The Blair Trust Fund Charity Accounts

COMPANY REGISTRATION NUMBER: 04537587

CHARITY REGISTRATION NUMBER: 1094775

The Blair Trust Fund

Company Limited by Guarantee

Unaudited Financial Statements

30 September 2025

The Blair Trust Fund

Company Limited by Guarantee

Financial Statements

Year ended 30 September 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	5

Statement of financial activities (including income and expenditure account)	6

Statement of financial position	7

Notes to the financial statements	8

The Blair Trust Fund

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 30 September 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2025 .

Reference and administrative details

Registered charity name	The Blair Trust Fund

Charity registration number	1094775

Company registration number	04537587

Principal office and registered	Unit 3 Edge Business Centre
office	Humber Road
	London
	NW2 6EW

The trustees

	N Bleier
	I Mett
	Mrs S Mett

Independent examiner	Mr Howard Schwalbe ACA
	2nd Floor - Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

Structure, governance and management

The Blair Trust Fund is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 12 September 2002 as a company and the company number is 4537587. It was registered as a charity on 26 November 2002 with a charity number 1094775 .

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

There is no chief executive officer. The day to day affairs are undertaken by Mr N Bleier on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.

There are no policies for the induction or training of new trustees.

Risk review

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.

Objectives and activities

The objects of the charity are the advancement of the Orthodox Jewish Religion; the advancement of education according to the tenets of the Orthodox Jewish Faith; the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community and to promote any charitable purpose for the benefit of the community.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

Grant making policy

The charity is funded by donations and investment income. The charity gives out grants in line with the above objects.

There were no grants paid to individuals during the year.

Grants made during the year to institutions are as detailed in the accounts.

The application of the funds is by way of grants to institutions.

The trustees consider they have met the public benefit test and outline these achievements below.

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.

The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The charity received £25,500 (2024: £30,500) in donations during the year. Additionally there was investment income receivable from syndicate investments amounting to £158,442 (2024: £138,340)and income and bank interest receivable of £3,413 (2024: £4,907) and there was a gain on investment in group undertakings of £13,547 (2024: £4,157).

During the year the charity paid out £92,329 (2024: £121,810) by way of grants and support costs. These grants were made in line with the stated objects of the charity and were for the relief of poverty and educational purposes.

The details of the results of the subsidiaries can be found in the notes to the accounts. It should be noted that this income is non distributable income for the charity as it represents the gross income receivable for the subsidiaries. Furthermore, the charity is not responsible for subsidiary expenditure nor any liabilities of the subsidiaries as they are all charged against the assets of the subsidiary.

The charity has low governance costs comprising professional fees.

Grants over £5,000 made during the year to institutions are as detailed in the accounts.

There were no material fundraising costs during the year.

Related party transactions are disclosed as applicable in the notes to the accounts.

There was a net income and net movement in funds for the year amounting to £108,483 (2024: £47,780).

Financial review

Investment performance

The investments of the charity have all performed well in the year. The group companies have all made contributions up to the parent charity in the year and the overall position of the subsidiary companies is healthy and significantly improved from last year's position.

The syndicate holdings have provided an average return of 5% in the year.

The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.

Reserves policy

The unrestricted fund represents the unrestricted funds arising from past operating results.

The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.

The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.

The reserves stand at £4,194,493 (2024: £4,086,010), all of which are unrestricted, and can only distributed by selling the investments. The free reserves stand at £687,505 (2024: £704,932), being the net current assets of the charity, all of which are unrestricted.

Plans for future periods

The trustees plan to continue donating and investing to raise funds for projects in line with the Memorandum & Articles of Association and pursue those objectives and projects with all the resources available to the charity.

The trustees' annual report and the strategic report were approved on 7 May 2026 and signed on behalf of the board of trustees by:

N Bleier

Trustee

The Blair Trust Fund

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Blair Trust Fund

Year ended 30 September 2025

I report to the trustees on my examination of the financial statements of The Blair Trust Fund ('the charity') for the year ended 30 September 2025.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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 financial statements 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.

