The B. G. S. Cayzer Charitable Trust Registered Charity: 286063 Report and Financial Statements Year ended 5 April 2025
The B. G. S. Cayzer Charitable Trust Contents PIBe Report of the trustees Independent Examinerfs report Statement of financial activities Balance sheet Statement of cash flow5 Notes to the financial statements
The B. G. S. Cayzer Charitable Trust Report of the trustees The trustees present their annuèl report and the financial statements of the charity for the year ended 5 April 2025. The financi315tatements have been prepared in accordance with the accounting poliues set out in note I to the accounts and comply with the charity's trust deed, the Charities Act 2011, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordanc& with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 2 October 2019. Reference and admlnlstratlve information Address-. Cayzei House 30 Bvckingham Gate London SWIE 6NN Governed bv.. Deed dated 22 November 1982 Trustees= Mary Baiabel Buckley Arabella Mary Hunter Roseanna Neville Leslie Sonia Claire Barry Administrators.. The Cayzer Trust Company Ltd Cayzer House 30 Buckingham Gate London SWIE 6NN Solicitors= 8roadfleld Law UK LLP One Bartholomew Close London ECIA 78L Independent examiner-. S J Wakefield ACA Dixon Wilson 22 Chancery lane London WC2A ILS Structurèi governancè, and management The trusi was established in memory of the late Bernard Gilbert Stancomb Cayzer by Deed dated 22 November 1982. The charity was reglstered by the Charity Commi55ioner5 for England and Wales on 23 December 1982 under charlty number 286063. The trust does not actively fund-raise. and it is not the intention of the trustee5 to seek donations. The trustees seek to continue the philanihropic work undertaken by Bernard Cayzer during his lifetime through the careful stewardship of the charity's existin8 resources. The trust deed provides for a minimum of two trustees. Were there to be a requirement for new trustees. these would be identified and appointed by the remaining trustees. The current trustees are Mary Buckley. Arabella Hunter, and R05eanna Leslie (all appointed 5 April 20091. and Sonia Barry lappointed 11 July 20181.
The B. G. S. Cayzer Charitable Trust Report of the trustees (continued) Structure. governance. and mathagement Itontinued) The trustees regula¥ly review the broad strategy and areas of activity for the trusl, including grant-makin& investmenl, rlsk management. reserves, and perfomiance. The finan¢ial affairs of the charity are handled by the administrators at the direction of the trustees. The trustees annually review the risks facing the charitV and. in implementing procedure5 to reduce those risks associated with investment managemerbt, manage a diversified portlolio of 5ttKks. The portfolio perfomiance is reviewed regularly by the tru5tee5. Obje(ti¥es and activities forthe public benefft The trust deed gives the tmstees the power to appty the funds for the benefit of such charitable institutions or charitable purposès a5 the trustees shall from time to time in their absolute discretion think fit. The tru5tees' current poli(v is to support those charltable institutlons and charitable purposès whi¢h they believe were of particular interest to Bèrnard Cayzer and hls family. The trustees identify the projects and organisations they wish to support and 50 do not ¢onsider unsolicFted applications from peop5e or organisations. To preserve the trust's funds the trust also has a policy of not responding to any such application5. The trustees, having regard to the Public Beneffit Guidance published by the Charity Commission in accordance with section 17 of the Charities Att 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act. Achkvemènts and [rfmance Groftts and donutions The trustees allocate income to a varlety of good tause5. Attimes reserves a created for future donations and to allow 5UPPOrt for larger projects. The total of donations made or unconditionally pledged during the year was £97,30012024- £146,842>, and at the yearnd. the total undistributed income balance wa5 £860,21012024- £762,843). A total of 1712024 - 241 grants were made during thè year. These grants were made to various different registered charities. with the usual area5 of arts and culture, education and trainin& and medical research and treatment being supported. Grants made during the year included a substantial donation of £30,0. to be paid over three years. to support the economic regeneration of the area around Langholm. Scotland. Sirnilarly, the trustees agreed to make a grant of £15,000. again payable over three years, to Onside Youth Zones, to support the running costs Df a new youth zone in West Londorh. Investments At 5 April 2025, the investment In Caledonla Investments PIC represented 28.2%12024- 27.4%) of the total rnarket value of all the charity's fixed asset investments. ènd the investment in The Cayzer Trust Company Limited represenied 26.5% 12024 - 25.8%). A further 29.2%12024 29.5%1 relates to units in the ESK Fund, an internètional equity fund, whith 15 managed by Church House Investment Management. Charles Stanley Irhve5tment Management manage5 a discretionary investment portFolio which accounts for a further 16.1%12024- 17.3%) of total fixed asset investments. Total gains on revaluatlon of Investment assets duTing the year were £98,10712024- £277,573), reflecting the general market movement in the year, and the value of the individual investments at the year-end dates.
