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2025-03-31-accounts

Charity registration number 293459 (England and Wales)

DOLLOND CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

DOLLOND CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Dollond
M Dollond
B Dollond
R Dollond
J Milston
Secretary B Dollond
Charity number 293459
Address 3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
Auditor FMCB
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
Bankers Barclays Bank plc
155 Bishopsgate
London
EC2M 3XA
Solicitors Smyth Barkham LLP
1 Mitre Court Buildings
Inner Temple
London
EC4Y 7BS
Investment advisors Canaccord Genuity Wealth Limited
88 Wood Street
London
EC2V 7QR
Credo Wealth Planning Limited
8-12 York Gate
London
NW1 5DX

DOLLOND CHARITABLE TRUST

CONTENTS

Page
Trustees report 1 - 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 17

DOLLOND CHARITABLE TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The Dollond Charitable Trust is a grant making institution, making grants primarily to registered charities only. The charity is broad based in its objects. It is an independent charity.

The charity continues to fulfil its objects through its grant making policy having regard to the Charity Commission guidance on public benefits and has continued its charitable giving in the current year. It is the intention of the trustees to continue a broad grant making programme in the coming year.

Grant making policy

Although the constitution of the charity is broadly based, the trustees have adopted a policy of principally assisting Jewish communities in the United Kingdom and Israel. The trustees aim to maximise the grants that it pays taking into account the return on its investments and likely infrastructure projects.

Public benefit

The trustees have complied with their duty to have due regard to guidance on public benefit published by the Charity Commission in exercising their powers or duties.

The trustees carefully select the institutions receiving grants and review their activities to ensure as far as possible that the public benefit requirement is being fulfilled.

Achievements and performance

The value of grants made to a number of institutions during the year totalled £2,018,000 (2024: £2,057,250). The number of grants made during the year totalled 183 (2024: 180). The charity will continue for the foreseeable future as far as practicable to ensure that selected institutions have the financial resources to meet their running costs.

Financial review

The attached Statement of Financial Activities sets out the activities of the charity during the year.

Total income for the year amounted to £1,591,356 (2024: £1,574,512) and was comprised of the amounts below.

Total resources expended for the year amounted to £2,263,471 (2024: £2,284,625) which included grants payable of £2,018,000 (2024: £2,057,250).

Net loss on investments for the year were £262,549 (2024 gain of £5,391,962) and other losses were £17,136

(2024: £96,563).

After taking into account total income, total resources expended, movement on investments and other losses the net decrease in funds for the year was £951,800 (2024: gain of £4,585,286).

DOLLOND CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Reserves

The trustees currently aim to maximise expenditure on grants but at the same time preserving the assets of the charity so that they can maintain the objectives of the charity.

The reserves policy is reviewed on a regular basis.

Reserves at 31 March 2025 amounted to £52,071,656 (2024: £53,023,456) and was comprised of an endowment fund which is expendable because the trustees have the power to convert the property of the fund into income.

At 31 March 2025 there was a deficit of £672,115 (2024: £890,113) on the unrestricted funds and a transfer was made from the endowment fund to clear this deficit. The unrestricted funds are expected to have an annual deficit and the trustees are of the opinion that currently the charity will have more than enough reserves to cover any shortfall for years to come.

Investment policy

There are no restrictions on the trustees’ powers to invest under clause 15 of the trust deed. Their policy is to seek the maximum total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. The trustees regularly review investment performance.

Close liaison is maintained between the charity’s investment advisors and its trustees to monitor the performance of the investments.

Investment performance against policy

In managing the charity’s investments the trustees have chosen to view the performance of their portfolio on a total return basis. They do not distinguish between investment income and capital growth but wish to maintain a good total return on invested funds. The charity’s fixed asset investments at 31 March 2025 were £51,529,239 (2024: £52,399,474). The year-end valuation includes unrealised gains of £6,997,166 (2024: £7,711,841).

Risk management

The trustees have examined the major risks to which the charity is exposed and these are set out below.

Future developments

The trustees will remain focused on the main objectives outlined in the grant making policy. In addition, the trustees are considering support for a number of infrastructure (building) projects. Research is in progress and discussions are on-going with the relevant institutions.

Structure, governance and management

The Dollond Charitable Trust is registered as a charity with the Charity Commission in England and Wales (registered number 293459). The governing document of the charity is the trust deed dated 19 December 1985 as amended by supplemental deeds. The charity was created by Arthur Leslie Dollond.

The trustees who served during the year were:

A Dollond M Dollond B Dollond R Dollond J Milston

Appointment of trustees

Under the governing document the charity shall have at least three trustees but no more than nine. New trustees are appointed by existing trustees.

DOLLOND CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Organisation

The trustees are required to meet annually and at other times as they think fit. Decisions are decided by a majority vote with the chairman having a casting vote.

Details of relevant organisations are listed under the legal and administrative information page.

Induction and training of trustees

Any new trustees will be chosen by the existing trustees for the skills and experience they can bring to the charity. Each trustee on appointment to the board is given a copy of the trust deed and a copy of the latest financial statements. Other training needs are assessed on an individual basis.

