Dcusign Envelope ID.. 8D7B21AC-F7824AE&8D0&769394ABA73C REGlSfERED CfrL4RITYNUMBER'. 1079688 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FOR THE JOHN ARMffA6E CHARITABLE TRUST Carston EfL Chartered Accountants Second Fl¢)or 34 Llme street London EC3M 7AT Doojsign Envelope ID. 8D7B21AC-F7824AE6.8D08_769394ABA73C THEJ(*IN ARMITAGE CHARITABLE TRUST Cyearfy grants to charitable or8anlsatk)ns selected perlodlcalty by the trustees. It Is anticlpated that the malorlty ol 8rants wlll be betr￿en £30,(XJO and £40,000 per annum. In certsln clrcumstances 8rants may be made for a different tlmescale Ilncludlng one-off 8r3ntsl or for a lower or 8reater amount. as agreed by the trustees. Grants promlsed to be made for each of 3 successlve years are only payable In years 2 & 3 sublecr to the sa￿$factory completlon of the flrst and second year's condltlons respectlvelv. The Charlty may algo provSde long-term or repeat fundlng to exlstln8 Brant reclplents at the discretion of the trustse5 subS¢et to on-going monitorln8 and revlew. The Charfty does not 8eneralty provlde fundlng for long term ¢apltal proletts, althou8h exceptlonalty thetrustee5 may make one off capltal grants. The Trustees carry out approprfate due dlllBence checks to ensure that funds are used only for charltable pctlvltles whlch further the purposes of the Charity and that proposed grants do not exp05e the Charlty to undue risks. The trustees retsln an advlsor on an annual basls to asslst wlth the on-golng rnonltorlng and vettlng of potentlal grant redplents. The trustees adopt a rlsk rated approach to due dlllgence. Rlsk factors wlll InclLKIe: l. the size and duratlon ofthe proposed gran¢. Z the legal str￿5 ofthe proposed reclplent,. 3 the Beographlcal location In whlch the grant will be applled: 4 how easlly the trustees can verlfy how the Charity's funds are beln8 spent,. 5 the nature of the attlvlty to be funded by the proposed grant and 6 the publ1¢ proflle of the proposed project andlor reclplent and the Ilkely medla andlor local or publlc Intsrest, Where grant reclplènts are supported for a sl8nlficant perlod of tlme, grants are monltored annually to determlne whether any a￿dI￿onal due dlllgence should bÈ undertaken on a chan8e of circumstsnce5 that ml8ht impact the reclplent, Followln8 a revlew and recommendatlon proces5 led by the advlsor, the trustees consldef whether 8rants should be made subject to a 8rant offer letterand the standard terms and ¢ondltlons or If speclal condltlons should be Imposed. ACHIEVEMENT ANO PERFORMANCE Charltable actlvltles Durln8 the year the Chadty made 8rants to charltable causes totalllng £7N17,023 12023 £5,274,942) as set out In note 7 to these financlal ststernents. The trustses are satlsfied that the nature and scope of grants made fully reflect the purposes of the Charlty and th3t the objectlves for whlch It was created continue to be achleved. The trustees, wfth the asslstsnce of the advlsor, have taken step5 to monltor the use of the 8rants made and verifieil that they have been applled for the purp05e5 that were a6￿d. The trustees and adv150r have vlslted 8rant-fvnded actlvltle$ and Interviewed IrKlividuals Involved in runnln8 those activitles. Page 2 Do¢u8ign Envelopg ID: 8D7B21AC-F7824AE&8D08-769394ABA73C ThEJOHN ARm￿AGE CHARITA8iE TrUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED S APRIL2024 ACHIEVEMENT AND PERFORMANCE Investment performance The year under review was a Bood one for investments both globally and In the UK. The market values of Investments 15ncludlng cash balances) recorded Sn the financlal ststernents increased by £40,973,713 12023 £1,779,276) during the year, after addltlon of further donatlon of £9,533,J9412023- £11,257,775) by the settlor and inve5tmentdlsposa15 a￿ taken Into account. The reallsed and unreallsed net Investment gain5 