Charity registration numter. 292839 The Charlotte Bonham-carter Charitable Trust Annual Report and Finanrial Statements for the Y8ar Ended 5 April 2025 WESTCOTTS CHARTERED ACCOUIITANTS & BU81NFSS ADVI$E* The Charlotte Bonham-carter Charitable Trust Contents (continued) Reference and Administrative Dètails Trustees, ReF4)rt 2to6 Independent Auditors, Repjrt 7t010 statement of Financial Activitses 11 Balance Sheet 12 Notes to the Flnancial Statements 13to20 The Charlotte Bonham-carter Charitable Trust Reference and Administrative Details Chair Georgina Nayler MBE Trustees Georgina Nayler MBE David Bonham-carter Eliza Bonham-carter Jessie Grimotvj Admlnistrator Jenny Cannon MVO Charlty Regigtratlon Number 292839 Prlnclpal Offlce ChelMts)d Rectory Road East Carleton Norwch NR14 8HT Auditor Westcotts (SWI LLP Timberfy South Street Axminsler Dev EX13 SAD Soli¢itors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Investment managers Cazenove Fund Management Limited 12 Moorgate London EC2R 6DA Bankers CAF Bank Limiled lQngs Hill Avenue Kings Hill West Mallir Kent ME19 4JQ Page 1 The Charfotte Bonham4arter Charitable Trust Trusts•s' Report The trustees present the annual report together with the financial statements and auditors, ￿pOrt of the charity for the year ended 5 April 2025. The accounts have been p￿pared in accordance wth the ¥C￿Unting policies set out on pages 14 to 16 of the allached accounts and comply with the charity's trust deed, applicable laws and Accountir and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the United ￿"ngdoM and RepU￿1t of I￿land {FRS 1021. Objectlves and a¢tivities Objects and aims The Charlotte Bonham£arter charital￿e Trust makes donations to charitable bodies and for charitable purposes at the discretion of the Trustees. The Trustees are principally concerned to support charitable bodies and purposes ￿1¢h were of particular concern to Lady Charlotte Bonham£arter during her lifetime or are within the county of Hampshire. The Trustees also have the discretion lo expend the caF4ta of the fund for simil¥ pur1￿$. The Charity'5 income consists of investment income ￿lch is distributed to various charitable oryanisalions in accordance wth the trust deed at the discretion of the Trustees, after the deduction of administrats.ve and govemance costs. The Trustees continue to support a number of core charities to whom they have made grants in the past as ￿￿11 as reviewiry all ap￿ica￿0nS receIv￿j and makiThJ grants to new charib'es within their grant-giviThJ criteria. During the year end 5 April 2025, income availab￿ for charitable applicaticn amounted to £194.460 {2024 - £195,368) and grants totalling £158,062 were made to 49 charities12024 - £135.850 to 44 charities). The net movemenl in fund8 for the year is shown in the statement of financial activities on page 11 ObJ•ctive$ strategies and activities The Trustees fed that their objectives have been adequately mel during the year. The Trustees are aware that there are extemal factors which could affect the achievement of their objectives due to the fact that all of the charity's assets are held as investments and ¢a$h. The result$ of these investments are dependent on the general performan￿ of the UK and overseas sto¢k markets. In order to minimi* any impact. the Trustees have set prudent investmenl policies and place reliance on the investment managers to Monit￿ and advi* on the ne¢essary investment changes and suitable asset allocation. Fundralslng dlsclosures The charity does not raise or activdy *ek to raise funds from the publia Page 2 The Charlotte Bonham£arter Charitable Trust Trustees. Report (continued) Public benefit The Trustees confirm tP¥at they have referred to the guidance contained in the Charity Commission's general guidance on public benefit ￿en revIe￿ng the charity's aims and objectives and in planning future activits.es and setting the grant-makiro policy for the year. Whilst the Trustees are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assuran￿ from the fart that recipients of grants are themselves regulated lo ensure that they operate for the public ￿nefit. Potential reupients of grants are identsfied by the Trustees individualy in areas where it is perceived that public benefit will be achieved. The oppcxtunity lo benefrt is not restricted in any way except that grants are reslricled to bodies registered in the UK. not least to facilitate the Trustees ￿ing able to follow up on the effI￿Y of the grants made. In all other respects grants a￿ not limited in any way except that the recipients should have a charitable need. Grantmaklngpollcles Grant applications must b8 received at the charity's office by 1 January and 1 September, as the Twslees meet in March and October each year to consider the applications they have received