C A Redfern Charitable Foundation Report and Financial Statements for the year ended 5 April 2025
C A Redfern Charitable Foundation
Reference and administrative information
| Charity registration number: | 299918 |
|---|---|
| Correspondence address: | PricewaterhouseCoopersLLP |
| 3 Forbury Place | |
| 23 Forbury Road | |
| Reading | |
| Berkshire | |
| RG1 3JH | |
| Trustees: | David Simon Redfern, Chair of Trustees |
| William Maclaren | |
| Julian Spenser Heslop | |
| Bankers: | National Westminster Bank plc |
| Unit L11 | |
| The Oracle | |
| Reading | |
| Berkshire | |
| RG1 2AG | |
| Accountants: | PricewaterhouseCoopers LLP |
| 3 Forbury Place | |
| 23 Forbury Road | |
| Reading | |
| Berkshire | |
| RG1 3JH | |
| Investment advisors: | Rathbone Investment Management |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ | |
| Independent examiners: | Heather Wheelhouse ACA |
| BDO LLP | |
| Level 12 | |
| Thames Tower | |
| Station Road | |
| Reading | |
| RG1 1LX |
1
C A Redfern Charitable Foundation
Trustees' report for the year ended 5 April 2025
The trustees of The C A Redfern Charitable Foundation (the 'Trust') present their report together with the financial statements for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard 102, issued in January 2019.
Structure, governance and management
The Trust is an unincorporated trust, constituted under a trust deed dated 17 May 1988 and is a registered charity, number 299918. The Trust was established by an initial gift from Mr C A Redfern. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the settlor through careful stewardship of its existing resources.
The trustees meet at regular intervals to discuss investment strategy, the making of grants and the running of the Trust generally including the appointment of new trustees when considered necessary. The trustees who served during the year and since the year end are set out on page 1.
Trustees
The Trustees' believe that they can operate effectively with the current number and make up of trustees. Trustees are only replaced when they no longer want to/are able to act for the charity at which point the lead Trustee seeks to identify a suitable replacement from his professional contacts. The lead Trustee appoints trustees when appropriate based on their suitable experience and qualifications.
The trustees review regularly whether they are suitably qualified and still able to effectively manage the Charity.
Risk management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the Trust’s portfolio of securities to constitute the Trust’s major risk and meet their investment managers at regular intervals to review investment performance and cash flow management.
Objectives and activities
The Trust is a grant making charity and the capital and income of the Trust shall be applied for such charitable purposes for the public benefit as the trustees in their absolute discretion shall decide. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The trustees meet regularly to discuss the making of grants but do not invite unsolicited grant applications. The beneficiaries of the Trust are other registered charities, the trustees do not accept unsolicited request for donations, they identify suitable UK charities and research these charities individual objectives to ensure any donations that are decided on will be for the public benefit.
2
C A Redfern Charitable Foundation
Trustees' report for the year ended 5 April 2025
Achievements and performance
During the year the Trust made grants of £200,000 (2024: £205,000) to various registered charitable organisations. A list of the grants made is shown in note 3.
Financial review
The principal source of income is the portfolio of stocks and shares which had a market value of £7,479,799 as at 5 April 2025 (2024: £7,830,723). During the year there were capital additions to the Trust Fund with a value totalling £185,175 (2024: £1,578,486) (see Note 8) however given the nature of the Trust's assets it is anticipated that grants will continue at a similar level in the future.
Investment policy and performance
The Trust's portfolio of securities is managed on a discretionary basis by Rathbone Investment Management. The trustees' investment policy is to maintain an average risk profile seeking investment opportunities which give the best total return. The investment manager is not required to adhere to any other investment restrictions.
Reserves policy
The trustees are aware of the requirement of the Charity Commissioners to review their policy on reserves at regular intervals and it is current policy to distribute an amount at least equal to all incoming resources less investment management and governance costs. At 5 April 2025 the Trustees have an expendable endowment of £7,739,955 (2024: £7,880,909).
At present the Trustees do not believe that they need to maintain any specific reserves. The charity does not own any properties or have any employees and as such there will be no unforeseen expenditure that would necessitate reserves being held. The trustees budget to distribute all the income that is generated from the Charity’s investment portfolio on an annual basis and the discretionary donations that the charity makes are only decided on once the level of income is known. No future spending commitments are made in advance of knowing the available income of the Charity.
The Charity held cash of £462,686 (including the capital cash balance shown in note 6) at 5 April 2025 (2024: £72,484) and have readily realisable assets which can be drawn on as needed.
