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2025-10-31-accounts

The Silverwood Trust

Report and Accounts Year ended 31 October 2025

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

THE SILVERWOOD TRUST

CHARITY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

Trustees

Martyn Travers Jonathan Wentzel Daniel Brown Philip Dyal (resigned 29 April 2026) Kaluba Sianga

Governing Document

Declaration of Trust dated 3rd June 1985

Charity Registration Number 292372 Principal Address 54 Yeoman Lane Bearsted Maidstone ME14 4DG

Independent Examiner

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

Barclays Bank UK PLC

Contents Page
Charity Information 1
Trustees' Annual Report 2 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 - 13
Detailed Statement of Financial Activities with Comparatives 14

Page 1

THE SILVERWOOD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The trustees have pleasure in submitting the Report and Accounts for the year.

Objects of the charity

The charity is a trust and is governed by its Trust Deed. The objects of the charity, as set out in the governing document are:

a) to support Christian missionaries who are not supported by a missionary society;

b) to support Christian missionaries in retirement or ill health; and

c) to support the education of children with special needs.

Summary of the charity's main activities and achievements

The Trustees are pleased to report another successful year for the charity.

During the year, the charity’s sole grant-making activity continued to support the outreach project comprising Lufutuko Community School and Bana Besu Feeding Scheme, operated by Salvation & Healing Ministries Charity in the township of Kawama, Kabwe, Zambia.

The school and feeding scheme were granted Aided Status from 1 December 2023 under Section 81 of the Education Act (Aided Educational Institution) Regulations in Zambia.

A trustee visited the school and feeding scheme between 5 and 8 March 2025. At the time of the visit, Lufutuko School had 733 pupils enrolled across all seven Zambian junior school years. The feeding scheme was providing a daily nutritious meal for 111 of the most vulnerable children, with capacity for up to 120 children.

The computer science suite and block of three new classrooms, funded in recent years by The Silverwood Trust, remained in good condition and continued to provide valuable educational opportunities for the children.

Following the drought experienced during the previous year, a second borehole was drilled to a depth of 80 metres (the previous borehole being 50 metres deep), securing a more reliable water supply for the site. With assistance from The Silverwood Trust, solar panels, an inverter and battery storage system were also purchased to help mitigate the effects of the intermittent electricity supply for the site.

The provision of feminine hygiene products to the age-appropriate girls continued during the year.

Grant recipients provide regular monthly reports together with twice-yearly financial statements. The Trustees maintain frequent communication, including by email and WhatsApp, with several of the project leaders in Kawama.

The Silverwood Trust also produces a twice-yearly newsletter to keep donors informed of developments and progress. In addition, the charity’s Facebook page is regularly updated with photographs and news from the project.

In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.

Page 2

THE SILVERWOOD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Governance

The governance of the charity is the responsibility of the Trustees, who meet regularly both in person and online to monitor the activities of the Trust.

New Trustees are appointed by the existing Trustees. There were no changes to the composition of the Trustee body during the financial year to 31 October 2025. Rev Phillip Dyal has subsequently resigned as trustee on 29 April 2026 due to pressure of work.

The Trustees receive regular monthly activity reports and six-monthly financial reports from the charity’s grant recipient. Receipts are obtained for all grants made, and the Trustees are satisfied as to the accountability and integrity of those responsible for leadership and financial oversight.

The Trustees operate with due regard to the policies and guidance issued by the Charity Commission. Proper accounting records are maintained, recording all receipts and payments. The Trustees recognise their responsibility to safeguard the assets of the charity and take this responsibility seriously.

Safeguarding

The Trust maintains a safeguarding policy which is reviewed regularly to ensure that it reflects current UK guidance and good practice.

All Trustees hold current DBS checks. Grant recipients are required to maintain safeguarding policies and procedures that are consistent with UK safeguarding standards.

Financial review

The Silverwood Trust is a small grant-making charity. During this year, its grant-making activities remained focused solely on the Salvation & Healing Ministries staff, community school and feeding project in Kawama, Zambia.

Apart from independent examination fees, bank charges and occasional incidental charges, all activities of the charity are undertaken on a voluntary basis.

The Trustees aim to distribute grants annually broadly equivalent to the charity’s donated annual income.

The Trustees are pleased to report that the charity received a very generous legacy during the financial year of £250,000 from a previous longstanding major donor. The intention of the donor (as expressed in conversation with the trustees several years before) was that the trustees would draw down annual amounts broadly equivalent to their usual annual donation, on their passing. The intention was to ensure stability for The Silverwood Trust. The funds have been invested appropriately through CCLA, a UK-based investment management firm specialising in charities, churches and local authorities and will be drawn down at appropriate intervals during each year to mirror the donor's previous contributions. This has provided a degree of financial certainty for several years to come.

Reserves policy

The Trustees have determined that the charity should maintain an unrestricted cash reserve. The level of reserves will be determined periodically by the Trustees in accordance with The Silverwood Trust’s Reserves Policy and will be minuted and reported within the charity’s accounts.

