## THE ARDEOLA CHARITABLE TRUST
## **Trustees’ Report**
## **and Financial Statements**
for the year ended 31 May 2024
**Registered Charity Number 1124380**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **THE ARDEOLA CHARITABLE TRUST**
## **INDEX**
|**Charity information**|**1**|
|---|---|
|**Trustees’ report**|**2**|
|**Independent auditor’s report**|**4**|
|**Statement of financial activities**|**7**|
|**Balance sheet**|**8**|
|**Statement of cash flows**|**9**|
|**Accounting policies**|**10**|
|**Notes to the financial statements**|**12**|
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **CHARITY INFORMATION**
## **Trustees**
Mr G E Barker (settlor trustee) Mrs J Barker (settlor trustee) Professor J M Cornwall Mr W J Hiscocks Zedra Trust Company (UK) Limited
## **Principal office**
Zedra Trust Company (UK) Limited Booths Hall Booths Park 3 Chelford Road Knutsford Cheshire WA16 8GS
## **Registered charity number**
1124380
## **Independent Auditor**
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Bankers and Investment Managers**
Coutts & Co 440 Strand London WC2R 0QS
**Page 1**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **TRUSTEES’ REPORT**
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 May 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The Ardeola Charitable Trust is a registered charity constituted under a trust deed dated 19 May 2008, as amended by a supplemental deed dated 21 January 2011, and registered as a charity 7 June 2008.
The trust is controlled by the trustees. The power to appoint and remove trustees rests with the settlor trustees.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
## **OBJECTIVES AND ACTIVITIES**
The charity’s objects are:
“To further such other objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.”
In pursuance of its objects, the charity’s income is applied in making grants to charitable organisations. The trustees believe by making such grants the charity fulfils its obligation to deliver public benefit.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
Total income for the year amounted to £583,078 (2023: £939,293) and comprised income arising on the charity’s investments and transfers from the endowment fund.
Charitable expenditure in the year comprised grants to charitable organisations, together with transaction charges, administration fees and governance costs, totalling £702,105 (2023: £788,394) while investment management fees totalled £28,399 (2023: £24,517) giving total expenditure of £730,504 (2023: £812,911).
A transfer from expendable endowment to income funds of £412,874 (2023: £793,018) was made during the period in order to cover expenditure in excess of investment income received.
Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves and acknowledge that deficits will arise from time to time due to the timing of transactions. As at 31 May 2024 free reserves were £208,173 (2023: £327,200).
The charity’s investments are managed by Coutts & Co with the target of generating income and maintaining capital value. The trustees continually monitor the investment policy and performance against objectives and are content with the performance of investments during the year under review.
**Page 2**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **TRUSTEES’ REPORT**
## **FUND RAISING STANDARDS**
The charity does not raise funds from the public and therefore does not follow any voluntary standards on fund raising.
## **PLANS FOR FUTURE PERIODS**
The trustees intend to continue the charity’s grant-making activity.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these 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 operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
## **APPOINTMENT OF AN INDEPENDENT AUDITOR**
During the year under review the charity exceeded the audit threshold and appointed Blue Spire Limited as independent auditor. Blue Spire Limited have expressed their willingness to continue as auditor to the charity.
Approved by the trustees and signed on their behalf.
Peter Skelly on behalf of Zedra Trust Company (UK) Limited Trustee
25 March 2025 Date
**Page 3**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **INDEPENDENT AUDITOR’S REPORT**
## **Independent Auditor’s Report to the trustees of The Ardeola Charitable Trust**
## **Opinion**
We have audited the financial statements of The Ardeola Charitable Trust (the ‘charity’) for the year ended 31 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 May 2024, 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
**Page 4**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **INDEPENDENT AUDITOR’S REPORT**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the charity, we identified that the principal laws and regulations that directly affect the financial statements to be and the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
As an investment and settlor funded grantmaker there is a limitation to exposure to laws and regulations and where the likelihood of non-compliance is low. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the trustees and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
- Enquiry of those charged with governance around actual and potential litigation and claims;
- Enquiry of the trustees to identify any instances of non-compliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor.This description forms part of our auditor’s report.
