Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
REGISTERED CHARITY NUMBER: 1079688
```
```
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
FOR
```
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
```
Carston ETL
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025`**
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`5`|
|**`Report of the Independent Auditors`**|`6`|`to`|`9`|
|**`Statement of Financial Activities`**||`10`||
|**`Statement of Financial Position`**||`11`||
|**`Statement of Cash Flows`**||`12`||
|**`Notes to the Financial Statements`**|`13`|`to`|`24`|
|**`Detailed Statement of Financial Activities`**||`25`||
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025`**
```
The trustees present their report with the financialstatementsof the charityfor the year ended 5 April 2025. The trustees have adopted
theprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republicof Ireland (FRS 102) (effective1 January
2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and activities for the public benefit`**
```
The Charity'sobjectivesare such exclusivelycharitableobjectivesand purposesfor the publicbenefitthroughoutEnglandand Wales as
the trustees may in their discretion think fit.
```
```
TheCharityfurthersitscharitablepurposesforthebenefitofthepublicbymakinggrantstoorganisationsorgroupswhich undertake
activitieswhicharecharitablewithinthemeaningofthelawsofEnglandandWalesandwhichfallwithintheCharity'sobjectives. This
may include support to registered charities, exempt or excepted charities and other non-profit making bodies.
```
```
ThetrusteeshavedueregardtotheCharityCommission'sguidanceastooperationofthepublicbenefitrequirementwhen exercising
powers or duties to which the guidance is relevant and in their opinion the charity's activities are wholly for the benefit of the public.
```
```
The trustees have power to expend capital and income from the ExpendableEndowmentFund but while furtheringthe objectivesof the
Charity the trustees have regard to ensuring that the Expendable Endowment Fund is maintained.
```
```
The guiding principle of the Charity is to help people to help themselves. The focus areas are:
```
`1. disadvantaged children and youth support, including parenting support;`
`2. education;`
`3. medical care;`
`4. arts and culture;`
`5. prisoners and young offenders and`
`6. religious organisations.`
```
Page 1
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025`**
## **`OBJECTIVES AND ACTIVITIES`**
## **`Grantmaking`**
```
The Charityhas establishedits grantmakingpolicyso as to achieveits objectsand doneeorganisationsare selectedin accordance with
this policy by the trustees.
```
```
The trusteesdo notconsiderunsolicitedrequestsforfundingand haveappointedan advisorto reviewthe currentgrantsawarded and
toidentifyandassessadditionalcharitiestoawardgrantsto.Thetrusteeshaveimplementeda morestrategicapproachtotheir grant
makingpolicy,focusingon disadvantagedchildrenand youthsupport,education,medicalcare and research,arts and culture, prisoners
and young offenders and religion.
```
```
The Charity'sdistributionpolicyin relationto new recipientsis to make3-yearlygrantsto charitableorganisationsselected periodically
bythetrustees.Itisanticipatedthatthemajorityofgrantswillbe between£30,000and£40,000perannum.Incertain circumstances
grantsmaybemadeforadifferenttimescale(includingone-offgrants)orforalowerorgreateramount,asagreedbythe trustees.
Grantspromisedto be made for each of 3 successiveyears are onlypayablein years 2 & 3 subjectto the satisfactorycompletionof the
first and second year's conditions respectively.
```
```
TheCharitymayalsoprovidelong-termorrepeatfundingtoexistinggrantrecipientsatthediscretionofthetrusteessubject to
on-goingmonitoringandreview.TheCharitydoesnotgenerallyprovidefundingforlongtermcapitalprojects,although exceptionally
the trustees may make one off capital grants.
```
```
TheTrusteescarryoutappropriateduediligencecheckstoensurethatfundsareusedonlyforcharitableactivitieswhichfurther the
purposesof the Charityand that proposedgrantsdo not exposethe Charityto undue risks.The trusteesretainan advisoron an annual
basis to assist with the on-going monitoring and vetting of potential grant recipients.
```
```
The trustees adopt a risk rated approach to due diligence. Risk factors will include:
```
`1. the size and duration of the proposed grant;`
`2. the legal status of the proposed recipient;`
- `3 the geographical location in which the grant will be applied;`
- `4 how easily the trustees can verify how the Charity's funds are being spent;`
- `5 the nature of the activity to be funded by the proposed grant and`
- `6 the public profile of the proposed project and/or recipient and the likely media and/or local or public interest.`
```
Wheregrantrecipientsaresupportedforasignificantperiodoftime,grantsaremonitoredannuallytodeterminewhether any
additional due diligence should be undertaken on a change of circumstances that might impact the recipient.
```
```
Followinga reviewand recommendationprocessled by the advisor,the trusteesconsiderwhethergrantsshouldbe madesubjectto a
grant offer letter and the standard terms and conditions or if special conditions should be imposed.
```
## **`ACHIEVEMENTS AND PERFORMANCE`**
## **`Charitable activities`**
```
DuringtheyeartheCharitymadegrantstocharitablecausestotalling£7,217,604(2024-£7,417,023)assetoutinnote7to these
financialstatements.ThetrusteesaresatisfiedthatthenatureandscopeofgrantsmadefullyreflectthepurposesoftheCharity and
that the objectives for which it was created continue to be achieved.
```
```
Thetrustees,withtheassistanceoftheadvisor,havetakenstepstomonitortheuseofthegrantsmadeandverifiedthatthey have
beenappliedforthepurposesthatwereagreed.Thetrusteesandadvisorhavevisitedgrant-fundedactivitiesand interviewed
individuals involved in running those activities.
```
## **`Investment performance`**
```
TheyearunderreviewwasagoodoneforinvestmentsbothgloballyandintheUK.Themarketvaluesofinvestments(including cash
balances)recordedinthefinancialstatementsincreasedby£20,909,630(2024-£40,973,713)duringtheyear,aftertheadditionof a
further donation of £9,029,569 (2024 - £9,533,194) by the settlor and investment disposals are taken into account.
```
```
The realisedand unrealisednet investmentgains for the year are £19,706,213(2024- £39,308,680).This representsa positivereturn of
approximately9.36%(2024-23.18%)oftheopeningmarketvalueoftheCharity'sportfolioandapositivereturnof approximately
8.97% (2024 - 21.95%) of the opening market value of the Charity's portfolio plus the donation of £9,029,569 (2024 - £9,533,194).