Mr Howard Schwalbe ACA Independent Examiner

2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL

7 May 2026

The Blair Trust Fund

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 30 September 2025

	2025		2024
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	25,500	25,500	30,500
Investment income	6	161,855	161,855	143,247
		---------	---------	---------
Total income		187,355	187,355	173,747
		---------	---------	---------

Expenditure

Expenditure on charitable activities	7,8	92,329	92,329	121,810
		---------	---------	---------
Total expenditure		92,329	92,329	121,810
		---------	---------	---------

Net gains/(losses) on investments	11	13,457	13,457	( 4,157)

	---------	---------	---------
Net income and net movement in funds	108,483	108,483	47,780
	---------	---------	---------

Reconciliation of funds

Total funds brought forward	4,086,010	4,086,010	4,038,230
	------------	------------	------------
Total funds carried forward	4,194,493	4,194,493	4,086,010
	------------	------------	------------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Blair Trust Fund

Company Limited by Guarantee

Statement of Financial Position

30 September 2025

	2025		2024
Note	£	£	£

Fixed assets

Investments	15		3,506,988	3,381,078

Current assets

Investments	16	625,000	625,000
Cash at bank and in hand		65,061	82,368
		---------	---------
		690,061	707,368

Creditors: amounts falling due within one year	17	2,556		2,436
		---------		---------
Net current assets			687,505	704,932
			------------	------------
Total assets less current liabilities			4,194,493	4,086,010
			------------	------------
Net assets			4,194,493	4,086,010
			------------	------------

Funds of the charity

Unrestricted funds		4,194,493	4,086,010
		------------	------------
Total charity funds	18	4,194,493	4,086,010
		------------	------------

For the year ending 30 September 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

These financial statements were approved by the board of trustees and authorised for issue on 7 May 2026 , and are signed on behalf of the board by:

N Bleier

Trustee

The Blair Trust Fund

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30 September 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 3 Edge Business Centre, Humber Road, London, NW2 6EW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group. This is also because donations for subsidiaries to the parent charity would be eliminated on consolidation.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the valuation of fixed asset investments at the year end.

Fund accounting

Unrestricted funds held by the charity are funds that can be used in accordance with the charitable objects at the discretion of the trustees.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in syndicates

These represent investments in syndicate investment properties with a minority holding. The trustees have no influence of control on these investments. The valuation on the syndicate investment is commensurate with the balances in the syndicate capital account at the year end.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The Blair Trust Fund is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.

5. Donations and legacies

Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

Donations	25,500	25,500	30,500	30,500
	--------	--------	--------	--------

6. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from investment properties	158,442	158,442	138,340	138,340
Bank interest receivable	3,413	3,413	4,907	4,907
	---------	---------	---------	---------
	161,855	161,855	143,247	143,247
	---------	---------	---------	---------

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Charitable grants	89,700	89,700	119,300	119,300
Support costs	2,629	2,629	2,510	2,510
	--------	--------	---------	---------
	92,329	92,329	121,810	121,810
	--------	--------	---------	---------

8. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Charitable grants	89,700	109	89,809	119,410
Governance costs	–	2,520	2,520	2,400
	--------	-------	--------	---------
	89,700	2,629	92,329	121,810
	--------	-------	--------	---------

9. Analysis of support costs

	Analysis of support costs	Total 2025	Total 2024
	£	£	£
General office	109	109	110
Governance costs	2,520	2,520	2,400
	-------	-------	-------
	2,629	2,629	2,510
	-------	-------	-------

10. Analysis of grants

	2025	2024
	£	£

Grants to institutions

Achisomoch Aid Company	3,600	3,500
Asser Bishvil	20,000	50,000
Forty Ltd	–	6,000
Grants £5,000 and under	24,400	8,500
Hachzokas Torah Vochessed Society	5,000	5,000
Low Cost Living Ltd	–	8,500
Keren Shabbos	–	1,800
North London Welfare	8,000	21,000
Talmud Torah London Ltd	5,000	6,000
UTA	7,500	–
Yesamach Levav	3,000	9,000
Yeshivas Kesser Torah	6,000	–
Yeshivas Mekor Chaim Ltd	7,200	–
	--------	---------
	89,700	119,300
	--------	---------
Total grants	89,700	119,300
	--------	---------

All grants paid were in line with the objects of the charity.

11. Net gains/(losses) on investments

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gains/(losses) on investments in group undertakings	13,457	13,457	( 4,157)	( 4,157)
	--------	--------	-------	-------

12. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	2,520	2,400
	-------	-------

13. Staff costs

The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023: Nil).

14. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.

