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2025-12-31-accounts

The Summerfield Charitable Trust

Annual Report and Accounts

31 December 2025

Charity Registration Number 802493

Contents

Reports

Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 10
Accounts
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 17
Notes to the accounts 19

The Summerfield Charitable Trust

Reference and administrative information

Trustees Mr D Owen (Chair)
Mrs V Arbuthnott
Mrs K Hicks Beach
Mr R Mortlock
Mrs A Shield
Principal office P O Box 287
Cirencester
Gloucestershire
GL7 9FB
Telephone 01285 721211
Charity registration number 802493
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Investment managers Sarasin & Partners LLP
Juxon House
100 St. Paul's Churchyard
London
EC4M 8BU
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors HCR
Ellenborough House
Wellington St
Cheltenham
GL50 1YD

The Summerfield Charitable Trust 1

Trustees’ report 31 December 2025

The trustees present their statutory report together with the accounts of The Summerfield Charitable Trust for the year ended 31 December 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 17 to 18 of the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of 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 United Kingdom and Republic of Ireland (FRS 102).

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The Summerfield Charitable Trust is a charitable trust governed by a trust deed dated 1 March 1989 which was approved by the Charity Commission. The charity is registered under the Charities Act 2011, Charity Registration Number 802493. Following the death of the settlor, the statutory power of appointment of new trustees by the continuing trustees now applies.

The names of the trustees who served during the year are set out as part of the reference and administrative information on page 1 of these annual report and accounts. Brief biographical details of continuing trustees are given below:

Mr David Owen is a Gloucestershire native with a deep and enduring commitment to the county and its communities. After studying Business and Economics at university in Liverpool, he spent a decade in the North West working across the education sector and leading a highgrowth training business, developing a strong belief in the power of skills, opportunity and enterprise to transform lives.

For the past twenty-five years, David has dedicated his career to supporting inclusive economic growth and long-term prosperity in Gloucestershire. His roles have included Director of Enterprise and Innovation at the University of Gloucestershire and Chief Executive of GFirst Local Enterprise Partnership. He currently serves as Director of Economy and Environment at Gloucestershire County Council, where he is focused on sustainable growth, place-based leadership and delivering positive outcomes for residents, businesses and future generations.

David brings to the Board a strong commitment to collaboration, stewardship and public service, alongside extensive experience of partnership working across the public, private and third sectors. He lives in Cheltenham with his wife, Laura, and their dog, Mo, and is a proud father of four daughters living and working around the world.

Mrs Vanessa Arbuthnott is from Cumbria, having gained a degree in nursing and SRN she became an intensive care nurse. Having married she retrained with a PGCE to become a primary school teacher in London. After having children, she attended art school to study surface print, which led to her starting her own fabric mail order company in 2000. In 2012 she created an artist residency in her house; she and her students take art classes out to vulnerable groups in the community. This work has given her an insight into needs in Gloucestershire.

The Summerfield Charitable Trust 2

Trustees’ report 31 December 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT ( continued)

Governance (continued)

Mrs Kate Hicks Beach lives near Cirencester. She went to Northleach Grammar School and gained a degree in Sanskrit and Religion at Edinburgh University, before going to the Royal Scottish Academy of Music to study singing. For twenty-five years she has worked as a professional singer, teacher and choir leader. Kate was on the board of the Gloucestershire Historic Churches Trust and was a Trustee of Home-Start Cotswolds. She works for the Gloucestershire based charity Mindsong, as Director of Volunteer-led Services, and runs a programme of singing groups, recruiting, training and supporting volunteers to sing regularly with care home residents living with mid to late-stage dementia. She runs a 70 strong community choir in Coln St. Aldwyns.

Mr Roger Mortlock joined Summerfield’s board of Trustees in May 2019. Roger is CEO of the Campaign to Protect Rural England (CPRE), campaigning for a thriving and beautiful countryside or everyone. He joined CPRE in May 2023 after over 15 years in leadership roles for environmental charities, most recently 10 years as CEO of Gloucestershire Wildlife Trust, the county’s largest environmental charity. Prior to that he was Deputy Director at the Soil Association where he was also Chair of the Food for Life Partnership and the Soil Association Land Trust and worked in communications and policy roles with the Royal College of Nursing, the Royal Shakespeare Company and the NHS.

Mrs Antonia Shield joined The Summerfield Trust board of Trustees in November 2020. Antonia has recently retired as Managing Partner of BPE Solicitors in Cheltenham having previously spent 10 years heading up the firm’s large property team. Antonia has undertaken a wide range of commercial property work throughout her career including development and regeneration projects and is refocussing her day to day back to commercial property work in order to have more time to dedicate to her family. Antonia did her first degree in Architectural History, and she remains passionate about the built environment both historic and contemporary, enjoys art, antiques and gardening.