The 8. G. S. Cayzer Charitable Trust Report of the trustees {continued FknancSal revlew, Investment poll¢y, and reser The charity's investment powers are prescribed in the trust deed. The deed give5 the trustees very wide powers of investment. The trustees, investment policy is to preserve the real value of the trust fund over the long term. The trustees aim to maxlmisethe total investment return. with a medium level of risk, within the objectives of rnaintaininB Income while continuing to preseThe the real value of the funds. The trustees have established the level of reserves needed to 5UStain the income required to meet its annual grant-making objertive5. The charity has no source of fundlng other than the trusi fund and the income gènèratèd from its portfolio of inve5tment5. The income 8enerated in the year was £204.93112024- £201,832). It is not the charity's usual policy to make donations which, in any one year, would in aggregate exceed the income for that year and income brought forward from earlier years. Details of the charItS fixed a55et investrnents are described in note 6 to the financial statements. Siatemènt of trustee< responslbllFtles The trustees are responsible for preparing a tru5tees' annual report and financial statements in accordance with pplicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustee5 to prepare financial statement5 for each year which give a truÈ and fairview of the statè of affairs ol the charity and of the incoming resources and application of resources of the charity for that period. In preparin8 the financial statements, the trustees are required to: select sultable accounting policies and then apply them consi5terhtly,' observe the methods and principles in the applicable Charities SORP; makejudgements and èstlmates Lhat are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any departures that must be disclosed and explained in the financial statements,. and prèpare the financial statements on a going concern basis unless it is inapproprlate to presume that the charity w511 continue ID operation. The irustees are responsible for keeping proper accountin8 records that disclose with reasonable accuracy at any time the fin3ncial position of the charity and to enable them to ensure ihat the financial statements comply with the Charltle5 Act 2011, the applicable Charities IAccounts and Reportsl Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the asset5 of the charity and for taking reasonable steps for the prevention and detertion of fraud and other iffegularities. Approved by the tru5teÈs on 17 bj0wl 101> and signed on their behalf bv 6 PJu@U M 8 Buckl Trustee R N Leslie Trustee
The B. G. S. Cayzer Charitable Trust Independent Examiner's report to the tfU5tees of The B. G. S. Cayzer Charitable Trust ('the Trusy) I report to the trustees on my examination of the accounts of the Trust for the year ended 5 Aprll 202S. Rew75ibilities and basls ol report As the charity trustees of the Trust you are re5pon5ible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Acf l. You are Satisfied that an audit is not required for this year under tharrty law and thht an independent examinatlon is needed. I report in respect ol my examination of theTrust's accounts tarrled out under sertion 145 of the 2011 Act and in tarrying out my examination I havefollowed all the applicable Directions given by the Charity Commlssion under section 14515llbl of the Act. An independent examinatlon does not invofve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an audltor considers in Riving their opinion on the accounts. The planning and conduct of an audit goes beyond the lirnited assurance that an Independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fairf view and my report Is limlted to those specific matter5 set out in the independent examiner's Statement. Independent examlnerfs Statement l am qualified to undertake the examlnation by being a qualified member of thè Institute