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2025-04-05-accounts

BENNETT KLEINWORT CHARITABLE TRUST

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

BENNETT KLEINWORT CHARITABLE TRUST

CONTENTS

Page
Trustee's Report 1 - 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 - 9
Investment Schedule 10 - 13

BENNETT KLEINWORT CHARITABLE TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Legal and Administrative Information

Constitution

The Bennett Kleinwort Charitable Trust is a registered charity governed by a Settlement Deed dated 1 May 1987 Charity Number: 297260

Registered Office/Address for Appeals The Administrator The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF

Bankers Union Bancaire Privee (UK) Limited One Bank Street, Canary Wharf, London E14 4SG

Independent Examiners Couch Bright King & Co 2 Tolherst Court, Turkey Mill Business Park, Ashford Road, Maidstone, Kent ME14 5SF

Trustee JTC Trust and Fiduciary Services (UK) Limited The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF

The legal name of the trustee changed from SG Kleinwort Hambros Trust Company (UK) Limited to Kleinwort Hambros Trust Company (UK) Limited on 31 March 2025.

On 25 November 2025 the legal name and registered address of the corporate trustee changed from Kleinwort Hambros Trust Company (UK) Limited of One Bank Street, Canary Wharf, London E14 4SG to JTC Trust and Fiduciary Service (UK) Limited of The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF.

Remuneration of £7,260.00 including VAT was paid to JTC Trust and Fiduciary Services (UK) Limited for its services as Corporate Trustee.

Objects of the Charity

The objects of the Charity are to pay or apply the capital or income of the Trust Fund for one or more of the following charitable objects:-

i) The construction or adaptation from an existing building, and maintenance of a hospice for the accommodation, care and treatment of terminally ill persons.

ii) The provision of attendance, care and treatment of terminally ill persons at such persons' homes. iii) The promotion and encouragement of education for the public benefit.

iv) The support, endowment, foundation, establishment or promotion of any other charity or charities, or exclusively charitable objects as the Trustee may in its absolute discretion decide.

Grant making policy

Donations are decided periodically by the Trustee and unsolicited appeals are considered as well as causes which have already been supported. Only successful applicants are notified of the Trustee's decision. The Trustee did not make any charitable donations during the year under review.

Organisation

The Charity is managed by the Trustee. No fundraising is undertaken to support the work of the Charity.

BENNETT KLEINWORT CHARITABLE TRUST

TRUSTEE'S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Financial review and investment policy

The Financial Statements cover all the activities of the Charity during the year. Gross income totalled £27,670.89 (£24,853.87 in 2024).

Related parties

The Charity does not have a relationship with any other charity or organisations.

Review of the activities and future developments

During the year, the Trustee did not make any donations.

The Trustee is satisfied with the financial position of the Charity and confirm that it has adequate assets available to fulfil its obligations.

By a Deed of Appointment dated 18 August 2016 the Trustees of the Sir Frederick Bennett Will Trust appointed the trust fund to the Trustee of the Bennett Kleinwort Charitable Settlement.

Charity's public benefit

The Trustee has ensured that all activities throughout the period have been for the public benefit.

Reserves policy and risk management

It is the Trustee's intention to reserve a small balance of income to enable them to respond quickly to appeals requiring more significant support where appropriate, the timing of which is unpredictable.

The Trustee has considered what risks the charity faces and believes these to be fraud or poor investment performance. Adequate systems are in place to mitigate fraud and investment performance is regularly monitored.

Trustee's responsibilities in relation to the financial statements

The charity Trustee is responsible for preparing a Trustee's annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity Trustee to prepare financial statements for each 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 the financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Digitally signed by: Mike Digitally signed

Considine by: Lisa TUCKER

Date: 2026.05.18 15:13: Date: 2026.05.18

14 Z 16:25:02 Z

Date 15th May 2025

JTC Trust and Fiduciary Services (UK) Limited

BENNETT KLEINWORT CHARITABLE TRUST

INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the Trustee of the Bennett Kleinwort Charitable Trust

I report to the Trustee on my examination of the accounts of the Bennett Kleinwort Charitable Trust for the year ended 5 April 2025 which are set out on pages 4 to 13.

Responsibilities and basis of report

As the charity Trustee 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 Trust's accounts carried out under section 145 of the 2011 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

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the Trust 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.

