## **THE EBM CHARITABLE TRUST**
**FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025 CHARITY NO: 326186**
## **THE EBM CHARITABLE TRUST**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
## **Contents**
||**Page**|
|---|---|
|Reference and Administration details|1|
|Report of the Trustees|2 - 6|
|Report of the Independent Auditor|7 - 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flow|12|
|Notes forming part of the Financial Statements|13 - 19|
**THE EBM CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATION DETAILS**
________________________________________________________________________________
|**Trustees**|Richard Moore|
|---|---|
||Michael Macfadyen|
||Stephen Hogg|
||Francis Moore|
||Lucy Forsyth|
|**Principal Office**|Moore Family Office Limited|
||42 Berkeley Square|
||London|
||W1J 5AW|
|**Accountants**|Moore Family Office Limited|
||42 Berkeley Square|
||London|
||W1J 5AW|
|**Independent Auditor**|R E Jones & Co|
||132 Burnt Ash Road|
||Lee|
||London|
||SE12 8PU|
|**Investment Managers**|W1M (formerly Waverton Investment Management Limited)|
||16 Babmaes Street|
||London SW1Y 6AH|
||Canaccord Genuity Wealth Management|
||88 Wood Street|
||London|
||EC2V 7QR|
|**Bankers**|NatWest Bank plc|
||78 Finsbury Pavement|
||London|
||EC2A 1JA|
|**Solicitors**|Charles Russell LLP|
||5 Fleet Place|
||London|
||EC4M 7RD|
- 1 -
**THE EBM CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
The Trustees present their report along with the financial statements of the Charity for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 13 and 14 and comply with the Charity’s Trust Deed, the Charities Act 2011 (s4) and 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 2015.
## **Structure, Governance and Management**
EBM Charitable Trust is an unincorporated registered Charity, established by Eric Blechynden Moller under a governing Deed of Trust dated 29 July 1982. Michael Macfadyen and Richard Moore are both original Trustees of the Charity. Stephen Hogg was appointed as a Trustee on 10 December 2002, Francis Moore was appointed on 6 December 2011 and Lucy Forsyth was appointed on 5 August 2014. Under the terms of the Deeds the Trustees have discretion to pay or apply the Trust Fund or the income thereof to such purposes or objects which are from time to time recognised as exclusively charitable according to the laws of England and Wales.
Trustees serve an indefinite term based on their relative experience and contribution to the Charity as a whole. The Trustees keep the skill requirements of the Trustee body under review and in the event that a Trustee retires or additional new Trustees are required, the existing Trustees collectively discuss the change. There is no formal induction or training of new Trustees. However, appointment is by nomination and the Trustees review the skills of each nominated person to select members with the relevant experience and skills. On the agreement of all existing Trustees, a new Trustee may be recruited. The background to the Charity is provided to the prospective new Trustee before appointment and further information is then shared at the regular Trustees’ meetings throughout the year. This information includes a brief history of the Charity, a copy of the previous year’s financial statements, a copy of the previous Trustees’ Minutes, and a copy of the governing Trust Deed.
The Trustees are kept up to date on new issues through their own professional expertise and under advice from the Secretary and the other professional advisors to the Charity. At the Trustees’ meetings throughout the year (currently Spring and Autumn) the Trustees agree the broad strategy and areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to the consideration of the Trustees is delegated to the Secretary to the Trustees.
All Trustees give of their time freely and no Trustees remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 11 to the accounts. Trustees are required to disclose all relevant interests and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises.
## **Risk management**
The Trustees have considered the major risks to which the Charity is exposed and have reviewed them and established systems and procedures to manage those risks. The major risks identified by the Trustees are the volatility of investment returns on the managed portfolios and the proper use of the grants made by the Charity each year.
- 2 -
**THE EBM CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
## **Objects, Objectives and Principal Activities for the public Benefit**
The main objectives of the Charity are to distribute the annual Income Fund. The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
The aims of the Charity are:
- To support a wide variety of beneficiaries including charities involved in animal welfare and research, relief of poverty and youth development.
- To maintain resources at a reasonable level in order to continue to provide general charitable assistance in the foreseeable future.
In accordance with his Will and Memorandum of Wishes, the former Trustee Cyril Fitzgerald (Fitz) left the remainder of his estate to the EBM Charitable Trust. The present Trustees are grateful for such a generous gift and agreed to respect the wishes to hold the monies as a separate fund (Fitz’ Fund) and to support, at their absolute discretion, such charities which operate for the benefit of small domestic animals.