of Chartered Accountsnts in England and Wales. I havÈ completed my examinatltsn. I confirm that no material matters have come to my attention in ronnection with the examination giving me cause to believe that in any material respect: accounting record5 weie not kept in respèct of the Trust as required by section 130 of the Att: or the accounts do not accord with those records,. or the attounts do not comply with the applicable requirements concerning the form and content of a¢¢ounts set out in the Chaifitles (Accounts and Reports) Regulations 2wI8 other than any requirement that the accounts give 'true and fair view, which is not a mattel considered as part of an independent examination.. or Ihe accounts have not been ppared in accordance with the methods and principles of the Statement of Recommended Practice for accountin8 and reportio8 by charities applicable to charities preparingtheir accounts in accordance wlth the Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no matteTS in connectlon wlth the examinatlon to which attention Should be drawn in this report in order to enable a proper understanding of the accounts to be reached. SJ WAKEFIELDACA Oixon Wilson 22 Chancery Lane London WC2A ILS 3 Deeember 2025
The B. G. S. Cayzer Charltable Trust ststement of Ilnancial activities lorthey••rio 5 Apvll 2015 EXnd31 end•ent lunds Expendable nd¢wJmeTht funds Unre5trided fvnd5 Total 2025 Unrestwlrted funds Total 2024 ote Investment income 204.93L 2Q4.931 201832 201832 Total IrKrffl• 204,931 204,931 20£832 201.832 ExperARure Expenditure on Chartsts actNitie5 102,352 102,352 152,119 153,119 Costs of iai5inÉfunds 5,212 5.212 4,731 4,731 TotalexpEndttu 107,564 107,564 156.850 156,850 Nei Ilossesllgains on Investments 98.833 98.107 91226 186,447 277.573 Nèt Incorne ind net movemeTrt Infvmds 96.641 98,833 195,474 134108 186,U7 321555 Re¢onclllLYtion offvTrd5 Total funds brought forward io 2.702.488 3,785,331 S.487,819 1566,380 1598,584 6,165,26rf TotalfvThds¢arrfedf0ard io 2,799,129 3,884,164 6,683.293 1702,488 3,795.331 6,487,819 All Income and expenditure is in rtspectof continuing athit*s forthe current and the prÈvlDuS yeai. The Th)tes on pages 8t0 13fom) an iThte8ral part ol these financial statements.
The B. G. S. Cayzer Charitable Trust Balance sheet At5 Aprl 2025 E¥pÈr•bIÈ ermfowmerrt funds Expendable Vnre5trfcted furbd5 Ttltsl 2025 UnrerI* Total 2Q24 funds Noi• Flxed assets Investment5 2,15B.238 3,859.477 6,017,715 Zl81,872 3,760.644 5.942.516 2.158.238 3,859.477 6,017,715 1181,872 3,764644 5,941516 Current assets Debtors falling dtrewithin one year Cash at bank and hand 453 622,iXII 453 646.6S8 712.239 24.687 736,926 24,687 712.239 24,687 736,926 621454 24,687 647,141 Cv•dltors falllw4due wlthlnoneyear 143.8481 143.B481 166.8381 166.838) Nrt¢thrrehtassets 668,391 24,687 693,078 555.616 24,687 58Q.303 CredFtorsf•lllth8due •ftev othe ywr 117,51)01 127SLK>I Wet assets 2.799,129 384,1fv1 6,683.293 Z7Q2,488 3,785.331 6.487,819 The tuthds of ¢he¢harltv: Expendable endowmem unrestricted io io 3%84,164 3.884.164 2.799.129 3.785.331 3.785.333 2,703,488 2,799.129 Z70Z488 2.799,129 3,884,164 6,683,293 2,70Z488 3.785.331 6.487,819 AwrDvod bythe twstees on... 11 20ar and 518ned on their bthalf by B Buckley R N les¥e Trustee The notes on page$ 8 10 13 form an iThtegTrl part oFthese financialstaternents.
The B. G. S. Cayzer Charitable Trust Statement of cash flows fortheyearto5AwII 2025 Totalfund5 2025 Toialfunds 2024 Netc•sh ud in operatN¥ottNrties li 138,0541 157ts53 sh Ilows fvom Ih¥esiinBattbJlllts Interest ènd diwdends Proceedsfrom saleof investments Pui¢hase of Sn¥estments 205,384 98.704 175,7961 201.379 119,604 110&2911 Net¢•$h pagd by lrt%stkn8a¢tMtIt$ 228.292 211692 ChahKtOn tash •nd ¢•she4upiil?nt5 Intyear 90,238 54,739 and cash equivalents brought forward 646.688 591949 Cash aTrJ£35h equl¥alentscarrOed I081d 12 736,926 646.6&8 The note5 on pages8to 13 forn) an integral partof these fina[la4 5tatement5.
