## **The Adfal Trust** 

**Annual Report and Financial Statements** 

**For the Year Ended 5 April 2025** 

**Charity Registered in England and Wales Number: 1140051** 



**The Adfal Trust** Contents For the Year Ended 5 April 2025 

||**Page**|
|---|---|
|Reference and administrative information|1|
|Trustees’ report|2 – 4|
|Independent examiners report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 – 13|





**The Adfal Trust** Reference and Administrative Details For the Year Ended 5 April 2025 

|**Trustees**|B Ashford-Russell|
|---|---|
||F E Ashford-Russell|
|**Principal Office**|New Leaze Farm|
||East Knoyle|
||Salisbury|
||SP3 6AU|
|**Charity Number**|1140051|
|**Independent Examiner**|Michelle Ferris BSc (Hons) FCA DChA|
||Albert Goodman LLP|
||Goodwood House|
||Blackbrook Park Avenue|
||Taunton|
||Somerset|
||TA1 2PX|
|**Investment Managers**|Evelyn Partners|
||45 Gresham Street|
||London|
||EC2V 7BG|



-1- 



**The Adfal Trust** Trustees’ Report For the Year Ended 5 April 2025 

The Trustees have pleasure in presenting this Report, together with the Accounts of The Adfal Trust (“the Charity”), for the year ended 5 April 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 (FRS 102) (effective 1 January 2019). 

## **Objectives and activities for the public benefit** 

The Objects are for the public benefit and are to provide support for socially and economically disadvantaged human beings in need in the United Kingdom or throughout the world, in particular but not exclusively, by: 

- The prevention or relief of poverty or financial hardship, through the provision of grants, goods or services; 

- The relief of sickness and the advancement of health or the saving of lives; 

- The advancement of education; 

- The relief of financial need and suffering and assistance to victims of war, famine or natural disaster in any part of the world including the provision of money, famine relief or medical aid; 

- The development of the capacity and skills of the members of socially and economically disadvantaged communities, including the relief of those in need by reason of youth, age illhealth, disability, financial hardship or other disadvantage, in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society; 

- The advancement of human rights, conflict resolution or reconciliation; 

- The advancement of the arts, culture, heritage or science; 

- The conservation, protection and improvement of the physical and natural environment; or 

- • The provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life. 

## **Grant Making Policy** 

The Charity invites applications for funding of projects. Institutional applicants are required to submit a summary of their proposals in a specific format. Applications are reviewed by a full meeting of Trustees against the relevant provisions of the Charity. 

## **A review of our achievements and performance** 

The Charity continues to build funds and the Trustees have continued to issue grants during the year as funds were deemed to have reached a suitable level. 

The Charity’s work is entirely reliant on income and investment returns. The value of the investments decreased in the year by £206,433 (2024 – increased by £144,384), dividends of £128,018 (2024 – £129,156) were received. 

-2- 



**The Adfal Trust** Annual Report For the Year Ended 5 April 2025 

## **Main activities undertaken for the public benefit** 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy. 

## **Monitoring Achievement** 

The Trustees require all grant recipients to provide the Charity with an annual written report about the project that has been supported, including benefits and outcomes achieved. 

## **Investment Policy** 

The Trustees may invest the funds of the Charity in such investments as are authorised by the Trustee Act 2000, subject to the restrictions and conditions contained in that Act. 

## **Risk Management** 

The Trustees have reviewed the major risks to which the Charity is exposed, as identified by them, and confirm that they have established systems to reduce those risks. 

## **Reserves Policy** 

The Trustees aim to hold sufficient reserves to allow them to distribute 70-120% of annual income net of expenses. At 5 April 2025 the charity held reserves of £2,191,388 (2024 - £2,277,914) for the purpose of issuing future grants. 

## **Structure, governance and management** 

The Trust is a registered Charity and is constituted under a trust deed dated 15 March 2010. 

The Charity Trustees during the year were the following persons: 

B Ashford-Russell F E Ashford-Russell 

The Trustees were incorporated by a Certificate of the Charity Commissioners sealed on 15 March 2010. The charity registration number is 1140051. 