The Charity carries out its aims and objectives by:
- Providing funding to recognised charitable institutions.
- Providing donations to other registered charitable organisations which provide research, support and care for the benefit of the public as a whole.
## **Grant making policy**
The Charity has established its grant making policy to achieve its objectives for the benefit of the public in general.
The Trustees review their grant making policy on an ongoing basis with three mains factors in mind:
1. To monitor the level of the administrative costs of the Charity in the making of donations.
2. To effectively increase the amount of distributable income.
3. To be able to increase the amount of support to those causes for which the Trustees assess the Charity’s donations provide a significant social reward.
Unsolicited applications are not requested as the Trustees prefer to support donations to charities whose work they have researched and which is in accordance with the wishes of the Settlor. The Trustees do not tend to support research projects as research is not a core priority but there are exceptions. The Trustees’ funds are fully committed. The Trustees receive a very high number of grant applications which are mostly unsuccessful.
The Trustees request regular reports from the charities to provide details of how the grants have been allocated and spent. The Trustees visit the major projects to which they donate. Grants are only continued where the applicant provides sufficient relevant information to the Trustees and satisfies the Trustees that continuation of funding is in the interests of the Charity and the public as a whole.
- 3 -
**THE EBM CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
## **Achievements and Performance**
The Trustees try to predict the level of income that they expect to receive each year so that they can plan the level of grants for each financial year. The total income of the Trust was £79,445 higher than last year. The Trustees set the Investment Managers cash targets rather than yield targets. These cash targets equate to the sum the Trustees intend to spend annually on worthy causes, in this way the Trustees feel they have greater control over the commitments which they make.
## **Financial Review (including reserves policy)**
The Charity is reliant on the income from its investments. The Charity’s income during the year ended 30 June 2025 included dividends and interest amounting to £1,907,786 (year ended 30 June 2024: £1,828,341) of which £1,874,115 belonged to the Main Fund and £33,671 to Fitz’ Fund.
The Trustees allocated £1,877,243 (year ended 30 June 2024: £2,054,117) towards costs of grant making from the unrestricted funds as follows:
|Donations to General Charitable Causes
Governance Costs|Income
Fund
1,712,583
164,660
1,877,243
|Capital
Fund
-
-
-
|Total
1,712,583
164,660
1,877,243
|
|---|---|---|---|
|||||
The Trustees report an income surplus of £29,934 on the Main Fund for the year ended 30 June 2025 (year ended 30 June 2024: deficit of £212,345) and an income surplus of £4,554 on Fitz’ Fund (year ended 30 June 2024: surplus of £2,728) before brought forward balances.
The Trustees have a balanced investment policy and aim to maintain free reserves in unrestricted funds at a level which is sufficient to wholly distribute the income of the Trust Fund for the year whilst retaining capital for the maintenance and growth of the Fund.
## **Investment Policy and Performance**
The Charitable Trust Deed confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Charity’s funds comprise listed securities (investment portfolios held with W1M and Canaccord Genuity Wealth Management).
Trust monies requiring investment under the Trust may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust Fund beneficially.
W1M have arranged, with the approval of the Trustees, the appointment of RBC Dexia Investor Services to hold investments as portfolio custodians on behalf of the Charity. Canaccord Genuity Wealth Management has arranged, with the approval of the Trustees, the appointment of Canaccord Genuity Wealth Limited to hold the investments as portfolio custodians on behalf of the Charity.
- 4 -
**THE EBM CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
## **Investment Policy and Performance (continued)**
The Trustees’ policy is to invest the funds available in a secure market, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. With this in mind, the Trustees have retained W1M and Canaccord Genuity Wealth Management to guide and act for them on a professional basis. The Trustees monitor the performance of the investments in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investment managers on a rotational basis at the Trustees’ meetings throughout the financial year.
Investments are shown at fair value rather than book cost in accordance with the Statement of Recommended Practice: Accounting by Charities. In the year to 30 June 2025, the Charity made a net realised gain on disposal of listed investments of £1,883,329 (year ended 30 June 2024: £2,431,305) and an unrealised gain on listed investments of £197,437 (year ended 30 June 2024 a gain: £5,160,783), of which a gain of £201,136 related to the Main Fund and a loss of £3,699 to Fitz’ Fund.