The B. G. S. Cayzer Charitable Trust Notes to the financial statements forthe year to 5 April 2025 Acfounting policies Summary ol slenlflcant accountlng pollcles ab)d key accountlng estlmates The princlpal èccounting policies applied in the pieparation of these financial Statements are Set out below. 7hese policies have been Consistent applied to all the years presented. unless otherwlse stated. Basls of preparatlon The financial statements have been prepared under the historical cost convention, with items retognised at tost or transaction value unles5 Otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prauice.. Accounting and Reporting by Charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 2 Ortober 2019 and the Charitie5 Art 2011. The trust constittrtes a publlc bènèfit Èntity as dèfined by FRS 102. Going concern The trustees consider that there are no material uncertainties about the trust's ability to continue 35 a going concern, and that there are no key assumptlons that affect Items Sn the accounts. Funds structure The charity has an expendable endowment fund. The trust deed allows this fund to be spent as income or relained as capital at the trustees. discretion. Income arising from the expendable endowment is unrestricted. Unrestricted funds comprise accumulated SLtrpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance ol the general objectives of the ch3rlty. Incomo recognition All income is recognised once the charity has entitlement to the income, it Is probable that the income will bè received, and the amount can be measured reliably. Dividends and other income from investments are recogni5ed in the financial statement5 when the charity is entitled to the income. Income from cash deposits Is included on an accruals basis. Expenditure recognition Liabilities are reco8nised as expenditLtre as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Grants are charged to the Statement of financial artivities when paid or when a constructlve obligation exist5, notwithstanding that they may be paid in future accountinÉ periods. Other expenditure Is ineluded in the accounts on an accruals basis. Irrecoverable VAT has been tharged against the rélevant expendiiure. Investments Investments are a lorm of basic financial instrument and are initially recogni5ed at theirtransa¢tion value. Sub5equentlv, Énvestrnent5 ale valued at at their fair value at the balance sheet date, using the closing market price for listed investments, and Using market price where available. or the trustees, valuation based on dealing prices or other information available as appropriate for unlisted investments. The Statement of financial acttvities includes the net gains and losses arising on revaluation and disposals throughout the year. editors Creditors are recognised once the charity ha$ 3 present tsbligation resulting from a past event that it is probable will result in the the transfer of funds to a thiid party, and the amount due to settle the obligation can be measured or estimated reliably.
The B. G. S. Cayzer Charitable Trust Notes to the financial statements {continued) forthe year lo 5 April 2025 Taxatio The trust is a registered charity and is thus exempt from taxation of its income and gains falling within Section 532 of the Intome Taxes Act 2007 to the extent that they are applied to its charitable objectives. No tax charges have arisen in the charitv. 2025 2024 Imiestment Income UK listed investments UK unlisted investments Non-LIK Ilsted Investments Interest and PID Income 59.730 119.719 8,920 16,562 204.931 63.425 114.978 9,549 13,880 201,832 2025 2024 Expendlture on Charble art5vltles Gronts to Institutlons (see below) General Arts and culture Education and training Medical research, treatment, and care Heritage. conservation. ond the environment Relief of poverty 52,000 15.800 15,500 14,IK)O 8,750 13.6 35.500 16,750 69,742 97,3CN) 146,842 Governttnte costs Account5 preparation and adrnini5tTation fee Independent examination fee Bank charges 3,420 1,620 12 5.052 3.646 1,614 17 5,277 Total expendlture on charltable actfvltles 102.352 152,119 2025 2024 Recipients of institutional grants of £2.000 and over: Centre Stage Community Theatre Charlie Waller Trust Future Hope Hampshire Medical Fund ngholm Community Centre Langholm Playcare Little Angel Theatre Mission to Seafarers Onside Youth Zones Opera Holland Park Royal Botanic Gaidens, Kew The Buccleuch Centre Corried down 2.500 5,000 30,0 15.000 5,800 67.842 3,600 126,442 10.000 35.800
