REGISTERED COMPANY NUMBER: 09221328 (England and Wales)

REGISTERED CHARITY NUMBER: 1159472

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

CS DISABLED HOLIDAYS LTD

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

14

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objective of the charitable company is to provide support to those suffering long-term disability, in particular, but not exclusively, for people with respiratory and physical disability consequent upon neurological or neuromuscular disorders by way of:

- general financial assistance

- the funding of holidays or respite care for the disabled person (and family member and/or attendants for the provision of care to the disabled person)

- the provision of financial support for the purchase, maintenance or operation of establishments to provide holidays and/or respite care for such beneficiaries.

The charitable company provides financial support to enable disabled persons and their carers to have holidays and respite care. The strategies employed to assist the charitable company to meet these objectives included the following:

a) making relevant charities and care coordinators within those charities aware of CS Disabled Holidays Ltd and its aims

b) further developing a CS Disabled Holidays Ltd website

c) providing financial support to enable the individual client and their family/carer to access facilities which they consider appropriate to their needs.

Public benefit

The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission. The benefit to the public is described in the objectives and aims above.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the charitable company awarded grants totalling £73,413 to 72 beneficiaries. Unfortunately, due to ill health various beneficiaries from both 2023 and 2024 were unable to accept the grants awarded them reducing the grants payable in the year to £63,984.

PLAN FOR THE FUTURE

In 2022, the trustees identified a considerable unmet need in the disabled and unpaid carer community for life-changing holidays and respite breaks. Increasingly CS Disabled Holidays has been approached by very deserving candidates whose level of disability, while serious and life-restricting, does not meet its core criteria. In response to this the charity continued to work towards the launch of a new property matching service, CareBnB.UK, which will match deserving, qualifying disabled candidates and/or unpaid carers with suitable rental properties, donated by charitable individuals for one week or more per year.

During 2025/26 the trustees will be holding a pilot scheme, called CareBnB UK which will seek to test this proposed new service of providing as many holiday opportunities and respite breaks as we can. The trial has been made possible by the trustees who have donated significant amounts of time towards its administration. Whilst the Charity has been provided with some funding there will be a need to raise significant additional amounts for this initiative to go ahead.

FINANCIAL REVIEW

Financial position

As at 31st December 2024 the charitable company held funds of £1,843,587.

Principal funding sources

The principal funding source of the charitable company is the investment income generated by the investment portfolio. This is supplemented by a small number of donations.

Investment policy and objectives

The charitable company's investment advisers have continued to reconfigure the investment portfolio as opportunities present themselves over 2024. The fund generated unrealised gains of £113,362 and realised gains of £49,013 on the investments in the year. The trustees fund the charitable activities from a combination of income and capital from the investments and donations. In view of the level of donations it is important to retain and preserve the core investment portfolio to generate future investment income. The investment portfolio at the year end was invested as to 69.6% equities, 10.9% fixed income, 16% alternatives (hedge funds, property trusts, commodities and structured products) and 3.5% cash.

Reserves policy

The Board has examined the charitable company's requirements for reserves in light of the main risks to the organisation. It has established a policy which is designed at least to maintain and if possible to grow in real terms, the capital and income from the portfolio over the long term. The charitable company's investment managers have been instructed accordingly.

The reserves are needed to meet the working capital requirements of the charitable company and the trustees are confident that at this level they would be able to continue the current activities of the charitable company in the event of a significant drop in investment income in the short to medium term.