for the year are £39,308,68012023 - £6,263.29710551. This represents a posttlve return of approxlmately 23.18%12023 - 3.73% ne8atfve return) of the opening market value of the Charfty's portfollo and a positlve return of approximately 21.95% 12023 3.45% neBatlve return) of the openlng market value of the Charfty's portfollo plus the donatlon of £9,533,19412023- £11,257,775). FINANCIAL REVIEW Prfnclpal fundlng sources The Charlty's work Is entlrely rellant on Income and Investment rèturns from Its Ex￿ndable Endowment Fun(1 whkh Is Invested on a totsl return basis. The value of the Expendable Endowment Fund at S Aprll 2024 was £210,575,582 an Increase of £ 40,982,731 over Its £169,592,850 value as at 5 Aprll 2023. The trustees transferred £7,724,512 12023 - £5,873,824> from the unapplled return of the Expendable Endowment Fund to support Its 8rant maklng charltable actlvltles, Investment pollcy and oblertlves The trustees have a wide power of Investment conferred on them by clause 10.2 of the trust deed. The trustee5 a150 have the general power of Investment conferred upon them by the Trvstee Act 201>J, whlch permlts them to Invest trust asset5 a5 If they were absolutely entltled to the a55ets. In exerclse of these powers the trustees operate a total re￿ffl approach to the Investment of the Expendab Endowment Fund. There Is no 5peclflc Income requlrement In relatton to the Portfollo. l. When determlnln8 the amount of unapplled total return on the Expendable Endowment Fund to tr8n5fer to the Unrestrlrted Fund the trustees have con51dered the amount of Incom¥ requlred to malntaln the current level of charltable actlvlty and the Ilkely neèds of future beneflclarfes; and 2. When reachln8 thèlr declslon as to the unapplled totsl return to trènsfer to the Unrestrlcted Fund, the trustee5 have had regard io the market outlool investment trends and the prospect for future capltal8rowth and10s5. Thè Charlty's Portfollo Is Invested on a lon8-term basls wlth partlcular regard to soclal, envlronmental or ethical consideratlons. It Is antlcipated that the Charlty wlll contlnue after the settlor's IlfEtlme. The trustees, prlnclpal objectlve is to Invest for 8fDWth in real tenns measured In 5terlln81 whllst en5urln8 sufflcleni liquldlty to malntaln dlstributlons of around 34% per annum and to fund the admlnlstratlve costs of runnlng the Charity. The dlstrlbutlon rate15 set by reference to the trustees, wlsh to be able to mJlntain levels Df donatlons should the Expendable Endowment Fund fall by up to 30% In value. The overall target return Is to achieve net growth per annum In 5terlln8 In excess of the rate of UK Inflatlon as measured by the Consumer Prfce Index ICPII. Reserves polkv It Is the pollcy of the trustees to reco8n15e an unrestrltted fund and an unrestrlcted Expendable Endowment Fund. If resOur￿S expended exceed Income Of the unrestrltted fund a transfer Is made from the Expendable Endowment fund which Is expendable at the dlscretlon of the trustees.The trustees do not therefore, belleve thèt the Charlty needs to hold more slgnlflcant reserves. FUTURE PIANS The trust will contlnue to make donations to chafltsble causes at the dlscretion of the trustees In accordance wlth the Chèrlty's grant makln8 pollcy. There are no specific plans lo supp¢)rt any one tharity or orBanlsatlon. Reports frorn the appolnted a(fvb5ers as to the results of grants made to beneficiarles inform aThJ Influence the trustee5 wlth respect to future plans and declslons about allocatln8 resour￿$ to thelr best effect. Page 3 DOcus￿n Envelope ID.. 8D7B21AC-F7824AE64D08-769394ABA73C THEJOHN ARMITAGE CHARITABLE TRUST REPORTOF THETRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governlngdocument Tho trust 6 a registered charlty, number 1079688, and is constltuted under a Trull Deed dated 24 August 1999. The