The Trustees currently consider that the reserve should equate to one year’s baseline operational expenditure, held in accessible bank or institutional accounts. At present this equates to approximately £34,000.

The policy was last reviewed and approved on 22 September 2025.

Page 3

THE SILVERWOOD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Responsibilities of trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements; and

  1. prepare the financial statements on a going concern basis unless it is inappropriate to presume that

the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.

Approval

This report was approved by the trustees and signed on their behalf by:

Jonathan Wentzel _______Jonathan Wentzel (Jul 20, 2026 08:27:53 GMT+1) Dr Jonathan Wentzel

Jul 20, 2026 Date: _______

Page 4

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

THE SILVERWOOD TRUST ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 October 2025 on pages 6 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 8 to 9.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 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.

Sarah Crispin

Sarah Crispin (Jul 20, 2026 14:07:26 GMT+1) Sarah Crispin ACA Institute of Chartered Accountants in England and Wales Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jul 20, 2026

Page 5

THE SILVERWOOD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 OCTOBER 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net gains on investments
Net income/(expenditure)
Transfers between funds
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
10
Unrestricted
Funds
£
253,875
3,083
256,958
13,852
13,852
1,072
244,177
(10,868)
233,309
69,424
302,733
Restricted
Funds
£
18,859
-
18,859
29,090
29,090
-
(10,231)
10,868
637
1,574
2,210
Total
Funds
2025
£
272,734
3,083
275,816
42,942
42,942
1,072
233,946
-
233,946
70,997
304,943
Total
Funds
2024
£
31,208
893
32,101
43,294
43,294
-
(11,193)
-
(11,193)
82,190
70,997

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 8 -13 form part of these accounts.

Page 6

THE SILVERWOOD TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2025

Note
FIXED ASSETS
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
8
CREDITORS: Amounts falling
due within one year
9
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
10
Unrestricted Funds
General funds
Restricted Funds
Unrestricted
Funds
£
63,572
63,572
-
240,457
240,457
(1,296)
239,161
302,733
302,733
302,733
302,733
-
302,733
Restricted
Funds
£
-
-
2,210
-
2,210
-
2,210
2,210
2,210
-
-
2,210
2,210
Total
Funds
2025
£
63,572
63,572
2,210
240,457
242,667
(1,296)
241,371
304,943
304,943
302,733
302,733
2,210
304,943
Total
Funds
2024
£
-
-
3,324
68,273
71,597
(600)
70,997
70,997
70,997
69,423
69,423
1,574
70,997

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Jonathan Wentzel Jonathan Wentzel (Jul 20, 2026 08:27:53 GMT+1) Dr Jonathan Wentzel


Jul 20, 2026 Date: _______

Charity number: 292372

The notes on page 8 -13 form part of these accounts.

Page 7

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1 Statutory Information

The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The previous year's accounts were prepared using the receipts and payments basis but, this year, the charity was obliged to prepare its accounts using the accruals basis. The results for 2024, which are comparatives quoted in these accounts, have been restated using the accruals basis (see note 12 for details).

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

Investment income represents income generated by the charity's assets and includes income from investment and bank interest.

Page 8

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) 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. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Taxation

f) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

g) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

h) Critical accounting estimates and areas of judgement The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations and legacies

3
Donations and legacies
Donations of cash and similar
Legacies receivable
Gift aid recoverable
4
Investment income
Bank interest
2025
£
20,524
250,000
2,210
272,734
2025
£
3,083
3,083
2024
£
27,884
-
3,324
31,208
2024
£
893
893

Page 9

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

5 Charitable expenditure

a
Costs incurred directly on specific activities
Grants payable (note 5c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Bank charges
Total expenditure
2025
£
41,140
41,140
1,296
70
1,366
436
1,802
42,942
2024
£
42,140
42,140
600
118
718
436
1,154
43,294

The fee payable to the independent examiner for preparing and examining the accounts was £1,296 (2024: £600); in addition the charity paid £70 (2024: £70) to Stewardship for consultancy services.

c Grants payable

Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Salvation & Healing Ministries, Zambia
Fixed asset investments
Cost or fair value brought forward
Purchases during the year
Change in value of investments
Cost or fair value carried forward
Debtors
Falling due within one year:
Gift aid recoverable
Total debtors
Institutions
£
31,590
31,590
Institutions
£
33,000
33,000
Quoted
Investments
-
62,500
1,072
63,572
Individuals
£
9,550
9,550
Individuals
£
9,140
9,140
2025
£
31,590
31,590
2025
£
-
62,500
1,072
63,572
2025
£
2,210
2,210
2,210
2025
£
41,140
41,140
2024
£
42,140
42,140
2024
£
33,000
33,000
2024
£
-
-
-
-
2024
£
3,324
3,324
3,324