D R Cates BA, FCA Couch Bright King & Co Chartered Accountants

2 Tolherst Court, Turkey Mill Business Park

Ashford Road

Maidstone Kent ME14 5SF

Date

BENNETT KLEINWORT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Unrestricted Expendable Total Total
Note Fund Endowment 2025 2024
£ £ £ £
Income and Endowments
Investment Income 3 27,670.89 - 27,670.89 24,853.87
Total Income and Endowments 27,670.89 - 27,670.89 24,853.87
Expenditure
Cost of raising funds:
Union Bancaire Privee Investment Management Fees - 7,625.32 7,625.32 7,200.00
Expenditure on Charitable Activities:
Support Costs 8,580.00 - 8,580.00 2,700.00
Total Expenditure 8,580.00 7,625.32 16,205.32 9,900.00
Net Income Before Gains and Losses on 19,090.89 (7,625.32) 11,465.57 14,953.87
Investments
Gains/(Losses) on Investments 5
Realised - 4,260.86 4,260.86 1,743.31
Unrealised - (26,118.49) (26,118.49) 48,193.86
Book Cost Adjustment - (360.93) (360.93) -
- (22,218.56) (22,218.56) 49,937.17
Net Movement in Funds in the Year 19,090.89 (29,843.88) (10,752.99) 64,891.04
Funds
At 5 April 2024 121,387.53 834,806.41 956,193.94 891,302.90
Net Movement in Funds in the Year 19,090.89 (29,843.88) (10,752.99) 64,891.04
At 5 April 2025 £140,478.42 £804,962.53 £945,440.95 £956,193.94

BENNETT KLEINWORT CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2025

Note 2025 2024
£ £
Fixed Assets
Investments 5 794,950.00 819,536.00
Current Assets
Cash at Bank 151,810.95 136,657.94
151,810.95 136,657.94
Current Liabilities
Creditors, amounts falling due within 6 1,320.00 -
one year
Net Current Assets 150,490.95 136,657.94
Assets less Current Liabilities £945,440.95 £956,193.94
Capital Fund
Expendable Endowment 7 804,962.53 834,806.41
Income Fund 8
Unrestricted Fund 140,478.42 121,387.53
£945,440.95 £956,193.94

The Financial Statements were approved by the Trustee on 15th May 2026 For and on behalf of the Trustee Digitally signed Digitally signed by: by: Lisa TUCKER Mike Considine Date: 2026.05.18 Date: 2026.05.18 16:24:42 Z 15:13:42 Z -----------------------------------------------------------------------JTC Trust and Fiduciary Services (UK) Limited

BENNETT KLEINWORT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting Policies

These financial statements have been prepared in accordance with the particular accounting policies described below.

Basis of Preparation and Assessment of Going Concern

The financial statements have been prepared under the historical cost convention except for investments, which have been included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 2019) issued in October 2019 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. The Trustee considers that there are no material uncertainties about the charity's ability to continue as a going concern.

The presentation currency of these financial statements is Pounds Sterling.

The figures have not been rounded.

Basis of Accounting

- Income recognition

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Income tax recoverable in relation to investment income is recognised at the time investment income is receivable.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment manager of the dividend yield of the investment portfolio.

BENNETT KLEINWORT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

- Expenditure recognition

Liabilities are recognised as expenditure 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.

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Fund Structure

Income funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital funds comprise expendable endowments, whereby there is no requirement to spend the capital unless, or until, the charity Trustee decide to do so. These funds are invested to produce unrestricted income which can be spent in accordance with the charitable objectives.

Investment income, gains and losses are allocated to the appropriate fund.

Investments

Listed investments are included in the financial statements at mid-market value at the balance sheet date. Unlisted investments are included in the balance sheet at their historical cost less any amounts written off. Investments include cash held for investment purposes.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

2 Information regarding Trustee's and Employees

Kleinwort Hambros Trust Company (UK) Limited received a remuneration at market rate for its services as Corporate Trustee. The charity had no employees.

3
Investment Income
Income from UK Listed Securities
Bank Interest		 2025
£
21,666.68
6,004.21
27,670.89		 2024
£
20,130.01
4,723.86
24,853.87

BENNETT KLEINWORT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

4
Support Costs
Governance Costs:
Kleinwort Hambros Trust Company (UK) Limited Fees
Independent Examiner's Fees
5
Investments listed on a recognised Stock Exchange
Market Value Brought Forward
Additions
Disposals
Realised Gain/(Loss)
Unrealised (Loss)/Gain
Market Value
Investments comprising greater than 5% of the Portfolio
Fidelity Index US Fund Inc
Fidelity Special Sit Fund
Invesco Funds SICAV GBP
Ishares Core FTSE 100
Multi Unit Amundi UK Bond
Multi Units LUX Lyxor
Pimco Global Investors
6
Creditors, amounts falling due within one year
Independent Examiner's Fees		 2025
£
7,260.00
1,320.00
8,580.00
2025
£
819,536.00
234,266.26
(236,994.63)
816,807.63
4,260.86
(26,118.49)
794,950.00
2025
%
9.93
6.11
5.06
9.78
6.40
5.11
7.36
2025
£
1,320.00
1,320.00		 2024
£
2,700.00
-		 2024
£
2,700.00
-
2,700.00
2024
£
759,357.00
230,250.42
(220,008.59)		 2,700.00
769,598.83
1,743.31
48,193.86
819,536.00
2024
%
9.69
-
-
8.53
5.77
-
6.68
2024
£
-
-
-

BENNETT KLEINWORT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

7 Expendable Endowment Movement
in Funds
Balance Gains and Balance
5 April 2024 Transfers 5 April 2025
834,806.41 (29,843.88) 804,962.53

Income is available for general purposes. The expendable endowment is represented mainly by investments listed on a recognised Stock Exchange.