trust was e5tsbllshed by an Inltlal 81ft from john Armltsge. Since his inltial sift John Armitage has made further substsntial 81ft5 to the char6ty. The Charity does not fundraise bvt seek5 to contlnue the charitsble work deslred by the trustees throuBh the careful stewBrdship of Its exlsting resource& Orpn15allonal strurture The twstees vtho have seNed durlng the year and since the year end are set out below, Tru5tee$ are elected In accordance wlth the trust deed. The Ctharlty employs only one staff member and that Is In the capacity of Charlty Admlnlstrator, Declslon m•kln8 Declslons are made by the tru5tee5 who meet generally three tlmes a year land must meet at least annually). Investment decislons are made by a sub-commlttee of the trustee5. Grant makln8 declslons are made by the trustees In accordance wlth the Charlty's 8rant makln8 policy and 8rants are made to beneflclarles elther bTOU8ht to their attentlon by the appolnted advlsor or subsequently researched and then approved by the appolntsd 3dvlsor, InthKtlon and tralnln8 of new trusts•s Any new trustee wlll recelve a comprehenslve Inductlon to the Charlty and wlll recelve materlals to allow them to understand the charltsble purpose5, the flnanclal posltlon ond current155ues of the Charlty. The trustees are kept up to date wlth all matters relalin8 to charities generally by thelr profe551onal advlsers. Key mana8emeiit remUnera￿an The trustees conslder the Board of Trustees aNI senlor management team as the charlty'5 key mano8ement pe¥sonnel. Total remuneratlon for key manaBement personrol, Includin8 salarles, penslons, and benefits, wa5 £20,0￿ 12023.. £10.(Wl, with no remuneratlon paid to trustses. ftelaled partles The only ielatsd partles are the trustees, Detslls of the related party transactlth)s are 8lven In the notes to the a¢counts, Rlslr m•na8wnent The ma￿r r15k5 to whlch the trust Is exposed, as Identlfled by the trustees, have been revlewed and procedures have been establlshed to manage those rlsks. REFERENCE AND ADMINISTRATIVE DETAILS Reglslered Charlty nufflbir 1079688 Prfndpal iddress Second FlTh)r 34 Llme Street London EC3M 7AT J C Amiltage W Francklin Mr5 C M Armita8e Mrs C Francklln R A Maclnnes Page 4 Docusign Enveb)pe ID.. 8D7B21AC-F7824AE64D08-769394A8A73C THEJOHN ARm￿AGE CHARrrABLE TRUST IIEPORT OFTHE TrUSTEES FOR THE YEAR ENDED 5 APRIL2024 REFERENtsANDADMINISTrATJVE DETAILS Carston ETL Chartered Accountsnts Second Floor 34 ￿me Street London EC3M 7AT Bank•r5 C Hoare & Co. 37 Fleetstree London EC4Y IBT Solkltors Macfarlane5 10 Norwlch Street London EC4A IBD APpdrt￿Ad¥lSorS New Phllanthropy Capltsl 185 Park Street London SEI 98L The trustees have delegated Mlke Samp50n to perform the daY-t￿daY management of the chaTltsble trust. The name of the Charlty isThe John Armlta8e Charitable Trust and no ot￿r name Is used. Re8tstered a5 a charlty wlth The Chartty Commlsslon for En8land and Wales wlth ChaAty Numbei 1079688. STATEMENTOF TRUSTEES. RESPONSIBIUTIES Thé trustees are reSpO￿lbIe for preparln8 the Report of the Trustses and the flnJnclal statements In accordance wlth applkable I￿ I￿1 Unlted Klngd¢)m Accountln8Standard5 Iunlted Kln8dom GenerallyAcceptsd Accountlng Practlcel. The law appllcable to tharitles In England and Wales. the Charltles Act 2011, Charlty (Accounts and Reportsl Regulauons 2008 and the provlsfjons of the irust deed requires the trustees to prepa￿ financlal ststements for each flnanclal year whlch give a true and falr view of the stste of affalrs of the charlty and of the Incomlng resour￿$ and appllcation of resources, Includlng the Income ?nd expendlture, of the charltyfor thatperh)d. In preparfn8 those financlal ststements, the trustee5 are requlred to select sultsble accounttng polkles and then apptythem conslstsntlyj observe the meth¢xlsand principles In the Chartty