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2025-04-05-accounts

Charity number: 280692

THE CARPENTER CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2025

THE CARPENTER CHARITABLE TRUST

CONTENTS FOR THE YEAR ENDED 5TH APRIL 2025

INDEX

1 - 5 Trustees' Report
6 Independent Examiner's Report
7 Statement of Financial Activities
8 Balance Sheet
9 Schedule of Stocks & Shares
10 Schedule of Charitable Grants
11 - 15 Notes to the Accounts

Page 1 THE CARPENTER CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 Reference and Administrative Details Charity Registration number 280692 HM Revenue & Customs number XN55694 Principal Address 1 Codicole Road Welwyn Herts AL6 9LY Tmstees Michael Stephen Evans Carpenter Gabriel Marie Lucie Carpenter Independent Examiner Hillier Hopkins LLP Radius House 51 Clarendon Road Wattord Herts WD17 1HP Investment Managers Cazenove Capital Management 12 Moorgate London EC2R 6DA Bankers The Co-operative Bank Statement of trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A¢￿pted Accounting PracliTrl. The law applicable to charities in England & 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required lo.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP., Make judgments and estimates that are reasonable and prudent", Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements", Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operab'on.

Page 2 THE CARPENTER CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. STRUCTURE, GOVERNANCE and MANAGEMENT The charity exists to Make grants to support exclusively charitable activities, nearly always via other registered charities. The Trustees meet when required to review applications and decide on grants. The trustees claim no expenses and employ no staff. They do, of course, employ professional fund managers and accounlanls al an appropriate cost lo the charity. The power lo appoint new Iruslees resides with the Iruslees. They keep the question of additional trustees under review in order to provide longer lemi continuity. Risk The Trustees do not consider that there are any material risks which could adversely impact on a small grant making charity. The Trustees do not commit themselves to making repeal grants. As a result, the Trustees are satisfied that no circumstances will arise where commitments could exceed assets. Vvhilsl many of the charities receiving grants will have received grants before there is no commitment by the Trustees nor do recipients have any expectation las opposed to a hopel that grants will be renewed. Objectives, aims and grant making policies The charity has wide general grant making powers. The Trustees eontinue to make most of their grants to charities on their preferred list. However, since the Russian invasion of Ukoine in 2022, the trustees have given particular consideotion to the provision of much needed aid in Ukraine. This will continue lo dominate the grant giving programme for the foreseeable future. Subject lo this, the trustees intend to maintain their general policy of supporting a wide range of charities which address needs the trustees care about deeply. This will often involve repeat grants, but these will only be made when the Iruslees are satisfied that there is a continuing need,. the charity remains a wise and effective steward of its resources and is committed to high stsndards of governance. The Trustees rarely have resources to meet unsolicited applications although in addition lo Ukraine, the the Trustees will give particular consideration to charities providing humanitarian aid in response to war or natural disaster. Much though they would like lo do so, the trustees do not normal￿ consider applications from.. Churches for church repairs Individuals Outside the United Kingdom unless clearly sponsored by a charity based in England and Wales.