```
```
Page 2
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Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025`**
## **`FINANCIAL REVIEW`**
## **`Principal funding sources`**
```
TheCharity'sworkisentirelyreliantonincomeandinvestmentreturnsfromitsExpendableEndowmentFundwhichisinvestedon a
totalreturnbasis.The valueof the ExpendableEndowmentFund at 5 April2025was£231,696,131an increaseof £21,120,549over its
£210,575,582 value as at 5 April 2024.
```
```
Thetrusteestransferred£7,564,864(2024- £7,724,512) fromthe unappliedreturnofthe ExpendableEndowmentFundto support its
grant making charitable activities.
```
## **`Investment policy and objectives`**
```
Thetrusteeshavea widepowerofinvestmentconferredon themby clause10.2ofthe trustdeed.Thetrusteesalsohavethe general
power of investmentconferredupon them by the TrusteeAct 2000, which permits them to invest trust assets as if they were absolutely
entitledtotheassets.Inexerciseofthesepowersthetrusteesoperateatotalreturnapproachtotheinvestmentofthe Expendable
Endowment Fund. There is no specific income requirement in relation to the Portfolio.
```
```
1.WhendeterminingtheamountofunappliedtotalreturnontheExpendableEndowmentFundtotransfertotheUnrestricted Fund
the trusteeshaveconsideredthe amountofincomerequiredto maintainthe currentlevelofcharitableactivityand the likelyneeds of
future beneficiaries; and
```
```
2. When reaching their decisionas to the unapplied total return to transfer to the UnrestrictedFund, the trustees have had regard to the
market outlook, investment trends and the prospect for future capital growth and loss.
```
```
TheCharity'sPortfoliois investedon a long-termbasiswithno particularregardto social,environmentalor ethicalconsiderations.It is
anticipatedthat the Charitywill continueafter the settlor'slifetime.The trustees'principalobjectiveis to invest for growthin real terms
measuredinsterling,whilstensuringsufficientliquiditytomaintaindistributionsofaround3-4%perannumandtofund the
administrativecostsof running the Charity.The distributionrate is set by referenceto the trustees'wish to be able to maintainlevels of
donationsshouldtheExpendableEndowmentFundfallbyupto30%invalue.Theoveralltargetreturnistoachievenetgrowth per
annum in sterling in excess of the rate of UK inflation as measured by the Consumer Price Index (CPI).
```
## **`Reserves policy`**
```
ItisthepolicyofthetrusteestorecogniseanunrestrictedfundandanunrestrictedExpendableEndowmentFund.If resources
expendedexceedincomeof the unrestrictedfund a transferis made fromthe ExpendableEndowmentfund whichis expendableat the
discretion of the trustees.The trustees do not, therefore, believe that the Charity needs to hold more significant reserves.
```
## **`FUTURE PLANS`**
```
ThetrustwillcontinuetomakedonationstocharitablecausesatthediscretionofthetrusteesinaccordancewiththeCharity's grant
makingpolicy.Therearenospecificplanstosupportanyonecharityororganisation.Reportsfromtheappointedadvisersasto the
resultsofgrantsmadetobeneficiariesinformandinfluencethetrusteeswithrespecttofutureplansanddecisionsabout allocating
resources to their best effect.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
Thetrustisaregisteredcharity,number1079688,andisconstitutedunderaTrustDeeddated24August1999.Thetrust was
establishedby an initialgift from John Armitage.Since his initialgift John Armitagehas made further substantialgifts to the charity. The
Charitydoesnotfundraisebutseekstocontinuethecharitableworkdesiredbythetrusteesthroughthecarefulstewardshipof its
existing resources.
```
## **`Organisational structure`**
```
Thetrusteeswhohaveservedduringtheyearandsincetheyearendaresetoutbelow.Trusteesareelectedinaccordancewith the
trust deed. The Charity employs only one staff member and that is in the capacity of Charity Administrator.
```
## **`Decision making`**
```
Decisionsare made by the trusteeswho meet generallythree timesa year (and must meet at least annually).Investmentdecisions are
madebyasub-committeeofthetrustees.GrantmakingdecisionsaremadebythetrusteesinaccordancewiththeCharity's grant
makingpolicyandgrantsaremadetobeneficiarieseitherbroughttotheirattentionbytheappointedadvisoror subsequently
researched and then approved by the appointed advisor.
```
```
Page 3
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Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025`**
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Induction and training of new trustees`**
```
AnynewtrusteewillreceiveacomprehensiveinductiontotheCharityandwillreceivematerialstoallowthemtounderstand the
charitable purposes, the financial position and current issues of the Charity.
```
```
The trustees are kept up to date with all matters relating to charities generally by their professional advisers.
```
## **`Key management remuneration`**
```
ThetrusteesconsidertheBoardofTrusteesandseniormanagementteamasthecharity'skeymanagementpersonnel. Total
remunerationforkeymanagementpersonnel,includingsalaries,pensions,andbenefits,was£20,000(2024:£20,000),with no
remuneration paid to trustees.
```
## **`Related parties`**
```
The only related parties are the trustees. Details of the related party transactions are given in the notes to the accounts.
```
## **`Risk management`**
```
Themajorrisksto whichthe trustis exposed,as identifiedby the trustees,havebeen reviewedand procedureshavebeen established
to manage those risks.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`**
```
1079688
```
## **`Principal address`**
```
Second Floor
34 Lime Street
London
EC3M 7AT
```
## **`Trustees`**
```
J C Armitage
W Francklin
Mrs C M Armitage
Mrs C Francklin
R A MacInnes
```
## **`Auditors`**
```
Carston ETL
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT
```
## **`Bankers`**
```
C Hoare & Co.