SORP; make Judgements and estlmates thatare reasonable and prudenL' state whether applicable aCc￿ntIng Stsndards have been followed. subiett to any materlal departures dlsclosed and explalned In the financlal ststements; Prepare the financial 5tstements on the 8olnB Con￿rn basls unless It Is Inappropriate to presume that the charlty will contlnue In bu51ness. The trLrstees are responsible for keeping proper accountlng reeori15 whlch dlsclose wtth reasonable accuracy at any tlme the financlal positlon of the charity and to enable thewn to ensure that the financial ststements compty with the Charltles Art 201L the Charity (Accounts and Report%} Regulatlons 21X)8 and the provisions of the trust deed. They are a150 responslble for 5afe8uardlng the assets of the charlty and hen￿ for tsking reasonable steps for the preventlon and detertlon offraud and other lire8ularrlies. Page 5 Docuslgn Envelope ID.. 8D7B21AC-F7824AE64D0&769394ABA73C THEJOHN ARMITAGE CHARITABLE TRusr REPORT OF THE TRUSTEÉS FOR THE YEAR ENDED 5 APRIL 21)24 Approved by order of the board oftrustee5 on...l?l.ia(z 62.Ll.... and signed on its behalf by.. J CArmitsge- Trustee Pa8e 6 Eknr8ign Énvelope ID: 807B21AC47824AE64D08-769394ABA73C REPORT OFTHE INDEPENDENT ALIDITORSTOTHE TRUSTEES OF THEJOHN ARMITAGE OIARITABLE TRUST Oplnion We have audlted the financial statements of The John Armitage Charitsble Trust (the 'charltyl for the year ended 5 Wil 2024 whlth comprlse the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and tTh)tes to the financial Statements, Includin8 a summary of 51Bnfficant actountin8 policie& The financkl reporting framework that has been applied In their preparatknn is appllcable law and Unrted ￿ngdoM Accoufttlng Stsndard5 (Unlted Kingdom Generally Accepted Accountln8 Practlcel, In ouroplnlon the fi￿n￿al ststements: 81ve a true and fair ￿eW of the state of the charltys affalr5 a5 at 5 Aprll 2024 and of its Incomln8 rewurces and applicatlon of resources. for the year then endeil,. have been propety wepared In accordance wlth Unlted Klngdom GenerallyAccepted Acc(wntln8 Practlce; and have been prepared in aC￿rdanCe wlth the requlrements of the Charltles Att 2011. B•sls foroplnlo We conducted our audlt In accordance wlth Intematlonal Standards on Audltln8 IUKI IISAS IUKII and appllcable law. Our respon51bllltses under those stsndards are further described In the Atsdltors, respLMslbllltJes for the aLKIIt of the financlal ststements section of our report. We are Independent of the tharlty In accordan￿ wlth the ethkal requlrements that are relevant to our audlt of the financlal ststements In the UK, IncludlnB the FRes Ethlcal Stsndard, and we have fulfilled our othèr ethlcal responslbifitles In accordance wlth these requlrements. We believe that the audlt evldence we have obtslned Is sufficlent and approprlats to provlde a basls for ouf cylnlon. Condu$lons rel011￿1• 8oln8 eanom In audltln8 the financlal 5tstementy we have concluded that the trustee5' use of the goln8 COn￿M bas15 Ot accountln8 In the preparatlon of the financlal ststernents Is approprlate. Ba￿ on the work we have performed, we hove not Identlfled any materlal UnCe￿IntIeS relatlng to events or condltlons thaL Indlvldually or collectlvelyi mty cast $18nlflcant doubt on the charlty's ablllty to tontlnue as a going concern for a period of at least twelve months from when the flnanclal ststements are authorlsed for Issue. Our responslblllties and the ￿SpOnsIbIlItIeS of the trustees wlth ￿sPeCt to 8oln8 concern are descrlbed In the relevant secttons of th15 report. Other Infonn•tlon The tru5tee5 are responsible for the other Informatlon. The othèr Informatlon ¢omprlses the Inlormatlon Included In the Annu?1 RepDr¢ otherthan the financlal ststements and Our Report of the Independent Audltors thereon. Our oplnlon on the financlal