THF. CENIARTH FOIINI)ATION REPORT AND FINANCIAL STATEIMENTS Year F.nded 30th SEPTEMBER 2024
THE CENIARTH FOUNDATION CONTENTS Page Trustees Annual Report Independent Examiner's Report Statement of Financial Activities BAlance Sheet Notes to the Financial Statements 7-11
TIIE CENIARTH FOUNDATION TRUSTEES ANNUAL REPORT for the Year Ended .30th Se tember 2024 The tnJsie¢s prcsent their rert and the financial statements of the charity AOT th¢ year endcd 30th September 2024. REFERENCE AND ADMINlSiTRATIVE INFORMATION Charity Iyame 'rhe Ceniarth 14oundation Charity Registratton Number IlJ2.313 Correspondcnee and Operntional Address Ccniarth, Uwchvgarreg, Machynlleth, Powys. SY20 8RR Trllqt Ihe tntteS who served the charity during the year and subsequently are as follows . Ms D S Isenberg Mr G A Neichin Aeeountants Major and Evan4 Bull House, 15 Penrallt Street, MachJlllletK PowJ"s. SY20 8AG Bankers I riodos BanL Deanery Road. Bristol. BS15AS Solicitors Thomsnn Snell & Passmore, 3 Lon8dale Gardens, 'lunbridge Wells, Kent. "IN I I NX
THE CENIARTH FOUNDATION TRUSTEES ANNUAL REPORT for the Year EndL,d 30th .Se tember 2024 ettrtinxed Structurery governance and management The charity is a trust creatcd by a Charitable Tnl Deed on 5th May 2005. The trusl deed provides for a minimum of two and a rnaximum of six trnstees. The trusle¢s annually review the risks that the chirity taces. Objeetives and activities for the public benefit The objects of the Trust are :_ the reliet of poverty, sickness, distress and suffering ITR any part of the world. the advancemenL of public cducation about the nature causes and effects of poverty. sickncss, distress and suffering and the problems of economic and sotyial development in the 'l'hird World and An partiLular the problems and social (d economic injustices arising from national and international trading practices. tht general benetit ofthe public in the counties of .Powys and Ceredigi(pn, and suLh other charitable purpo.ses as the Trustees may in their absolute discretion decide. In cxercising their powers the tnte¢S have complied with their duty to have due regard to the guidance on public benefit published by the Charity Conunission. Financial R¢view The Trust is entirely rel1¢t on income and invcstnient returns from its endowment and IS been abl¢ to continue its charitable activities through grant making Io <ippropriate organisations. Pull delails are shown in the ,%tatement of Financial Activities. "I'he majorit! of the Foundation's endowment is invested in a well-diversified porttolio of public equitics, tixed income and alternative assets and a large proportion is held in simple. intercst bearing bank accounts. The trustees have agrecd that Ihe Foundation's endowment should be invested in a manner thal is aligned wÈth its mission and values 8lld will make every effort to avoid investtnents that are counter to this intent.
THE CENIARTH FOUNDATION TRUSTEES ANNUAL REPORT for the Year Ended 30th Se tember 2024 Trustees, re$ponsibilities JD relation to the financial statements "Ile law applicable to charities in England and Wales requircs thc trustcc(8) to prepare financial statements for ch financial year which gTiV¢ a true and fair view of the charity's financial activities during ihe ye&ir and (y.f ils financial position at the end lif the year. In preparing Fu]ancial 8tatements giving a true and fair view, the trustees should t"ollow best practice and: .8elect suitable accounting policies and then apply them consistcntly" makc judgernents and estimates that are rcasonable and prudcnt; stste whether applicable accounting slandari£8 and statemeiits of reconunended practiLe have been followed. subject to ally departures disclosed and explained in Ihe fmancial statcments. and. pr¢pare ihe financial statements on the going concern basis unless it is inapprnpriate to pre8ume Ihat the chlty wilj continu¢ in operatio 'I'he trust¢¢s are responsible for keeping proper accounting records which disclo.%e with reasonable accuracy the financial position of the charity and which enablc them to asLertain the firmncial ysition of the clwity and which enable thcm to ensure that the financial statenients comply with the Chariiies Act 2011, the Charity (Accounts and Reports) R¢gulations 2008 and thc provisions of the trust deed. The trust¢¢s are rcsponsible for safeguarding the assets of the charity and hence for taking reasonabl¢ steps for the prevention and detection of fraud and other irregularitiL'%. Approved by the trustees on . . . . 14 July 2025 . and signed on their behalf by". Mr G A Ncicknn Truste¢
INDEPENDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF THE CENIARTH FOUNDATION for the Year Ended 30th Se tember 2024 I report on the accounts ot'the trnst for the year ended 30th SeptembeT ?024, which are set out on pagcs 5t0 11. Respective Responsibilities of Trustees and Examiner 'rhe charity's tnjstees are responsible for the preparation of the aL"counts. The chatiiy's truste¢s consider tbat an audit is not required for this y¢ar under section 144{2) of thc Charities Act 2011 (the 201 l Acl) and that an independent examination is needed. It is my responsibility to . cxamine th¢ accounts under scction 145 of the 2011 Act . to follow the procedures laid down in the gencral Directions giien by the Charity Comrnission under section 145(5)(b) of the 2011 Act ' and to stale whether particular matters have comc to my attention. Basis of Independent Examiner's Report My cxamination was carried out in accordance with the general Dir¢Gtions given hy the Charity Commission. An cxamination includes a review of the accouzTrting records kcpt by the charity and a compari%on of the accounts presented with those record8. li also includes consideration of any ungua1 items or disclosure.8 in the accounts, and seeking explanations from you as trustees concerning any such matters. 'I"he procedures undertaken do not provide all the evidence that would be required in an dit and consequently no opinion is given as to whether the accounts present a 'true and faiT view, and the report is limited to tho.8e rnatters set out in the statement below. Independent Examiner's Statement In connection with my examination, no matter h&8 come to my attention '. (l ) which givcs me reasonable causc to believe that in any material respect the requirenients , to keep accounting rerdS in accordance wtth section 130 of the 2011 ALt' and to prepare accounts which accord with the accounting records and comply wlth the accountirfftg requirements of the 201 l Act have not been met ' or (2) to which, in my opiniou attention should be drawn in order to enable a propcr underst(mdiiig of the accounts be rcached. R W Evans Bsc Econ(Hons). FCCA Major and Evans, Charter¢d CertÉfied Accountants, Bull House, 15 Penrallt StreeL Machynlleth, P0YS. Date .
THE CFNIARTH FOUNDATION STATLMENT OF FINANCIAV. ACTIVITIF.S for the Year Ended 30th Se tember 2024 Unrestrietcd Endowment funds funds Total funds 2023 funds 2024 Notes INCOME Investmcnt income 67,080 67.080 44,094 TOTAL 67,080 67,080 44,094 F,XPENDTTURE Charil<ible activities ()ther costs 112.000 1,152 1,152 1,152 TOTAL 1,152 1,152 113,152 NET INCOMEI(EXPENDITURE) 65,928 65,928 (69,058) Transfers belwecn funds Otber recognised gains #nd losses Realised and unrealised gains/(losses) on investment assets 705,640 705,640 307,596 Nef movemenl infynds 65,928 705,640 771,568 238,538 Keeoncili&tion of Fund.8 Total tunds brouLht forward 5,154,.5.56 5,154,556 4.916,018 Toralfunds earriedforward 65,928 5,860.196 5,926.124 5,154,556
TIIE CENIARTH FOUNDATION BALANCE SHEET as at 30th Se tember 2024 2024 2023 Notes FIXED ASSETS Investments 4,275,808 3,550.791 CURRENT ASSFTS Debtors C&sh at bank 10 13,823 1,639,949 1,653,772 10,750 1,595.319 1,606.069 CREDITORS . Amounts falling due Ivithin one year 11 3,456 2,304 NET CURRENT ASSETS 1,650.316 1,603.765 TOTAL NF.T ASSETS 5,926,124 5.154,556 REPRESE.NTFD BY . Unregtricted liund Endowment Funds 12 12 65,928 5,860,196 5,154,556 TOTAL CHARITY FUNDS 5,926,124 5,154,556 notes L)n pages 7 to I I fom) part ot. these financial stat¢ments. 14 July 2025 These rCIal statements were approved by the trustces on ................... signed on their behalf by . .and Ms D S Isenbcrg Trustee
THE CENIARTH FOUNDATION NOTES TO THE FINANC'IAL STATEMENTS for the Year Ended 31hh Se tember 2024 I. Accounting Policies In preparinLY the accounts the following accounting policies have been complied with: a) I"he accounts have been prepared under the historical cost convention, with items recognised at cost ur transaction valu¢ unless otherwise ststed in the ielevant notes, and in aLcordance witb FRS 102, 'The Financial Reporting Standard applicabl¢ in the UK and the RepublAC of Ir¢land', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK amd Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The Trust meets the definition oI'a public benefit elltity under fRS 102. b) The accounts are prepared in sterling, which is the functional currency of the entity. c) Ther¢ are no n]aierial uncertainties aboui the charity's ability to continue. d} InvcstLnent income is recorded whcn reccivable. e) Expendxture on grants is recorded once the Trust has mad¢ an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is Lhe earlier. The TTUSt has not made any grant commitments of more than one year. Other expenditur¢ is included in the accounts on an accruals basis. Irrecoverable VAT is chargyed to the SOFA as incurred. g) Assets, liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rate% of exchange ruling on the date on which tran%actions othur excepi for monetary assets and liabilities whkch are translated at the rate ruling at the balance sheet date. Differences arising on the translation of such items are dealt with in the SOFA. h) Investments held as fixed assets are stated at market value at the balance %heet date. The statement of fmtmcial activities include% the net gaiTLS and losses arising on revaluations and disposals throughout the year. i) The endowinent of the charity is expendable cndowment. The trust deed allows this fund to bc spent as income or retained as capital at the trustees. discretion. Thc incomc aribing from the cxpcndable endowment is unrestricted.