**Page 5**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **THE ARDEOLA CHARITABLE TRUST**
## **INDEPENDENT AUDITOR’S REPORT**
## **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 auditor’s 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.
Cawley Priory South Pallant Chichester Blue Sure hiinited West Sussex Blue Spire Limited, Statutory Auditor PO19 1SY 25 March 2025 Date
_Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
**Page 6**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **STATEMENT OF FINANCIAL ACTIVITIES**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE ON:**
Raising funds - Investment management fees
**3**
Charitable activities
**4**
**Total**
Gains/(losses) on investment assets
**Net income/(expenditure)**
**Transfers between funds**
**13**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**13**
**Total funds carried forward**
**13**|**Unrestricted**
**Funds**
**£**
-
170,204
170,204
-
702,105
702,105
-
(531,901)
412,874
(119,027)
327,200
208,173|**Endowment**
**Funds**
**£**
-
-
-
28,399
-
28,399
446,803
418,404
(412,874)
5,530
5,456,693
5,462,223|**31 May 2024**
**Total**
**Funds**
**£**
-
170,204
170,204
28,399
702,105
730,504
446,803
(113,497)
-
(113,497)
5,783,893
5,670,396|**31 May 2023**
**Total**
**Funds**
**£**
500,000
146,275|
|---|---|---|---|---|
|||||646,275|
|||||24,517
788,394|
|||||812,911|
|||||(198,077)|
|||||(364,713)
-|
|||||(364,713)
6,148,606|
|||||5,783,893|
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 7**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **BALANCE SHEET AS AT 31 MAY 2024**
|||**31 May 2024**|**31 May 2024**|**31 May 2023**|**31 May 2023**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|**FIXED ASSETS**||||||
|Investments - managed funds|**9**|5,430,214||5,280,669||
|Investments - cash account||32,365||76,321||
|**Total fixed assets**|||5,462,579||5,356,990|
|**CURRENT ASSETS**||||||
|Debtors - prepayments||5,656||5,671||
|Cash at hand and in bank||242,667||498,429||
|**Total current assets**||248,323||504,100||
|**CURRENT LIABILITIES**||||||
|Creditors: amounts falling due within one year|**10**|39,506||44,357||
|**Net current assets/(liabilities)**|||208,817||459,743|
|**Total assets less current liabilities**|||5,671,396||5,816,733|
|**NON CURRENT LIABILITIES**||||||
|Creditors: amounts falling due after more than one year|**11**||(1,000)||(32,840)|
|**Total assets/(liabilities)**|||5,670,396||5,783,893|
|**THE FUNDS OF THE CHARITY**||||||
|**Expendable endowment funds**|**13**||5,462,223||5,456,693|
|**Unrestricted funds**|**13**||208,173||327,200|
|**Total charity funds**|||5,670,396||5,783,893|
|The notes on pages 12 to 17 form part of the financial statements.||||||
|||||25 March 2025||
The financial statements on pages 7 to 17 we approved and authorised for issue by the trustee on ……………………………………. And signed on its behalf by:
………………………………………… Peter Skelly on behalf of Zedra Trust Company (UK) Limited Trustee
**Page 8**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **STATEMENT OF CASH FLOWS**
|**Note**
**£**
**£**
**Net cash flow from operating activities (see below)**
(767,180)
**Cash flow from investing activities**
Purchase of investments
(4,080,440)
Proceeds from sales of investments
4,377,698
Investment income
170,204
**Net cash flow from investing activities**
467,462
**Net increase/(decrease) in cash and cash equivalents**
(299,718)