Page 3 THE CARPENTER CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 Investment The investment policy is lo seek to preserve the level of annual grants. The Trustees follow a total return approach. In practice the capital value has been reducing over time as the total value of grants is not confined to the annual income. Reserves In the light of their grant making policy, the Trustees do NOT consider that they need lo maintain reserves. The charity does not enter into any long commitments. Public Benefit As the Trustees primarily support other registered charities, the initial responsibility for ensuring that the public benefit lesl is satisfied rests with recipient charities. However, the Trustees will not consider making a grant if they have any concerns that the public benefi't test might not be met. The Trustees are conversant with guidan￿ produced by the Charity Commission. Continued application of existing policies The Trustees will continue to apply existing policies. General observations There has been a significant spike in the number of applications from churches seeking grants for repairs or improvements. Apparently, such applications have been encoLJraged because this charity is included on a list of potential grant providers maintained by a number of diocesan offices. The compilers of the lists do not check out charities first before including them on their lists. So, in spite of OLJr published policy, applicants land ourselves) waste a lot of time on applications which could never succeed. Fundraising is hard work, and we feel sorry for applicants who send off their requests in hope, but in reality have no chance of a grant. The trustees have found that many more applications are now being made by email. Since the trustees consider grant applications in batches it is often a number of weeks land sometimes months) between the receipt of an application and ils consideration. Email applications prove much harder lo track. Perversely, il is easier for the Iruslees to respond by email and many paper applications do not include an email address for a response. The trustees recognise that each application deserves a response. During the year, Cazenove ceased providing cheque facilities for their clients and as a result the charity now banks with The Co-operative Bank. This has advantages as we can now also make BACS payments in appropriate circumstances. ACHIEVEMENTS and PERFORMANCE Grants in 2024-2025 Some familiar names crop up again this year. After giving support lo ALFS HLJmanitarian Aid CIO in the past, we switched all our support for Ukraine to another charity, Felsted Aid for Deprived Children, which has a working name of UK-Aid. It has been working in Ukraine for over 25 years initially focussing on the needs of children and families suffering the consequences of the Chernobyl disaster but since 2022 it has been heavily involved in sending emergency aid to Ukraine. Last year il sent over go lonnes of aid. Locally we collect as much aid as we can from our community, but in addition our charity also sends cash lo Uk-Aid for il to buy much needed items which il can buy in bulk.

Page 4 THE CARPENTER CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 In addition. we have worked closely with Macclesfield Ukrainian Aid to purchase ambulances and recovery vehicles, service and repurpose them for use, and then deliver them to Ukraine. In the last year we were able lo pay for 5 vehicles and their delivery costs. In cash terms the charity has spent £50,610 on aid of one kind and another for Ukraine. This reflects the seriousness which the Iruslees place on supporting Ukraine as much as possible whilst preserving a wide range of grants for other important charitable aclivilies. Newcomers to the list this year include the David Nott Foundation (set up by the renowned surgeon who has brought his surgeon's skill to some of the most dangerous places on earth as well as training and equipping surgeons with the special skills lo work in dire silualions," the Olive Harvest Trust supporting the education of children living in the Wesl Bank., Friends of Danesbury who provide funds for our local hospital., and the Moldova Mission supplying bibles translated into Ukrainian. 115 applications for grants were UnSuc￿sSfUl. STATISTICS FOR THE REPORTING YEAR 2024-25 2023-24 Grants Number of grants 2. Value of grants 28 £104,619 28 £65,000 Breakdown of grants 1. £500 2. £1,000 3. £1,500 4. £2,000 5. £2,500 6. £3,000 7. £3,500 8. £4,000 9. £4,500 10. £5,000 11. £7,500 12. £10,900 13. £39,219 Income and assets 1. Income for the year 2. Portfolio value 3. Tax recovered 4. Investment management fees 5. Accountant & Independent Examiners fees 6. Other running expenses of charity 7. Remuneration & expenses of charity £64,667 £718,339 £6,508 £2,452 £4,950 £34,284 £815,894 £615 £2,383 £3,000

Page 5 THE CARPENTER CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 THANKS For very many years the Trustees have received excellent, reliable and wise advice and service from Cazenove and Hillier Hopkins LLP. Thank you. Michael Stephen Eva arpenter Gabriel Marie Lucie Carpenter

Page 6

THE CARPENTER CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5TH APRIL 2025

Independent examiner's report to the Trustees of The Carpenter Charitable Trust ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5th April 2025.

Responsibilities and basis of report

As the Trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the apllicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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 & Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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.

