
**Cost**
**£**
**£**
**UK Investment Grade Bonds**
Triodos Bank UK Ltd 4% Bond
3,904
4,000
**UK High Yield Bonds**
Thrive Renewables PLC
3,402
3,290
Thera Trust PLC
3,702
4,180
Treasury 0% T-Bill
149,491
148,270
Treasury 3 1/2% bonds
299,320
297,541
Treasury 3/8% bonds
292,877
292,661
Treasury 5/8% bonds
246,002
245,002
**UK Equities**
Ethical property Co
7,896
6,104
Home Reit PLC
110
11,381
Mustard Seed property Ltd
4,000
4,000
**UK Unit trust Property Funds**
Mayfair Capital Investment
11,175
12,995
-----------------------
-----------------------
**Total**
**1,021,879**
**1,029,424**
=================
=================| |---|---| **- 16 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **13. Investments (continued)** Investments disposed of during the year were as follows: |**Holding**||**Cost**|**Proceeds**|**Profit/(Loss)**| |---|---|---|---|---| |||**£**|**£**|**£**| |36|ASML Holdings NV|23,214|23,222|8| |180|APTIV PLC|11,743|9,998|(1,745)| |700|ASSA Abloy NPV|12,974|16,872|3,898| |8,250|Bailie Gifford|23,668|27,159|3,491| |350|BELLWAY Plc p|8,982|11,207|2,225| |1,350|Browie Advisory|16,187|22,991|6,804| |5,500|Browie Advisory Inc|18,659|108,895|90,236| |21,000|Coatie Group|13,313|20,806|7,493| |530|DECHRA Pharmaceuticals PLC|12,641|20,538|7,897| |17,000|Deutie Bahn Finance|19,755|16,818|(2,937)| |14,000|Digital 9 Infrastructure PLC|14,000|2,586|(11,414)| |51|Enphase Energy|8,898|3,591|(5,307)| |27,000|Euro Investment Bank|25,463|26,509|1,046| |1,250|FDM Group Holdings PLC|13,031|4,962|(8,069)| |8,900|First Sentier Investors UK|21,841|49,746|27,905| |8,600|Foresight Sustainable forestry|8,600|8,342|(258)| |600|Franklin Templeton|73,555|94,532|20,977| |19,000|Fund Partner LTD|22,639|41,752|19,113| |2,750|Genuit Group PLC|12,185|13,231|1,046| |160|Goldman Sachs Fund III|12,134|13,050|916| |7,265|Greencoat|7,265|9,810|2,545| |1,100|GSK PLC|17,152|16,325|(827)| |1,000|Haleon PLC|2,775|3,752|977| |940|Halma PLC|1,485|23,707|22,222| |5,000|Harmony Energy Income TST PLC|5,000|1,640|(3,360)| |10,000|Hydrogenone Capital Growth PLC|10,000|3,600|(6,400)| |2,500|Impax Asset MGMT Group|345|10,177|9,832| |4,353|Impax Environmental MKTS PLC|3,269|17,129|13,860| |430|Infineon Technologies AG NPV|14,649|11,071|(3,578)| |230|Intertek Group PLC|12,540|11,707|(833)| |15,400|IP Group PLC|11,596|7,315|(4,281)| |5,200|Ishares II PLC|25,308|25,464|156| |4,450|Janus Henderson Investments|11,210|28,818|17,608| |35,000|Jo Hambro Capital MGMT|37,364|34,562|(2,802)| |5,400|Legal and General Group PLC|14,421|12,421|(2,000)| |7,000|Liontrust Investment LTD|13,505|19,632|6,127| |1,800|Lombard Odier Funds|18,773|16,909|(1,864)| |6,825|Londometric Property PLC|10,374|13,997|3,623| |1,938|Marshalls Group PLC|12,351|6,875|(5,476)| |300|Mirova Funds|28,189|26,964|(1,225)| |1,657|National Grid PLC|10,152|16,851|6,699| |15,306|Octopus Renew INFRA Trust PLC|15,422|11,871|(3,551)| |||`─────────`|`─────────`|`─────────`| ||**Carried Forward**|**656,627**|**867,404**|**210,777**| **- 17 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** |**13. Investments (continued)**|**13. Investments (continued)**|||| |---|---|---|---|---| |**Holding**||**Cost**|**Proceeds**|**Profit/(Loss)**| |||**£**|**£**|**£**| ||**Brought forward**|**656,627**|**867,404**|**210,777**| |210|Paychex|19,691|21,505|1,814| |1,100|Prudential|6,174|7,468|1,294| |22,000|Rathbone Unit Trust
MGMT|19,467|19,712|245| |7,800|RCB Bonds PLC|7,800|6,224|(1,576)| |700|Relx PLC|2,877|24,862|21,985| |12,222|Renewable infrastructure|12,393|11,985|(408)| |2,150|Renewi PLC|12,092|13,400|1,308| |140|Republic Services INC|18,126|21,964|3,838| |732|Robeco Capital Growth
Funds - Smart Energy|10,963|39,949|28,986| |59|Robeco Capital Growth
Funds - Sust Water|29,958|32,370|2,412| |46|Rockwool|12,926|15,583|2,657| |9,000|Schroder BSC Social
Impact TST|9,000|7,470|(1,530)| |46,000|Schroder Investment
MGMT Global Energy|22,328|17,687|(4,641)| |1,800|Smith and Nephew PLC|13,068|20,160|7,092| |4,600|Smith (DS) PLC|18,803|19,312|509| |500|Spectris PLC|6,858|12,735|5,877| |317|Spirax-Sarco Engineering