Going concern
The Trustees consider the Charity to be a going concern on the basis that the investment portfolio is fully diversified and realisable which together with available cash is more than sufficient to meet the limited annual expenditure that is incurred running the charity. The Trustees confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Charity’s ability to continue in operational existence for the next 12 months.
Plans for the future
The trustees plan to continue with the current investment and grant making policies.
3
C A Redfern Charitable Foundation
Trustees' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any
-
material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the Trust deed. 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.
Approved by the trustees on ………………………. and signed on their behalf by: 9 October 2025
.................................. David Simon Redfern - Chairman of trustees
4
C A Redfern Charitable Foundation
Independent Examiner’s Report to the Trustees of C A Redfern Charitable Foundation
I report to the trustees on my examination of the accounts of the C A Redfern Charitable Foundation for the year ended 5 April 2025 which are set out on pages 6 to 14.
This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made.
Responsibilities and basis for report
As the trustees of the charity 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
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:
-
accounting records were not kept in respect of the trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements concerning the form and content of the 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Heather Wheelhouse ACA BDO LLP Level 12 Thames Tower Station Road Reading RG1 1LX
Date 17 October 2025
5
C A Redfern Charitable Foundation
Statement of Financial Activities (incorporating an income and expenditure account) for the year ended 5 April 2025
| Notes Unrestricted Funds £ Income - Investment income 2 208,878 - Additions to Trust capital 8 - Total income 208,878 Expenditure Cost of raising funds: - Investment management costs - Expenditure on Charitable activities: - Grant funded activity 3 (200,000) - Governance costs 5 (25,175) Cost of grant making (225,175) Total expenditure (225,175) - Net losses on investments 6 - Net expenditure 9 (16,297) Transfer between funds 16,297 - Net realised (losses) on currency deposit - Net movement in funds - Total funds brought forward - Total funds carried forward - |
Expendable Endowment Funds £ - 185,175 185,175 (31,636) - - - (31,636) (277,781) (124,242) (16,297) (415) (140,954) 7,880,909 7,739,955 |
2025 Total Funds £ 208,878 185,175 |
|---|---|---|
| 394,053 | ||
| (31,636) | ||
| (200,000) (25,175) |
||
| (225,175) | ||
| (256,811) | ||
| (277,781) | ||
| (140,539) - (415) |
||
| (140,954) | ||
| 7,880,909 | ||
| 7,739,955 | ||
6
C A Redfern Charitable Foundation
Statement of Financial Activities (incorporating an income and expenditure account) for the year ended 5 April 2024
| Notes Income - Investment income 2 - Additions to Trust capital 8 Total income Expenditure Cost of raising funds: - Investment management costs Expenditure on Charitable activities: - Grant funded activity 3 - Governance costs 5 Cost of grant making Total expenditure - Net gains on investments 6 Net (expenditure)/income Transfer between funds 9 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 161,278 - 161,278 - (205,000) (20,490) (225,490) (225,490) - (64,212) 64,212 - - - |
Endowment Funds £ - 1,578,486 1,578,486 (24,904) - - - (24,904) 613,344 2,166,926 (64,212) 2,102,714 5,778,195 7,880,909 |
Total Funds £ 161,278 1,578,486 |
|---|---|---|---|
| 1,739,764 | |||
| (24,904) | |||
| (205,000) (20,490) |
|||
| (225,490) | |||
| (250,394) | |||
| 613,344 | |||
| 2,102,714 - |
|||
| 2,102,714 | |||
| 5,778,195 | |||
| 7,880,909 |
7
C A Redfern Charitable Foundation
Balance Sheet as at 5 April 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets: | |||
| Investments | 6 | 7,922,190 | 7,887,299 |
| Total fixed assets | 7,922,190 | 7,887,299 | |
| Current assets: | |||
| Cash at brokers: | |||
| Rathbone Investment Management | |||
| - Income account | 9,882 | 5,495 | |
| Cash at bank and in hand: | |||
| National Westminster Bank plc | |||
| - Current account | 10,413 | 10,413 | |
| Total current assets | 20,295 | 15,908 | |
| Liabilities: | |||
| Creditors falling due within one year | 7 | (202,530) | (22,298) |
| Net current liabilities | (182,235) | (6,390) | |
| Total Net assets | 7,739,955 | 7,880,909 | |
| The funds of the charity: | |||
| Unrestricted funds | - | - | |
| Expendable endowment | 7,739,955 | 7,880,909 | |
| Total funds | 7,739,955 | 7,880,909 |
Approved by the trustees on …………………………… and signed on their behalf by: 9 October 2025
..................................... ....................................... } D S Redfern J S Heslop } } Trustees } }
..................................... W Maclaren
8
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with the 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, effective 1 January 2019) - (Charities SORP (FRS102)).