The B. G. S. Cayzer Charitable Trust Notes to the financial statements (continued) for the year to 5 Aprll 2025 Expenditure on tharitable artivities (continued) 2025 2024 Recipients of institlOnal grants of £2,OIMI and ovèr Icontlnuèdl.. Brought down 35.800 126.442 The Injured Jockeys Fund The Langholm Alliance The Marine Society & Sea Cadets The Mission to Seafarer5 The Rediweld Foundation Weslerkirk Parish Trust Young Ve$ vs Cancer Other 8rant5 under £2,0 5.OQXJ 30.oc 10.0 5.OLI) 6,000 5.000 6.500 97,300 9,400 146,842 All grants in the period were made to registered UK charities. 2025 2024 Costs 018eneTating funds Investment management fees 5.212 4.731 Fixed assets- investments 2025 movement In fixed asset Investment5: Usted Unllsted Totsl 2025 investments inve51ment5 Unrestrirted funds Opening market value brought forward Addition5 Disposal proceeds Add net realised and unrealised Ilossesl / gains 1.836.948 75.796 198.7041 114.9691 344.924 2.181.872 75,796 198.7041 17261 14,243 Closing market value 1,799,071 359.167 2.158,238 Expendablè èndowment funds Opening market value brought forward Add net unrealised gains 2,572,572 49,778 1,188,072 49,055 3,760,644 98,833 Closin8 market value 2,622,350 1,237,127 3,859,477 Total markèt valuès at S Aprll 202S 4 421421 1.596.294 6 017 715 10
The B. G. S. Cayzer Charitable Trust Notes to the financial statements (continued) forthe year to 5 Aprll 2025 Fixed assets- Investménts Icontinuedl 2024 movement in fixed asset investments: Listed Investments Unllsted investments Total 2024 Unrestricted funds Opening market value brought forward Additions Disposal pro¢eÈds Add net realised and unrealised gains 1,771,349 108.291 f119.604J 76,912 330.710 2,102.059 108.291 (119.604) 91.126 J4,214 Closing market value 1,836,948 344,924 2,181.872 Expendable endowment fund5 Opening market value brought forward Add net unrealised gain5 2.435.089 137.483 1,139,108 48,964 3,574.197 186,447 Closin8 market value 2,572.572 1.188.072 3.760,644 Totsl market values at S April 2024 4,409,520 1,532,996 5.942,516 Lrsted investments Unlisted Investments Totsl In¥*stments at tair value comprised. UK securit1è5 Non-UK securities 4,089,923 331.498 1,596,294 5,686.217 331.498 4,421.421 1.596,294 6,017.715 Material Invèstments at S April 2025 Market value total k)vestments 28.2% 29.2% 26.5% Caledgnia Investments PIC SVS Church House ESK Fund The Cayzer Trust Company Limited 1,695.L)00 1,759.070 1.596.293 2025 2024 Dèbtors falling due within one year Accrued income 453 2025 2024 Credltorsfallln8 due within one year Accruals Grants payable 6,348 37,5 6.417 60.421 43,848 66.838
The B. G. S. Cayzer Charitable Trust Notes to the financial statements (continued} for the year to 5 Aprll 20Z5 2025 2024 Credltors falllng due after one year Grants payable 27,5(X) 35,(XKI Unrèstricted funds General fund Undistributed Income fund Empendable endowment fund Total fund5 10. The funds of the char5ty Balance at 6 Aprll 2024 Incornin8 resources Resources expended Net movement on investment assets 1,939,645 762,843 204,931 1107.5641 3,785,331 6,487.819 204,931 1107,5641 98,107 17261 98.833 Balance at 5 April 2025 1,938,919 860.210 3.884,164 6.683,293 Unrestricted funds Gèneral fund UndlstrSbuted income fund Expendable endowment fund Total funds Balance at 6 April 2023 Incorning resources Resources expended Net movement on investment assets 1.848.519 717,861 201,832 (156.850J 3.598 884 6,165,264 201,832 (156,850) 277.573 91,126 186,447 Balance at 5 April 2024 1.939,645 762,843 3,785,331 6,457.819 11. Reconciliation of nèt movement in funds to net Cash flow from operatlng actlvltles 2025 2024 Net movement in funds Deduct investment income shown in investing activities DedLJrt gains on investments Decrease in credilgrs Non-cash donations 195,474 1204.9311 198.1071 I30,4> 322,555 (201.832) (277.573) 13,003J Net cash used in operating artivities 1138,0541 1157,9531 12
The B. G. S. Cayzer Charitable Trust Notes to the financial statements (continued) for the year to 5 April 2025 2025 2024 12. Reconclllation of net dtbt Cash balances at 6 April Cash flows for the year 646,688 90,238 591,949 54,739 Cash balances at 5 April 736.926 646,688 13. Employees The trust did not have any employees during the current or prior year. 14. Transactions with trustees or connècted persons Trustees reteived reimbursement of expenses totalling £nil12024- £nill during the accounting period. No trustees received remvneration for their service as trustees. An administration fee of £3,42012024 - £3,646) is payable to a company of which R N Le51ie and S C Barry are directors.