REGISTERED CHARITY NUMBER: 1095300 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE A D CHARITABLE TRUST Bronsens Chartered Ce￿rIed Accounlanls Eden House Two Rivers Business Park Wilney Oxfordshire OX28 4BL THE A D CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Referencè and AdmlnSstrative Detalls Rèport of the Trustees 2 to 3 Indepèndent Examlnèr's Report Statement of Flnancial Actlvltles Balance Sheet Notes to the Financial Statements 7 10 10 Detalled Statement of Financial Activities 11 THE A D CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES Arabella Elizabeth Duffield Thomas Arthur Bartlell Catherine Rachel Bell Dominic James Haviland Slade John Walker PRINCIPAL ADDRESS 24 Blomfield Road London w9 1AD REGISTERED CHARITY NUMBER 1095300 INDEPENDENT EXAMINER Bronsens Chartered Certified Accountants Eden House Two Rlvers Business Park Wilney Oxfordshire OX28 48L Page 1 THE A D CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provlsions of Accounllng and Reporting by ChaTilies.' Statement of Recommended Practice applicable to charities preparfng iheir accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and activltles for the publlc benefit In accordance wilh the objects of the Trust, the Truslees support such institutions and purposes as are charitable for the public benefit by Ihe provision of grants. The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. In particular, the Trustees have referred to the Commission's general guidance when considering the Trust's aims and objectives and in planning future grant making objeclives and activities of the Trust. Significant activities Incoming resources This year, as the Trustees continued to exercise Iheir revised investment strategy, incoming resources in the year totalled £34,037 (2023- £11,384). Direct charitable expenditure The Trustees have continued to maintain their grant making programme, making charitable donations of £196.865 in the year (2023: £165,000). The Trustees have continued Iheir policy of making grants to charitable inslitutions. Grants paid in the year are shown in note 4 to Ihe accounts. other expenditure Expenditure relating to the governance and support costs of the Trust was £10,858 (less than 0.60/0 of the value of the Trust Fund as al 31 December 2024). Investment Review Post the global financial crisis and following a review of investment oplions in 2011, the Trustees approved a balanced low-cost and low-risk investment strategy. Grantmaklng policy In general, grants are made to registered charitable organisations, rather than individuals, and the Trustees consider applicalions for grants on a regular basis throughout the financial year. The Trustees also actively review shortlisted applicants through site visits to discuss the work of the applicant and. post-funding, will monitor the application of funds where appropriate and particularly if repeat funding is under consideration. Where proposed recipients are not registered charities, the Trustees underlake a thorough examination of the relevant organisation to ensure that the purpose of the grant is exclusively charitable and thal there are means of verifying that, so far as reasonably practicable, any granl made to the organisation is properly applied to such charitable purpose or othewise repaid to the Trustees. Advice would be sought, as necessary, from the Trust's lawyers as to the eligibility of any such proposed recipient. FINANCIAL REVIEW Investment policy and oblèctlves The Trustees, investment policy was established in 2011 and funds have subsequently been invested in accordance wilh that policy. The policy is reviewed annually and modified according to market conditions. Reserves pollcy The Trustees are aware of and take into account the Charity Commission's guidance (CC19) and accounting standards {SORP 2005) regarding their treatment of reserves. Whilst the Trustees do not intend lo build up reserves for unspecified purposes, grant applications received this year did not warrant or support further distributions. Page 2 ## **THE A D CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Terms of the Trust and Appointment of Trustees** The Trust was founded by Arabella Elizabeth Duffield and established by a Trust Deed dated 23 October 2002. The Trust Deed directs the Trustees to use the income of the Trust and confers on the Trustees the power to use the capital of the Trust in promoting the charitable objects as the Trustees may in their absolute discretion determine. The Trustees also have power to accumulate the income of the Trust for 21 years from the date of the deed. The objects of the Trust are defined as