THE CENIARTH FOUNDATION NOTES TO THE FINANCIAL SI'ATEMENT4) for the Year Ended 30th Se tember 2024 2. Taxation The "I'rust is a registered charity and accordingly is cxempt from tsxation on its income and gains where they ar¢ applied for charAtable pulposes. 3. Investment Intome has arisen as follows . 2024 2023 Interest on cash deposits Invcstrnciit income distributions 47,703 19,377 30,785 13,309 67,080 44,094 4. Related Party Transactions None of the trustees were paid any remuneration or expenses by the charity during the yeaT (2023 none). 5. Staff Co.$t8 and .F'moluments No salaries or wages have been paid to eplOyces, includingy Ihe trustees during the year (2023 none).
THE CENIARTH FOUNDATION NOTF,S TO THE FINANCJAL STATEMENTS for the Year Lnded 30th Se tcmber 2024 6. Charitable Activities The charity undertakes its charitsble activiti¢s through grant m¢iking3 and awarded granLs to the followillg organisations ill furtherance of its" charitdble aL'tivities . 2024 Purple Shoots Traidcraft Exchange Advice Mid Wales i 00,000 12,000 112,000 7. Other Costs 2023 Accountsncy Bank Charg¢s 1,152 1,15? 1,1)? 1,152 8. Transfers between Funds Fund8 from the expendable endowment have been transferred to cover the shorilall on the unrestricted fund.
THE CEI¥IARTII FOUNDATIO NOTES TO THE FINANCIAI. STATEMENT, for the Year Ended 30th Se temb r 2024 9. Fixed asset Investmcnts Moi'ement in fixed asset investments 21124 2023 Market value brought forward at 1st October 2023 Add = distributions accumulated Le5b . net profiV(loss) on revaluation 3,550,791 19,377 705,640 3,229,886 13,309 307,596 Market value at 30th Septembcr 2024 4,27i,808 3,550,791 Investments at market value comprised .. Cost 2024 2023 unitslshares • 5,340 Generation TM Global F,quity A shares 521,557 Threadneedle UK Social Bond Fund Institutional Gross Accumulation 886,354 3,562,369 2,895,714 600,000 713,439 655,077 1,486,354 4,275,808 3,550,791 Cost 2024 2023 + 'l'his investment is denominated in US Dollars ,500,000 4,772,077 J,532,596 10. Debtors 2024 2023 Accrued bank deposit interest 13,823 10,750 io-
THE CENIARTH FOUNDATION NOTES TO THK FINANCIAL STATEMEIYTS for the Year Ended 30th S¢ tember 2024 I l. Creditors .' amounts falling due within one year 2024 2023 Accruals 3,456 12. An21ysi8 of Fund Assets and .Liabilities Unrestricted Endowment funds funds Total F ixed assets Current as8ets Current liabilities 4,275,808 1,587,844 (3.456) 4,275,808 1,653,772 (3,456) 65,928 Total 65,928 5,860,196 5,926,124 The unrestricted funds of the charity may be applied for any charitable Purpose at the discretion ot the tNstees. The expendable endowment <d addition% thereto are to be invebt¢d and the inc'ome used for any charitable purpose at the discretion of the trustees. The expendable endowment rnay al80 be 8pent at the absolute discretion of the trustees.