**==> picture [299 x 122] intentionally omitted <==** **----- Start of picture text -----**
The Icthius Charitable Trust
Registered Charity number 803299
Annual Report and Financial Statements
for the year ended 5 April 2025
**----- End of picture text -----**
**==> picture [468 x 261] intentionally omitted <==** **----- Start of picture text -----**
-1-
THE ICTHIUS CHARITABLE TRUST
Contents
Year ended 5 April 2025
Page
Report of the Trustees 2-6
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-15
**----- End of picture text -----**
**==> picture [468 x 676] intentionally omitted <==** **----- Start of picture text -----**
-2-
THE ICTHIUS CHARITABLE TRUST
Report of the Trustees for the year to 5 April 2025
Date of settlement: 6 December 1989
Also known as: Mrs D M Blackburn Charitable Settlement
Charity number: 803299
Settlor: Mrs Diana Mary Blackburn
On 18 April 1995, 17,000 Standard Chartered plc Ord 25p shares were added
to the settlement.
On 26 April 2012, £150,000 cash was added to the settlement.
On 25 April 2017 £100,033.90 ANZ Bank Ordinary NPV shares, £49,988.44
Legal & General 2.5p Ordinary shares and £49,896 Diageo 28 101/108p
Ordinary shares were added to the settlement.
On 8 May 2017 £128,000 cash was added to the settlement.
On 1 June 2018 £105,000 cash was added to the settlement.
On 18 September 2019, 1,500 Diageo PLC Ord 28 101/108p shares were
added to the settlement.
On 25 June 2020, 4,000 Baillie Gifford Overseas Growth Funds (Class B
American Fund Income Units) shares were added to the settlement.
On 13 January 2021, 7,830 Standard Chartered PLC USSO.50 shares were
added to the settlement.
On 27 May 2022, £125,000 cash was added to the settlement.
On 14 November 2022, 1,160 Shell PLC Ord €0.07 shares were added to the
settlement.
On 30 March 2023, 2,539 Derwent London PLC Ordinary 5p shares were
added to the settlement.
On 30 March 2023, 1,665 Dageo PLC Ordinary 28 101/108p shares were
added to the settlement.
On 30 March 2023, 30,840 Legal & General Group PLC Ordinary 2.5p shares
were added to the settlement.
On 14 March 2024, 1,021 Experian PLC Ordinary USSO.10 shares were added
to the settlement.
On 14 March 2024, 1,629.73 Janus Henderson investors European selected
opportunities fund shares were added to the settlement.
On 14 March 2024, 4,643.715 Baillie Gifford Overseas Growth Funds Class B
American fund income units shares were added to the settlement.
On 14 March 2024, 8,369.41 Janus Henderson Fund Managers Limited US
Growth Fund shares were added to the settlement.
On 4 April 2024, 1,500 Shell PLC Ord €0.07 shares were added to the
settlement.
**----- End of picture text -----**
**==> picture [510 x 671] intentionally omitted <==** **----- Start of picture text -----**
-3-
On 4 April 2024, 800 Rio Tinto PLC Ordinary 109 shares were added to the
settlement.
On 4 April 2024, 3,000 BAE Systems PLC Ordinary 2.9p shares were added to
the settlement.
On 4 April 2024, 980 Intercontinental Hotels Group Ord 20.8521303p shares
were added to the settlement.
On 18 March 2025, 18,403.05 Janus Henderson Fund Managers Limited US
Growth Fund shares were added to the settlement.
On 18 March 2025, 1.857.60 Janus Henderson European Selected
Opportunities Fund shares were added to the settlement.
On 18 March 2025, 5,292 JP Morgan Global Growth & Income PLC shares
were added to the settlement.
Mr Thomas Mark Blackburn
On 14 March 2024, 60,671 Lloyds Banking Group PLC Ord 109 shares were
added to the settlement.
On 14 March 2024, 1,000 Diageo PLC Ord 20.85213039 shares were added to
the settlement.
On 14 March 2024, 17,000 Legal & General Group PLC Ord 2.5p shares were
added to the settlement.
On 18 March 2025, 1,225 Diageo PLC 28 101/108p shares were added to the
settlement.