The Trustees confirm that the Charity’s assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Charity have been acquired in accordance with the powers, available to them under the Trust Deed.
## **Reserves Policy**
The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources are required.
## **Plans for the future**
The Trustees will continue to aim to fully distribute the income of the Main Fund each year and any income surplus brought forward whilst maintaining the capital of the Fund.
EBM Charitable Trust is a lasting testimony to the generosity and philanthropic concerns of the Settlor, Eric Blechynden Moller. The Trustees will continue to direct the Charity’s funds to general charitable causes which they think fit as laid out in the governing Trust Document. Similarly Fitz’ Fund is a lasting testimony to Cyril Fitzgerald and the Trustees will, at their discretion, seek to direct the funds in accordance with his wishes.
## **Trustees’ responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the annual report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- 5 -
**THE EBM CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025**
________________________________________________________________________________
## **Investment Policy and Performance (continued)**
- state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which 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 Charity (Accounts and Reports) Regulations and 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, and signed on their behalf on 17 April 2026 by:
Richard Moore
- 6 -
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST**
________________________________________________________________________________
## **Opinion**
We have audited the financial statements of the EBM Charitable Trust (the 'charity') for the year ended 30 June 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes, 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 FRS 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:
- give a true and fair view of the state of the charity's affairs as at 30 June 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
- 7 -
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST**
________________________________________________________________________________
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
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:
- sufficient accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement, 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
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:
## **Capability of the audit in detecting irregularities, including fraud**
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the charity and industry, and through discussion with the trustees and other managers (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act, Charities SORP (FRS 102), taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alter to any indications of non-compliance throughout the
- 8 -
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST**
________________________________________________________________________________
audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Discussions with Trustee’s and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions that may indicate risks of material misstatements due to fraud; and
- Identifying and testing journal entries, in particular any manual entries made ate year-end for financial statement preparation.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Prior year corresponding figures**
The corresponding figures have not been audited, but as part of our audit procedures, these figures have been found to be reasonable.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Jones FCA, FCCA (Auditor) For and on behalf of R E Jones & Co Chartered Accountants and Statutory Auditor 132 Burnt Ash Road London SE12 8PU
Date: 22 April 2026
- 9 -
## **THE EBM CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025**
____________________________________________________________________________________________________________________________
|**Notes**
**Income and endowments from**
Investments
2
**Total**
**Expenditure on**
Investment Management fees
Charitable activities
5
**Total**
**Net income/(expenditure) before**
**gains/(losses)**
Net gains on investments
6
Net gains on currency
**Net income**
Total funds at 1 July 2024
Total funds at 30 June 2025|**.**
**Income**
**£**
1,878,060
1,878,060
-
1,848,126
1,848,126
29,934
-
-
29,934
42,646
72,580
|**Main Fund**|**.**
**Total**
**£**
1,874,115
1,874,115
325,481
1,848,126
2,173,607
(299,492)
2,046,876
1,052
1,748,436
67,242,016
68,990,452
|**.**
**Income**
**£**
33,671
33,671
-
29,117
29,117
4,554
-
-
4,554
22,191
26,745
|**Fitz’ Fund**|**.**
**Total**
**£**
33,671
33,671
6,424
29,117
35,541
(1,870)
33,890
-
32,020
1,057,912
1,089,932
|**.**|**2025**
**Total. **
**£**
1,907,786
1,907,786
331,905
1,877,243
2,209,148
(301,362)
2,080,766
1,052
1,780,456
68,299,928
70,080,384
|**2024**
**. Main.**
**£**
1,796,872
1,796,872
309,136
2,025,184
2,334,320
(537,448)
7,512,245
1,704
6,976,501
60,265,515
67,242,016
|**2024**
**. Fitz’.**
**£**
31,469
31,469
6,135
28,933
35,068
(3,599)
79,843
-
76,244
981,668
1,057,912
|
|---|---|---|---|---|---|---|---|---|---|---|
|||**Capital**
**£**
(3,945)
(3,945)
325,481
-
325,481
(329,426)
2,046,876
1,052
1,718,502
67,199,370
68,917,872
|||**Capital**
**£**
-
-
6,424
-
6,424
(6,424)
33,890
-
27,466
1,035,721
1,063,187
||||||
All funds are unrestricted and relate to continuing activities.