Going concern

Donations received by the charity are likely to remain low as is income from the investment portfolio. However, given the scale of the investment portfolio which is currently valued at more than £1.8m the Trustees feel that the charity will be able to continue its operations for the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

CS Disabled Holidays Ltd is a charitable company limited by guarantee, incorporated on 16th September 2014 and registered as a charity on 3rd December 2014. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Robin Cavendish and Geoffrey Spencer, two great friends, pioneered the cause of holidays for the severely disabled. Robin Cavendish, who died in 1994, was a severely disabled and respirator-dependent polio sufferer, who pushed constantly at the constraints of his severe disability. Geoffrey Spencer was an inspirational doctor who cares for severely disabled and respirator-dependent people at St. Thomas' Hospital, London. In 1970 they founded Refresh, a charity that built a holiday home for the severely disabled, Netley House, on Southampton Water. Following the sale of Refresh's ownership in Netley Waterside House, these proceeds are now made available to fund individual holidays for the disabled, in combination with funds from the Robin Cavendish Memorial Fund. The merging of the two charities created this charitable company (formerly called The Cavendish Spencer Trust), which will continue to pursue the vision of the founders.

Recruitment and appointment of new trustees

As set out in the Articles of Association the chair of trustees is nominated by the trustees. The Board will comprise of a minimum of four trustees with no maximum. The first trustees were appointed on the incorporation of the charitable company. All trustees will serve a period of three years before retiring and being eligible to offer themselves for re-election.

All members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM. When considering appointing trustees, the Board has regard to the requirement for any specialist skills needed.

Organisational structure

The Board of trustees administers the charitable company. The Board normally meets once a year and there are subgroups covering grant applications and finance, which liaise regularly between formal board meetings.The trustees have appointed a grant applications committee. The finance subgroup regularly reviews the performance of the investments managed by Cazenove Capital Management and recommends the budget.

Induction and training of new trustees

New trustees will undergo an orientation session to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and inform them of the content of the Memorandum and Articles of Association, the Board and decision-making processes, the business plan and recent financial performance of the charitable company. During the induction they will meet other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties

None of the trustees receive remuneration or other benefits from their work with the charitable company. The exception to this was the Charitable Administration trustee Joanna Lees, who ceased being a trustee on 9 December 2024. She remains the grant administrator. Any connection between a trustee and a service provider must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Financial sustainability is a major financial risk for the charitable company. A key element in the management of financial risk is a regular review of available liquid funds and investment performance. Attention has also been focused on ensuring that the charitable company attracts applications for support from appropriate individuals who would benefit from the work it seeks to support and on ensuring that its grants are expended in line with its objectives.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

09221328 (England and Wales)

Registered Charity number

1159472

Registered office

Hunters

9 New Square

Lincoln's Inn

London

WC2A 3QN

Trustees

Jonathan Cavendish

Lesley Cavendish

Mark Fane

Mark Ashburton

Henry Hood

Charlotte Duthie

Willow Cavendish

Joanna Lees (resigned 9.12.2024)

Company Secretary

Henry Hood

Independent Examiner

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

Approved by order of the board of trustees on 26th September 2025 and signed on its behalf by:

Mark Ashburton - Trustee

Independent examiner's report to the trustees of CS Disabled Holidays Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Seamus McLaughlin

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

29th September 2025

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

4,019

13,481

Other trading activities

4

-

2,594

Investment income

5

33,829

34,216

Total

37,848

50,291

EXPENDITURE ON

Raising funds

6

8,728

7,800

Charitable activities

7

Respite care

84,910

122,191

Total

93,638

129,991

Net gains on investments

162,375

88,990

NET INCOME

106,585

9,290

RECONCILIATION OF FUNDS

Total funds brought forward

1,737,002

1,727,712

TOTAL FUNDS CARRIED FORWARD

1,843,587

1,737,002

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

13

276

552

Investments

14

1,878,110

1,746,867

1,878,386

1,747,419

CURRENT ASSETS

Debtors

15

1,043

660

Cash at bank

2,249

23,877

3,292

24,537

CREDITORS

Amounts falling due within one year

16

(38,091

)

(34,954

)

NET CURRENT ASSETS

(34,799

)

(10,417

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,843,587

1,737,002

NET ASSETS

1,843,587

1,737,002

FUNDS

17

Unrestricted funds

1,843,587

1,737,002

TOTAL FUNDS

1,843,587

1,737,002

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26th September 2025 and were signed on its behalf by:

Mark Ashburton - Trustee

1.	STATUTORY INFORMATION

CS Disabled Holidays Ltd is a private company limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25.00% straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

All funds are unrestricted in nature and can be used in accordance with the charitable objectives at the discretion of the trustees.