On 18 March 2025, 13,300 Legal & General Group PLC Ordinary 2.5p shares
were added to the settlement.
Governing Document: Trust Deed dated 6" December 1989
Objects: The Trustees have the power to apply all the income and all or part of the capital for any
charitable purpose.
Activities and Achievements: Income receipts in the year to 5 April 2025 totalled £57,520 which enabled
£55,000 to be distributed during the year. Further distributions of £50,000 have
been made from capital reserves
Public Benefit Statement: The trustees confirm they have referred to the guidance in the Charity
Commission’s general guidance on public benefit when reviewing the charity’s
objectives and activities and in planning future activities. It is the judgement of
the trustees that activities in pursuit of the above objectives fully meet the
public benefit test, which they have kept in mind in operational planning.
Trustees: Mrs D M Blackburn
Mr T M Blackburn
Mr M DR Shapley
Mr AD Evans
Principal Address: 1 King’s Arms Yard
London, EC2R 7AF
Trustees Selection Method: Existing Trustees have power to appoint new trustees
**----- End of picture text -----**
**==> picture [468 x 107] intentionally omitted <==** **----- Start of picture text -----**
-4-
Investment Advisors: Alder Investment Management Limited
1 King’s Arms Yard
London, EC2R 7AF
Accountants: Alder Asset Management Limited
1 King’s Arms Yard
London, EC2R 7AF
**----- End of picture text -----**
**==> picture [469 x 606] intentionally omitted <==** **----- Start of picture text -----**
-5-
THE ICTHIUS CHARITABLE TRUST
Report of the Trustees for the year to 5 April 2025 (continued)
Independent Examiners: Price Bailey LLP
24 Old Bond Street
London
W1S 4AP
Reserves Policy: The Trustees distribute the majority of the income during the year. On
occasions the Trustees will reduce the overall fund once the income has been
exhausted for the year for further distributions. At the year-end 5** April 2025,
the reserves had the following balances:
Unrestricted Fund — £93,062
Endowment Fund - £1,917,003
Going concern: The trustees have reviewed the current financial headroom as well as expected
future cash flows and believe the charity can continue for at least 12 months
from the date of signing of these financial statements. No further disclosures
relating to the trusts ability to continue as a going concern need to be made in
the financial statements.
Grant Making Policy: Trustees joint decision.
Investments Selection Policy: A balanced return from income and capital growth.
Risk management: The Trustees have examined the principal areas of the charity’s operations and
considered the major risks faced in each of those areas. In the opinion of the
Trustees the charity has established the resources and review systems which,
under normal circumstances, should allow these risks to be mitigated to an
acceptable level in its day to day operations.
Key risks: The principal risks faced by the charity are financial risks concerning the loss of
income due to a fall in markets wiping out the value of investments. The
Trustees are content that these risks are managed as the charity has invested
in a varied and diversified portfolio.
Plans for the future: The Trustees plans for the future are to continue to apply all of the investment
income and what donation income is needed for any charitable purpose.
Investment portfolio performance is a key factor in the extent of grants that
the charity will distribute to beneficiaries in future years.
Trustees; Responsibility for
the Accounts: The Trustees are responsible for preparing the Trustees’ Report and the
financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
**----- End of picture text -----**
Mark Shapley 28 Jan 2026 28/01/2026 **==> picture [468 x 678] intentionally omitted <==** **----- Start of picture text -----**
-8-
THE ICTHIUS CHARITABLE TRUST
Statement of Financial Activities
Year ended 5 April 2025
Unrestricted Endowment 2025 2024
Funds Funds Total Total
£ £ £ £
Note
Income:
Investments 2 57,520 - 57,520 45,630
Donations and legacies 3 511,599 - 511,599 500,550
Total income 569,119 - 569,119 546,180
Expenditure:
Charitable activities 4 113,672 - 113,672 192,319
Total expenditure 113,672 - 113,672 192,319
Net income 455,447 - 455,447 353,861
Net gains/ (losses) on
Investments 6 - (65,967) (65,967) 36,452
Transfers (381,525) 381,525 - -
Net movement in funds 73,922 315,558 389,480 390,313
Reconciliation of funds: 8
Total funds brought forward 19,140 1,601,445 1,620,585 1,230,272
Total funds carried forward 93,062 1,917,003 2,010,065 1,620,585
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 8 to 14 form part of these accounts
**----- End of picture text -----**
Mark Shapley Mark (Jan 28, 2026, 8:19am) 28 Jan 2026 **==> picture [28 x 9] intentionally omitted <==** **----- Start of picture text -----**
-10-
**----- End of picture text -----**
**==> picture [468 x 577] intentionally omitted <==** **----- Start of picture text -----**
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
1. Accounting Policies
a. General information and basis of accounting
The Icthius Charitable Trust is a charity for public benefit registered under the Charity Commission in England and
Wales. The address of the principal address is 1 King’s Arms Yard, London, EC2R 7AF.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared
in accordance with 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) issued on 16 July 2014, the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the SORP 2019 and UK Generally Accepted
Practice.