The notes on pages 13 to 19 form part of these financial statements.
- 10 -
## **THE EBM CHARITABLE TRUST**
## **BALANCE SHEET AS AT 30 JUNE 2025**
________________________________________________________________________________
|**Notes**
**Fixed Assets**
Investments
6
**Current Assets**
Cash at bank and in hand
7
Debtors
9
**Liabilities**
Creditors: amounts falling due within
one year
8
Net current assets
**Total net assets**
**Represented by the Funds of the Charity:**
Main Fund
page 10
Fitz’ Fund
page 10|**2025**
**£**
**£**
69,966,705
364,320
639
364,959
(251,280)
113,679
70,080,384
68,990,452
1,089,932
70,080,384|**2024**
**£**
**£**
68,138,339
554,359
-
554,359
(392,770)
161,589
68,299,928
67,242,016
1,057,912
68,299,928|
|---|---|---|
Approved by the Trustees, and signed on their behalf on 17 April 2026 by:
Richard Moore
The notes on pages 13 to 19 form part of these financial statements.
- 11 -
## **THE EBM CHARITABLE TRUST**
## **STATEMENT OF CASH FLOW**
________________________________________________________________________________
||**Notes**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|**Net cash used in operating**||||
|**activities**|10|(2,355,222)
|(2,453,568)
|
|**Cash flow from investing activities:**||||
|Interest received||57,244|51,642|
|Dividends and interest from investments||1,854,487|1,792,858|
|Foreign exchange gain/(loss)||1,052|1,704|
|Payments to acquire investments||(11,509,675)|(14,375,599)|
|Receipts from the disposal of investments||13,153,459
|13,364,882
|
|**Net cash provided by investing activities:**||3,556,567
|835,487
|
|Change in cash in the year||1,201,345|(1,618,081)|
|Cash brought forward||1,437,032
|3,055,113
|
|**Cash carried forward**||2,638,377|1,437,032|
|**Represented by:**||||
|Cash at bank||364,320|554,359|
|Cash at broker||2,274,057
|882,673
|
|||2,638,377|1,437,032|
The notes on pages 13 to 19 form part of these financial statements.
- 12 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
## **1. PRINCPAL ACCOUNTING POLICIES**
## **(a) Accounting convention**
The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
## **(b) Donations, legacies and similar income**
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
## **(c) Investment income**
Investment income is accounted for in the period in which the charity is entitled to receipt.
## **(d) Resources expended**
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.
## **(e) Charitable activities**
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made 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) Governance costs**
Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.
## **(g) Fixed asset investments**
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
## **(h) Realised gains and losses**
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 purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.
- 13 -
**THE EBM CHARITABLE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
## **1. PRINCIPAL ACCOUNTING POLICIES (CONT’D)**
## **(i) Taxation**
The charity is exempt from tax on its charitable activities.
## **(j) Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **(k) Fund structure**
The Foundation has two unrestricted funds which are the Capital and Income Funds. The Capital Fund is to provide future income for the Income Fund and distribution by the Trustees at their discretion to further the purpose of the charity. It is the Trustees intention to distribute the Income Fund annually. The Trustees have power to make transfers between the Capital and Income Funds.
## **2. INVESTMENT INCOME**
## **3.**
|**Main Fund**
Income from listed securities
Interest received
Accrued interest
**Fitz’ Fund**
Income from listed securities
Interest received
Accrued interest
**GOVERNANCE**
Audit fees
Accountancy fees
Grant and general management
Other
VAT
Total Governance costs (note 5)
|**2025**
**£**
1,825,815
52,245
(3,945)
1,874,115
28,672
4,999
-
33,671
**2025**
**£**
2,500
39,000
89,450
6,267
27,443
164,660
|**2024**
**£**
1,761,761
51,078
(15,967)
1,796,872
31,097
564
(192)
31,469
**2024**
**£**
2,400
37,500
85,050
6,176
26,220
157,346|
|---|---|---|
The Trust had no paid employees in the year, however time was donated on a voluntary basis. The Trustees did not receive remuneration or reimbursement of expenses during the year. The Trustees have not purchased indemnity insurance.