**Cash and cash equivalents at the beginning of the year**
574,750
**Cash and cash equivalents at the end of the year**
275,032
**Cash and cash equivalents consist of:**
Cash at bank and in hand
242,667
Cash held in investment portfolio
32,365
**Cash and cash equivalents at the end of the year**
275,032
**Reconciliation of net income to net cash flow from operating activities**
**£**
**£**
Net income for the period
(113,497)
Adjusted for:
Investment income
(170,204)
(Gains)/losses on investments
(446,803)
(Increase)/decrease in debtors
15
Increase/(decrease) in creditors
(36,691)
(653,683)
(767,180)
**31 May 2024**
**31 May 2024**|**£**
**£**
(353,887)
(4,294,721)
4,298,880
146,275
150,434
(203,453)
778,203
574,750
498,429
76,321
574,750
**£**
**£**
(364,713)
(146,275)
198,077
(31)
(40,945)
10,826
(353,887)
**31 May 2023**
**31 May 2023**|**£**
**£**
(353,887)
(4,294,721)
4,298,880
146,275
150,434
(203,453)
778,203
574,750
498,429
76,321
574,750
**£**
**£**
(364,713)
(146,275)
198,077
(31)
(40,945)
10,826
(353,887)
**31 May 2023**
**31 May 2023**|
|---|---|---|
|||(353,887)|
**Page 9**
## **THE ARDEOLA CHARITABLE TRUST**
## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The Ardeola Charitable Trust is an unincorporated charity constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
## **VAT**
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
## **Taxation**
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
**Page 10**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **THE ARDEOLA CHARITABLE TRUST**
## **ACCOUNTING POLICIES**
## **Debtors receivable and creditors payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
## **Fund accounting**
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Capital funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any transfers made out of capital. The capital funds are expendable at the discretion of the trustees.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 11**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Donations and legacies**
|**Unrestricted**
**Funds**
**£**
Donations
-
-
**2. Investment income**
**Unrestricted**
**Funds**
**£**
From investments and cash balances
170,204
170,204
**3. Raising funds - investment management charges**
**Unrestricted**
**Funds**
**£**
Fees paid to investment managers
-
-
**4. Charitable activities**
**Unrestricted**
**Funds**
**£**
Grants (see note 5)
681,750
Administrative services
18,015
Governance costs (see note 6)
2,340
702,105|**Endowment**
**Funds**
**£**
-
-
**Endowment**
**Funds**
**£**
-
-
**Endowment**
**Funds**
**£**
28,399
28,399
**Endowment**
**Funds**
**£**
-
-
-
-|**31 May 2024**
**Total**
**Funds**
**£**
-
-
**31 May 2024**
**Total**
**Funds**
**£**
170,204
170,204
**31 May 2024**
**Total**
**Funds**
**£**
28,399
28,399
**31 May 2024**
**Total**
**Funds**
**£**
681,750
18,015
2,340
702,105|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
146,275
146,275
**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
768,175
17,969
2,250
788,394|**Endowment**
**Funds**
**£**
500,000
500,000
**Endowment**
**Funds**
**£**
-
-
**Endowment**
**Funds**
**£**
24,517
24,517
**Endowment**
**Funds**
**£**
-
-
-
-|**31 May 2023**
**Total**
**Funds**
**£**
500,000|
|---|---|---|---|---|---|
||||||500,000|
||||||**31 May 2023**
**Total**
**Funds**
**£**
146,275|
||||||146,275|
||||||**31 May 2023**