and, within the financial constraints of the trust. make grants to as many charitable organisations as they can which they feel would have appealed to Lady Charfotte Bonham-carter. Charities who wish apply for grant are referred to the website vMw.chartotletKsnhamcartercharitabletrust.org.uk ￿ere they will find full details of the application procedure and the Trustees requirements vthich need to be fully complied wlh to ensure their application is considered by the Trustees. The Trustees do not make grants lo individuals and are anxious not lo receive unsolicited general applications as these are unlikely to be successful and only increase the cost of administration of the charity- InvoStm0nl policy There are no restrictions on the charity's power to invest. The Trustees have appointed Cazenove Fund Management Limited to manage the fund on a discretionary basis. The overall investment policy is to adopt a medium risk investment strategy based on producing a balan￿ of income and capitsl gr￿ over the medium tem. The Trustees meet on¢e a year with the investment managers to wiffiv the performano of the portfolio and the investment strategy. In addition, the Trustees receive investment ￿pOrtS each quarter and raise any questions they have with the investment managers al that time. The decrease in the value of the investments from £6,414,186 * 5 April 2024 10 £6,280,497 at 5 April 2025 1$ due primarily lo unrealised loss of £168,707) (2024- unrealised gains of £422,481), and net disposal of holdings at cost of £64,983 (2024- net addibons £513,605). The Trustees consider that their investment policy is being IM￿emen￿j satisfactorily. Page 3 The Charlotte Bonham-carter Charitable Trust Trustees. Roport (continued) Achievements and perforn)ance The Trustees feel that their objectives have teen aJ4uately met during the year. The Trustee$ are aware that there are external factors which C￿ld aff￿t the achIevem￿t of their objectives du8 to the fact that all of the charity's assets are held as investments and cash. The results of these investments are deFendent on the general perf0rrnan￿ of the UK and overseas stock markets. In order to minimi* any impact, the Trustees have Set prudent investment policies and place relian￿ on Ihe investment managers to monitor and advise on the necessary investma)t changes and suitable asset allocation. Total investment income received in the year amounted to £194,46012024 - £195,368) which equates to a yield of approximately 30/0 {2024 - 3¥0} based on the average value of the portfolio during the year. The Trustees awarded grants wth a value tot811irKJ 0.980h12024 . 2.1 Oh) of the average value of the p)rtfolio during the year in accordance wlh the charily's grant giving policy set out aÈove. Detail$ of the grants made are provided in note 5 to the accounts. Flnanclal revlew PoliTcyon reserves To enable the Trustees to distribute fully the nel annual income of the Trust. they have adopted a policy of reviewirg the audited accounts for the p￿ViouS year each September and al their meetings in the following October and March distributing income in accordan￿ with the net income figures shown as availalje in the previous yearfs accounts together with any capital realised for the purwse of distributic￿ in accordance wth the Trust's charitable 0￿ectiveS thus ensuring there is no cash flow problem as the income is to hand. At 5 Apnl 2025, the charity's unrestricted funds and f￿e reserves stood at £6,574,182 12024 £6.638,9601. The Trustees consider that the current level of tree reserves matches the parameters set out in the charity's ￿*TVeS policy above and they therefore Consider free reserves to be adequate. Plans for future period8 Aims and key objectlves lor futureper70ds The Trustees do not anticipate any significant changes to the charity cr its activities over the next to five years. It is their intents'on lo meet the following objectiv To ensure the investment perfonTtance achieves the criteria set by them ￿ that there are sufficient fund$ to meet their grant giving Fdicies. To distribute grants al approximately the level of income together wlh capital realised for the purpo* of distribution in accordance with the Trust's charitable objectives, net of administration and governance costs each year. TrusteB8 and offlcern The trustees and officers serviro during the year and since the year end were as fc41ow8'. Page 4 The Charlotte Bonham£arter Charitable Trust Trustees, Report (continued) Truste8S'. Georgina Nayler MBE David Bonham-carter Eliza Bonham-carter Jessie Grimond Chair-. Georgina Nayler MBE structure, governance and management The Charlotte Bonham-carter Charitable Trust is governed by a trust deed dated 24 September 1985 and is registered under the Charities Act 2011, Charity Registration Number 292839. Under