37 Fleet Stree
London
EC4Y 1BT
```
## **`Solicitors`**
```
Macfarlanes
10 Norwich Street
London
EC4A 1BD
```
```
Page 4
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025`**
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Appointed Advisors`**
`Angela Kail Consulting Ltd 64 Southwark Bridge Road London SE1 0AS`
`The trustees have delegated Mike Sampson to perform the day-to-day management of the charitable trust.`
`The name of the Charity is The John Armitage Charitable Trust and no other name is used.`
`Registered as a charity with The Charity Commission for England and Wales with Charity Number 1079688.`
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`**
`The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).`
`Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).`
`Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to`
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charities SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.`
`The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.`
19 December 2025 | 9:44 PM GMT
`Approved by order of the board of trustees on ......................................... and signed on its behalf by:`
`.................................................................................`
`J C Armitage - Trustee`
`Page 5`
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`Opinion`**
```
WehaveauditedthefinancialstatementsofTheJohnArmitageCharitableTrust(the'charity')fortheyearended5April2025 which
comprisetheStatementofFinancialActivities,theStatementofFinancialPosition,theStatementofCashFlowsandnotesto the
financialstatements,includinga summaryof significantaccountingpolicies.The financialreportingframeworkthat has been applied in
theirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).
```
```
In our opinion the financial statements:
```
- `give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;`
- `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and`
- `have been prepared in accordance with the requirements of the Charities Act 2011.`
## **`Basis for opinion`**
```
We conductedour audit in accordancewith InternationalStandardson Auditing(UK) (ISAs (UK))and applicablelaw.Our responsibilities
underthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthefinancialstatementssectionof our
report.Weareindependentofthecharityinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe financial
statementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilitiesinaccordance with
theserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisfor our
opinion.
```
## **`Conclusions relating to going concern`**
```
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
```
```
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasagoingconcernforaperiodofat least
twelve months from when the financial statements are authorised for issue.
```
```
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedintherelevantsectionsof this
report.
```
## **`Other information`**
```
The trusteesare responsiblefor the other information.The other informationcomprisesthe informationincludedin the Annual Report,
other than the financial statements and our Report of the Independent Auditors thereon.
```
```
Our opinionon the financialstatementsdoes not cover the other informationand, except to the extent otherwiseexplicitlystated in our
report, we do not express any form of assurance conclusion thereon.
```
```
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso, consider
whethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheaudit or
otherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparentmaterialmisstatements,we are
requiredto determinewhetherthisgivesriseto a materialmisstatementin the financialstatementsthemselves.If,basedon the work
wehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthat fact.
We have nothing to report in this regard.
```
## **`Matters on which we are required to report by exception`**
```
We have nothingto reportin respectof the followingmatterswhere the Charities(Accountsand Reports)Regulations2008 requires us
to report to you if, in our opinion:
```
- `the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or`
- `sufficient accounting records have not been kept; or`
- `the financial statements are not in agreement with the accounting records and returns; or`
- `we have not received all the information and explanations we require for our audit.`
```
Page 6
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Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`Responsibilities of trustees`**
```
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparationofthe financial
statementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineisnecessarytoenable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
```
```
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueasagoing concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthetrustees either
intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
```
```
Page 7
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Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF`**
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`Our responsibilities for the audit of the financial statements`**
```
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththeActand relevant
regulations made or having effect thereunder.
```
```
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherdue to fraud or error,and to issue a Reportof the IndependentAuditorsthat includesour opinion. Reasonable
assuranceis a highlevelofassurance,but is nota guaranteethatan auditconductedin accordancewithISAs(UK)willalwaysdetect a
materialmisstatementwhenit exists.Misstatementscanarisefromfraudor errorand are consideredmaterialif,individuallyor in the
aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthese financial
statements.
```
```
Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Weidentifiedandassessedtherisks of
materialmisstatementofthefinancialstatementsfromirregularities,whetherdue tofraudorerror,anddiscussedthesebetween our
auditteammembers.Wethendesignedandperformedauditproceduresresponsivetothoserisks,includingobtainingaudit evidence
sufficient and appropriate to provide a basis for our opinion.
```
```
Wedesignourproceduressoastoobtainsufficientappropriateauditevidencethatthefinancialstatementsarenot materially
misstated due to non-compliance with laws and regulations or due to fraud or error.
```
```
We are not responsiblefor preventingnon-complianceand cannotbe expectedto detect non-compliancewith all laws and regulations -
this responsibility lies with management with the oversight of the Trustees.
```
```
BasedonourunderstandingoftheCharityandthecharitysector,discussionswithmanagementandtrusteesweidentified financial
reporting standards and Charities Act 2011 as having a direct effect on the amounts and disclosures in the financial statements.
```
```
As part of the engagementteam discussionabout how and where the Charity'sfinancialstatementsmay be materiallymisstateddue to
fraud, we did not identify any areas with an increased risk of fraud.
```
## `Our audit procedures included:`
```
-Completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
```
```
-EnquiryofmanagementabouttheCharity'spolicies,proceduresandrelatedcontrolsregardingcompliancewithlawsand regulations
and if there are any known instances of non-compliance;
```
```
-Examining supporting documents for all material balances, transactions and disclosures;
```
```
-Enquiry of management, about litigations and claims and inspection of relevant correspondence;
```
```
-Analytical procedures to identify any unusual or unexpected relationships;
```
```
-Specificaudit testing on and review of areas that could be subject to managementoverrideof controlsand potentialbias, most notably
aroundthekeyjudgmentsandestimates,includingthecarryingvalueofaccruals,provisions,investments,grantmakingand revenue
recognition;
```
```
-Consideringmanagementoverrideofcontrolsoutsideofthenormaloperatingcyclesincludingtestingtheappropriatenessof journal
entriesrecordedinthegeneralledgerandotheradjustmentsmadeinthepreparationofthefinancialstatementsincluding evaluating
the rationale of significant transactions, outside the normal course of charitable activity;
```
```
Owingto the inherentlimitationsof an audit,there is an unavoidablerisk that some materialmisstatementsof the financial statements
may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
```
```
Thepotentialeffectsofinherentlimitationsareparticularlysignificantinthecaseofmisstatementresultingfromfraudbecause fraud
mayinvolvesophisticatedandcarefullyorganisedschemesdesignedtoconcealit,includingdeliberatefailuretorecord transactions,
collusion or intentional misrepresentations being made to us.