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 Accounting and Reporting by Charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather
than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005
which has since been withdrawn.
The financial statements are prepared under the historical cost convention, modified to include certain items at fair
value. The financial statements are prepared in sterling which is the functional currency ofthe [charity.][ The] [significant]
accounting policies applied in the preparation of these financial statements are set out below. These policies have
been consistently applied to all years presented unless otherwise stated.
The financial statements have been rounded to the nearest pound.
b. Going concern
The Trustees have at the time of approving the financial statements, a reasonable expectation that the charity has
adequate resources to continue in operational existence for the foreseeable future. COVID-19 will have minimal
effects on the charity due to there being no staff costs and the charity only spends what they earn through
investments and from trustee donations. Thus they continue to adopt the going concern basis of accounting in
preparing the financial statements. No material uncertainties exist.
c. Income
Income from investments is recorded by reference to the date on which the charity is entitled to receipt. Bank
interest is recorded on an accruals basis. Income earned on endowment funds is unrestricted income.
Donations are recognised when receivable. In the event that a donation is subject to conditions that require a level
of performance before the charity is entitled to the fund, the income is deferred and not recognised until either
those conditions are fully met, or the fulfillment of those conditions is wholly within the control of the charity and
it is probable that those conditions will be fulfilled in the reporting period.
**----- End of picture text -----**
**==> picture [28 x 9] intentionally omitted <==** **----- Start of picture text -----**
-11-
**----- End of picture text -----**
**==> picture [469 x 603] intentionally omitted <==** **----- Start of picture text -----**
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
1. Accounting Policies (continued)
d. Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs
related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments
to third parties, it is probable that the settlement will be required and the amountofthe obligation can be measured
reliably. It is categorised under the following headings:
= Expenditure on charitable activities includes grants made, governance costs and an apportionment of support
costs.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is
accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the
recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued
when any unfulfilled conditions are outside the control of the charity.
e. Investments
Investments are a form of basic financial instrument and are initially recognised at their cost and subsequently
measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of
financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The
charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial
risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic
conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities.
f. Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the governors in furtherance of
the general objectives of the charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently by the charity, principally
investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and
is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
Investment income, gains and losses are allocated to the appropriate fund.
g. Debtors
Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.
h. Cash and cash equivalents
Cash at bank includes cash held in current and deposit accounts.
i. Creditors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that
will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after
allowing for any trade discounts due.
**----- End of picture text -----**
**==> picture [28 x 9] intentionally omitted <==** **----- Start of picture text -----**
-12-
**----- End of picture text -----**
**==> picture [468 x 635] intentionally omitted <==** **----- Start of picture text -----**
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
1. Accounting Policies (continued)
j. Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic
financial instruments are initially recognised at cost and subsequently measured at their settlement value. Fixed
assets are recorded at market value and all other assets and liabilities are recorded at cost which is their fair value.
k. Key sources of judgement and estimation uncertainty
No significant judgements, accounting policies or assumptions have been made by management in applying
the charity’s accounting policies.
2. Income from Investments 2025 2024
£ £
Dividend income 54,888 44,828
Bank interest 2,632 802
57,520 45,630
All relate to unrestricted funds in both years
3. Donations and Legacies 2025 2024
£ £
Monetary donations (including Gift Aid) 511,599 500,550
All relate to unrestricted funds in both years
4. Charitable Activities 2025 2024
£ £
Grants to institutions (note 5) 105,000 183,768
Support costs - governance costs 8,672 8,551
113,672 192,319
All relate to unrestricted funds in both years
During the year, no Trustees received nor waived any remuneration, benefits or expenses (2024 - £nil).