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by their co-trustees on the history of the trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans. The trustees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up-todate on any changes in legislation. The trustees have agreed a succession policy and trustee specification. The policy states that the period of tenure for new trustees would normally be five years, after which it can be renewed for a further five years.

Statement of t rustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts 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 trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

The Summerfield Charitable Trust 3

Trustees’ report 31 December 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT ( continued)

Statement of trustees’ responsibilities (continued)

The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s 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.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. Board meetings are held throughout the year to review developments with regard to the charity, its grant giving activities and to make any important decisions. In addition, they periodically conduct a wide-ranging strategic review. This considers all aspects of grantmaking and reviews the investment criteria and the asset allocation. When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors and accountants. Mrs Lavinia Sidgwick, the trust’s administrator, is responsible for the day-to- day management of the charity’s activities, and the implementation of policies with responsibility to collate the various grant requests and payments and to maintain the accounting records. She co-ordinates a team of internal advisers who periodically assess applications on behalf of the trust.

The Summerfield Charitable Trust has no employees. The key management personnel comprise the trustees only. Trustees do not receive remuneration for their role as trustees.

The Summerfield Charitable Trust 4

Trustees’ report 31 December 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT ( continued)

Structure and management reporting (continued)

T he trust’s investment managers are Sarasin & Partners LLP, whose brief is to advise, develop and manage an investment portfolio on a discretionary basis, with due regard to certain ethical criteria selected by the trustees. At their meetings the trustees review the performance of investments, and the investment managers attend one meeting a year to update the trustees in detail on the portfolio.

The trustees review the proposals for grants to be made and approve such grants as appropriate. They also review progress on major on-going grant programmes.

The trustees have taken advice from the charity’s solicitors on whether or not to incorporate the charity and based on the advice provided, have decided against incorporation at this stage as the risks and costs of incorporating outweigh the consequences of remaining unincorporated.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks affecting the trust. The trustees have identified five main areas where risks may exist:

Governance and management looks at the risk the trust might suffer from a lack of direction, the skills and training of the trustees and the good use of its funds.

Operational looks at the risk inherent in the t rust’s activities including supporting unsuitable appeals from charities, continuity of staff, lack of a disaster recovery policy, etc.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.

Reputational looks at possible damage to the t rust’s reputation, through association with unsuitable charities, or with inappropriate activities.

Laws, regulations, external and environmental looks at the effects of government policies, the consequences of non-compliance with laws and regulations and the effect of external matters on the t rust’s principal asset, its investment portfolio.

The Summerfield Charitable Trust 5

Trustees’ report 31 December 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT ( continued)

Risk management (continued)

The key risks facing the trust, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

Having assessed the major risks to which the charity is exposed, in particular those relating to its investments and its finances, the trustees believe that by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

Fundraising statement

The charity is solely funded from its investments and does not invite nor accept any external funds from the general public. Fundraising is not undertaken by anyone acting on the charity’s behalf, and no professional fundraiser or commercial participator carries out any fundraising activities. The trustees do not foresee any change to the charity’s approach to fundraising and consequently to do not presently subscribe to any fundraising standards or schemes.

OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES

Charitable objectives and activities

The objects of the trust are generally charitable. The main activity is grant making. Charities applying to the trust must either be based in the county of Gloucestershire or they must be engaged in a project that is of specific benefit to residents of the county. Please check the charity’s website for more details.

The trustees currently aim to receive an income of approximately £300,000 per annum on their investments, and they then aim to make grants in accordance with the guidelines set out in the grant making policy below.

The Summerfield Charitable Trust 6

Trustees’ report 31 December 2025

OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES (continued)

Public benefit

In setting the charitable objectives and planning future activities, the trustees have considered the Charity Commission’s guidance on public benefit. Significant activities undertaken in order to carry out the charity’s purposes for the public benefit are described under the “Grant making policy” section below.

Investment policy

The charity has a portfolio of listed investments with a market value as at 31 December 2025 of £8,658,203 (2024 - £11,769,785). The charity’s investments are held largely in the Sarasin Endowment Fund Class A income units. The aim of the fund is to provide a steady flow of income in order to fund the charity’s grant giving activities whilst also maintaining the real value of the capital for the future.