8 Unrestricted Funds

The income funds of the charity will be allocated by the Trustee towards charities and charitable activities, as set out in the Trustee's Report attached to these financial statements. Unrestricted funds are represented by the net current assets of the charity.

9 Related party transactions and trustee's expenses and remuneration

The charity does not have a relationship with any other charity or organisations.

Remuneration of £7,260.00 (£2,700.00 in 2024) including VAT was paid to Kleinwort Hambros Trust Company (UK) Limited for its service as Corporate Trustee.

BENNETT KLEINWORT CHARITABLE TRUST

Schedule of Investments and Income

Year ended 5th April 2025

Holding Market Value
Additions
Disposals
06/04/2024
06/04/2024
Quantity
Cost
Quantity
Proceeds
£
£
£
MAIN FUND
Amundi Asset Management
Lyxor Core Uk Equity All Cap Dr Etf Dist
1,519.00000
16,825
135.80
Amundi Asset Management
Net Zero S&p 500 Pab Climate Etf(Gbp)
1,036.00000
28,034
38.48
966.00000
30,664.70
152.00000
4,435.15
Blackrock (Luxembourg) S.A.
Continental Eurp Flexible D4rf Inc Nav
881.00000
34,438
26.51
Ct Investment Funds (Uk) Icvc
Ct UK Equity Income Z GBP Dis
20,909.000
32,129
20,909.000
35,942.57
Fidelity Funds
UK Special Situations Y GBP Acc
977.00000
53,793.62
Fidelity Funds
Japan Value I Qincome(G) GBP Dis
14,825.91000
17,346
Fidelity Index USD Fund P
Distribution
22,902.00
81,217
Fidelity Institutional Funds Limited
Emerging Markets Class W Acc
9,863.00
17,497
166.35
4,675.00
8,400.98
4,500.00
7,740.00
Hermes Investment Fund
Emerging Asia Equity F Inc Nav
10,328.00
24,355
10.56
3,479.00
8,825.88
Invesco Funds
Sterling Bond T1 GBP Qdis
4,653.73500
41,688
Carried Forward
293,529
66,346.47
83,834.13		 Profit
(Loss)
£
4,489.01
3,813.57
132.47
618.31
9,053.36		 Unrealised
HoldingRestated Cost Market Value
profit
05/04/2025
05/04/2025
05/04/2025
£
£
£
343.20 1,519.00000
16,960.80
17,304
(363.94)
222.00000
6,331.94
5,968
(3,876.51)
881.00000
34,464.51
30,588
(4,376.62)
977.00000
53,793.62
49,417
(1,808.00) 14,825.91000
17,346.00
15,538
(863.00)
22,902.00
81,217.00
80,354
(1,313.84)
9,688.00
17,134.84
15,821
1,048.01
6,849.00
16,157.99
17,206
(726.00) 4,653.73500
41,688.00
40,962
(11,936.70)
285,094.70
273,158		 Gross
UK/Foreign
Income
Tax
£
£
773.78
38.48
209.38
680.00
272.80
904.56
166.35
591.95
1,881.04
5,518.34

BENNETT KLEINWORT CHARITABLE TRUST

Schedule of Investments and Income

Year ended 5th April 2025
Holding Market Value
Additions
Disposals
Profit
06/04/2024
06/04/2024
Quantity
Cost
Quantity
Proceeds
(Loss)
£
£
£
£
Brought Forward
293,529
66,346.47
83,834.13
9,053.36
Ishares
Ishares Ftse 250 Fund
1,704.00
31,446
Ishares
Markit Iboxx Stg Corporate Bond 1-5
160.00000
15,958
7.31
Ishares
S&p 500 GBP Hedged Ucits GBP
3,500.00000
16,328.90
3,699.00000
17,694.17
Ishares Ii Plc
Core Msci Europe Ucits Etf
903.00000
26,271.07
Ishares Plc
Core FTSE 100 Ucits
9,259.00
71,507
800.00
6,440.80
JO Hambro Capital Management
Continental European Inst Inc
3,953.000
25,295
3,953.000
22,504.59
(2,790.41)
Jo Hambro Capital Mgmt Umb Fd Plc
Johcm Continental European X GBP Acc
19,529.43300
22,504.59
Loomis Sayles
US Growth Equity GBP
69
18,607
69
15,813.76
(2,793.24)
Lyxor Investment Strategies Plc
Epsilon Global Trend I GBP Instl
91.00000
15,984
12.00000
1,999.44
Lyxor Newcits
Sandler US Equity Fund Class SI GBP
Carried Forward
472,326
157,592.75
122,152.48
3,469.71		 Unrealised
HoldingRestated Cost Market Value
profit
05/04/2025
05/04/2025
05/04/2025
£
£
£
(11,936.70)
285,094.70
273,158
(2,345.00)
1,704.00
31,446.00
29,101
148.69
160.00000
15,965.31
16,114
(2,173.07) 7,199.00000
34,023.07
31,850
(2,434.07)
903.00000
26,271.07
23,837
1,196.20
10,059.00
77,947.80
79,144
696.41 19,529.43300
22,504.59
23,201
(1,238.44)
103.00000
17,983.44
16,745
(18,085.98)
511,235.98
493,150		 Gross
UK/Foreign
Income
Tax
£
£
5,518.34
992.23
700.25
2,800.99
400.24
360.93
10,772.98

