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 [￿rf￿mance
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 year*nd. 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 charIt￿S 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 bj0w￿l 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 p￿pared 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
EX￿nd3￿1*
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¢arrfedf0￿ard
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
Unre￿rI￿*￿
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
3￿84,1fv1
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 u*d 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¢•$h p￿￿agd by lrt%*stkn8a¢tMtIt$
228.292
211692
ChahKtOn tash •nd ¢•she4upiil?nt5 Int￿year
90,238
54,739
and cash equivalents brought forward
646.688
591949
Cash aTrJ£35h equl¥alentscarrOed I0￿81d
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 Char￿ble 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 instit￿lOnal 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.