6 Fixed asset investments

7 Debtors

Page 10

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

8 Cash at Bank and in Hand

h at Bank and in Hand
Cash at bank with immediate access 2025
£
240,457
240,457
2024
£
68,273
68,273

9 Creditors: liabilities falling due within one year

itors: liabilities falling due within one year
Accruals 2025
£
1,296
1,296
2024
£
600
600

10 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
S&H Ministries (Kawama Project,
Zambia)
Aggregate of funds
Opening
balance
2025
£
69,424
69,424
1,574
1,574
70,997
Incoming
resources
2025
£
258,029
258,029
18,859
18,859
276,888
Outgoing
resources
2025
£
(13,852)
(13,852)
(29,090)
(29,090)
(42,942)
Transfers
in the year
2025
£
(10,868)
(10,868)
10,868
10,868
-
Gains and
losses
2025
£
-
-
-
-
-
Closing
balance
2025
£
302,733
302,733
2,210
2,210
304,943

The transfer referred to above is to cover the shortfall in cash payments towards the restricted fund S&H Ministries.

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Fixed assets investments
Debtors
Cash at bank and in hand
Creditors falling due within one year
General
Designated
funds
funds
£
£
63,572
-
-
-
240,457
-
(1,296)
-
302,733
-
Unrestricted Funds
Restricted
funds
£
-
2,210
-
-
2,210
2025
£
63,572
2,210
240,457
(1,296)
304,943

Page 11

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

10 Funds (cont.)

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
S&H Ministries (Kawama Project,
Zambia)
Aggregate of funds
Opening
balance
2024
£
77,653
77,653
4,537
4,537
82,190
Incoming
resources
2024
£
9,643
9,643
22,458
22,458
32,101
Outgoing
resources
2024
£
(12,294)
(12,294)
-
(31,000)
(31,000)
(43,294)
Transfers
in the year
2024
£
(5,579)
(5,579)
5,579
5,579
-
Gains and
losses
2024
£
-
-
-
-
-
Closing
balance
2024
£
69,424
69,424
1,574
1,574
70,997

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Debtors
Cash at bank and in hand
Creditors falling due within one year
General
Designated
funds
funds
£
£
1,750
68,273
-
(600)
-
69,423
-
Unrestricted Funds
Restricted
funds
£
1,574
-
-
1,574
2024
£
3,324
68,273
(600)
General
funds
£
1,750
68,273
(600)
69,423
70,997

The restricted fund relates to donations given specifically for SHM (Salvation & Healing Ministries); the local Zambian organisation that runs Lufutuko School and Bana Besu Feeding Scheme.

11 Transactions with related parties

During the year the charity:

a) received donations totalling £400 (2024: £nil) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).

Page 12

THE SILVERWOOD TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12 Reconciliation with previously reported funds

As explained in note 1 'Accounting Policies' , in the previous year the charity prepared the accounts on receipts and payments basis but, this year, the charity's income was more than £250,000 and the charity was obliged to prepare its accounts using the accruals basis. The comparatives presented in these accounts have been re-stated using the receipts and payments basis and a reconciliation with the reserves and results reported previously follows:

Reconciliation of reserves

onciliation of reserves
Previously reported reserves, at 31 October
Adjustments arising from accruals basis:
Inclusion of previously excluded debtors
Inclusion of previously excluded creditors
Re-stated reserves, at 31 October
2024
£
68,273
3,324
(600)
70,997
2023
£
81,048
1,718
(576)
82,190
Previously reported results
Adjustments arising from use of accruals basis:
Included movements in debtors resulting in the recognition of more/ (less) income
Include movements in creditors resulting in the recognition of (less) / more expenditure
Re-stated results
Reconciliation of results
2024
£
(12,775)
1,606
24
(11,145)

Page 13

THE SILVERWOOD TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 OCTOBER 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Total Expenditure
Net gains on investments
Net income/(expenditure)
Transfers between funds
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
10
General
Designated
2025
2025
£
£
253,875
-
3,083
-
256,958
-
13,852
-
13,852
-
1,072
-
244,177
-
(10,868)
-
233,309
-
69,424
-
302,733
-
Unrestricted funds
Restricted
2025
£
18,859
-
18,859
29,090
29,090
-
(10,231)
10,868
637
1,574
2,210
Total
2025
£
272,734
3,083
275,816
42,942
42,942
1,072
233,946
-
233,946
70,997
304,943
General
Designated
2024
2024
£
£
8,750
-
893
9,643
-
12,294
-
12,294
-
-
-
(2,651)
-
(5,579)
-
(8,230)
-
77,653
-
69,424
-
Unrestricted funds
Restricted
2024
£
22,458
22,458
31,000
31,000
-
(8,542)
5,579
(2,963)
4,537
1,574
Total
2024
£
31,208
893
32,101
43,294
43,294
-
(11,193)
-
(11,193)
82,190
70,997

Page 14