There are no restrictions on the charity’s power to invest. The investment strategy is agreed between the trustees and the investment managers and is regularly reviewed. Sarasin & Partners have an exclusionary ethical policy in place for The Summerfield Charitable Trust. Details of this policy can be found in the Sarasin Guide to Ethical Exclusions accessible via the Sarasin & Partners website.

Grant making policy

The trustees are particularly interested in helping the arts, museums and the built heritage; the environment and natural heritage; community work; education, sport and recreation; and vulnerable or disadvantaged sectors of society. Potential applicants are asked to read the t rust’s website which gives more details.

Applicants must complete an on-line application form. These will be acknowledged on receipt and applicants will be advised on the next stage. Contact details are as follows:

The Summerfield Charitable Trust Mrs Lavinia Sidgwick Administrator P.O. Box 287 Cirencester Gloucestershire GL7 9FB

e: admin@summerfield.org.uk w: www.summerfield.org.uk Tel: 01285 721211

The Summerfield Charitable Trust 7

Trustees’ report 31 December 2025

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Total investment income (comprising income from listed investments, investment fee rebates, bank interest) received in the year amounted to £264,129 (2024 - £357,835).

During the year, the trustees have continued to focus grants in those areas where we feel – there is the most acute need for support whether that be to help the most deprived communities in Gloucestershire, improve our natural environment, support community cohesion or invest in the arts.

The trustees awarded grants totalling £3,342,795 (2024 - £2,385,529) in accordance with the charity’s grant giving policy set out above. The level of grant giving in the last two years has been higher due to a change in strategy being adopted (further details provided in future plans). Details of the grants made are provided in note 4 to the accounts.

Investment performance

– The trust achieved an income yield on its listed investments of 2.9% (2024 2.8%) based on the average market value of the portfolio. The trustees are satisfied with the performance of the investments and remain satisfied that their investment objectives are being met.

FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 14 of this report and accounts.

During the year ended 31 December 2025, total income amounted to £264,129 (2024 - £357,835 ), largely being income arising from the charity’s investment portfolio plus investment manager fee rebates. The trustees made grants to 54 (2024 - 46) institutions totalling £3,342,795 (2024 - £2,385,529). A reconciliation of the grants payable and grant commitments is disclosed in note 11. Support and governance costs of the charity totalled £150,127 (2024 - £79,380). Overall expenditure of the charity for the year totalled £3,515,947 (2024 - £2,451,909). 95% (2024 - 97%) of the total annual expenditure therefore relates to direct grant giving. The net expenditure for the year before investment gains and losses was £3,251,818 (2024 - net income of £2,094,074).

Reserves policy and financial position

There was a net gain on the disposal and revaluation of listed investments during the year of £147,959 (2024 - net gain of £922,319). This resulted in an overall net decrease in the funds of the charity during the year of £3,103,859 (2024 - net decrease of £1,171,755). At 31 December 2025, all funds of the charity were unrestricted in nature and totalled £6,773,846 (2024 - £9,877,705).

Reserves policy

The T rust is operated as a grant giving charity, and the trustees’ policy is to seek to distribute the income arising in each financial year. The trustees also have power to utilise capital insofar as they shall think fit.

The Summerfield Charitable Trust 8

Trustees’ report 31 December 2025

Financial position

The balance sheet shows total unrestricted funds of £6,773,846 (2024 - £9,877,705) which is represented by £8,658,203 (2024 - £11,769,785) of fixed asset investments and £1,884,257 of net current liabilities (2024 - £1,892,080 net current liabilities) . The charity’s sole source of funding is investment income from the investments which are wholly unrestricted.

As stated in the reserves policy the trustees seek to distribute the income arising in each financial year and plan to utilise the accumulated reserves in accordance with the charity’s funding strategy issued in 2023. The Trustees have decided to invest in innovative, gamechanging projects that enable charities to make a lasting difference to Gloucestershire.

FUTURE PLANS

Over the next few years, the Trust will spend out most of its capital, working in partnership with Gloucestershire VCS Alliance (GVCSA) to take forward a pioneering investment strategy in partnership with charitable organisations and communities across the county.

On behalf of the trustees: SIGN

David Owen Chair of Trustees

Approved by the trustees on: 1 May 2026

The Summerfield Charitable Trust 9

Independent auditor’s report 31 December 2025

Independent auditor’s report to the trustees of The Summerfield Charitable Trust

Opinion

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

In our opinion, the accounts:

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 a t least twelve months from when the accounts 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, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance

The Summerfield Charitable Trust 10

Independent auditor’s report 31 December 2025

conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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’ annual 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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 accounts

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

Our objectives are to obtain reasonable assurance about whether the accounts 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.