Signed

Dated 08 December 2025

J A Johnson FCA Independent Examiner on behalf of Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road

Page 7

THE CARPENTER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2025

INCOME AND EXPENDITURE
Note
Income from:
- Voluntary income
2
- Investment income
3
Total Income
Expenditure on:
Costs of generating funds
- Investment management costs
Charitable Activities
Governance Costs
Total Expenditure
4
Net Incoming/(Outgoing) Resources
for the Year
Other recognised gains/(losses)
Realised and unrealised investment gains (losses)
5
Net Movement in Funds
Balances Brought Forward at 6th April 2024
Balances Carried Forward at 5th April 2025		 Total
2025
£
32,538
32,129
64,667
2,452
104,619
4,950
112,021
(47,354)
(35,372)
(82,726)
812,894
730,168		 Total
2024
£
3,075
31,209
34,284
2,383
65,000
3,000
70,383
(36,099)
46,398
10,299
802,595
812,894

Pagè 8 THE CARPENTER CHARITABLE TRUST RAI ANf.F qHFFT 5TH APRIL 2025 Notes Flxed Assèts Investment rxjrlfolio 718.339 815,894 Total Flx•d Ass•ts 718.339 815,894 Curront Assots Debtors Cash al bank 2,605 12,644 15,249 CredltOfS- amounts falllng du• wlthln one year Net current as8etsllllabllltleJJl 11,829 (3,0001 Ngt assets R•pr•s•ntsd by ynr¢•tri¢tsd fund8'. General Funds 730,188 812.894 Totsl Fund¥ 730,168 812,894 The financlal ststements on pages 7 to 15 were approved by thè Trust00s on ..Lq...l.Il .1..%. and signe¢J on their beham by.. S E Carpenter Mrs k4 L Carp6nt¢r Date

Page 9 Interest/ Dividends £ 7,846.27 7,917.14 7,805.31 7,889.21 31,458
Date May Aug Nov Feb
Market Value 5 April 2025 £ 713,156 - - 713,156
Balance at 5 April 2025 £ 753,084 - - 753,084
THE CARPENTER CHARITABLE TRUST SCHEDULE OF INVESTMENTS & INCOME RECEIVED FOR THE YEAR ENDED 5TH APRIL 2025 Market Value
Disposal
Profit/		 6April 2024
Additions
Proceeds
(Losses)		 £
£
£
£		 795,071 7,846 7,917 18,000
103		 7,805 7,889 50,000
3,711		 10,000
742		 - - 795,071
31,457
78,000
4,556
No. Charity Multi-Asset Fund 932,525.51 Brought forward Accumulation div May-24 Accumulation div Aug-24 932,525.51 (20,583.19) Sale Sep-24 Accumulation div Nov-24 Accumulation div Feb-25 911,942.32 (52,203.28) Sale Feb-25 859,739.04 (10,440.65) Sale Mar-25 849,298.39 Schroder Indirect Real Estate Fund A 209.36 Brought forward (209.36) Written off in year - Schroder Indirect Real Estate Fund B 112.02 Brought forward (112.02) Written off in year - Total Investments

Page 10

THE CARPENTER CHARITABLE TRUST

SCHEDULE OF GRANTS FOR THE YEAR ENDED 5TH APRIL 2025

Aigas Field Centre
Alfs Herts for Ukraine
Alfs Humanitarian Aid CIO
British Exploring Society
Brooke Hospital for Animals
Christians Against Poverty
Crisis UK
David Nott Foundation
DEC Middle East/Myanmar Appeal
Fareshare UK
Felix Trust/Project
Felsted Aid
Fight for Sight
Friends of Danesbury and QVM
Help in Suffering (UK)
Herts Young Homeless
Isabel Hospice
Macclesfield Ukranian Aid
Marriage Foundation
McCabe Educational Trust
Medecins Sans Frontieres
Mercy Ships
Mission Aviation Fellowship
Moldova Mission
Mosaic Middle East
The Olive Harvest Trust
ORBIS Charitable Trust
Rotary Club (purchase for Ukraine)
Royal Society for the Protection of Birds
Samaritans
Scottish Wildlife Trust
Send a Cow
ShelterBox
St Martins-in-the Fields
Surfers Against Sewage
Tearfund
Tearfund 2022/23 not paid in
UK for UNHCR
Water Harvest
Womankind Worldwide
World Bicycle Relief		 2025
£
-
-
-
1,000
-
4,500
3,500
2,500
7,500
-
1,500
10,900
4,000
500
5,000
2,500
1,000
39,219
-
3,000
2,500
1,000
2,500
1,000
2,000
500
-
500
-
500
500
-
1,000
-
-
3,500
-
1,000
500
-
1,000
104,619		 2024
£
1,000
3,000
20,000
1,000
500
4,500
3,500
-
-
2,500
2,500
-
4,000
-
3,500
500
500
-
500
-
-
1,000
3,500
-
-
-
4,500
-
500
500
500
500
1,000
3,500
500
2,000
(2,500)
-
500
500
1,000
65,000

Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Page 11

THE CARPENTER CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

1 Accounting policies

1.1 Statement of Recommended Practice

The financial statements have been prepared in accordance with Accouting 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) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Carpenter Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 Taxation

The charity is an exempt charity within the meaning of Schedule 6 part 1 of Finance Act 2010. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 256 of the Taxation of Chargeable Gains Act, 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

The charity receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

1.4 Income

Incoming investment income includes amounts receivable for the year for both investment income and interest receivable. Voluntary income is accounted for on a received basis. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Resources expended include attributable VAT which cannot be recovered.

Grants payable are accounted for once approval has been given by the Trustees and the obligation to pay the grant has arisen.

Page 12

THE CARPENTER CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

1 Accounting policies (continued)

1.6 Governance Costs

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.7 Investments

Investments are included at market value as shown under note 5 to the accounts.

2 Voluntary income

Additional assets settled
Tax recoverable on additional assets settled
3 Investment income
Quoted on UK Stock Exchange
Interest on cash held as part of UK investment portfolio
4 Resources expended
Accountancy fees
Charitable expenditure
Investment management fees

Page 13

THE CARPENTER CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

5 Fixed asset investments
5.1 Investment portfolio
Market value at 6th April 2024
Additions
Disposals
Net realised investment gains/(losses)
Net unrealised investment gains/(losses)
UK cash held as part of investment portfolio
Market value at 5th April 2025
This is attributable as follows:-
Quoted on UK Stock Exchange
UK cash
5.2 Historical cost		 2025
£
795,071
31,457
(78,000)
4,556
(39,928)
713,156
5,183
718,339
2025
£
713,156
5,183
718,339
2025
£
722,933		 2024
£
779,403
30,150
(60,880)
1,414
44,984
795,071
20,823
815,894
2024
£
795,071
20,823
815,894
2024
£
761,481
No.
849,298.390
Cazenove Charity Multi-Asset Fund		 £
713,156
713,156

Page 14

THE CARPENTER CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

6 Debtors
HM Revenue & Customs
7 Creditors: amounts falling due within one year
Accountancy fees
8 Analysis of net assets between funds - current year
8.1 Analysis of net assets between funds - current year
Tangible fixed assets
Cash at bank
Debtors and prepayments
Creditors due in one year
Total
8.2 Analysis of net assets between funds - prior year
Tangible fixed assets
Debtors and prepayments
Creditors due in one year
Total		 2025
£
2,605
2025
£
3,420
General
Funds
£
718,339
12,644
2,605
(3,420)
730,168
General
Funds
£
815,894
-
(3,000)
812,894		 2024
£
-
2024
£
3,000
Total
Funds
£
718,339
12,644
2,605
(3,420)
730,168
Total
Funds
£
815,894
-
(3,000)
812,894

Page 15

THE CARPENTER CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025

9 Transactions With Trustees

10 Statement of funds

Balance as at
6th April 2024
Unrestricted funds
General Funds
812,894
10.2 Statement of funds - prior year
Balance as at
6th April 2023
Unrestricted funds
General Funds
802,595		 Income
64,667
Income
34,284		 Expenditure
(112,021)
Expenditure
(70,383)		 Gains and
losses
(35,372)
Gains and
losses
46,398		 Balance as at
5th April 2025

730,168
Balance as at
5th April 2024

812,894