```
```
AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
```
```
Page 8
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Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`Use of our report`**
`This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.`
`Carston ETL Chartered Accountants Second Floor 34 Lime Street London EC3M 7AT` 07 January 2026 | 10:02 AM GMT `Date: .............................................`
`Carston ETL is eligible to act as an auditor in accordance with section 1212 of the Companies Act 2006`
`Page 9`
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025`**
|`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`3`
`Investment income`
`4`
**`Total`**
**`EXPENDITURE ON`**
`Investment management`
`5`
**`Charitable activities`**
`6`
`Grants to institutions`
`Other`
**`Total`**
`Net gains on investments`
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`16`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`7,416,417`**
**`148,447`**
**`7,564,864`**
**`-`**
**`(7,564,864)`**
**`7,564,864`**
**`-`**
**`-`**
**`-`**|`Endowment`
`fund`
`£`
**`9,029,569`**
**`201,799`**
**`9,231,368`**
**`252,169`**
**`-`**
**`-`**
**`252,169`**
**`19,706,214`**
**`28,685,413`**
**`(7,564,864)`**
**`21,120,549`**
**`210,575,582`**
**`231,696,131`**|**`2025`**
**`Total`**
**`funds`**
**`£`**
**`9,029,569`**
**`201,799`**
**`9,231,368`**
**`252,169`**
**`7,416,417`**
**`148,447`**
**`7,817,033`**
**`19,706,214`**
**`21,120,549`**
**`-`**
**`21,120,549`**
**`210,575,582`**
**`231,696,131`**|`2024`
`Total`
`funds`
`£`
`9,533,193`
`82,967`|
|---|---|---|---|---|
|||||`9,616,160`|
|||||`217,596`
`7,572,128`
`152,384`|
|||||`7,942,108`|
|||||`39,308,680`|
|||||`40,982,732`
`-`|
|||||`40,982,732`
`169,592,850`|
|||||`210,575,582`|
```
The notes form part of these financial statements
```
```
Page 10
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`STATEMENT OF FINANCIAL POSITION 5 APRIL 2025`**
|||**2025**|2024|
|---|---|---|---|
||Notes|**£**|£|
|**FIXED ASSETS**||||
|Investments|13|**231,134,354**|210,534,966|
|**CURRENT ASSETS**||||
|Prepayments and accrued income||**28,312**|882|
|Cash at bank||**646,525**|141,722|
|||**674,837**|142,604|
|**NET CURRENT ASSETS**||**674,837**|142,604|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||**231,809,191**|210,677,570|
|**ACCRUALS AND DEFERRED INCOME**|14|**(113,060)**|(101,988)|
|**NET ASSETS**||**231,696,131**|210,575,582|
|**FUNDS**|16|||
|Endowment funds||**231,696,131**|210,575,582|
|**TOTAL FUNDS**||**231,696,131**|210,575,582|
19 December 2025 | 9:44 PM GMT `The financial statements were approved by the Board of Trustees and authorised for issue on ......................................... and were signed on its behalf by:`
`............................................. J C Armitage - Trustee`
`The notes form part of these financial statements`
`Page 11`
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025`**
|`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`20`
`Net cash used in operating activities`
**`Cash flows from investing activities`**
`Purchase of fixed asset investments`
`Sale of fixed asset investments`
`Interest received`
`Dividends received`
`Net cash provided by investing activities`
**`Cash flows from financing activities`**
`Income attributable to endowment`
`Expenditure attributable to endowment`
`Net cash used in financing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning of the`**
**`reporting period`**
**`Cash and cash equivalents at the end of the`**
**`reporting period`**|**`2025`**
**`£`**
**`(7,755,604)`**
**`(7,755,604)`**
**`(28,617,756)`**
**`36,754,151`**
**`61,514`**
**`112,868`**
**`8,310,777`**
**`201,799`**
**`(252,169)`**
**`(50,370)`**
**`504,803`**
**`141,722`**
**`646,525`**|`2024`
`£`
`(7,780,415)`
`(7,780,415)`
`(12,906,635)`
`20,774,493`
`52,293`
`30,674`
`7,950,825`
`82,966`
`(217,596)`
`(134,630)`
`35,780`
`105,942`
`141,722`|
|---|---|---|
```
The notes form part of these financial statements
```
```
Page 12
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025`**
## **`1. ANALYSIS OF AND MOVEMENT IN THE EXPENDABLE ENDOWMENT FUND`**
||**`Expendable`**|**`Unapplied`**||
|---|---|---|---|
||**`Endowment`**|**`Total Return`**|**`Total`**|
|**`Expendable Endowment Fund:`**||||
|||||
|`Gift component of Fund`|`135,295,365`|`-`|`135,295,365`|
|||||
|`Unapplied total return`|`-`|`75,280,217`|`75,280,217`|
|||||
|**`As at 6 April 2024`**|**`135,295,365`**|**`75,280,271`**|**`210,575,582`**|
|||||
|**`Year ended 5 April 2025`**||||
|||||
|`Movement in unapplied total return and endowment:`||||
|`Donation received`|`9,029,569`|`-`|`9,029,569`|
|`Investment Return: dividends and interest`|`-`|`201,800`|`201,800`|
|`Investment Return: realised and unrealised gains`|`-`|`19,706,213`|`19,706,213`|
|`Investment Management costs`|`-`|`(252,169)`|`(252,169)`|
|||||
|`Total`|`9,029,569`|`19,655,845`|`28,685,414`|
|`Unapplied total return allocated to income`|`-`|`(7,564,864)`|`(7,564,864)`|
|||||
|`Net Movement in the year`|`9,029,569`|`12,090,981`|`21,120,550`|
|||||
|||||
|**`Expendable Endowment at 5 April 2025`**|**`144,324,934`**|**`87,371,198`**|**`231,696,131`**|
|||||
|||||
|||||
## **`2. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
The financialstatementshavebeen preparedunderthe historicalcostconventionwithitemsrecognisedat costor transaction
valueunlessotherwisestatedintherelevantnotestotheseaccounts.Thefinancialstatementshavebeenprepared in
accordancewiththeStatementofRecommendedPractice:AccountingandReportingbyCharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)effective1 January
2015 and the Charities Act 2011.
```
```
The Charity constitutes a public benefit entity as defined by FRS 102.
```
```
ThetrusteesconsiderthattherearenomaterialuncertaintiesabouttheCharity'sabilitytocontinueasagoingconcern. The
most significantaspect of the Charitythat potentiallyaffectsits abilityto continueis the carryingvalue of its investments which
relates to investmentreturns and the performanceof investmentmarkets(see the investmentpolicyand performanceand risk
management sections of the trustees' annual report for more information).