New Trustees are appointed by the existing Trustees and can hold office for life but are appointed for a term of office as the existing Trustees decide. The Trust Deed provides for a minimum of two Trustees, to a maximum of five Trustees. The Trustees must hold at least two meetings a year and the quorum at a meeting of the Trustees is two Trustees. The Trustees have also developed a code of conduct for Trustees including provision for Trustee training. 

## **Key management personnel remuneration** 

The Trustees consider the board of Trustees as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. 

-3- 



**The Adfal Trust** Trustees’ Report For the Year Ended 5 April 2025 

## **Statement of Trustees’ Responsibilities** 

The Trustees are responsible for preparing the Trustees’ Report and accounts in accordance with applicable law and regulations. 

Law applicable to Charities in England and Wales requires the Trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that 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 of the Charity for that period. In preparing those accounts, 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 accounts; and 

- prepare the accounts 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 which are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts & Reports) Regulations 2008 and the provisions of the Scheme 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. 

Signed for and on behalf of The Adfal Trust on 23 January 2026 

## **B Ashford-Russell** 

Trustee 

-4- 



**The Adfal Trust** Independent Examiners Report to the Trustees For the Year Ended 5 April 2025 

## **Independent examiners report to the Trustees of Ashwells Charitable Trust.** 

I report to the charity trustees on my examination of the accounts for The Adfal Trust (“the charity”) for the year ended 5 April 2025. 

## **Responsibilities and basis of report** 

As the charity’s trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). 

I report in respect of my examination of your charity’s accounts as carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable  Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 

2. the accounts do not comply with these records; or 

3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

**Michelle Ferris BSc (Hons) FCA DChA** Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX Date: 02 February 2026 

-5- 



**The Adfal Trust** Statement of Financial Activities (including Income & Expenditure account) For the Year Ended 5 April 2025 

|||**Total**|**Total**|
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
|||**Funds**|**Funds**|
|||**2025**|**2024**|
||**Note**|**£**|**£**|
|**Income**||||
|Investment income|2|130,429|130,947|
|||──────|──────|
|**Total income**||130,429|130,947|
|||──────|──────|
|**Expenditure**||||
|Raising funds|3|3,742|3,337|
|Charitable activities|4|6,780|157,798|
|||──────|──────|
|**Total expenditure**||10,522|161,135|
|||──────|──────|
|**Net income/(expenditure) before**||||
|**investment (losses)/gains**||**119,907**|**(30,188)**|
|Gains/ (losses) on investments|5|(206,433)|144,384|
|||──────|──────|
|**Net movements in funds**||**(86,526)**|**114,196**|
|Total funds brought forward||2,277,914|2,163,718|
|||──────|──────|
|**Total funds carried forward**|7|**2,191,388**<br>~~**──────**~~|**2,277,914**<br>~~**──────**~~|



The statement of financial activities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the year that are not shown above. 

The statement of financial activities incorporates the income and expenditure account. 

-6- 



**The Adfal Trust** Balance Sheet As at 5 April 2025 

||**Note**||**2025**||**2024**|
|---|---|---|---|---|---|
||||**£**||**£**|
|**Fixed assets**||||||
|Investments|5||2,002,911||2,205,595|
|**Current assets**||||||
|Cash at bank and in hand||206,123||90,185||
|||──────||──────||
|||206,123||90,185||
|**Liabilities:**||||||
|Creditors falling||||||
|due within one year|6|(17,646)||(17,866)||
|||──────||──────||
|**Net current assets**|||188,477||72,319|
||||──────||──────|
|**Net assets**|||**2,191,388**<br>~~──────~~||**2,277,914**<br>~~──────~~|
|**Represented by:**||||||
||||──────||──────|
|Unrestricted funds|7||**2,191,388**<br>~~──────~~||**2,277,914**<br>~~──────~~|



Approved by the Board of Trustees for issue on 23 January 2026 and signed on their behalf by: 

**B Ashford-Russell** Trustee 

-7- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

## **1 Accounting policies** 

## 1.1 **Basis of preparation** 

The financial statements have been prepared in £ sterling on the historic cost basis and 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 (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)). 