BENNETT KLEINWORT CHARITABLE TRUST

Schedule of Investments and Income

Year ended 5th April 2025
Holding Market Value
Additions
Disposals
Profit
06/04/2024
06/04/2024
Quantity
Cost
Quantity
Proceeds
(Loss)
£
£
£
£
Brought Forward
472,326
157,592.75
122,152.48
3,469.71
Lyxor Newcits Irl Plc
Tiedemann Arbitrage Strategy Si GBP
152.71770
16,788
124.62
M & G Securities Limited
Charifund Income
3,167.229
46,210
3,167.229
47,341.53
1,131.53
Moorea Fund
Real Assets Rg-D GBP Dis
313.00000
22,068
33.00000
2,411.57
Multi Units Luxembourg
Lyxor Ftse Actri UK Gilts 05y Dr GBP
2,861.00000
48,358
156.21
120.00000
2,080.80
Multi Units Luxembourg
Lyxor Ftse Actuaries UK Gilts Dr Ucits
385.00
39,655
179.79
21.00
2,218.86
Ngam Sa
Loomis Sayles US Grwt Eq S A GBP
48.89300
15,813.76
18.00000
6,805.80
Pictet Asset Management (Europe) Sa
Environmental Megatrend Sel I Dy Gbp Nav
102.00000
33,817
102.00000
31,346.64
(2,470.36)
Pimco Funds Global Investors Series
Global Inv Grade Cred Hdgd Instl Inc Nav
4,915.00
55,982
190.00
2,249.60
Robeco Luxembourg
Robeco US Premium Equities Ie GBP
48.00000
25,773
33.00000
17,203.23
Royal London Unit Trust Managers
UK Equity Income Z Inc 26,293.80500
34,024
26,293.80500
36,153.98
2,129.98
Carried Forward
795,001
206,836.99
236,994.63
4,260.86		 Unrealised
HoldingRestated Cost Market Value
profit
05/04/2025
05/04/2025
05/04/2025
£
£
£
(18,085.98)
511,235.98
493,150
1.38
152.71770
16,912.62
16,914
(2,332.57)
346.00000
24,479.57
22,147
1,176.99 2,981.00000
50,595.01
51,772
(708.65)
406.00
42,053.65
41,345
1,888.44
66.89300
22,619.56
24,508
1,292.40
5,105.00
58,231.60
59,524
(2,947.23)
81.00000
42,976.23
40,029
(19,715.22)
769,104.22
749,389		 Gross
UK/Foreign
Income
Tax
£
£
10,772.98
124.62
2,866.34
1,438.69
1,139.94
1,259.75
2,647.51
148.80
1,128.36
21,526.99

BENNETT KLEINWORT CHARITABLE TRUST

Schedule of Investments and Income

Year ended 5th April 2025
Holding Market Value
Additions
Disposals
Profit
06/04/2024
06/04/2024
Quantity
Cost
Quantity
Proceeds
(Loss)
£
£
£
£
Brought Forward
795,001
206,836.99
236,994.63
4,260.86
Societe General
Moorea Defined Return Fund RG D
234.00
24,535
38.84
Ssga Spdr Etfs Europe I Plc
Spdr S&p US Midcap 400 Etf Eur
332.00000
27,390.43
TOTAL: MAIN FUND
819,536
234,266.26
236,994.63
4,260.86		 Unrealised
HoldingRestated Cost Market Value
profit
05/04/2025
05/04/2025
05/04/2025
£
£
£
(19,715.22)
769,104.22
749,389
(102.84)
234.00
24,573.84
24,471
(6,300.43)
332.00000
27,390.43
21,090
(26,118.49)
821,068.49
794,950		 Gross
UK/Foreign
Income
Tax
£
£
21,526.99
139.69
21,666.68