```
## **`Income`**
```
AllincomingresourcesareincludedontheStatementofFinancialActivitieswhenthecharityislegallyentitledtothe income
and the amount can be quantified with reasonable accuracy.
```
```
Cash donations received are recorded gross of taxation recoverable under the gift aid scheme.
```
```
Incomearisingfromfixedassetinvestmentsheldin the expendableendowmentfundis creditedas investmentincometo that
fund.
```
```
Page 13
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`2. ACCOUNTING POLICIES - continued`**
## **`Income`**
```
Giftsof sharesto the trustare treatedas voluntaryincomeof the endowmentfund.Suchsharesare includedat market value
on the date of the gift.
```
## **`Expenditure`**
```
Expenditureis accountedforonan accrualsbasisandhasbeenclassifiedunderheadingsthataggregateallcostrelatedto the
category.
```
```
Thecostofmanaginginvestmentsischargedagainsttheexpendableendowmentfund.Anycostsassociatedwiththesale or
purchase of investments are accounted for as part of the sale or purchase price of the investments.
```
```
Managementandadministrationexpensescomprisecostsincurredfortherunningofthecharityitselfasan entity.
Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.
```
```
Grants offeredsubject to conditionswhich have not been met at the year end date are noted as a commitmentbut not accrued
as expenditure.
```
## **`Allocation and apportionment of costs`**
```
Costs which are readily identified as specific to a particular activity are allocated accordingly.
```
```
Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasis consistent
with the use of resources.
```
## **`Taxation`**
```
The charity is exempt from tax on its charitable activities.
```
## **`Fund accounting`**
```
The Expendable Endowment Fund is invested on a total return basis as permitted by the Trust Deed.
```
```
The power of total return permits the trustees to invest the ExpendableEndowmentFund to maximisetotal return and to apply
an appropriateportionof the unapplied total return to income each year by transfer to the unrestrictedfund. Until the power is
exercised to transfer a portion of unapplied total return to income, it remains invested in the Expendable Endowment Fund.
```
```
Thepowerallowsthetrusteestodecideeachyearhowmuchoftheunappliedtotalreturnistobetransferredto the
unrestrictedfundandsoavailabletomeetexpenditure.Havingconsideredtheirobligationsundertheduty of
even-handedness,thetrusteesmadeatransferof£7,564,864(2024-£7,724,512)(seenote16)unappliedtotalreturnto the
unrestrictedfund.Inmakingthisdecisionthetrusteeshavetakenaccountofthereturnoninvestmentfortheyear, the
sustainability of the Expendable Endowment Fund and the income needs of the Charity.
```
```
The unrestricted fund can be used in accordance with the charitable objectives at the discretion of the trustees.
```
```
Realised and unrealised capital gains or losses arising on investments are recognised as additions
or deductions from the respective fund in which the investment is held.
```
## **`Foreign currencies`**
```
Assetsandliabilitiesin foreigncurrenciesaretranslatedintosterlingat theratesofexchangerulingat thebalancesheet date.
Transactionsin foreigncurrenciesare translatedinto sterlingat the rate of exchangeruling at the date of transaction. Exchange
differencesaretakenintoaccountin arrivingattheoperatingresultexceptin thecaseofcurrencygainsorlosseswhich arise
fromthemarketvaluationoffixedassetinvestmentswheretheeffectivecurrencytranslationgainorlossisincluded within
total gains or losses on investment assets.
```
## **`Fixed asset investments`**
```
The Trustinvestsin certainprivateequityfunds,includinghedgedfunds,whichare nottraded.Suchfundsare includedat the
market value of underlyinginvestmentsat the balancesheet date which is calculatedand providedby the fund service provider
or the relevant fund manager.
```
```
Page 14
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`2. ACCOUNTING POLICIES - continued`**
## **`Fixed asset investments`**
```
Investmentswhicharelistedonarecognisedstockexchangeareincludedatthequotedclosingmid-marketvalueat the
balance sheet date.
```
```
Cash and cash equivalentsthat are held from time to time as part of the fixed asset investmentportfolioare includedas part of
fixed asset investments at the balance sheet date.
```
```
RealisedandunrealisedgainsorlossesoninvestmentsaretakentotheExpendableEndowmentFundintheStatement of
FinancialActivities.Foreigncurrencygainsorlosseswhicharisethroughtherevaluationprocessareincludedwithin the
realised and unrealised gains or losses on investments.
```
## **`3. DONATIONS AND LEGACIES`**
|**`DONATIONS AND LEGACIES`**|||
|---|---|---|
||**`2025`**|`2024`|
||**`£`**|`£`|
|`Donations`|**`9,029,569`**|`9,533,193`|
```
Donationsreceived during the year amountedto £9,029,569(2024 - £9,533,194)and consistedof fixed asset investments gifted
to the trust at the market value at the date of the gift.
```
## **`4. INVESTMENT INCOME`**
||**`2025`**|`2024`|
|---|---|---|
||**`£`**|`£`|
|`Call Account Interest`|**`53,109`**|`47,369`|
|`Current Account Interest`|**`8,405`**|`4,924`|
|`Dividend Income`|**`140,285`**|`30,674`|
||||
||**`201,799`**|`82,967`|
||||
||||
## **`5. INVESTMENT MANAGEMENT`**
## **`Investment management costs`**
|**`Investment management costs`**|||
|---|---|---|
||**`2025`**|`2024`|
||**`£`**|`£`|
|`Investment management`|**`252,169`**|`217,596`|
```
Page 15
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`6. CHARITABLE ACTIVITIES COSTS`**
||**`2025`**|`2024`|
|---|---|---|
||**`£`**|`£`|
|`Cost of grant making`|**`198,813`**|`155,105`|
|`Grants to institutions (see note 7)`|**`7,217,604`**|`7,417,023`|
||||
||**`7,416,417`**|`7,572,128`|
||||
|**`GRANTS PAYABLE`**
`Grants to institutions`|**`2025`**
**`£`**
**`7,217,604`**|`2024`
`£`
`7,417,023`|
## **`7. GRANTS PAYABLE`**
```
TheTrusteeshavetakenadvantageoftheexemptiongivenbysection132(4)CharitiesAct2011nottodisclosethenames of
grantrecipientsandtheamountsofsuchgrants.Intheopinionofthetrustees,noindividualgrantmadeduringtheyear was
materialin the contextof grantmaking.However,in accordancewith the CharitiesSORP (FRS102),paragraphs16.17-16.18, the
following provides an understanding of the range of institutions the charity has supported.