**Total**
**Funds**
**£**
24,517|
||||||24,517|
||||||**31 May 2023**
**Total**
**Funds**
**£**
768,175
17,969
2,250|
||||||788,394|
**Page 12**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **5. Grants to institutions - One grant and England & Wales unless annotated**
|_Analysis of grants_
British Museum - Legion Exhibition
British Library - M&RW Exhibition
Chawton House Library
Country Durham Community Foundation
Curwen Print Study Centre Ltd
Dingley Family and Specialist Early Years Centres
Dr Johnson's House Trust
Durham University
Elizabeth Montagu Correspondence Online
2 grants
Friends of the National Library
Garsington Opera Limited
Launchpad Reading
Maidenhead Music and Dance Festival Association
National Gallery Trust - Poussin exhibition
Newbury Spring Festival Society, Ltd
Hope And Vision Communities
PACT
Quentin Blake Centre for Illustration
Royal County of Berkshire Army Cadets
St John Ambulance
Target Ovarian Cancer
2 grants
Thames Hospice
The British Museum Trust Limited
The Bowes Museum
The Hannah More Trust
The London Mozart Players Trust
The London Symphony Orchestra Limited
The Royal Chapel of All Saints
The Royal National Theatre
2 grants
The Windsor Festival Society Limited
The Cathedral Church of Christ, Blessed Mary The
Virgin and ST Cuthbert of Durham
The Parochial Church Council of the Ecclesiastical
Parish of Great Marlow with Marlow Bottom, Little
Marlow and Bisham
The Priory of England and The Islands of The Most
Venerable Order of The Hospital of ST. John of
Jerusalem|**31 May 2024**
**Unrestricted**
**Funds**
**£**
50,000
100,000
-
2 grants
-
-
-
25,000
30,000
3 grants
20,000
-
100,000
-
-
50,000
20,000
2,000
2,000
-
3,000
3,000
150,000
2 grants
50,000
-
3 grants
-
-
5,000
5,000
4,250
-
-
-
37,500
25,000
681,750|**31 May 2023**
**Unrestricted**
**Funds**
**£**
-
-
95,000
50,000
2,000
1,250
-
158,000
10,000
25,000
50,000
2,000
5,000
-
-
-
-
1,500
-
-
150,000
-
119,175
10,000
5,000
5,000
5,000
4,250
5,000
5,000
5,000
50,000
5,000|
|---|---|---|
|||768,175|
## **6. Governance Costs**
|Independent auditor's fees|**Unrestricted**
**Funds**
**£**
2,340
2,340|**Endowment**
**Funds**
**£**
-
-|**31 May 2024**
**Total**
**Funds**
**£**
2,340
2,340|**Unrestricted**
**Funds**
**£**
2,250
2,250|**Endowment**
**Funds**
**£**
-
-|**31 May 2023**
**Total**
**Funds**
**£**
2,250|
|---|---|---|---|---|---|---|
|||||||2,250|
**Page 13**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **7. Independent auditor's fees**
|**7. Independent auditor's fees**|||||||||
|---|---|---|---|---|---|---|---|---|
||||**31**|**May 2024**|||**31**|**May 2023**|
||**Unrestricted**|**Endowment**||**Total**|**Unrestricted**|**Endowment**||**Total**|
||**Funds**|**Funds**||**Funds**|**Funds**|**Funds**||**Funds**|
||**£**|**£**||**£**|**£**|**£**||**£**|
|Auditor's fees - Audit|2,340|-||2,340|2,250|-||2,250|
## **8. Related party transactions**
Zedra Trust Company (UK) Limited charged fees for administrative services, as shown in note 4, totalling £18,015 (2023: £17,969) were payable in respect of administrative services and are included within note 4 between appointment and the reporting date. These fees are authorised under section 6 of the trust deed.
The charity has no employees, all administration being carried out by the trustees.
Other than the fees noted above, no remuneration was paid nor expenses reimbursed to trustees in the year under review.