The financial statements have been prepared to give a “true and fair view” and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the 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 (FRS102) issued on 1 January 2019 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and investments which are initially recognised at transaction value and subsequently measured at their settlement value.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees confirm that at the time of approving the financial statements in October 2025 that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future. In arriving at this conclusion the trustees have taken into account their cash balances at 18 August 2025 of £272,840 and the readily realisable nature of the investment assets that they hold, including in addition to cash at 18 August 2025 liquid assets valued at £1,192,040. The capital cash balances are sufficient to cover the net liability as at 5 April 2025.
As a grant making charity with few ongoing commitments, the trustees consider that they can sustain a comparable level of activity for at least the next two years . For these reasons the trustees continue to adopt the going concern basis in preparing the financial statements
The financial statements are presented in £ sterling and rounded to the nearest £1.
(b) Accounting estimates and judgments
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the periods of the revision and future periods if the revision affects both current and future periods.
The trustee considers that there was no judgement or material estimation uncertainties affecting the reported financial performance in the current or prior year.
9
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
(c) Funds structure
Unrestricted funds are utilised to further the charity purposes.
The expendable endowment fund generates income to be utilised to further the charitable purpose. The trustees have the power to convert funds held in the expendable endowment into income.
(d) Income recognition
All income is recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
(e) Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust.
(f) Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
(g) Costs of raising funds
Costs of raising funds consist of investment management fees.
(h) Charitable activities
Costs of charitable activities consist of grants made as shown in note 4.
(i) Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs all relate to expenditure on charitable activities and include costs relating to the independent examination and preparation of the financial statements.
(j) Fixed asset investments
Investments are accounted for at market value as at the balance sheet date which is considered to be equivalent to their fair value. The investments held are all traded in quoted public markets and the investments are all held in basic financial instruments.
The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year.
10
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
(k) 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 opening market value (purchase cost if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase cost if later). Realised and unrealised gains/losses are not separated in the Statement of Financial Activities.
2. Investment income
| Dividends – UK equities Dividends - Overseas equities Interest – Fixed interest securities Interest on cash deposits |
2025 £ 122,433 28,582 51,601 6,262 208,878 |
2024 £ 99,200 22,467 35,847 3,764 |
|---|---|---|
| 161,278 |
| 3. Analysis of Grants |
2025 | 2024 |
|---|---|---|
| £ | £ | |
| Anthony Nolan | - | 5,000 |
| Aspire | 4,000 | 4,000 |
| Borne | - | 2,000 |
| Brace | 1,000 | 1,000 |
| British Dyslexia Association | - | 2,500 |
| British Heart Foundation | 1,000 | 1,000 |
| British Limbless Ex. Servicemen’s Association | 4,000 | 4,000 |
| Bromley Homeless | - | 2,000 |
| Canine Partners for Independence | 5,000 | 5,000 |
| Campaign for Protection of Rural England (Somerset) | 1,000 | 1,000 |
| Cardiac Risk in the Young | 5,000 | 5,000 |
| Chase (Africa) | 1,000 | 1,000 |
| Create | 5,000 | 5,000 |
| Crisis | - | 4,000 |
| Croydon Health Charity | 5,000 | 5,000 |
| Croydon Youth Information and Counselling Services | - | 2,000 |
| Cure Parkinson’s Trust | 1,000 | 1,000 |
| Dorset & Somerset Air Ambulance Charity | 5,000 | 3,000 |
| Emmaus | 2,000 | 2,000 |
| Epilepsy Research UK | 3,000 | 3,000 |