```
```
The five largest donations made to institutions were as follows:
```
|`The Tutor Trust`|**`£387,000`**|
|---|---|
|`Shine`|**`£345,000`**|
|`The Harris Federation`|**`£330,000`**|
|`Magic Breakfast`|**`£130,000`**|
|`Fight for Peace`|**`£125,000`**|
```
Grants were paid in line with trust policyat the discretionof the trustees.The totalof grants payableto institutionsduring the
year were for the following charitable causes:
```
|`year were for the following charitable causes:`||||
|---|---|---|---|
|||`2025`|`2024`|
|||`£`|`£`|
|`Relief for the poor, handicapped and aged`||`187,500`|`192,500`|
|`5 Beneficiaries`||||
|`Maximum Grant`|`57,500`|||
|`Parenting support`||`865,000`|`772,000`|
|`19 Beneficiaries`||||
|`Maximum Grant`|`100,000`|||
|`Education`||`1,937,000`|`3,071,620`|
|`19 Beneficiaries`||||
|`Maximum Grant`|`387.000`|||
|`Support for former offenders`||`650,000`|`407,000`|
|`14 Beneficiaries`||||
|`Maximum Grant`|`110,000`|||
|`Medical research / medical care`||`260,000`|`265,000`|
|`9 Beneficiaries`||||
|`Maximum Grant`|`65,000`|||
|`Youth support`||`1,350,000`|`910,000`|
|`24 Beneficiaries`||||
|`Maximum Grant`|`125,000`|||
|`Religion`||`235,000`|`150,000`|
```
Page 16
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`7. GRANTS PAYABLE - continued`**
|`4 Beneficiaries`|||
|---|---|---|
|`Maximum Grant`
`90,000`|||
||||
|`Museum + Arts`|`489,763`|`474,017`|
|`23 Beneficiaries`|||
|`Maximum Grant`
`45,000`|||
||||
|`Other`|`1,243,341`|`1,174,886`|
|`32 Beneficiaries`|||
|`Maximum Grant`
`104,375`|||
||||
||`7,217,604`|`7,417,023`|
||||
```
8.SUPPORT COSTS
```
|**`SUPPORT COSTS`**|**`SUPPORT COSTS`**|||||
|---|---|---|---|---|---|
|`Exchange`
`differences`
`£`
`Other resources expended`
**`39,814`**
**`Other resources expended`**||`Governance`
`costs`
`£`
**`108,633`**|||`Totals`
`£`
**`148,447`**|
||||**`2025`**||`2024`|
||||**`£`**||`£`|
|||||||
|`Exchange differences`|||**`39,814`**||`75,488`|
|`Governance costs`|||**`108,633`**||`76,896`|
|||||||
|||||||
||||**`148,447`**||`152,384`|
|||||||
|||||||
|`Support costs, included in the above are as follows:`
**`Governance costs`**||||||
||||**`2025`**||`2024`|
||||**`£`**||`£`|
|`Auditors remuneration`|||**`32,400`**||`24,000`|
|`Staff costs`|||**`20,000`**||`20,000`|
|`Accountancy`|||**`6,600`**||`7,909`|
|`Trust administration`|||**`-`**||`-`|
|`Legal fees`|||**`48,746`**||`24,213`|
|`Bank charges`|||**`887`**||`774`|
|`Bank interest`|||**`-`**||`-`|
|||||||
|||||||
||||**`108,633`**||`76,896`|
|||||||
|||||||
|||||||
|||||||
```
Page 17
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
```
THE JOHN ARMITAGE CHARITABLE TRUST
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`9. AUDITORS' REMUNERATION`**
||`5.4.25`|`5.4.24`|
|---|---|---|
||`£`|`£`|
|`Statutory audit`|`32,400`|`24,000`|
|`Other financial services`|`6,600`|`7,909`|
||||
|`Total auditors' remuneration`|`39,000`|`31,909`|
||||
||||
## **`10. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
```
## **`11. STAFF COSTS`**
```
The staff costs for the year ended 5 April 2025 amounted to £20,000 (2024 - 20,000).
```
```
Theaveragemonthlynumberofemployeesduringtheyearended5April2025was1(2024-1).Noemployees received
emoluments in excess of £60,000.
```
## **`12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`Investment income`
**`Total`**
**`EXPENDITURE ON`**
`Investment management`
**`Charitable activities`**
`Grants to institutions`
`Other`
**`Total`**
`Net gains on investments`
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
**`Net movement in funds`**|`Unrestricted`
`fund`
`£`
`-`
`-`
`-`
`-`
`7,572,128`
`152,384`
`7,724,512`
`-`
`(7,724,512)`
`7,724,512`
`-`|`Endowment`
`fund`
`£`
`9,533,193`
`82,967`
`9,616,160`
`217,596`
`-`
`-`
`217,596`
`39,308,680`
`48,707,244`
`(7,724,512)`
`40,982,732`|`Total`
`funds`
`£`
`9,533,193`
`82,967`|
|---|---|---|---|
||||`9,616,160`|
||||`217,596`
`7,572,128`
`152,384`|
||||`7,942,108`|
||||`39,308,680`|
||||`40,982,732`
`-`|
||||`40,982,732`|
```
Page 18
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**
|**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**
**`13.`**
**`FIXED ASSET INVESTMENTS`**
**`MARKET VALUE`**
`At 6 April 2024`
`Additions`
`Disposals`
`Revaluations`
`At 5 April 2025`
**`NET BOOK VALUE`**
`At 5 April 2025`
`At 5 April 2024`
`Analysis of investments:`
`Unquoted assets:`
`Non-UK`|`Unrestricted`
`fund`
`£`
`-`
`-`|`Endowment`
`fund`
`£`
`169,592,850`
`210,575,582`|`Endowment`
`fund`
`£`
`169,592,850`
`210,575,582`||`Total`
`funds`
`£`
`169,592,850`|
|---|---|---|---|---|---|
||||||`210,575,582`|
||||||`Listed`
`investments`
`£`
**`210,534,966`**
**`37,647,326`**
**`(36,754,151)`**
**`19,706,213`**
**`231,134,354`**
**`231,134,354`**
`210,534,966`|
|||||||
|||||||
|||||||
|||||||
|||||||
||||||`231,134,354`|
|||||||
|||||||
||||||`231,134,354`|
|||||||
```
Unquotedinvestmentscompriseunits held in collectiveinvestmentschemes.The investmentsare held primarilyto provide an
investmentreturnarisingfroman increasein marketvalueratherthan fromincome.The investmentsare sufficientlyliquid to
allow partial disposals as and when cash funds are required to provide grants to institutions or to settle governance costs.