PLC|3,155|22,355|19,200| |1,000|SSE PLC|6,232|18,967|12,735| |110|Steris PLC|19,414|18,941|(473)| |2,355|The Unit Group PLC|4,174|22,112|17,938| |4,000|Thrive Renewables|4,000|4,000|-| |114,000|Treasury 7/8% - Green
Gilt|85,720|87,878|2,158| |44,000|Alliance Bern Sust US S
INC|42,297|49,121|6,824| |95,000|Treasury 1/4% Gilt|73,084|74,779|1,695| |35,000|Treasury 1/8% I/L Gilt|47,364|47,992|628| |60,000|Treasury 0% T-Bill|59,780|60,000|220| |60,000|Treasury 0% T-Bill|59,775|60,000|225| |600|Vestas Wind Systems|17,684|8,682|(9,002)| |140|Visa INC|29,329|30,979|1,650| |220|Xylem INC|19,505|22,659|3,154| |1,820|Westmill Solar Co-op LTD|1,820|1,820|-| |||`─────────`|`─────────`|`─────────`| ||**Total**|**1,352,484**|**1,690,075**|**337,591**| |||=================|=================|=================| **- 18 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **13. Investments (continued)** Investments purchased during the year were as follows: |**Holding**|||**Cost**| |---|---|---|---| ||||**£**| |180|APTIV PLC||11,743| |300|GSK PLC 31 1/4p Ordinary Shares||4,645| |2,600|ISHARES II PLC||12,424| |374|NATIONAL GRID PLC||2,412| |210|Paychex||19,691| |140|Republic services INC||18,126| |700|SMITH & NEPHEW PL||7,396| |110|Steris PLC||19,414| |74,000|Treasury 7/8% Green Gilt||55,710| |44,000|Alliance bern sust US S Inc||42,297| |95,000|Treasury 1/4% Gilt 31/07/2031||73,084| |35,000|Treasury 1/8% I/L Gilt 22/11/2036||47,364| |270,000|Treasury 0% T-Bill||267,825| |300,000|Treasury 3 1/2% bonds||297,541| |313,000|Treasury 3/8% bonds||292,661| |250,000|Treasury 5/8% bonds||245,002| |140|Visa Inc||29,329| |220|Westmill Solar||19,508| ||||------------------| ||**Total**||**1,466,172**| |||===========|| |**14.** **Debtors**|||| |||**2024**|2023| |||**£**|£| |Other debtors||258|530| |||=======================|==============| |**15.** **Investments**|||| |||**2024**|2023| |||**£**|£| |Rathbones - Capital account||25,345|10,234| |||============================|============================| |**16.** **Creditors:** **amounts falling due within one year**|||| |||**2024**|2023| |||**£**|£| |Accruals|and deferred income|7,218|3,602| |||=======================|=======================| **- 19 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7 ## **Henry T and Lucy B Cadbury Charitable Trust** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2024** ## **17. Analysis of charitable funds** ## **Unrestricted funds** |**ed funds**||||||| |---|---|---|---|---|---|---| |||||||**At**| |||At|||Gains and|**31 December**| ||1|January 2024|Income|Expenditure|losses|**2024**| |||£|£|£|£|£| |General funds||1,243,158|21,324|(137,270)|17,547|1,144,759| |||=========================================|============================|================================|============================|=========================================| |||||||At| |||At|||Gains and|31 December| ||1|January 2023|Income|Expenditure|losses|2023| |||£|£|£|£|£| |General funds||1,193,953|22,595|(52,792)|79,402|1,243,158| |||=========================================|============================|============================|============================|=========================================| ## **18. Analysis of net assets between funds** ||Unrestricted|**Total Funds**| |---|---|---| ||Funds|**2024**| ||£|**£**| |Investments|1,021,879|1,021,879| |Current assets|130,098|130,098| |Creditors less than 1 year|(7,218)|(7,218)| ||-----------------------------------------|-----------------------------------------| |**Net assets**|1,144,759|1,144,759| ||=========================================|=========================================| ||Unrestricted|Total Funds| ||Funds|2023| ||£|£| |Investments|1,226,967|1,226,967| |Current assets|19,793|19,793| |Creditors less than 1 year|(3,602)|(3,602)| ||-----------------------------------------|-----------------------------------------| |**Net assets**|1,243,158|1,243,158| ||=========================================|=========================================| ## **19. Related parties** The trustees are not aware of any related party transactions requiring disclosure. **- 20 -** Doc ID: fced8b922dfeb72f2a323ccbb99dc0a2978c80e7