ststsments does not cover the other Infom)ation and. except to the extent otherwlse expllcitly 5tsted In our reporL we do not expres5 any form of assurance conclu51on thereon. In connectlon wlth our audlt of the financlal statements. our responslblllty Is to read the other Informatlon and, In doinB so, con4der whether the other Information bs m8terlally incon5iStent wlth ihe flnandal ststements or our knowledge obtsined In the audlt or otherwlse appears to be materially mls5ts1ed, If we Identlfy such materlal incons15tencles or apparent materlal mlsststements, we a required to detemilne whether thls Blves rlse to a m*erlal misstatsment In the flnantlal ststements themselve& If. based on the work we have perfom*d, we Conclude that there 55 a materlal ml&ststement of this other Intormatlon, we are requlred to report that fact We have nothing to report In thls re8ard. Matters on whkh weare rewlred to rewt by ex¢4ptlon We have nothlng to report in respect of the followlng matters where the Charltles (Accounts and Reportsl Regulatlons 2008 requlre5 US to report to you If. in our opinion: the Infomotion given In the Report of theTrustees is Inconslstent in any materlal respect with financlal statements,. or sufficient accounting records have not been kept- or the fina￿1￿1 Statements are not In ag￿efftent with the accounting record5 and returns,. or we have not re￿IVed all the Inform3ticffl and explan*lons we requlre for our audlt. Page 7 Docus*Jn Envelgpe ID.. 8D7821ACW824AE64D08-769394ABA73C REPORT OF THE INDEPENDENT AUDITORS TOTHE TRUSTEES OF THEJOHN ARMITAGE CHARITABLE TRUST Rwnslbllllles of tNstee5 As explained more fully In the Statement of Trustees, Responslbllltles. the trustees are responsible for the preparatlon of the financlal statements which Bive a true and fair ¥lew. and for such Internal control as the trustee5 determlne is necessary to enable the preparoticffl of financial 51atements that are free from materlal misststemenL whet￿rdue to fraud or error. In preparing the financial StsteMen￿ the trustees are respon51ble for assessing the charity's ability to continue as a golng con￿rn, disclosin& as applicable, matters related to going concern and usin8 the 8olng concem basls of accountin8 unless trustees either Intend to liquidate the charity or to tease opeTatK)n5, or have no reallstlc alternative blrt to do so. Pa8e 8 Docusign Envelope ID: 8D7821A&F7824AEuD￿789381ABA73c REPORT OF THE INDEPENDENT AUDITOR5 TO THE TRUSTEES OF THEJOHN ARMITAfjE cHAR￿ABLE TRUST Our reSP￿￿bIlItIeS forthe audit of the flnanclal ststements We have been appolnted as auditors under Sectlon 144 of the Chafftles Act 2011 and report in accordance with the Act and relevant rÈgulations made or having effect thereunder. Our objecDves are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free trom matertsl misstatemenL whether due to fraud or error. and to issue a Report of the Independent Audltors that Includes our oplnlon. Reasonable assurance Is a hi8h level Df assurance, butls not a guarantee that an audlt conducted in accordance with ISA5 IUKI wlll always detert a material m1$5tatement when It exists. Misstatements can arise from fraud or error and are consldered material if, Indfvldually or In the ?Bgregate, they could re?SDnably be experted to Influence the economlc Iledslons of users tsken on the basls of these financlal ststement& Irre8ularlties, Indudln8 fraud, are Instan￿$ of non-complSance with laws and regula￿OnS. We Identlfled and assessed the rlsks of materlal mlsststement of the financlal statements from Irre8ularltles, whether due to fraud or error, and dlscussed these between our audlt team members. We then deslgned and performed audlt procedures respons5ve to those rlsks, Includlng obtsSnln8 audlt evlderKe sufficlentand approprlate to PTovlde a ba515 for our oplnlon. We design