```
```
Cost or valuation at 5 April 2025 is represented by:
```
|`Valuation in 2025`
`Cost`|**`Listed`**
**`investments`**
**`£`**
**`83,731,868`**
**`147,402,486`**|
|---|---|
||**`231,134,354`**|
```
Page 19
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`14. ACCRUALS AND DEFERRED INCOME`**
|`Accruals`
**`15.`**
**`ANALYSIS OF NET ASSETS BETWEEN FUNDS`**
`Investments`
`Current assets`
`Current liabilities`
`Accruals and deferred income`
`Investments`
`Current assets`
`Current liabilities`
`Accruals and deferred income`||**`2025`**
**`£`**
**`113,060`**||`2024`
`£`
`101,988`|
|---|---|---|---|---|
||`Endowment`|||`Total`|
||`fund`|||`funds`|
||`2025`|||`2025`|
||`£`|||`£`|
||`231,448,696`||`231,448,696`||
||`674,836`||`674,836`||
||`-`||`-`||
||`(113,059)`||`(113,059)`||
||||||
||`231,696,131`||`231,696,131`||
||||||
||||||
||||||
||`Endowment`||`Total`||
||`fund`||`funds`||
||`2024`||`2024`||
||`£`||`£`||
||`210,534,966`||`210,534,966`||
||`142,604`||`142,604`||
||`-`||`-`||
||`(101,987)`||`(101,987)`||
||||||
||`210,575,582`||`210,575,582`||
||||||
## **`16. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Unrestricted expendable endowment fund`
**`TOTAL FUNDS`**|`At 6/4/24`
`£`
**`-`**
**`210,575,582`**
**`210,575,582`**|`Net`
`movement`
`in funds`
`£`
**`(7,564,864)`**
**`28,685,413`**
**`21,120,549`**|`Transfers`
`between`
`funds`
`£`
**`7,564,864`**
**`(7,564,864)`**
**`-`**|`At 5/4/25`
`£`
**`-`**
**`231,696,131`**|
|---|---|---|---|---|
|||||**`231,696,131`**|
```
Page 20
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`16. MOVEMENT IN FUNDS - continued`**
```
Net movement in funds, included in the above are as follows:
```
|`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
**`-`**
**`(7,564,864)`**
**`Endowment funds`**
`Unrestricted expendable endowment fund`
**`9,231,368`**
**`(252,169)`**
**`TOTAL FUNDS`**
**`9,231,368`**
**`(7,817,033)`**
**`Comparatives for movement in funds`**
`Net`
`movement`
`At 6/4/23`
`in funds`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`-`
`(7,724,512)`
**`Endowment funds`**
`Unrestricted expendable endowment fund`
`169,592,850`
`48,707,244`
**`TOTAL FUNDS`**
`169,592,850`
`40,982,732`
`Comparative net movement in funds, included in the above are as follows:`
`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`-`
`(7,724,512)`
**`Endowment funds`**
`Unrestricted expendable endowment fund`
`9,616,160`
`(217,596)`
**`TOTAL FUNDS`**
`9,616,160`
`(7,942,108)`|`Gains and`
`losses`
`£`
**`-`**
**`19,706,214`**
**`19,706,214`**
`Transfers`
`between`
`funds`
`£`
`7,724,512`
`(7,724,512)`
`-`
`Gains and`
`losses`
`£`
`-`
`39,308,680`
`39,308,680`|`Movement`
`in funds`
`£`
**`(7,564,864)`**
**`28,685,413`**
**`21,120,549`**
`At 5/4/24`
`£`
`-`
`210,575,582`
`210,575,582`
`Movement`
`in funds`
`£`
`(7,724,512)`
`48,707,244`
`40,982,732`|
|---|---|---|
```
Page 21
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`16. MOVEMENT IN FUNDS - continued`**
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|`Net`
`Transfers`
`movement`
`between`
`At 6/4/23`
`in funds`
`funds`
`£`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`-`
`(15,289,376)`
`15,289,376`
**`Endowment funds`**
`Unrestricted expendable endowment fund`
`169,592,850`
`77,392,657`
`(15,289,376)`
**`TOTAL FUNDS`**
`169,592,850`
`62,103,281`
`-`
`A current year 12 months and prior year 12 months combined net movement in funds, included in the above ar`
`Incoming`
`Resources`
`Gains and`
`resources`
`expended`
`losses`
`£`
`£`
`£`
**`Unrestricted funds`**
`General fund`
`-`
`(15,289,376)`
`-`
**`Endowment funds`**
`Unrestricted expendable endowment fund`
`18,847,528`
`(469,765)`
`59,014,894`
**`TOTAL FUNDS`**
`18,847,528`
`(15,759,141)`
`59,014,894`|`At 5/4/25`
`£`
`-`
`231,696,131`
`231,696,131`
`e as follows:`
`Movement`
`in funds`
`£`
`(15,289,376)`
`77,392,657`
`62,103,281`|
|---|---|
## **`Transfers between funds`**
```
The ExpendableEndowmentFund representscapitalwhichmay be expendedat the discretionof the trustees.During the year
£7,564,864 (2024 - £7,724,512) was transferred from the Expendable Endowment fund to the Unrestricted Fund.
```
## **`17. OTHER FINANCIAL COMMITMENTS`**
```
At the balancesheet date the trust had committedto pay grants totalling£4,384,454(2024 - £5,159,188)within 12 months and
£3,957,700(2024- £3,719,754)after12 months.Theseamountsare payablesubjectto conditionaltermswhichare set out in
writing prior to payment of the initial donation. The commitments will be funded by the sale of fixed asset investments.