Statement of trustees responsibilities

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

The trustees report was approved by the Board of Trustees.

A Dollond

Trustee Dated: 25 January 2026

DOLLOND CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST

Opinion

We have audited the financial statements of Dollond Charitable Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

DOLLOND CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered information including the following:

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

In addition to the above procedures the engagement team remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

DOLLOND CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Suzanne Freeda BA FCA (Senior Statutory Auditor)

For and on behalf of FMCB, Statutory Auditor Chartered Accountants 3rd Floor Hathaway House Popes Drive Finchley London N3 1QF 27 January 2026

DOLLOND CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Endowment
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
2
-
-
Investments
4
1,590,940
-
Other income
3
416
-
Total income and
endowments
1,591,356
-
Expenditure on:
Raising funds
Investment
management
6
203,227
-
Charitable activities
5
2,060,244
-
Total expenditure
2,263,471
-
Net gains/(losses) on
investments
11
-
(262,549)
Net income/(expenditure)
(672,115)
(262,549)
Transfers between
funds
672,115
(672,115)
Other recognised
gains and losses:
Other losses
13
-
(17,136)
Net movement in
funds
8
-
(951,800)
Reconciliation of funds:
Fund balances at 1 April 2024
-
53,023,456
Fund balances at 31 March
2025
-
52,071,656		 Total
Unrestricted Endowment
funds
funds
2025
2024
2024
£
£
£
-
-
180,000
1,590,940
1,394,150
-
416
362
-
1,591,356
1,394,512
180,000
203,227
192,007
-
2,060,244
2,092,618
-
2,263,471
2,284,625
-
(262,549)
-
5,391,962
(934,664)
(890,113)
5,571,962
-
890,113
(890,113)
(17,136)
-
(96,563)
(951,800)
-
4,585,286
53,023,456
-
48,438,170
52,071,656
-
53,023,456		 Total
2024
£
180,000
1,394,150
362
1,574,512
192,007
2,092,618
2,284,625
5,391,962
4,681,849
-
(96,563)
4,585,286
48,438,170
53,023,456

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DOLLOND CHARITABLE TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Expendable endowment
19
Income funds
Unrestricted funds		 2025
£
£
51,529,239
430,228
191,696
621,924
(79,507)
542,417
52,071,656
52,071,656
-
52,071,656		 2024
£
£
52,399,474
444,614
259,884
704,498
(80,516)
623,982
53,023,456
53,023,456
-
53,023,456		 2024
£
£
52,399,474
444,614
259,884
704,498
(80,516)
623,982
53,023,456
53,023,456
-
53,023,456
53,023,456
53,023,456
-
53,023,456

The financial statements were approved by the Trustees on 25 January 2026

A Dollond Trustee

DOLLOND CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 17 (2,249,552) (2,116,618)
Investing activities
Purchase of investments (15,407,440) (16,850,618)
Proceeds from disposal of investments 16,015,000 16,447,670
Investment income received 1,590,940 1,394,150
Net cash generated from investing activities 2,198,500 991,202
Net cash generated from financing activities - -
Net decrease in cash and cash equivalents (51,052) (1,125,416)
Cash and cash equivalents at beginning of year 259,884 1,481,863
Effect of foreign exchange rates (17,136) (96,563)
Cash and cash equivalents at end of year 191,696 259,884

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Dollond Charitable Trust is registered as a charity with the Charity Commission in England and Wales. The principal office address is 3rd Floor, Hathaway House, Popes Drive, Finchley, London, N3 1QF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds

Endowment funds

1.4 Incoming resources

Investment income is accounted for on an accruals basis and is unrestricted income.

1.5 Resources expended

Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio.

Grants payable are charged in the year when an unconditional offer is communicated to the beneficiary or when any conditions attached to the grant are fulfilled.

Support and governance costs comprise the costs of complying with legal and constitutional requirements. They include the preparation of financial statements, appropriate legal costs, and the cost of audit and meetings of trustees.

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.6 Fixed asset investments

Fixed asset investments are a form of basic financial instrument. They are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year. Unquoted investments in which the company has a 100% interest in the issued share capital are stated at cost.

1.7 Cash and cash equivalents

Cash at bank and in hand comprises cash at bank and cash balances held with the charity's investment advisors.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial instruments, which include debtors and bank balances, are measured at transaction price and subsequently carried at cost less impairment losses for bad and doubtful debts as they are receivable within one year.

Basic financial liabilities

Basic financial liabilities which include creditors are initially recognised at transaction price and are not amortised as they are payable within one year.

1.9 Group accounts

These financial statements present information on the charity as an individual entity. Group accounts have not been prepared, as the results of the subsidiary are not considered to have a material effect on the results of the charity.