our procedures SD as to obtaln sufflclent appropilate aLKISt evldence that the financlal Statements are not materfally misstafrd due to non-compliance wlth laws and re8ulaiions or due to fraud ￿ error. We are not responsible for preventln8 non-tompllance anil cannot be expected to detect non 48,707.245 17,724,512 Net Movement In the year 9,533,194 31A49,539 40,982,733 Expendable Endowmentit 5 Aprll 2024 135,295,365 75,280,217 210A75¥2 ACCOUNTING POLiaES B•sls of preparlng the Ilnantlal ststements The flnanclal 5tstements have been prepared under the hlstorfcal c05t ConVen￿Oft wlth Items recognlwd at cost or transaetlon value unle55 Otherw15e stated In the relevant note5 to these accounts. The flnancial statsments have been prepare(1 In accordance with the Statement of Recomrnended Practlce,. Accountlng and Reportln8 by Charitles preparln8 thelr accounts In accordance wlth the Flnanclal Reportlng Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021 effectlve l January 2015 and the Charlties Act 2011. The Charltycon5tltutes a publlc bet)efit entbty as defined by FRS 102. The trustees consider that there are no material uncèrtalntles about the Charfty's ablllty to contlnue as a golnB concern. The Tnost s18nlflcant 35pett of the Charity that potenlally affects its ability to contlnue Is the carryln8 value of its Inve￿Ments whlch relates to Investrnent return5 and the performance of Investment markets15ee the Investment policy and performance and rlsk management sertlons of the trustees, annual reportfor more Informatlonl. Income All incoming resources are included on the Statement of Flnancial Attl￿tIeS when the charlty Is le8ally enlltled to the In￿me and the arnount can be quantlfied wlth reasonable accuracy. Cash donations receNed are recorded gr¢>ss of taxatlon recoverable under the Blft ald s¢heme. Income arisin8 from flxed a55et investments hekl in the expendable endowment fund Is credlted as investment income to that Page 14 continued.., Docusign Envalope ID: 8D7B21AC-F7824AEPAD08-769394ABA73C ThÉJOHN ARMITAGE ￿RITABlE TRUST NOTES TO THE FIP4ANaALSTATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 20Z4 ACCOUNTING POLiaES. conllnu*d Intome Gift5 of shares to the trust are treated as voluntsry income of the endowment futKF. Such shares a￿ Induded at market value on the date of the 81ft. E¥pendlture Expenditure Is accounted for ￿ an accruals ba515 and has been dasslfied under headltw that a88regats all cost relateurces Resources experKled Galns and losses Movement In funds Unrnstrlrted fund$ General fund 15,873,8241 15,873.8241 EndDwrn•ntfvnds Unrestrlcted expendable endowment fund 11,289,652 1211,7671 16,263,297) 4.814,588 TOTALFUNDS 11,289,652 14085,5911 16,263,297) IL059,2361 A current year 12 months and prlor year 12 months comblned posltlon Is as follows.. Net movement In funds Transfers betsveen funds Al 614122 At 514124 Unr•stfkted lund¥ G•nèral fvnd 113,598,336) 13,598,336 Endowmert fvnds Unrestrkted expendable èftdowmentfund 170,652,086 53,521,832 113,598,336) 210,575,582 TOTAL FUNDS 170,652,086 39,923,496 210,575,582 A currnntyear 12 month5 and prlor year 12 months comblned n•t movement In funds, Included In the above are as follows: Incomln8 resources Resources expend Galns and losses Movement In funds Unrestrlcled funds General furKI 113598.3361 113,598,336) End0￿￿•nt[UndS Unrestrltted expendable endowment fund 20.