```
```
Page 22
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
## **`18. RELATED PARTY DISCLOSURES`**
```
MrsCArmitage,atrusteeoftheCharity,isalsoamemberoftheCampaignDevelopmentBoardofWestminsterAbbey, a
beneficiaryoftheCharity.DuringtheyeartheCharitymadedonationstotalling£55,000(2024-£50,000)to Westminster
Abbey.
```
```
MrWFrancklin,atrusteeoftheCharity,isalsoatrusteeofIndependenceatHomeandtheNorthamptonshire community
foundation,whoarebothbeneficiariesoftheCharity.DuringtheyeartheCharitymadedonationstotalling£75,000(2024 -
£72,000) to Independence at Home and £70,000 (2024 - £70,000) to Northamptonshire community foundation.
```
```
MrsCFrancklin,atrusteeoftheCharity,isalsothechurchwardenofStJohntheEvangelistChurch,Wicken(WickenPCC), a
beneficiaryoftheCharity.DuringtheyeartheCharitymadedonationstotalling£25,000(2024-£25,000)toStJohn the
Evangelist Church, Wicken (Wicken PCC).
```
```
MrHFrancklin,sonofWFrancklinandCFrancklin,isatrusteeofMvumiSchoolTrust.DuringtheyeartheCharity made
donations totalling £20,000 (2024 - £16,620) to Mvumi School Trust.
```
```
MrRMacInnes,atrusteeoftheCharity,isalsoavolunteerforandhisspouseisanemployeeofCommunityTechAid, a
beneficiaryoftheCharity.DuringtheyeartheCharitymadedonationstotalling£22,000(2024-£22,000)to Community
TechAid.
```
```
HarryFreelandsetupStandingVoicea charitytowhichTheJohnArmitageCharitableTrustmadedonationstotalling £45,000
(2024 - £2,500). Mr J C Armitage is a trustee of the John Armitage Charitable Trust and a cousin of Harry Freeland.
```
```
In relationto the above,the relevanttrustee absentedhimselfor herself from discussionsrelatingto, and the vote on grants to
a charity with which he or she also had an active connection.
```
```
Trusteesgiftedinvestmentshavingamarketvalueatthedateofthegiftsof£9,029,569(2024-£9,533,195)tothe Charity
during the year without condition.
```
## **`19. ULTIMATE CONTROLLING PARTY`**
```
The Charity is under the joint control of the trustees.
```
## **`20. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`**
|**`Net income for the reporting period (as per the Statement of Financial Activities)`**
**`Adjustments for:`**
`Gain on investments`
`Interest received`
`Dividends received`
`Income attributable to endowment`
`Expenditure attributable to endowment`
`Income attributable to endowment`
`Increase in debtors`
`Increase in creditors`
**`Net cash used in operations`**|**`2025`**
**`£`**
**`21,120,549`**
**`(19,706,214)`**
**`(61,514)`**
**`(112,868)`**
**`(201,799)`**
**`252,169`**
**`(9,029,569)`**
**`(27,430)`**
**`11,072`**
**`(7,755,604)`**|`2024`
`£`
`40,982,732`
`(39,308,680)`
`(52,293)`
`(30,674)`
`(82,966)`
`217,596`
`(9,533,194)`
`(93)`
`27,157`
`(7,780,415)`|
|---|---|---|
## **`21. ANALYSIS OF CHANGES IN NET FUNDS`**
|`At`|`6/4/24`|`Cash flow`|**`At`**|**`5/4/25`**|
|---|---|---|---|---|
||`£`|**`£`**||**`£`**|
```
Page 23
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025`**
|**`21.`**
**`ANALYSIS OF CHANGES IN NET FUNDS - continued`**
**`Net cash`**
`Cash at bank`
**`Total`**|**`141,722`**
**`141,722`**
**`141,722`**|**`504,803`**
**`504,803`**
**`504,803`**|**`646,525`**|
|---|---|---|---|
||||**`646,525`**|
||||**`646,525`**|
## **`22. CASH AND CASH EQUIVALENTS`**
```
TheamountsdisclosedontheCashFlowStatementinrespectofcashandcashequivalentsareinrespectofthese Balance
Sheet amounts:
```
|**`Year ended 5 April 2025`**|**`2025`**|`2024`|
|---|---|---|
||**`£`**|`£`|
|`Cash and cash equivalents`|**`646,525`**|`141,722`|
||||
||||
|**`Year ended 5 April 2024`**|**`2024`**|`2023`|
||**`£`**|`£`|
|`Cash and cash equivalents`|**`141,722`**|`105,942`|
||||
```
Page 24
```
Docusign Envelope ID: E241EDC8-FC50-47A3-BE25-EFC2B723A35D
## **`THE JOHN ARMITAGE CHARITABLE TRUST`**
## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025`**
|**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations`
**`Investment income`**
`Fixed asset investment income`
`Call Account Interest`
`Current Account Interest`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Investment management`
**`Charitable activities`**
`Cost of grant making`
`Grants to institutions`
**`Support costs`**
**`Exchange differences`**
`Exchange differences`
**`Governance costs`**
`Wages`
`Auditors' remuneration`
`Accountancy`
`Legal fees`
`Bank charges`
`Total resources expended`
**`Net income before gains and losses`**
**`Realised recognised gains and losses`**
`Realised gains/(losses) on fixed asset investments`
**`Net income`**|`2025`
`£`
**`9,029,569`**
**`140,285`**
**`53,109`**
**`8,405`**
**`201,799`**
**`9,231,368`**
**`252,169`**
**`198,813`**
**`7,217,604`**
**`7,416,417`**
**`39,814`**
**`20,000`**
**`32,400`**
**`6,600`**
**`48,746`**
**`887`**
**`108,633`**
**`7,817,033`**
**`1,414,335`**
**`7,332,431`**
**`8,746,766`**|`2024`
`£`
`9,533,193`
`30,674`
`47,369`
`4,924`|
|---|---|---|
|||`82,967`|
|||`9,616,160`
`217,596`
`155,105`
`7,417,023`|
|||`7,572,128`
`75,488`
`20,000`
`24,000`
`7,909`
`24,213`
`774`|
|||`76,896`|
|||`7,942,108`|
|||`1,674,052`
`4,596,744`|
|||`6,270,796`|
```
This page does not form part of the statutory financial statements
```
```
Page 25
```