being such purposes as are charitable according to the law of England and Wales. In accordance with the Trust Deed the Founder is a trustee for life and the other trustees hold fixed terms of office. The Founder will appoint future trustees during her lifetime and after her death George Duffield will make the appointments as declared by deed dated 19 November 2002. Approved by order of the board of trustees on 27 October 2025 and signed on its behalf by: Dominic James Haviland Slade - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE A D CHARITABLE TRUST Indep&ndent examlnerfs report to the trustees of The A D Charitablè Trust I report lo the charity Iruslees on my examination of the a¢￿vnIS of Th8 A D Ch?ritab￿ Trust Ilhe Trust) for th8 year ended 31 December 2024. Responsibilities and basis of report As the d)arity trustees of the Trust you are responslblè for the preparallon of the accounts In accordanc8 ¥Mlh the requlrements of the Ch8rflles Acl 2011 {'Ihe Act,). I report in respect of my examination ol the Trust's accounts carried out under SectK)n 145 of the Act and In Cal￿ng out my ex2mlnallon I have followed 811 applicable Dlrecilons given by Ihe Charity Commlssion under Section 14515llbl of the Act. Independent •xamlnerfs statement I have completed my examinalion. I confim) that no material matters have c￿me to my allonllon in conn8cllon with the examination giving mè cause lo baliève that in any material respect: accounting records ware not kept in respect of the Trusl as required by secti￿ 130 of the Acl.. c ihe accounts do not accord wllh those records., or the accounts do not comply with the applicable requlremenls concerning the lorm and content ol accounts sel out in th8 Charides IA¢counls and Reports) Regulations 2008 other than any requirement that the accounts glve a true and falr vlew which Is r￿1 a matter consldered 8$ part of an independent oxaminallon. I have no concerns and have come across no other matters In connecllon with the examlnalion to whth attonlion should be drawn in Ihls report in order lo 8nable a proper understanding of the accounts to be reached. Phlllp J Burton. FCA Bronsens Chartered cert￿led Accountants Eden House Two Rivers 8u81n6s8 Park Wilney OXI￿￿Shir8 OX28 4BL 27 October 2025 P8ge 4 THE A D CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Investment Income 34,037 34,037 11,384 EXPENDITURE ON Raising funds 144 144 128 Charitable activities Granlmaking 196,865 196.865 165.000 Othèr 10.858 10,858 7.673 Total 207.723 144 207,867 172,801 Nel gains on Investments 198,985 198,985 227,642 NET INCOMEIIEXPENDITUREI Transfers ba￿een funds 1207,7231 207,723 232,878 {207,7231 25,155 66,225 Net movement In funds 25,155 25.155 66,225 RECONCILIATION OF FUNDS Total funds brought forward 2.022,049 2,022,049 1,955,824 TOTAL FUNDS CARRIED FORWARD 2,047,204 2,047,204 2,022,049 The notes fomi part of these financial slalements Page 5 THE A D CHARITABLE TRUST BALANCE SHEET 31 DECEMBER 2024 31.12.24 To181 funds 31.12.23 Total funds Unreslricled fund Endowment fund Notes FIXED ASSETS Investments 1,960,481 1.960,481 1.931,503 CURRENT ASSETS Cash at bank 149,004 149,004 204,566 CREDITORS Amounts falling due within one year 162.281) 162,2811 {114,020) NET CURRENT ASSETS 86,723 86.723 90,546 TOTAL ASSETS LESS CURRENT LIABILITIES 2,047.204 2,047,204 2.022.049 NET ASSETS 2,047,204 2,047,204 2.022,049 FUNDS Endowment fun¢Js 2,047.204 2,022,049 TOTAL FUNDS 2,047,204 2,022,049 The financial statements were approved by the Board of Trustees and aulhorised for issue on 27 October 2025 and were signed on its behalf by.. Domlnlc James Hamland Slade- Trijstee The notes form part of these financial st8lemenis Page 6 THE A D CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basls of preparing thg financial statements The financlal statements of the charity. whlch is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'A¢counling and Reporting by Charities.. Stalemenl of Recommended Practice applicable lo charities pr&p8ring Iheir accounts in accordance with the Financial Reporting Standard appll¢able in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Flnan¢ial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Acl 2011. Thts financial slalemenls have be8n prepared under the historical cosl convention, wilh the excepllon of investments which are Included al market valije, as modified by the revaluation ol certain assets. Income All income is recognised in the Slatement of Financial Activities once the charity has enlitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are reGognised as expenditure as soon as there is a legal or constructive obligation committing the Gharity to that expenditure, it is probable that a transfer of economic benefits will be required in seltlemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end dale are noted as a commitment but not accrued as expenditure. Grants The Trust supports general charitable objectives as outlined in the Trustees Report. In accordance with the SORP, grantmaking expenditure includes the cost of grants and associated support costs. Taxation The charity is exempt from lax on its charitable activilies. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVESTMENT INCOME 31.12.24 31.12.23 Olvidend income DeposS1 account interest 31,686 2,351 11,228 156 34,037 11,384 Page 7 conlSnued... THE A D CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS Investment management costs 31.12.24 31.12.23 Investment management charg8s 144 128 GRANTS PAYABLE 31.12.24 31.12.23 Granimaking 196.865 165.000 The lolal grants paid lo inslilulions during the year was as follows: 31.12.24 31.12.23 School-Home Support Ttusl Links Llmiled Family Links The Key Nehemiah Project Shannon Trust Challey Heritage Foundallon Young Urban Arts Foundation Together Project Electri¢ Umbrella 30,000 30.000 30,000 30,000 20,000 30,000 20.000 30,000 30,000 25.000 6,865 25,000 30,000 25.000 196,885 165,000 SUPPORT COSTS Governan costs Other resources expended 10,858 Support costs, included in the above. are as follows.. 31.12.24 Other resources expended 31.12.23 Total activities Admlnlslralion fees Independent Examinerfs fees IT costs Interest payable and slmilar charges 8,100 2,100 5,400 2.fj00 173 18 10,858 7,673 TRUSTEES, REMUNERATION AND BENEFITS There were no Injslees, remuneration or other benefits for th8 year ended 31 December 2024 nor for Ihe year ended 31 December 2023. Trustees. expenses There were no Irustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. Page 8 continued... THE A D CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Lis18d investments MARKETVALUE Al 1 January 2024 Disposals Unrealised galnslllossesl on Inveslments 1,Q31,503 {188,461) 217,439 Al 31 December 2024 1,960,481 NET BOOKVALUE At 31 December 2024 1,960,481 Al 31 December 2023 1,931,503 All inveslment assets are securities held in Ireland. Holdings representing 50/0 of total investments (at valuation) IShares11 PLC GBP Index-linked Gilts ACCT IShares111 PLC GBP Corporate Bond Ex-Fin UCITS IShares111 PLC MSCI World UCITS GBP (ACCI 195,854 276,918 1,488,495 10.ovo 14.1 % 75.9/ 1,960,481 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other credllors 62,281 114.020 MOVEMENT IN FUNDS Nel movement in funds Transfer5 between funds At 31.12.24 A11.1.24 Unrestrl¢ted funds General fund (207,7231 207,723 Endowment funds Expendable Endowment Fund 2.022,049 232,878 1207.7231 2,047.204 TOTAL FUNDS 2,022,049 25,155 2.047,204 Nel movement in funds, included In the above are as follows.. Incoming resources ReSoUr￿S expended Gains and Ioss8S Movement in funds Unrestricted funds General fund (207,723) 1207,7231 Endowment funds Expendable Endowment Fund 34,037 11441 198.985 232,878 TOTAL FUNDS 34.037 1207,867) 198,985 25,155 Page 9 continued... THE A D CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMENT IN FUNDS-conlinued Comparatives for movemènt in funds Net movement in funds Transfers between funds At 31.12.23 A11.1.23 Unrostricted funds General fund {172,673) 172,673 Endowment funds Expendable Endowmenl Fund 1,955,824 238,898 1172,6731 2,022.049 TOTAL FUNDS 1.955,824 66.225 2.022,049 Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 1172,6731 {172,6731 Endowment funds Exp8ndable Endowment Fund 11,384 11281 227.642 238,898 TOTAL FUNDS 11,384 {172,8011 227,642 66,225 10. RELATED PARTY DISCLOSURES There were no related party Iransaclions for the year ended 31 December 2024. Page 10 THE A D CHARITABLE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Investment income Dlvid6nd income Deposit account interest 31,686 2.351 11,228 156 34,037 11,384 Total incoming resourcas 34.037 11,384 EXPENDITURE Investment managem8nt costs Investment management charges 144 128 Charitable acllvities Grants to inslilulions 196.865 165,000 Support Costs Governance costs Admlnistration fees Independent Examinerfs fees IT costs Bank interest and charges 8,100 2.100 640 18 5,400 2,1(JO 173 10.858 7,673 Total resources expended 207.867 172,801 Net expenditure before galns and losses (173.830) {161,4171 Reallsed recognised gains and losses Realised gainsl{lossesl on disposal of quoted Inveslmenls Unrealised gainslllossesl on investments {18,4541 217,439 30,909 196.733 Net Income 25,155 66,225 This page does not fom part ol the statutory finandal $181ements Page11