THE CENIARTH FOU]NDATI()N REPORT AND FINANCIAL SI'ATEMLNTS Year Ended Oth .(iEPTEMBER 2023 THE CENIARTII FOUNDATION CONTENTS Page Trustecs Annual Report Independent Examiner's Report Statement of Financial Actlvlrfes Blllance Sheet Notes to the Financi21 Statements 7-11 THE CENIARTH FOUIYDATION TRUSTEES ANNU.4L RF.POR T for the Year F.n Oth Se lember 2023 The I￿SteeS present thcir report and the fin£U]ciaI statements of the charity for the year ended 30th S¢pi¥inber 2023. REFERENCF AND ADMINISTRATIVF. INFORMATII)N Charity Name The Ceni&rth F'oundation Charfity RegistratioD Number 1112313 Correspondence ind OperatlOD¥I Addre Cenidrth, UH'¢byga￿eg. MachynlletFL Po￿. SY20 8RR Tru¥Éecs The trustees who served the charity during the year and subscquently are &s follows '. Ms D S Isenberg Mr Cr A N¢ichin Accountants Major and F.vans. Bull House: 15 Penralll Street, MachynlletlL Powys. SY20 8AG Bankers Triudos BanL Dcanery Ro%l(L Bristol. TISI SAS Solicitors Thomsoll Snell & Passmor¢, 3 Lon%laie Gardens, TunbTidge Wells, Kent. TNI INX THE CENTARTII FOUNDATION TRUSTEES ANNUAL RF.PnRT for the Year F.nded I Éember 21123 Structurep governanee and management The charity is a trust crcated by a Chariiabl¢ Trnst Deed on 5th M(iy 2005. Thc truqt deed provid¢s for a minimum of two and a maximum ol six Iruslees. The trustees annually review the iisk5 that the charity laLes. Objective$ and activities for the public benefit The objeLts of the Trust are :. the reliet'of poverty, sickness, distress and suftering in any part ot the world; • thc advancement of public educalion aboul the nature causcs and effecis of poverty, 5i¢knes¥, distr&￿ aT]d suffering and the prublems of economic and social development in the Tliird Ilforld and in particular the problem5 and social and economlc injustice4 arising from national and international trading practices. the general b¢nefil of the public in the counties of Powys and C.eredigion, and such other charitable purwses Ls the 'frustees may ?n their absolute discretion deckde. In exercising their powers the tDJStees havc complied with their duty to liave regard io the guidaucc on public benefit pubLishcd by ihL' Chdrity Comtnission. Finan¢ial Review The Trust is entirely reliant on illLom¥ and inveslment rethms from ils endow￿len1 and has been able to coulinue its charilable activities through grant mdking to appropriate organisalions. &ull deiails are Sho1￿ in the Statement of Financial Activities. The n]ajority of the FouT]dation's endo￿nent is invested in a well-diversificd portfalio ol'public equities, f￿¢d income l￿d altemativ¢ assets and a largFe proponion is h¢ld iii simple, int¢r¢st b¢aTing bank accounts. I'he tnjstees have agreed that ihe Foundatton's endowment should be invested in a manner that is aligned with its mission and values and WTII makc cvery etfort to avoid in¥'estmeuls thal are counter to this intent. THE CENIARTII FOUNDATION TRUSTEES ANNUAI. RF.POKT for the Year F.llded jolh &ie tember 2023 Tru8t¢¢5' responslbilities in relation to the fin¥neial statements Thc law applicable to charities in England and Wales require5 the trusteds) to preparc financiaI s1￿cMents for each tinancial year which give a Irue and fair vie￿. of.thc eharity's fjnancial a￿1VitIeS during the year and of its financial position at the end of the year. In preparing financial statements giving a tnle and fair Vie￿,, thc I￿Stee$ shouia tollow best practic¢ and.. select sui(able accounting policies and then apply them consistently: make jvdgcments and estimates that are Teasonabl¢ and prudent; state whether applicable accounting standards and statemenrs ot'reci)mmended practiee have been followed" Subject to any deprn8 disclosed and e.xplaincd in Ihe tinancial Siat¢m¢nts" ana,. preydre the financial .staternents on the going concern basis unless it ts inappropriat¢ lo presume that Ihe charity will continue in operdtion. The trustees respoDsibl¢ for kecping proper accounting records which disclosc wilh rL'dsonabl¢ accuracy the tinanciol position ofthe charity and which enable iheLn to ascertain thc linancial posiliun ot.the charity and which enable them to ensure ihat the financial 8lalementS' Lomply with Ihe Charities Act 2011, the Charity (Accounts and Reports) Ilcgulations 2008 and the provisions of the trust deed. The trustees are r¢sponsible for safegudrding the assets of Ihc Lh8rilJ' and hence for iakin¥ reasonablc sieps for IIK prcvention and deieL'tion of fraud other irregularities. Approved by the tn￿te¢S on . 