The Summerfield Charitable Trust 11

Independent auditor’s report 31 December 2025

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 accounts.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

The Summerfield Charitable Trust 12

Independent auditor’s report 31 December 2025

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

13 May 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Summerfield Charitable Trust 13

Statement of financial activities Year to 31 December 2025

Notes 2025
Unrestricted
funds
£		 2024
Unrestricted
funds
£
Income from:
Investments and interest receivable
1
Other income
1
Total income
Expenditure on:
Raising funds
2
Charitable activities
3
Total expenditure
Net expenditure before gains and losses on investments
Gains and losses on investments
Realised (losses) gains on disposal of listed investments
8
Unrealised gains on revaluation of listed investments
8
Net expenditure and net movement in funds for the year
Total funds brought forward at 1 January 2025
Total funds carried forward at 31 December 2025		 253,137
10,992		 333,499
24,336
264,129 357,835
23,025
3,492,922		 -
2,451,909
3,515,947 2,451,909
(3,251,818)
(71,618)
219,577		 (2,094,074)
504
921,815
(3,103,859)
9,877,705		 (1,171,775)
11,049,460
6,773,846 9,877,705

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities derived from continuing operations during the above two financial periods.

The Summerfield Charitable Trust 14

Balance sheet 31 December 2025

Notes
2025
£		 2025
£		 2024
£		 2024
£
11,769,785



(1,892,080)
9,877,705
9,877,705
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
10
Creditors: amounts falling due
within one year
11
Net current liabilities
Total net assets
The funds of the charity:
Unrestricted funds

86,050

70,497		 8,658,203


(1,884,357)		 7,545
123,615
156,547

(2,040,904)		 131,160
(2,023,240)
6,773,846
6,773,846

Approved by the trustees and signed on their behalf by:

----- Start of picture text -----
SIGN
----- End of picture text -----

Trustee - David Owen

Approved on: 1 May 2026

The Summerfield Charitable Trust 15

Statement of cash flows Year to 31 December 2025

Notes
2025
£

2024
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the disposal of listed investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2025
B
Cash and cash equivalents at 31 December 2025
B
**(3,565,796) **

(507,860)
**(3,565,796) **
(507,860)

253,137
6,429,279
**(3,169,738) **

333,499

260,010
(431,193)
3,512,678 162,316

(53,118)

123,615

(345,544)


469,159
70,497
123,615

Notes to the statement of cash flows for the year to 31 December 2025.

A Reconciliation of net movement in funds to net cash flows from operating activities

2025
£		 2024
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Net gains on investments
Dividends and interest from investments
Decrease in debtors
Increase in creditors
Net cash used in operating activities		 (3,103,859)
(147,959)
(253,137)
(78,505)
17,664		 (1,171,755)
(922,319)
(333,499)
(7,053)
1,912,660
(3,565,796) (507,860)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 13,320
57,177		 19,257
104,358
70,497 123,615

C Analysis of changes in net debt

Cash at bank and in hand
Cash held by investment managers
Total		 At 1 January
2025
£		 Cash
flows
£
(5,937)
(47,181)
(53,118)		 At 31
December
2025
£
19,257
104,358		 13,320
57,177
123,615 70,497

The Summerfield Charitable Trust 16

Principal accounting policies 31 December 2025

Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 December 2025.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

No significant accounting estimates were required or made by the trustees in the preparation of the financial statements.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Income

Income is recognised in the period in which the charity is entitled to receipt, receipt is probable and the amount can be measured with reasonable certainty.

Expenditure and the basis of apportioning costs

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

The Summerfield Charitable Trust 17

Principal accounting policies 31 December 2025

Expenditure comprises the following:

Support costs represent indirect charitable expenditure and governance costs.

Indirect charitable expenditure comprises costs necessary to carry out the primary purpose of the charity including the administrator’s fees, computer support, office rental, telephone and insurance costs.

Governance costs are the costs associated with the governance arrangements of the charity. Included within this category are costs associated with the strategic as opposed to day-to-day management of the charity’s activities.

Fixed asset investments

Fixed asset investments are included on the balance sheet at their market value at the end of the financial period. Realised and unrealised gains and losses are credited, or debited, to the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

The Summerfield Charitable Trust 18

Notes to the accounts 31 December 2025

1 Investments and interest receivable

Investments and interest receivable
2025
£		 2024
£
Income from listed investments
. Alternatives
Interest receivable
Investment manager fee rebates		 252,870
267
10,992		 333,407
92
24,336
264,129 357,835

2 Raising funds

Raising funds
2025
£		 2024
£
Investment manager fees 23,025 -
23,205 -
3 Charitable activities 2025
£		 2024
£
Grants payable (note 4)
Grants reclaimed (note 4)
Support costs (note 5)		 3,342,795
-
150,127		 2,385,529
(13,000)
79,380
3,492,922 2,451,909

4

Grants payable

The charity makes grants to institutions in accordance with its grant making policy set out in the trustees’ report.