The charity meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## 1.2 **Income** 

Income recognised in the period in which the Charity is entitled to receipt and the monetary value of income can be measured with sufficient reliability. 

Dividends are recognised on the due date for payment and interest on a receivable basis grossed up for any recoverable taxation. 

## 1.3 

## **Expenditure** 

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure.  All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

Costs of raising funds compromises the fees paid to the investment managers in connection with the management of the Charity’s investments together with any other costs associated with the holding of investment assets. 

Charitable activities include all direct and indirect costs incurred by the Charity in meeting its charitable objectives. Benefits payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Benefits payable are included in the Statement of Financial Activities when approved by the Trustees and the intended recipient has either received the funds or has been informed of the decision to pay the benefit. Where conditions are attached to the benefit, the benefits are accounted for when either the recipient has a reasonable expectation that they will receive the benefit and any condition attaching to it is outside of the control of the Trustees or the conditions attaching to the benefit have been fulfilled. 

Governance costs comprise all costs incurred in running the charity itself as an organisation, and its compliance with regulation and good practice. 

The Charity is not registered for VAT and irrecoverable VAT is aggregated with the expenditure on which it is incurred. 

## 1.4 **Fixed asset investments** 

Investments are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs). Subsequently, investments are held at market value, with all realised and unrealised gains and losses passing through the Statement of Financial Activities. 

-8- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

## 1.5 **Realised gains and losses** 

All gains and losses are taken to the Statement of Financial Activities as they arise.  Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).  Realised and unrealised gains are not separated in the Statement of Financial Activities. 

## 1.6 **Cash at bank and in hand** 

Cash at bank and in hand comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## 1.7 **Creditors** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. 

## 1.8 **Taxation** 

As a registered charity, the charity is not liable to corporation tax to the extent that income and gains is applied to charitable activities. 

## 1.9 **Funds** 

General funds are unrestricted funds receivable or generated for the objects of the charity without specified purpose and are available as general funds. 

## 1.10 **Financial instruments** 

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows: 

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9. Investments are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments. 

Cash at bank – is classified as a basic financial instrument and is measured at face value. 

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 9. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. 

-9- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

|**2**|**Investment Income**|||
|---|---|---|---|
|||**Unrestricted**|**Unrestricted**|
|||**2025**|<br>**2024**|
|||**£**|<br>**£**|
||Dividends received|128,018|129,156|
||Interest received|2,411|1,791|
|||──────|──────|
|||**130,429**<br>~~──────~~|**130,947**<br>~~──────~~|
|**3**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**2025**|<br>**2024**|
|||**£**|<br>**£**|
||Investment management fees|3,742|3,337|
|||──────|──────|
||**Total expenditure on raising funds**|**3,742**<br>~~──────~~|**3,337**<br>~~──────~~|
|**4**|**Expenditure on charitable activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**2025**|<br>**2024**|
|||**£**|**£**|
||**Grants:**|||
||Helen Bamber Foundation|-|3,000|
||Shelter|-|5,000|
||Greenpeace|-|5,000|
||The Honeypot Children’s Charity|-|3,000|
||Rainbow Trust Children’s Charity|-|3,000|
||3H Fund Helping Hands for Holidays|-|3,000|
||Amnesty International|-|5,000|
||Prism the Gift fund|-|3,000|
||Horatio’s Garden Charitable Trust|-|4,000|
||Julia’s House|-|3,000|
||Promise Works|-|3,000|
||Deafblind UK|-|4,000|
||Sea Shepherd|-|4,000|
||Surfers Against Sewage|-|3,000|
||Survival International|-|3,000|
||The Chimo Trust|-|100,000|
||Rich Mix|3,000|-|
|||──────|──────|
|||3,000|154,000|
||**Governance Costs:**|||
||Independent Examination and accountancy fees|3,780|3,798|
|||──────|──────|
|||3,780|3,798|
|||──────|──────|
||**Total charitable activities expenditure**|**6,780**<br>~~──────~~|**157,798**<br>~~──────~~|