2 Income from donations and legacies

Endowment Endowment
funds funds
2025 2024
£ £
Donations and legacies - 180,000
3 Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 416 362

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Investment income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Dividend- equities 665,678 524,739
Fixed interest- securities 910,450 835,717
Interest receivable 14,812 33,694
1,590,940 1,394,150
Charitable activities
2025 2024
£ £
Grant funding of activities (see note 7) 2,018,000 2,057,250
Share of support costs (see note 10) 23,044 16,168
Share of governance costs (see note 10) 19,200 19,200
2,060,244 2,092,618
Costs of raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment management 203,227 192,007
203,227 192,007

5 Charitable activities

6 Costs of raising funds

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Grants payable

Grants to institutions (183 grants):
Education and training
Religious education
Medical, health and sickness
Disability
Relief of poverty
Religious Activities		 Grants
funded
activity
2025
£
409,500
579,500
302,500
139,000
301,500
286,000
2,018,000		 Grants
funded
activity
2024
£
450,250
523,500
453,500
207,500
277,500
145,000
2,057,250

Grants payable are in accordance with the objectives and activities of the charity. A full list of grants is available upon request.

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements 6,000 6,000
- for other financial services 24,000 24,000

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year or in the previous year.

No expenses were directly paid by the charity in either this year or the previous year on behalf of the trustees.

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Support costs

Legal and professional
Bookkeeping
Bank charges
Audit fees
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
12,220
-
10,800
-
24
-
-
6,000
-
13,200
23,044
19,200
23,044
19,200		 2025Support costs Governance
costs
£
£
£
12,220
5,050
-
10,800
10,800
-
24
318
-
6,000
-
6,000
13,200
-
13,200
42,244
16,168
19,200
42,244
16,168
19,200		 2024
£
5,050
10,800
318
6,000
13,200
35,368
35,368

11 Gains and losses on investments

Endowment Endowment
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (714,675) 5,257,478
Sale of investments 452,126 134,484
(262,549) 5,391,962

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Other gains or losses

Other gains or losses
Endowment Endowment
funds funds
general general
2025 2024
£ £
Foreign exchange losses 17,136 96,563

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14 Fixed asset investments

Listed Unlisted Total
investments investments
£ £ £
Cost or valuation
At 1 April 2024 52,399,374 100 52,399,474
Additions 15,407,440 - 15,407,440
Valuation changes (262,675) - (262,675)
Disposals (16,015,000) - (16,015,000)
At 31 March 2025 51,529,139 100 51,529,239
Carrying amount
At 31 March 2025 51,529,139 100 51,529,239
At 31 March 2024 52,399,374 100 52,399,474
2025 2024
Investments at fair value comprise: £ £
Equity 13,036,274 14,013,337
Fixed income 15,092,273 15,908,819
Pooled investments - equities 12,508,544 15,677,710
Pooled investments - fixed income 9,451,896 5,251,968
Other investments 1,440,252 1,547,540
51,529,239 52,399,374
2025 2024
£ £
Historic costs at the year-end 44,531,973 44,629,790
15 Debtors
2025 2024
Amounts falling due within one year: £ £
Income tax recoverable - 3,733
Other debtors 111,373 152,585
Prepayments and accrued income 318,855 288,296
430,228 444,614

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Creditors: amounts falling due within one year

16
Creditors: amounts falling due within one year
Accruals and deferred income
17
Cash absorbed by operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 2025
£
79,507
2025
£
(934,664)
(1,590,940)
(452,126)
714,675
14,512
(1,009)
(2,249,552)		 2024
£
80,516
2024
£
4,681,849
(1,394,150)
(134,484)
(5,257,478)
(13,917)
1,562
(2,116,618)

18 Analysis of net assets between funds

Endowment
funds
2025
£
At 31 March 2025:
Investments 51,529,239
Current assets/(liabilities) 542,417
52,071,656
Endowment
funds
2024
£
At 31 March 2024:
Investments 52,399,474
Current assets/(liabilities) 623,982
53,023,456

DOLLOND CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Endowment funds

The endowment funds are not permanent and are expendable. The trustees have the power to convert the property comprising the endowment funds into income. Income arising from the endowment funds is included in incoming resources as part of the unrestricted funds. Capital gains and losses on the property comprising the endowment funds form part of those funds.

Expendable
endowments
Previous year:
Expendable
endowments		 At 1 April
2024
£
53,023,456
At 1 April
2023
£
48,438,170		 Incoming
resources
£
-
Incoming
resources
£
180,000		 Resources
expended
£
-
Resources
expended
£
-		 Transfers
£
(672,115)
Transfers
£
(1,160,593)		 Gains and
losses
At 31 March
2025
£
£
(279,685)
52,071,656
Gains and
losses
At 31 March
2024
£
£
5,295,399
52,752,976

20 Related party transactions

Transactions with related parties

During the year the charity received a donation of £Nil (2024: £180,000) from Brisden Properties Limited.

21 Subsidiaries

Details of the charity's subsidiary at 31 March 2025 is as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Brisden Properties Limited United Kingdom Property investments and Ordinary 100.00
trading

The aggregate capital and reserves and the result for the year of subsidiary excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Brisden Properties Limited (2,540) 97,897