15. Investments

	Investment properties	Shares in group undertakings	Total
	£	£	£
Cost or valuation
At 1 October 2024	2,870,259	510,819	3,381,078
Additions	158,442	–	158,442
Disposals	(45,989)	–	(45,989)
Other movements	–	13,457	13,457
	------------	---------	------------
At 30 September 2025	2,982,712	524,276	3,506,988
	------------	---------	------------
Impairment
At 1 October 2024 and 30 September 2025		–	–
		---------	------------
Carrying amount
At 30 September 2025	2,982,712	524,276	3,506,988
	------------	---------	------------
At 30 September 2024	2,870,259	510,819	3,381,078
	------------	---------	------------

All investments shown above are held at valuation.

Investment properties

The investments in UK investment property represent capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies. The syndicate in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.

Valuation of the syndicate property is at fair value of the syndicate property in the opinion of the trustees. The charity owns six syndicate interests with a percentage holding ranging from 10% to 26%.

Valuation of the associate holdings are at fair value of the syndicate property in the opinion of the trustees. The charity's holding in these associates are 25% and 26%. The trustees consider that they do exert significant influence and control over the syndicates. The trustees have elected to make use of relevant exemptions under FRS 102 as they do not believe it is appropriate, given the nature of the investments, to account for them as associates.

UK group undertakings

The wholly owned company, Greater London Corporation Limited, which is incorporated in the United Kingdom, owns the entire issued share capital of 1 ordinary share of £1 each in Charlton Nominees Limited and Clarence Leeds Limited, both companies are incorporated in the United Kingdom and both of them pay all of their profits to the charity by way of gift aid. Greater London Corporation Limited also pays any profits up to the charity by way of gift aid. Both Charlton Nominees Limited and Clarence Leeds Limited are property investment companies.

The results of all the subsidiaries have not been included within the accounts of the charity and the most recent results and aggregate amounts of the net assets for the subsidiary are:-

Gross income

Greater London Corporation Limited £198

Charlton Nominees Limited £109,750

Clarence Leeds Limited £52,499

Net profit/loss in year

Greater London Corporation Limited £89

Charlton Nominees Limited £1,774

Clarence Leeds Limited £11,594

Net assets

Greater London Corporation Limited £(1,963)

Charlton Nominees Limited £436,516

Clarence Leeds Limited £89,723

The trustees are of the opinion that the carrying value of the group undertakings is the fair value.

16. Investments

	2025	2024
	£	£
Amounts due from group undertakings - Charlton Nominees Ltd	425,000	425,000
Amounts due from group undertakings - Clarence Leeds Ltd	200,000	200,000
	---------	---------
	625,000	625,000
	---------	---------

17. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	2,520	2,400
Other creditors	36	36
	-------	-------
	2,556	2,436
	-------	-------

18. Analysis of charitable funds

Unrestricted funds

	At 1 October 2024	Income	Expenditure	Gains and losses	At 30 September 2025
	£	£	£	£	£
General funds	4,086,010	187,355	(92,329)	13,457	4,194,493
	------------	---------	--------	--------	------------

	At 1 October 2023	Income	Expenditure	Gains and losses	At 30 September 2024
	£	£	£	£	£
General funds	4,038,230	173,747	(121,810)	(4,157)	4,086,010
	------------	---------	---------	-------	------------

19. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2025
	£	£
Investments	3,506,988	3,506,988
Current assets	690,061	690,061
Creditors less than 1 year	(2,556)	(2,556)
	------------	------------
Net assets	4,194,493	4,194,493
	------------	------------

	Unrestricted Funds	Total Funds 2024
	£	£
Investments	3,434,530	3,434,530
Current assets	707,368	707,368
Creditors less than 1 year	(2,436)	(2,436)
	------------	------------
Net assets	4,139,462	4,139,462
	------------	------------

20. Related parties

The Blair Trust Fund has the following balances with its wholly owned subsidiaries at the year end:- Charlton Nominees Limited - The Blair Trust Fund has an outstanding loan of £425,000 on an interest free basis. Clarence Leeds Limited - The Blair Trust Fund has an outstanding loan of £200,000 on an interest free basis. Greater London Corporation Limited - The company donates its profits to the charity. The total amount received in donations from related parties during the year was £25,500.

21. Taxation

The Blair Trust Fund 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.