The grants payable during the year were for the following purposes:

2025
Number		 2025
Value
£		 2024
Number		 2024
Value
£
33,832
39,000
2,113,847
183,850
15,000
2,385,529
Arts, museums and built heritage
Community work
Disadvantaged and vulnerable sectors
Education, sport and recreation
Environment and natural heritage		 5
10
23
8
8		 28,545
1,046,345
1,273,348
59,503
935,054		 9
6
20
8
3
54 3,342,795 46

A full list of the institutional grants is available from the charity’ s principal office on request. Please refer to note 11 for grants payable at 31 December 2025.

The Summerfield Charitable Trust 19

Notes to the accounts 31 December 2025

A reconciliation of the grants payable and grants commitments figures shown in these accounts is as follows:

2025
£

2025
£		 2024
£		 2024
£
Grant commitments at 1 January 2025
Grants committed in the year
Grants reclaimed
Total grants to be paid
Less: Grants paid in year (net of reclaims)
Grant commitments at 31 December 2025
Grant commitments can be split as follows:
Commitments due within one year (note 11)		 2,006,000
3,342,795
-

-
2,385,529
(13,000)
5,348,795
(3,348,795)		 2,372,529
(366,529)
2,000,000 2,006,000
2,000,000 2,006,000
2,000,000 2,006,000

5 Support costs

Support costs
2025
£		 2024
£
Administrator’s fees
Postage, printing and stationery
Computer consultancy and support (including training)
Telephone
Insurance
Office rent
Other expenses
Governance
Auditor’s remuneration
. Statutory audit–current year
. Other services
Professional fees		 17,237
781
4,396
857
1,182
6,845
8,834		 16,160
621
4,202
1,190
1,068
3,422
2,512
48,127 29,175
7,860
5,898
88,242		 7,560
5,670
36,975
102,000 50,205
150,127 79,380

All support costs are attributable to the charitable activities of the trust.

6 Trustees ’ remuneration

No trustees received any remuneration in respect of their services as a trustee during the year ended 31 December 2025 (2024 - none).

During the year ended 31 December 2025, no out of pocket travel expenses were reimbursed to trustees (2024 - none).

The Summerfield Charitable Trust 20

Notes to the accounts 31 December 2025

7 Taxation

The Summerfield Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8 Fixed asset investments

Fixed asset investments
2025 2024
Listed investments £ £
Market value at 1 January 2025 11,769,785 10,676,283
Additions at cost 3,169,738 431,193
Disposals at book value (6,429,279) (260,010)
Net unrealised investment gains 219,577 921,815
Realised investment (losses) gains (71,618) 504
Market value at 31 December 2025 8,658,203 11,769,785
Cost at 31 December 2025 7,277,072 9,942,534
At 31 December 2025, 88% of the listed investments were held in Sarasin Endowment Fund
Class A Income units, with the remainder held in ICS Sterling Liquidity Fund.
Debtors
2025 2024
£ £
Accrued income - 6,265
Other debtors 84,645 -
Prepayments 1,405 1,280
86,050 7,545

9 Debtors

10 Cash at bank and in hand

CAF Bank Ltd
Sarasin / Evelyn Partners		 2025
£		 2024
£
19,257
104,358
123,615
13,320
57,177
70,497

11 Creditors: amounts falling due within one year

Grants payable (note 4)
Trade creditors
Accruals		 2025
£		 2024
£
2,006,000
-
17,240
2,023,240
2,000,000
11,769
29,135
2,040,904

The Summerfield Charitable Trust 21

Notes to the accounts 31 December 2025

Included within grants payable is £2,000,000 which has been pledged to NHS Cheltenham and Gloucester Hospitals Charity for The Big Space Cancer Care Appeal.

12 Related party transactions

Roger Mortlock, a trustee of The Summerfield Charitable Trust, is linked to the charity Campaign to Protect Rural England (CPRE). During the year ended 31 December 2025, a grant amounting to £2,576 was awarded and paid to CPRE Gloucestershire. No grants were awarded to the charity during the year ended 31 December 2024.

The Summerfield Charitable Trust 22