## **9. Fixed asset investments - managed funds**
|Market value brought forward
Additions at cost
Disposals at carrying value
Gain/(Loss) on revaluation
**Market value carried forward**
Asset distribution
Listed investments or equivalents
Gains/(losses) on investment assets
Unrealised gains/(losses)
Realised gains/(losses)|**31 May 2024**
**£**
5,280,669
4,080,440
(4,173,703)
242,808
5,430,214
5,430,214
5,430,214
242,808
203,995
446,803|**31 May 2023**
**£**
5,482,905
4,294,721
(4,435,064)
(61,893)|
|---|---|---|
|||5,280,669|
|||5,280,669|
|||5,280,669|
|||(61,893)
(136,184)|
|||(198,077)|
## **10. Creditors: amounts falling due within one year**
|Accruals - Grants payable
Accruals - Independent auditor's fees
Accruals - Investment management fees|**Unrestricted**
**Funds**
**£**
32,340
2,340
-
34,680|**Endowment**
**Funds**
**£**
-
-
4,826
4,826|**31 May 2024**
**Total**
**Funds**
**£**
32,340
2,340
4,826
39,506|**31 May 2023**
**Total**
**Funds**
**£**
37,340
2,250
4,767|
|---|---|---|---|---|
|||||44,357|
**Page 14**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **11. Creditors: amounts falling due after more than one year**
|Accruals - Grants payable
**12. Analysis of net assets between funds**
**Unrestricted**
**Funds**
**£**
Fixed assets
-
Current assets
243,853
Current liabilities
(34,680)
Long term liabilities
(1,000)
208,173|**Endowment**
**Funds**
**£**
5,462,579
4,470
(4,826)
-
5,462,223|**Unrestricted**
**Funds**
**£**
1,000
1,000
**31 May 2024**
**Total**
**Funds**
**£**
5,462,579
248,323
(39,506)
(1,000)
5,670,396|**Endowment**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
-
399,630
(39,590)
(32,840)
327,200|**31 May 2024**
**Total**
**Funds**
**£**
1,000
1,000
**Endowment**
**Funds**
**£**
5,356,990
104,470
(4,767)
-
5,456,693|**31 May 2023**
**Total**
**Funds**
**£**
32,840|
|---|---|---|---|---|---|
||||||32,840|
||||||**31 May 2023**
**Total**
**Funds**
**£**
5,356,990
504,100
(44,357)
(32,840)|
||||||5,783,893|
## **13. Analysis of net movements in funds**
|Total funds brought forward
Total incoming resources
Total resources expended
Gains/(losses) on investments
Transfers between funds
Total funds carried forward|**Unrestricted**
**Funds**
**£**
327,200
170,204
(702,105)
-
412,874
208,173|**Endowment**
**Funds**
**£**
5,456,693
-
(28,399)
446,803
(412,874)
5,462,223|**31 May 2024**
**Total**
**Funds**
**£**
5,783,893
170,204
(730,504)
446,803
-
5,670,396|**Unrestricted**
**Funds**
**£**
176,301
146,275
(788,394)
-
793,018
327,200|**Endowment**
**Funds**
**£**
5,972,305
500,000
(24,517)
(198,077)
(793,018)
5,456,693|**31 May 2023**
**Total**
**Funds**
**£**
6,148,606
646,275
(812,911)
(198,077)
-|
|---|---|---|---|---|---|---|
|||||||5,783,893|
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives.
**Page 15**
## **THE ARDEOLA CHARITABLE TRUST**
## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **14. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
|**14. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:|||
|---|---|---|
|_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
Investment management fees
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments|**31 May 2024**
**Total**
**Funds**
**£**
5,430,214
5,430,214
follows:
**31 May 2024**
**Total**
**Funds**
**£**
170,204
(28,399)
141,805
446,803
446,803|**31 May 2023**
**Total**
**Funds**
**£**
5,280,669|
|||5,280,669|
|||**31 May 2023**
**Total**
**Funds**
**£**
146,275
(24,517)|
|||121,758|
|||(198,077)|
|||(198,077)|
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
**Page 16**
## **THE ARDEOLA CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **15. Comparative statement of financial activities**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Investments
**2**
**Total**
**EXPENDITURE ON:**
Raising funds - Investment management fees
**3**
Charitable activities
**4**
**Total**
Gains/(losses) on investment assets
**Net income/(expenditure)**
**Transfers between funds**
**13**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**13**
**Total funds carried forward**
**13**|**Unrestricted**
**Funds**
**£**
-
146,275
146,275
-
788,394
788,394
-
(642,119)
793,018
150,899
176,301
327,200|**Endowment**
**Funds**
**£**
500,000
-
500,000
24,517
-
24,517
(198,077)
277,406
(793,018)
(515,612)
5,972,305
5,456,693|**31 May 2023**
**Total**
**Funds**
**£**
500,000
146,275|
|---|---|---|---|
||||646,275|
||||24,517
788,394|
||||812,911|
||||(198,077)|
||||(364,713)
-|
||||(364,713)
6,148,606|
||||5,783,893|
**Page 17**