There were no employees employed by the charity in the year (2024 - fnil).
The charity considers that there are no key management personnel other than the Trustees themselves.
Within the support costs figure includes Price Bailey independent examiner fees of £3,970 (2024 - £2,750).
**----- End of picture text -----**
**==> picture [472 x 615] intentionally omitted <==** **----- Start of picture text -----**
-13-
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
5. Grants to Institutions 2025 2024
£ £
Camphill Village Trust 2,000 2,000
The Woodland Trust 3,000 3,000
National Trust 10,000 10,000
RNLI 3,000 3,000
Sight Savers International 3,000 3,000
R.S.P.B 9,800 43,000
Hope and Homes for Children 3,000 3,000
The Castle Howard Arboretum Trust 58,000 93,000
The Yorkshire Wildlife Trust 2,000 800
Easingwold Town Band 1,000 1,000
Center for Action and Contemplation 200 200
The TimStead Trust 3,000 6,800
SSMV 6,000 14,968
The Donkey Sanctuary 1,000 -
105,000 183,768
6. Fixed Asset Investments 2025 2024
£ £
At market value as at 5 April 1,917,002 1,601,445
Analysis of investments: 2025 2024
£ £
Brought forward 1,601,445 1,189,028
Additions at cost 898,973 595,550
Sales proceeds (517,448) (219,585)
Unrealised gain/(loss) on investments (65,967) 36,452
Carried forward 1,917,003 1,601,445
2025 2024
£ £
Historical cost 1,916,464 1,505,157
**----- End of picture text -----**
**==> picture [468 x 535] intentionally omitted <==** **----- Start of picture text -----**
-14-
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
7. Creditors 2025 2024
£ £
Trade creditors - 2,112
Accruals 4,817 3,659
4,817 5,771
8. Fund Reconciliation
Balance at
Current Year Balance at 5 April
6 April 2024 Income Expenditure Gains Transfers 2025
£ £ £ £ £ £
Endowment Fund 1,601,445 - - (65,967) 381,525 1,917,003
Unrestricted Fund 19,140 569,119 (113,672) - (381,525) 93,062
1,620,585 569,119 (113,672) (65,967) - 2,010,065
Balance at
Prior Year Balance at 5 April
6 April 2023 Income Expenditure Gains Transfers 2024
£ £ £ £ £ £
Endowment Fund 1,189,028 - - 36,452 375,965 1,601,445
Unrestricted Fund 41,244 546,180 (192,319) - (375,965) 19,140
1,230,272 546,180 (192,319) 36,452 - 1,620,585
The transfer between funds was undertaken in both financial years to show the endowment fund carry forward as the
market value of Investments. Therefore the transfer figure comprises the acquisition cost, disposal proceeds and
realised gains/losses.
**----- End of picture text -----**
**==> picture [468 x 509] intentionally omitted <==** **----- Start of picture text -----**
-15-
THE ICTHIUS CHARITABLE TRUST
Notes to the Accounts
Year ended 5 April 2025
9. Analysis of Net Assets between Funds
Unrestricted Endowment
Funds Funds Total
2025 £ £ £
Investments - 1,917,003 1,917,003
Bank 97,879 - 97,879
Creditors (4,817) - (4,817)
Total Net Assets 93,062 1,917,003 2,010,065
Unrestricted Endowment
Funds Funds Total
2024 £ £ £
Investments - 1,601,445 1,601,445
Bank 24,911 - 24,911
Creditors (5,771) - (5,771)
Total Net Assets 19,140 1,601,445 1,620,585
10. Related Parties
Mrs D M Blackburn is a Trustee at The Icthius Charitable Trust. In 2025 she made total contributions to the charity in
the year of £226,593 (2024 - £399,765).
Mr T M Blackburn is a Trustee at The Icthius Charitable Trust. In 2025 he made total contributions to the charity in the
year of £58,531 (2024 - £100,785).
There were no other related party transactions in the year.
**----- End of picture text -----**