- 14 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
|**4.**
**GRANTS PAID OR PAYABLE**
AFK (Action for Kids)
Amy Winehouse Foundation
Animal Care Trust
Asthma and Lung UK
Barts Charity
Battersea
Berkshire, Buckinghamshire and Oxfordshire Wildlife Trust
Beyond Autism
Big C Cancer Charity
Bloomsbury Football Foundation
Bowel Cancer UK
British Exploring Society
Calvert Trust Kielder
Cambridge Children’s Hospital
Cambridge University Veterinary School Trust
Camp Mohawk
Cardinal Hume Centre
Chicken Shed Theatre Company
Children’s Air Ambulance
City Year UK
Clockwork Foundation
Community Links
Creative Youth
Cricketers’ Trust
Diabetes UK
Dogs for Good
Dogs Trust
Duke of Edinburgh Award Scheme
Ellen MacArthur Cancer Trust
Flourishing Families Leeds
Fulham Reach Boat Club
Future Frontiers
Great Marlow School Boat Club
Great Ormond Street Hospital Children’s Charity
Greenhouse Sports
Guy’s Cancer Charity
Hampshire Medical Fund
HEROS
Islington Boat Club
Leonard Cheshire
London Academy of Music & Dramatic Art
London’s Air Ambulance Charity
Look Good Feel Better
Lumos
Macmillan Cancer Support
Manchester Foundation Trust Charity
Marie Curie
Marine Society & Sea Cadets
Marlborough College Foundation
Mary Hare School
balance carried forward|**2025**
**£**
30,000
50,000
20,000
12,000
25,000
30,000
5,000
10,000
10,000
15,000
20,000
20,000
15,000
-
80,000
-
25,000
10,000
12,500
20,000
30,000
40,000
8,000
10,000
15,000
10,000
10,000
50,000
40,000
75,000
40,000
20,000
-
-
30,000
-
20,000
-
-
10,000
20,000
-
5,000
10,000
10,000
15,000
25,000
20,000
25,000
20,000
967,500|**2024**
**£**
30,000
-
47,000
-
31,111
55,000
-
-
-
15,000
-
-
-
20,000
79,360
-
25,000
15,000
12,500
-
-
40,000
-
-
-
10,000
10,000
51,400
30,000
60,000
30,000
20,000
50,000
25,000
30,000
50,000
-
10,000
20,000
-
20,000
20,000
5,000
10,000
10,000
15,000
25,500
-
25,000
-
896,871|
|---|---|---|
- 15 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
|**4.**
**GRANTS PAID OR PAYABLE (CONTINUED)**
balance brought forward
MCC Foundation
Mission to Seafarers
Moorfield Eye Charity
MyVision Oxfordshire
National Horseracing Museum
National Star College
National Theatre
Natural History Museum
Noah’s Ark Children’s Hospice
Orchid
Ovacome
PDSA
*
Prior’s Court Foundation
Prostate Cancer UK
Queen Elizabeth Foundation for Disabled People
Racing Welfare
Rainbow Trust Children’s Charity
Redthread Youth
Roald Dahl’s Marvellous Children’s Charity
Royal Ballet School
Royal College of Music
Royal Hospital Chelsea Appeal
Royal Hospital for Neuro-Disability
Royal Marsden Cancer Charity
Second Chance
Shipwrights Charitable Fund
Sick Children’s Trust
Soundabout
Spinal Injuries Association
St John’s Ambulance
Teach First
Teenage Cancer Trust
The King’s Trust
The Relationship Project
The Salvation Army
Time to Talk West Berkshire
Unicorn School
University of Liverpool Equine Hospital
Versus Arthritis
Wavertree Education Trust
Woodland Centre Trust (Camp Mohawk)
Young Lives v Cancer (previously CLIC Sargent)
Total donations (note 5)
|**2025**
**£**
967,500
14,000
10,000
-
15,000
30,000
15,000
40,000
10,000
5,000
10,000
20,000
25,000
25,000
-
10,000
18,000
25,000
-
45,000
-
30,000
-
-
22,500
20,000
40,000
35,000
-
10,000
20,000
-
20,000
75,000
-
33,083
15,500
27,000
10,000
20,000
25,000
-
25,000
1,712,583
|**2024**
**£**
896,871
14,000
10,000
-
15,000
30,000
-
40,000
10,000
5,000
6,000
-
25,000
-
15,000
10,000
-
24,000
20,000
45,000
20,000
27,500
239,400
35,000
-
-
40,000
30,000
20,000
10,000
20,000
25,000
20,000
75,000
40,000
64,000
-
-
-
-
25,000
15,000
25,000
1,896,771|
|---|---|---|
£25,000 of the Donations marked * were funded by Fitz’ Fund during the year (2024: £25,000).