25 July 2024 . and 8Ègned on their behalf by-. Mr (i A NeiLlun Trustee tNDEPENDLNT LXAMINER'S REPORT 'fo THE TRIJS'TEESY OF THE CENIARI'H FOUNDATION for thc Year Fnded 30th Se tember 202.1 I report on tl]e accounts of the trust tOT th¢ year ended 30th Septembet 2023, Ivhivh are set out on pages 5t0 11. Respective R¢$ponsibilities of Trustees and Examiner The chariry's trustees are responsible for the preparation of the accounts. The ch￿ily's tntstees Consider that An audit is not required for this y¢ar uuder section 144(2) of the Charitics Act 2011 (tlic 20 I l Act) and that an indcpend¢nt cxamination is necded. It is my r¢sponsibilily to - examine Ihe accounls under section 145 of the ?01 l Ad ' to follow th¢ pn)ccdures laid down in the gelieral DIr￿tionS given by the Charity Lornmission under section 145(5)(b) of the 2011 Act ' aTrd to state wheiher particular mattcts havc comc to my aitentiotL Ilasis of IDdepcndcnt Lxaminerfs Report My examination was caryied out in accordance with the general Dtrections given by the Charity Commission. An examination includes a review of the Accountlng reLords kepl by Ihe charit!, lind a comparison ol tbe accounts presented wtth Éhose records. It also includes considcration of any iinusual items or disclosures in the accounts, and se¢king explanations from }'ou as tn]stees c()ncerninn any such matters. The proccdur¢s undertaken do not provide all the evidence thal would be required in an audit and consequently no opinion is 8iven 8S to whether the accounts present & 'iTue and fatr view, und the report is limited lo those matters set out in the statement below. Indep¢ndenl Ex#min¢r's Stwt¢ment In connection with my cxarnination, no matter has come to my attention ." (l ) which giv￿ m¢ ffa¥onabl¢ tsause to beli¢ve that in any material r¢s￿t thc rcquiremciits '. to keep accounting records in accordan¢¢ with s¢ction 130 of the 2011 Acl- and to prepare accounts M'hich a¢coTd with the accounting records and comply with ihe ￿(coUnting requirements of the 2011 Act havc not been met ' or (2) to which, in my opinion, atlentioii should be drawn in ord¢r to cnabl¢ a proper understanding of the a¢Lounts be reachcd. ZIJL R W Evans Bsc Econ(Hons).. FLCA Major and Evan5. Chartered Certified AccoiintanLs, Bull House. 15 Pcnrallt Strccf. MaCh￿l1¢th. Powvs. Date . THE CENIARTH FOUNDATION STATEMb:NT ()F FINANCIAL ACTTVII"ILS ftsrthey ded 30th tember 202 Unrestriitcd Endowment funds Total funds 2022 funds 2023 Nutes INC,OME Investmenl income 44.094 44,094 14,950 TOTAL 44.094 44,094 14,9.fO EXPENDITURE Chdritsble activities ()ther cos 112,000 1.152 112.000 1,152 145,783 1,152 TOTAL 111,152 113.152 146,935 NE'f iNCOMW(EXPEIYDITURE) (69.058) (69,058} (131.985) Transf¢rs between funds 69,058 (fi9,058) Other re¢ognised gains and losses Realiscd and unre&iiyed gains/(losses) on investment asscts 307.596 307,596 (651.643) ,Vet movement iufunds 238,538 238.538 (78.3,628) Reeonciliation of Funds Tota] funds brought forward 4.916,018 4,916,018 5.699,646 Toralfupkl.s carriedffjnvard 5,154,556 5,154.556 4.916,018 THE CEIYIARTH FOUNDATION BALANCF SHF.F,T 30th te ber 2023 2023 2022 Notes FIXED ASSFTS Investments 3,5fj0,791 3,229,886 CURRENT ASSETS Debtors Cash at bank Jo 10.750 1.595,319 1,606,069 2,363 1,684,921 1.687.284 CREDITORS . amounts f211ffing due ithin one y¢ar li 1,152 NET CURRENT ASSETS 1,60).765 1.686,132 TOTAL NET ASSETS 5,154.556 4.916,018 REPRESENTED B Y . Unrestricted FuDd Endowrneni Funds 12 12 5,154,556 4.916,018 TOTAL CHAIUTY FUIYDS 5,154,556 4.916,018 "Ihe notes on pages 7 to I l ftorni pan of these financiai statements. These financial statements were approv¢d by the knstees on . signed on their behalf by '. 