-10- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

## **5 Fixed asset investments** 

## **Movement in fixed asset investments** 

||**Movement in fixed asset investments**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||**Market value b/fwd as at 6 April**|2,205,595|2,057,381|
||Additions at cost|3,749|3,830|
||Unrealised gain/(loss) on revaluation|(206,433)|144,384|
|||──────|──────|
||**Value of shares as at 5 April**|**2,002,911**<br>~~──────~~|**2,205,595**<br>~~──────~~|
||**Investments at market value comprised:**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Equities|1,763,642|1,982,339|
||Alternative investments|239,269|223,256|
|||──────|──────|
||**As at 5 April**|**2,002,911**<br>~~──────~~|**2,205,595**<br>~~──────~~|
|**6**|**Analysis of current liabilities**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Accruals|11,646|7,866|
||Grants payable|6,000|10,000|
|||──────|──────|
|||**17,646**<br>~~──────~~|**17,866**<br>~~──────~~|



-11- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

## **7 Analysis of charitable funds – current year** 

|**Fund**<br>**b/fwd**<br>**06.04.24**<br>**£**<br>General fund<br>2,277,914<br>________<br> <br>**Total unrestricted funds**<br>**2,277,914**<br>________  <br>**Analysis of charitable funds – prior period**<br>**Fund**<br>**b/fwd**<br>**06.04.23**<br>**£**<br>General fund<br>2,163,718<br>________<br> <br>**Total unrestricted funds**<br>**2,163,718**<br>|<br> <br>_<br>|**Investment**<br>**Income   Expenditure   gain/(loss)**<br>**£**<br>**£**<br>**£**<br>130,429         (10,522)    (206,433)<br>_______<br>________     ________<br>**130,429**<br>**(10,522) (206,433)**<br>_______<br>________ ________<br>**Investment**<br>**Income   Expenditure   gain/(loss)**<br>**£**<br>**£**<br>**£**<br>130,947        (161,135)      144,384<br>_______       ________     ________<br>**130,947**<br>**(161,135)**<br>**144,384**<br>|**Fund**<br>**c/fwd**<br>**05.04.25**<br>**£**<br>2,191,388<br>________<br>**2,191,388**<br>________<br>**Fund**<br>**c/fwd**<br>**05.04.24**<br>**£**<br>2,277,914<br>________<br>**2,277,914**<br>|
|---|---|---|---|
||_<br> <br> <br> <br>_<br>|||



## **8 Related party transactions** 

No trustees were paid any remuneration for their role, and no trustee was reimbursed for any expenses within the year (2024: none). 

-12- 



**The Adfal Trust** Notes to the Financial Statements For the Year Ended 5 April 2025 

## **9 Financial instruments** 

## **Categorisation of financial instruments** 

|Financial assets that are debt instruments measured<br>at amortised cost<br>Financial assets measured at fair value through the<br>income and expenditure account<br>Financial liabilities measured at amortised cost<br>**Items of income, expense, gains or losses**<br>**Income**<br>**Expense**<br>**£**<br>**£**<br>**2025**<br>Financial assets measured at<br>amortised cost<br>2,411<br>-<br>Financial assets at fair value<br>through the profit and loss<br>128,018<br>-<br>Financial liabilities measured at<br>amortised cost<br>-<br>-<br>_________<br>_________<br>130,429<br>-<br>_________<br>_________<br>**2024**<br>Financial assets measured at<br>amortised cost<br>1,791<br>-<br>Financial assets at fair value<br>through the profit and loss<br>130,947<br>-<br>Financial liabilities measured at<br>amortised cost<br>-<br>-<br>_________<br>_________<br>132,738<br>-<br> <br>|**2025**<br>**2024**<br>**£**<br>**£**<br>206,123<br>90,185<br>2,002,911<br>2,205,595<br>──────<br>──────<br>2,209,034<br>2,295,780<br>~~──────~~<br>~~──────~~<br>17,646<br>17,866<br>~~──────~~<br>~~──────~~<br>**Net gains**<br>**Net losses**<br>**£**<br>**£**<br>-<br>-<br>-<br>(206,433)<br>-<br>-<br>_________<br>_________<br>-<br>(206,433)<br>_________<br>_________<br>-<br>-<br>144,384<br>-<br>-<br>-<br>_________<br>_________<br>144,384<br>-<br><br>|
|---|---|



-13-