the lerms of the trust deed. the P0￿r of appointing new Trustees is vested in the surviving or ontinuing Trustees su¢h that the number of Trustees at any one time is al￿ays at least h•K*. On ￿reeIng to become a Trust* of the charity, the Trustees are thoroughly briefed by their co-Trustees on the history of the charity, the daY-l￿daY managemenL the responsibilities of the Trustees, the current objectives, and future plans. No trustees receival any remur*ralion for services as a Trustee {2024- none). During the year 2025 rs trustees received reimbursement of travel and meetirg eX￿nSes. inCUr￿d in the performan￿ of their duties amounting to £217 {2024 £244}.There were no unpaid expense claims at 5 April 2025 {2024. £Nill Key manag•mont porsonnol The Trustees consider that they alone comprise the key management personnel of the charity responsible for directirtsJ and controlling the activities of the charity on a day-to-day basis. The Trustees are eligible to claim reimbursement for Irsvd and meeting expenses in connection with their duties as trustees but receive no remuneration in connection wth their duties lo the charity. Structure and managernent reportlng The Trustees are ultimately responsible for the policies, activities and assets of the ¢harity- They rn￿t •Ace a year to review any developments wth regard to the charity, its grant giving activities, and to make any important decisions. When necessary, the Trustees seek advi￿ and support from the charity's professional advisers including investment managers, solicitors, and accountsnts. The adrT7inistration of the charity's activities, and the implemenlab'on of policie& is delegated lo Jenny Cannon MVO, tho ensures that grant applications are processed and presented to the Trustees as appropriate," she also administers payments and keeps the t￿okS and records of the charity. At Iheir meetings the Trustees review the investment performan￿ and the proposals for grants to be made and approve such grants as appropriate. Risk managemont The Trustees consider that, as trustees of a grant-makiNJ charitable trust ￿lch does not glve advan￿ funding commitm￿ts, their exposu￿ to operation21 risk is minim81. The only risks lo ￿1¢h the charity is exposed relate to its investments and its finances. The Trustees believe that by ensuring controls exist over key financial systems and by monitoring the perf0rrnan￿ of the investment managers. they have established effective systems to mitigate those risks. Page 5 Tho Charlotte Bonham-carter Charitable Trust Trustees, Report (continued) Statement ot Tmstees. Re8pon81bllltles The trustees are responsible for preparing the trustees, report and the financial sL*ements in accordan¢e with the United Kingdom Accounting Standards (United Kingdcrn Generally Afftpted Accounting Practice) and applicable law and regulations. The law applicable to charities 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 to.. select suitable accounting policie5 and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., state ￿ether applicable accounting stsndards have been follmd, subject to any material departures disclosed and explained in the financia statements., and prepare the financial statements ¢Jn the going con￿rn b￿S unless it is inappropriate to presume that the charity will continue in business. The trustee$ are responsible for keeping proper accounting record5 that disclose with ￿aSOnable accuracy at any b'me the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and ReFJOrtsl Regulations 2008, and Ihe provisionts of the contstilulion. The trustees ar8 also responsible for safeguarding the assets of the charity and hence for taking wsonable steps for the prevention and detection of fraud and other Ir￿g￿larItIes. The Injslees are responsible for the maintenance and integrity of the corrxirate and financial infomialion included on the charitable company's website. Legislation governirrfj the preparation and dissemin*ion of financial statements may differ from legislaticfi in otherjurisdictions. Dlsclogure of infomiation to auditor Each trustee has taken 5tep5 that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that infomiation. The trustees confimi that there is no relevant infomiation that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charlty on behalf by: Georgina Nayler MBE Chair and trustee David Bonham-carter Trustee Page 6 The Charlotte Bonham-carter Charitable Trust Independent Auditorfs Report to the Members of The Charfotte Bonham-carter Charitsble Trust Oplnlon We have audited the financia statements of The Charfotte Bonham£arter Charitable Trust (the 'charrtll for the year ended 5 April 2025, ￿lch comprise tre Statement of Financial Activities. Balance SheeL and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinicn the financial