25 July 2024 and M8 D S Isenberg Trustee CEN UNDAT ON NOTES TO THF. FINAIYCIAL STATEMENTS fDr the Year Ended 10th S ember 2023 l. Accounting Pollcies In preparing the accounts the tolEowing accounting policies have b¢¢n complied wilh.. a) The a¢¢ounts havc been prepared under the historical cost collventio￿ witli items reLogni8ed at cost ur transaction valu¢ unless oth¢rwis¢ stated in ihe r¢l¥vaDt notes, and in acLoidance with FRS 102, 'The Financial ReportÉng Standard applicabl¢ in the UK and ihe Republic ot-Ireland', the Staterncnt vfRecommended Practice applicable to charities preparin¥ theÉr accounis in accordancc witb the Financi&l Reporting Standard applkcable in the UK and Republic of ITeland (FRS 102) (Clwities SORP (FRS 102)) and the Charities Act 2011. The Trust tneets the definition of a publÈc benefit entity under FRb 102. b) The accounls are prepar¢d in sterling: whi¢h is the functional culrency of the entiiy. c) Ther¢ #re no material unc¢rtainties about th¢ ¢lwitYs ability to continue. d) Investment income is recorded when rcccivable. e) Expenditurc on granls is recorded oncc the Trust has made an unLvndili<)nal L()nimiiment lu pay the grani and thi5 is communicated to the b¢nefiriary or the grani has tten paid, whichever is the earlier. The Trust has not made any grant commitrnents ot more ihau ont year. Othet expcnditure is included in the accounls on an acLruals basis. Irrecoverable VAT is charged to the SOFA as inLurred. g) Assets, liabilities. revenues and costs expressed in for¢ign curr¢nci¢s are translated inlo sterling at rates of exchange tuling on the date on which transactions occur exL¢pr for monetary assets and liabilities whiLh are traD51ated at thc rale ruling at the balane¢ sheet date. Diff¢r¢nr¢s arising on the translation of such items are d¢Jli with in the S()FA. h) Investments held as fixed assets are stat¢d at markel value at the balancc sheet date. 'I'he stateinent of financÈal activitkes includcs ihe net gains and losses arising on reTr2lu&tions anij disposals throu£houi the year. i) The endowment (If the Lharity is ex￿ndable endowment. 'll]e tDJ81 deed allows this fund to be spent as income or relained as capiial at the trustees, di.%crelion. 'fhe income arising from the expendablc endowment is unrestricted. THE CENIARTH FOUNDATION NOTFS TO THL FINANCIAL STATEMF.N1'S or the Ye d¢d 30th Se te b r 2023 2. Taxation The Trllst is a rvgistered charity and acccirdingly is exempt from taxation on its income and gains wherc they are applied tor charitable purposes. 3. Investment Income bas arisen follows . 2023 2022 Inter&qt cash deposits Inveslment income distributions 30,785 13,309 4,548 10.402 44.094 14,950 4. R¢lated P8rty Tr*n5#etions Nonc of thc trustees were paid any r¢muneration or expenses by the Lhilrity during Ihe year {2022 nvne). 5. Staff Costs and F.molumentS No salaries or wage5 have been paid io employces, including ihe trustecs duriiig dje yur (2022 none). THE CENIARTH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30th Se embcr 2023 6. Charitable Adiviti The charity undertake.8 its charilable activities through grant making and awarded grant8 lo the following organisations in furtherance ol'its charitable acliviti&s ". 2023 2022 Purple Shoots Traidcraft Exchang¢ Advice Mid Walcs loo,001) i 00.000 l2,000 112,(yJO 145.783 7. Other Costs 2023 2022 Accountancy Bank Charges 1,152 1,152 L.152 1.152 8. Transfer$ between Fund4 Funds from the expendable endDwment have been tranSle￿ed to cover the shortfall on thc unrcslrictL¥I lund. THE CEMARTH FOUNDATIOIY NOTF.S TO THE FINANCIAL STATEMENTS r the Year ded 30th Se tember 202J 9. Fixed Asset IDvestments Movemenl in fixed asset inve5lmenLs 2023 2022 Market value bmught forward at 1st October 2022 Add .. distributions aceumulaied Less . net profitl(loss) on rcvalualion 3,229,886 3.871,127 13.309 10,402 307,596 {651,643) Markd value at 30th SeptembeT 2023 3,550,79 3.229,886 Investments al markel value comprised . Cost 2023 2022 uniL8lshares • 5,340 Generation IM Global Equity A shar¢s 521,557 'fhreAdneedl¢ UK Social Bond Fund Institutional Grog Accumulation 886.354 2,895,714 2,617,786 600,000 655,077 612,100 1,486,354 3.550.791 3.229,886 Cost 2023 2022 • 'l'his investmenl is denominated in US Dollars 1,500.000 3.532.596 2,913.675 10. Debtors 2023 2022 Accrued bank deposit interest 10.750 HE ENIARTH FOUNDATION NOTES TO THE FINANCL&L SI'A'I'LMLN'I'S r E ded .10th tember 2023 11. Creditors . amounts falling due within one year 2023 2022 AcLTuals 2.304 l.li2 12. Analysis of Fund Assels and Liabilitles Unrestricted Endowmenl funds funds "rotal Fixed assets Current assels Current liabilities 3.550,791 1,606.069 (2.304) 3.550,791 1.606,069 (2.304) 'rotal i,154,556 5,154,556 The unrestricted funds of th¢ charity may b¢ applied for any charitable pvrp05e at the discretion ol. the Iru5tees. lThe eXr￿ndable endowmenl and additions thereto are to be invested and Ihe income used for any ¢hdrilable PUTpose at the discretion ol.the trustees. The expendable endowmeni may Èil.so be spenl ai the absolut¢ discretion of the trustees.