| Friends of the Upper Wye | - | 2,000 |
| Go Beyond | 5,000 | 5,000 |
11
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
| London Air Ambulance London Youth Maggie’s (Leeds) Meath Epilepsy Trust MCC Foundation Myeloma UK Nightwatch Parkinson’s UK – Nurses Physcap Prospect Hospice Redthread Youth Limited Rewilding Britain River Action UK Saints & Sinners Sam Beare Hospice South Bucks Riding for the Disabled South East Cancer Help Centre St Christopher’s Hospice St Gemma’s Hospice St Michael’s Fellowship St Mungo’s The Auditory Verbal UK The Beaver Trust The Croydon Dyslexia Association The De Paul Trust The Holburne Museum Bath The Oracle Cancer Trust The Passage The Royal Star & Garter Home The Zone Turtle Key Arts Vauxhall City Farm Vitalise West Dorset Wilding White Ensign Woodland Trust Youth Sport International Zoo Nation, The Kate Prince Company Total |
5,000 2,000 4,000 2,000 5,000 1,000 2,500 5,000 2,000 1,000 - 5,000 5,000 10,000 1,000 35,000 3,000 3,500 5,000 1,000 1,000 4,000 5,000 3,000 2,000 - 2,000 3,000 1,000 4,000 2,000 3,000 - 5,000 10,000 1,000 3,000 5,000 200,000 |
3,000 2,000 4,000 2,000 5,000 1,000 - - - 1,000 5,000 5,000 5,000 10,000 1,000 30,000 - - 5,000 1,000 1,000 5,000 5,000 2,500 2,000 5,000 2,000 3,000 1,000 4,000 1,000 3,000 1,000 5,000 10,000 1,000 3,000 5,000 |
|---|---|---|
| 205,000 |
Total
12
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
4. Analysis of staff costs
No staff were employed by the Trust during the year (2024:nil).
Trustees received no emoluments (2024: £nil). Expenses in the year totalled £953, (2024: £978) with one trustee reimbursed for trustees’ meeting costs.
5. Analysis of governance costs
| Accountancy and Independent Examination fees Trustees’ expenses |
2025 £ 24,222 953 25,175 |
2024 £ 19,512 978 |
|---|---|---|
| 20,490 |
The accountancy fees include the Independent Examination fee of £7,122 (2024: £3,852).
6. Fixed Asset Investments
Movement in fixed asset investments
| Market value brought forward Add: Additions to investments at cost Gift of capital (note 8) Less: Disposals at market value Realised and unrealised (losses)/gains on investment assets Market value as at 5 April 2025 Cash held on capital accounts at brokers: Sterling account Total market value as at 5 April 2025 Historical cost of investments as at 5 April 2025 |
2025 £ 7,830,723 1,220,258 185,175 (1,478,576) (277,781) 7,479,799 442,391 7,922,190 5,615,952 |
2024 £ 5,761,141 1,505,288 1,578,486 (1,627,536) 613,344 |
||
|---|---|---|---|---|
| 7,830,723 | ||||
| 56,576 | ||||
| 7,887,299 6,164,940 |
||||
13
C A Redfern Charitable Foundation
Notes to the financial statements for the year ended 5 April 2025
Investments at market value comprised:
| UK Equities Fixed interest securities (UK and overseas) Overseas securities |
2025 £ 2,513,576 1,896,009 3,070,214 7,479,799 |
2024 £ 3,295,185 1,477,070 3,058,468 |
|---|---|---|
| 7,830,723 |
| The following investments constituted more than 5% of the market value of the | The following investments constituted more than 5% of the market value of the | portfolio as at | |
|---|---|---|---|
| 5 April 2025: | |||
| £ | |||
| Findlay Park FP American Fund (GBR) | 1,403,852 | ||
| Haleon Plc (GBP 1p ord) | 480,909 | ||
| Treasury Stock 2031 | 643,890 | ||
| 7. | Creditors: Amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accrual for professional fees | 4,920 | 3,720 | |
| Rathbone Investment Management | 7,610 | 7,578 | |
| Outstanding donations | 190,000 | 11,000 | |
| 202,530 | 22,298 |
8. Related party transactions
A donation of £35,000 (2024: £30,000) was made during the year to South Bucks Riding for the Disabled, a charity of which Mrs D J Redfern, mother of Mr D S Redfern, is a trustee.
Mr D S Redfern, Chairman of the Trustees, is currently employed by GlaxoSmithKline as their Chief Strategy Officer, a company in which the Foundation has an investment holding.The market value of this holding is £213,192 (2024: £245,077).
During the year the Foundation received additions to the capital of the Trust in the form of listed investments transferred from Mrs D J Redfern of £185,175 (2024: £1,578,486, £1,393,486 from Mr D S Redfern and £185,000 from Mrs D J Redfern).
9. Transfer between funds
A transfer of £16,297 (2024: £124,242) was made from the Endowment Funds to the Unrestricted Funds to cover the net expenditure incurrent in the year.
14