statements.. give a true and fair view of the state of the charity's affairs as at S April 2025 and of its incomirg resources and application of resources, includir¥J its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepl￿ Accounting P￿tice", and have been prepa￿d in aC￿rdance with the requirements of the Charities Act 2011. Bas13 for oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing IUKI {ISAs IUKI} and ap￿le¥ble law. Our resFX)nsitilities under those standards are further described in the auditor responsibilities for the audit of the financial statements se¢lion of our report. We are independent of the charity in accordantt wrth the ethical requirements that are releV￿t to our audit of the financial statements in the UK, including the FRC'$ Ethical Standard, and have fulfilled our other ethical responsibilities in accordan￿ wth these requirements. We believe that the audit evidence we have obtained is sufficient and approprfate to provlde a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work v* have perfomed, v* have nol identified any material uncertainties relating to events or conditions that, individually Or collectNely, may cast signifi¢ant doubt on the charity's ability to continue as a going concem for a period of at least kn￿1ve months from when the original financial statements were authorised for issue. Our responsibilities and the ￿spOnSi￿11t1es of the trustees wth respect to going concern are descrited in the relevant sections of this report. Other Inlornialion The trustees are responsible for the olher information. The other infomation comprises the infomation included in the annual ￿pOrt, other than the financial Statements and our auditor's report thereon. Our opinion on the financial statements does not ¢over the other infomation and, except to the extent otherwise explicitly stated in our report, ￿ do not express any f¢ym of assurance conclusion thereon. Pago 7 The Charlotte Bonham-carter Charitable Trust Independent Auditorfs Report to the Members of The Charlotte Bonham-carter Charitable Trust (continued In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so. consider ￿ether the other infomiation is materially inconsistent with the financBI statements or our kn￿edge obtained in the audit or otherwise appears to be materially misstated. If we identify such materia Ir￿nSiStenCles or apparent material misstatements, are required lo detemiine ￿ether there is a material misstatement in the financial statements or a material misstatement of the other information. Sf, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to rep)rt that f&t. We have nothing to reFQrt in this ward. Matters on whl¢h we aro roquired lo roport by •xcoption In the light of our knO￿edge and understanding of the charity and its environment obtained in the course of the audit. we have not Identifi￿ material misstatements in the Trustees, Report. We have nothing to report in respect of the followng matters there the Charities (Accounts and Report} Regulations 2008 requires us to report to you if, in our opinion.. equate accounting records have not been kept, or returns adequate for our audit have not teen received from branches not VISI￿ by us,. or the financial statements are not in agreement wth the accounting records and returns,- or certain disclosures of trustees remuneration specifi&J by law are not made., or we have not receiv&1 811 the Informatic￿ and explanations require for our audit. Responslbllltles of tru$tso$ As explained m(Ye fully in the Statement of Trust&s' Reswnsibilities (set out on page 61, the trustees are responsible for the preparation of the financid statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsiNe for assessing the charitls ability to continue a5 a going concem. disclosing, as applicable, matters related to going concem and using the going Goncern basis of accounting unless the Iruslees either intend to liquidate the charity or to ￿ase operations, or have nc realistic altemative but to do so. Audltor Responsibilities for the audit of the financlal sLitemonts Our objectives are to obtain reasonable assurance a￿ul whether the financial statements as a ￿ole are free from material misslatemen[ thether due to fraud or error, and to issue an auditor's retx)rt that includes our opnion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS {UKI wll always delect a material misslatemenl en il exists. Misstatements can arise from fraud or error and are Considered material rf, individually or in the aggregate, they could reasonably expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. The extent to thich our pr¢xedures are capable of detecting irregularilie& including fraud is detailed below. We identifi&J areas of laws and regulations that could reasonably t* expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion wth the tw$tees and other management and inspection of the charity's correspondence. We communicated Identifi￿ laws and regulations throughout our team, and remained alert to any indications of non-complian￿ throughout the audit. Page 8 The Charlotte Bonham-carter Charitable Trust Independent Auditorfs Report to the Members of The Charlotte Bonham4arter Charitabla Trust (contlnued) The charity is Subject to laws and regulations that govem the preparation of the financial statements. indudiThJ financi81 reporting legislation, and other company legislation. The charity is also subject to other laws and regulations there Ihe consequences of non-complian￿ could have a material impact on the amounts or disclosures within the financial ststemenls. including employmen( anti-bribery, anti-money laundering and certain aspects of charities legislation. (￿ng lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some matenal misstatements in the financial statements, even though ￿ have properly planned 2nd performed our audit in accordance wth auditing standards. In any audit, there remains a higher risk of non-deteclion of irregularities, as these may involve collusion, forgery, intenticnal omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-complian￿ and cannot be exwted to detect non<0mplian￿ vAth all laws and regulations. As part of an audit in accordance with ISAS IUKI, we exeTcise professional judgemenl and mainta'n professional scepticism throughout the audit. We also.. Idenb'fy and assess the risks of material misstatement of the financial statements, thether due to fraud or error, design and perfomi audit prccedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve ¢ollu$ion, forgery. intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control ￿leVant to the audit in order lo design audit procedures that are appropriate in the circumstances. bul not for the purpose of expressing an opinion on the effects'veness ot the internal contr￿. Evaluate the appropriateness of accounting policies used and the reasonableness of xcounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant d¢Jubl on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit eviden￿ obtained up lo the date Of our auditorfs Teport. However, future events or conditions may cause the company to cease t¢ continue as a going cOn￿rn. Evaluate the overall presentslion, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner tha achieves fair presentation. We communicate with those charged wlh govemance regarding, among other matters the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in intemal control that ￿￿ identrfy during our audit. A further description of our responsibilities is availat￿e on the Financial Reporting Council's ￿EbSIte at.. wv*w.fr¢.org.uklauditorsrespJnsibililies. This description forms part of our auditor's rep)rt. Page 9 The Charlotte Bonham4art•r Charitable Trust Independent Auditorfs Report to the Members of The Charlotte Bonham4arter Charitable Trust (continued) Use of our report This report is made solely to the charity trustees, as a body. in accordance wlh section 144 of the Chanties Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so Ihat we might state to the trustee9 those matters we are required to state to trustees in an avditots, report and for no other purpose. To the fullest extent pemiitted by law, ￿ do not a￿pt or assume responsibility to anyone other than the charity and its trustees as a trx)dy, for our audit work, for this report. or for the opinions we have formaj. Robyn Gifford-England (Senior Statutory Auditor) For and on behaff of We8tcotts {SW) LLP, Statutory Auditor Timterty South Street Axminster Devon EX13 SAD Date.. l E.l.il11s...... Westcotts ISWI LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 20C6. Page 10 The Charlotte Bonham-carter Charitsble Trust Statement of Financial Activities for the Year Ended 5 April 2025 Unrestricted funds Totsl 2025 Totsi 2024 Note Income and Endowment8 from: Investment income 194,460 194,460 195,388 Total income 194,460 194,460 195,368 Expendlture on: Raising funds Charitable activities 116,202) {174,329) (16,202) 1174,329) 114.995} 1151,863} 1166,858} 417,670 Total expenditure Gainsllosses on investment as5et8 {190,5311 168,707) 1190.531) 168.707) Net (expenditurellin¢ome 164,778) {64.7781 446,180 Net movement in funds 164.7781 {64,7781 446,180 Roconclllallon of funds Total funds brought fotward 6,638,960 6.574,182 6,638,960 6,192,780 6,638,960 Totsl funds carried fotward 6,574, 182 l of the charitys activities derive fnjm continuing operations during the above hvo periods. The funds breakdown for 2024 is sho￿￿ in note . The notes on pages 13 to 20 fm an integral part of these financial statements. Page11 The Charfotte Bonham4arter Charitable Trust (Registration number: 292839 Balance Sheet as at 5 April 2025 202S 2024 Note Fixed assets Investments 6,280,497 6,414,186 Current assets Debtors Cash at bank and in hand 10 11 6,294 302,442 240,883 240,883 116,109 308.736 CreditoTr: Amounts falllng due wtthln one year Net current assets 12 15.051 293.685 224,774 6.638.960 Net assets 6,574.182 Fund8 ofthe Charlty: Unrestri¢tsd in¢ome funds Unre5tricled funds 6,574,182 6,638,960 Total fund$ 6,574.182 6.638,9SO The financial statements on pages 11 to 20 were approved by the Iruslees. and authorised for i&8Lte on .1+1.. .1..25-. and signed on their behalf by: G￿rgIna Nayler MBE Chair and trustee David Bonham-carter Trust The note8 on pages 13 to 20 forn an integral part of these financia statements. Page 12 The Charlotte Bonham-carter Charitsble Trust Notes to the Financial Statements for the Year Ended 5 April 2025 1 Accountln9 pollcles Statsmont of compliance The financia statements have been prepared in accordance with the second edition of the Charities Statement of Reccxnmended practi￿ issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Ad 2011. Basis of preparation The Charlotte Bonham-carter Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial slatementsl have been prepared under the historica cost convention wth items reccgnised at cost or transaction valt* unless othervAse staled in the ielevant notels) to these accounts. Golng concern The trustees consider that the￿ are no material ur￿rtaintieS abjut the charity's abillty to continue as a going concern. In¢ome and endowments Investment Income Dividends are recognised once the divideThJ has been de¢lared and notification has been received ol the dividend due. Expgndituro All expenditure is recognised once there is a legal or constructive obligation lo that expenditure, it is probable settlement is required and the amount can be meaSu￿d reliably. All costs are allocated to the applicable expenditure heading that aggregate simil¥ costs lo th* category. Where costs cannot be directly attnbuled to particular headings they have teen allocated on a basis consistent wth the use of resources. Chaiitable activities Charitable exFenditure comprises those costs incurred by the charity in the delivery of its activities. Grantprovislons Provisions for grants are made ￿en the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Govemanco ¢0sts These include the costs attributable to the charity's Complian￿ MAth constitutional and statutory requirements, including audit, strategic management and iruslees meetings and reimbursed expenses. Page 13 The Charlotte Bonham-carter Charitable Trust Notes to the Financial Statsments for the Year Ended 5 April 2025 (continued) Taxatlon The charity is C￿sidered to pass the tests Set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefo￿ it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capila gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclu&vely to chantable purpose& Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balan￿ sheet date. Realised gains and losses on investments are calculated as the differen bemeen sales pr¢xeeds and their market value at the start of the year, or their subsequent cost. and are Charged or credited lo the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are redited or charged to the Slalement of Financial Activiti&8 based on the market value at the year end. Cash and ¢ash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn highly liquid investments that are readily convertlE￿e to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general fund$ that a￿ available for use at the trustees discretion in furtheran* of the objectives of the charity- Financial Instruments Investments Listed investments are a form of basic financial instrument and are inits'ally recognised at their transaction value and subsequently Measu￿ at their fair value as at the balance sheet date using the ¢losiro quoted market p￿￿. The charity does not acquire put options, derivatives or other complex financial inslruments. As noted above, the main form of financial risk faced by the charity is that of volatility in the investment market due to wider economic conditions, the attitude of investors to investment risk. and changes in sentiment concerning equities and wthin particular sectors or sub sectors. Realised gains lor losses} on investment assets are calculated as the differerKe be￿￿n disposal proceeds and their opening Carrying value or their purchase value acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen￿ be￿￿n the fair value at the year end and their carying value at that date. Realised and unrealised investment gains lor losses) and are credited lor ￿e￿.ted) to the statement of financial activities in the year in which they arise. Page 14 The Charlotte Bonham