￿5,812 1429,3631 33,045,383 53,521,832 TOTAL PJNDS 20,905.812 114,027,699) 33,045,383 39.923,496 Tran51ers between fvnd5 The Expendable Endowment Fur¥J represents capitsl which may be expended at the discretion of the trustees. Ehjring the year £7,724.51212023- £5,873A241 was transferred from the Expendable Endowmentfund to the Unrestrtcted Fund. Page 23 continued... Docus*Jn Envelope ID.. 8D7B21AC-F7824AE64D08-769394ABA73C ThE JOHN ARMITAGE CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 5 APRIL 2024 17. OThER HNANCIAL COMMITMENTS At the balan￿ sheet date the trust had committed to Pay grants totallln8 £5,159,18812023 - £4,2S6,500I wlthln 12 months and É3,719,75412023- £2,475,000) after 12 nN)nths. These amounts are payable 5ublect to condltlonal terms which are set out In writing prior to payment of the initial donation. The commltments wlll be funded by the 5?le of fixed a55et Investments. RELATED PARTY DISCLOSURES Mrs C Armlta8e, a trustee of the Charlty, Is also a member of the Campaign Development Board of Westh)Inster Abbey• beneflclary of the Charlty. Durln8 the year Charity made donalons totalling £50,ODJ 12023 £50,QJOI to We5tmln5ter Mr W Francklin, a trustee of the Charlty, is also a trustee of Independence at Home and the Northamptonshire tommunlty foundatlon, who are both beneflclarle5 of the Charity. Durln8 the year the Charity rnade donatlons totalllng £72,CW12023 £72,C￿l to Independence at Home and £70,WOI2023- £70,DJOI to Northamptonshlre communlty foundatlon. Mrs C Francklin, a trustee of the Charlty, Is also the church warden of St John the Evèngellst Church, Wlcken Iwtcken PCCI. benellclary of the Charlty. Durlng the year the Charfty made donatlons totallln8 £25,000 12023 £25.1Y)01 to St John the Evan8d15t Church, Wlck•n Iwlcken PCCI. Mr H Francklln, son of W Francklln and C Francklln, Is a lJustoe of Mvumi School Trust. Durln8 the year the Charfty made donatlons totallln8 £16,62012023. £0) to Mvuml School Trust Mr R Maclnnes, a trustee of the Charlty, Is also a volunteer for and his partner Is an employee of Communlty TechAld. a beneflclary of the Chadty, Durfng the year the Charlty made donatlons totalllng £12,(￿ 12023 £20W)I to Communlty Tech￿d. Harry Freeland Set up Standln8 Voice a charlty to whkh The John ArniSts8e Chadtable Trust made donatlons totallln8 £lC 12023- £20,ocK)l. Mrj C Armlta8e15 a trustee of the John Armlts8e Charltsble Trust and a cousln of Harry Freeland. In relatlon to the above, the relevant trustee absented hlmself or herself from dlscusslons relatlng to, and the vote on grants to a charity wlth whlch he or she also had an active connectlon. Trustees Blfted Investments havlng a market value at the date of the glfts of £9,533,19412023 - £13,757,30351 to the Charlty durlng the year wlthout cgndltlon. ULTIMATE CQNTROLLING PARTY The Charlty Is under the joint control of the trustees. RECONauATION OF INCOMVIFAPENDITURE) TO NET CASH FLOW FROM OPERATING ACFivmES 2024 2023 Nel IrKomellexpendlturel lorth• rnportlnK pwlDd (•5 pwthe Statement of Flnanclal Actbvltlesl Adjustments for.. (Galnlllosses on investments Interest re￿iVed Dlvldend5 recelved Income attributable to endowment Expenditure attributable to endowrnent Income attributable to endowment Incrèase In debtors Ir￿reaSe/1￿ecreasel in creditors 40,982,732 11.059,2361 139,30B,6801 152,2931 130.6741 {82,9661 217,596 19,533.1941 1931 27,157 6,263,297 131,8761 131,8771 211,767 111,257.7751 17211 115.7511 Page 24 contlnued... Docuslgn Envelope ID.. 8D7B21AC-F7824AE64D0&769394ABA73C THE JOHN ARMITAGE CHARITABLE TRUST NOTES TO THE FINANaALSTATEMENTS- contlnwed FOR THE YEAR ENDED 5 APRIL 2024 RECONauATION OF NEf INCOMV(EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIWTIES- contlnued Net cash used In operatlons 17,780A15) 15.922,1721 21. ANALYSISOF CHANGES IN NET FUNDS At614123 Cash fk)w At 514124 Net (ash Cash at bank 105,942 35,780 141,722 105,942 141,722 Tolal 105.942 35.780 141,722 CASHAND CASH EQUIVALENTS The amounts dlxlosed on the Cash Flow Ststement In respect of tash and cash equfvalents are In respe¢t of these Balance Sheetamounts: Ywr onded 5 Aprfl 2024 5.4.24 5.4.23 Cash and cash equlvalents 141,722 105,942 vair4nd￿ 5 Aprfl 2023 5A.23 5.4.22 Cash and Cash equlvalents 105,942 469,331 Py25