- 16 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
## **5. COSTS OF GRANT MAKING**
|Donations (note 4):
Main Fund
Fitz Fund
Governance Costs (note 3):
|**2025**
**Income**
**Fund**
**£**
1,687,583
25,000
1,712,583
164,660
1,877,243|**2025**
**Capital**
**Fund**
**£**
-
-
-
-
-|**2025**
**Total**
**£**
1,687,583
25,000
1,712,583
164,660
1,877,243
|**2024**
**Total**
**£**
1,871,771
25,000
1,896,771
157,346
2,054,117|
|---|---|---|---|---|
## **6. INVESTMENTS**
The portfolios are structured to provide a wide range of diversification to protect the Trust’s assets, and to produce a balance of income and capital growth in accordance with benchmarks agreed with each investment advisor.
|**2025**
**2024**
**£**
**£**
**£**
**General Fund**
Market value at 1 July 2024
66,207,331
Acquisition cost
11,148,870
14,036,916
Proceeds from disposals (12,795,201)
(13,046,215)
(1,646,331)
Realised gains
1,845,740
2,429,547
Unrealised gains/(losses)
201,136
5,082,698
2,046,876
Market value at 30 June 2025
66,607,876
Cash held within the investment portfolio
2,272,889
Total value of portfolio at 30 June 2025
68,880,765
Historical cost at 30 June 2025
55,947,574|
**£**
57,704,385
990,701
7,512,245
66,207,331
875,945
67,083,276
55,744,402|
|---|---|
- 17 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
## **6. INVESTMENTS (CONT’D)**
|**2025**
**£**
**£**
**Fitz’ Fund**
Market value at 1 July 2024
1,048,335
Acquisition cost
360,805
Proceeds from disposals
(358,258)
2,547
Realised gains
37,589
Unrealised (losses)/gains
(3,699)
33,890
Market value at 30 June 2025
1,084,772
Cash held within the investment portfolio
1,168
Total value of portfolio at 30 June 2025
1,085,940
Historical cost at 30 June 2025
1,000,269|**2024**
**£**
338,683
(318,667)
1,758
78,085
|
**£**
948,476
20,016
79,843
1,048,335
6,728
1,055,063
960,132|
|---|---|---|
There are no investments that represent more than 5% of the portfolio’s total market value.
## **7. CASH AT BANK AND IN HAND**
## **8.**
|**2025**
**£**
NatWest Bank Plc
364,320
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2025**
**£**
Donations payable
123,083
Investment Management fees
84,424
Accountancy fees
12,355
Consultancy fees
28,418
Auditors’ fees
3,000
251,280
|**2024**
**£**
554,359
**2024**
**£**
264,400
80,845
11,981
30,144
5,400
392,770|
|---|---|
- 18 -
**THE EBM CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025**
_________________________________________________________________________________________
|**9.**|**DEBTOR**||||
|---|---|---|---|---|
||||**2025**|**2024**|
||||**£**|**£**|
||Dividends receivable||639|-
|
|||
|639|-
|
|**10.**|**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH**|||**FLOW FROM**|
||**OPERATING ACTIVITIES**||||
||||**2025**|**2024**|
||||**£**|**£**|
||Net income/(expenditure) for the year||(301,362)|(541,047)|
||Deduct interest||(57,244)|(51,642)|
||Deduct investment income|(1,854,487)||(1,792,858)|
||Increase/(Decrease) in creditors||(141,490)|(71,803)|
||(Increase)/Decrease in debtors||(639)|3,782
|
|||
(2,355,222)
||(2,453,568)
|
## **11. RELATED PARTIES**
- a) None of the Trustees have been paid any remuneration or received any other benefits from the Charity.
- b) There were no travel expenses reimbursed or paid to the Trustees during the year (year ended 30 June 2024: None).
No charges have been made to the charity during the year ended 30 June 2025 for the work carried out as trustees by Richard Moore or Francis Moore who are directors of Moore Family Office Limited. Moore Family Office charged professional fees of £128,450 plus VAT during the year to 30 June 2025.
- 19 -