Investments

Stocks and shares quoted on the London Stock Exchange are included in the Balance Sheet at their market value at the year end. The differences between the market value and the original cost of the investment are included in the Statement of Financial Activities. No unquoted investments are held.

Profits and losses arising on the disposal of investments are included within the Statement of Financial Activities.

3.	DONATIONS AND LEGACIES

2024

2023

£

£

Donations

4,019

13,481

4.	OTHER TRADING ACTIVITIES

2024

2023

£

£

Fundraising events

-

2,594

5.	INVESTMENT INCOME

2024

2023

£

£

Income from listed investments

33,829

34,216

6.	RAISING FUNDS

Investment management costs

2024

2023

£

£

Portfolio management

8,728

7,800

7.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

8)

note 9)

Totals

£

£

£

Respite care

63,984

20,926

84,910

8.	GRANTS PAYABLE

Total grants payable to individuals in the year was as follows:

31.12.24

31.12.23

£

£

Grants awarded in the year

73,413

80,927

Grants not taken due to ill health

(2,000

)

(2,600

)

Grants awarded in prior years not taken due to ill health

(7,429

)

(2,500

)

63,984

75,827

9.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Respite care

18,821

95

2,010

20,926

Support costs, included in the above, are as follows:

Management

2024

2023

Respite

Total

care

activities

£

£

Telephone

-

204

Administration fees

14,243

27,168

Website and database

1,968

11,891

Sundries

2,334

581

Graphic design

-

3,505

IT costs

-

626

Depreciation of tangible fixed assets

276

276

18,821

44,251

Finance

2024

2023

Respite

Total

care

activities

£

£

Bank charges

95

133

Governance costs

2024

2023

Respite

Total

care

activities

£

£

Independent examiner's fees

2,010

1,980

10.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

276

275

11.	TRUSTEES' REMUNERATION AND BENEFITS

No trustee received any remuneration except administrative fees of £27,168 charged by Joanna Lees (trustee) for non-trustee work.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.

12.	STAFF COSTS

There are no employees and consequently no staff costs have been incurred.

13.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st January 2024 and 31st December 2024

1,103

DEPRECIATION

At 1st January 2024

551

Charge for year

276

At 31st December 2024

827

NET BOOK VALUE

At 31st December 2024

276

At 31st December 2023

552

14.	FIXED ASSET INVESTMENTS

Cash or

Listed

cash

investments

equivalents

Totals

£

£

£

MARKET VALUE

At 1st January 2024

1,739,405

7,462

1,746,867

Additions

426,659

114,944

541,603

Disposals at carrying value

(467,722

)

(56,000

)

(523,722

)

Revaluations

113,362

-

113,362

At 31st December 2024

1,811,704

66,406

1,878,110

NET BOOK VALUE

At 31st December 2024

1,811,704

66,406

1,878,110

At 31st December 2023

1,739,405

7,462

1,746,867

The values at 31st December 2024 are in accordance with a valuation by Cazenove Capital Management.

The historical book cost of investments held at 31 December 2024 was £1,548,554.

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,043

660

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other creditors

4,179

3,939

Grants payable

29,709

31,015

Accrued expenses

4,203

-

38,091

34,954

17.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

1,737,002

106,585

1,843,587

TOTAL FUNDS

1,737,002

106,585

1,843,587

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

37,848

(93,638

)

162,375

106,585

TOTAL FUNDS

37,848

(93,638

)

162,375

106,585

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

1,727,712

9,290

1,737,002

TOTAL FUNDS

1,727,712

9,290

1,737,002

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

50,291

(129,991

)

88,990

9,290

TOTAL FUNDS

50,291

(129,991

)

88,990

9,290

18.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024 apart from those disclosed in note 11.