CoThpany registratKffl nuntsr. 09936276 Charity registrat* number. 1169767 Rara Charity (A c(ryy by gutrantaa) k)rthe Year Ended 31 2024
Rare Charty Contents Refer8nceand Administrive ttals Trustees. Rewrt 2to11 Indep9Tht Examingrfs Re1 12 statemènt of Financiat AcvEs 13 Balance Sheet 14 Siaten*nt ofcash Fk) 15 Note510 the Fin¢¢1 Staenwrts 16to28
Reference Admlnlstrlve Detsils Charlty Reglstratlon Numb8r 1169767 Company Reglstra¢ion Number IM36276 thlty is iwpNed in & e. 35 Eyrestreet Hll Lor EC1R Rryistered Offlce Independent Examiner Ctr108TumerACA Hwjhfield CiTencester Ro1 inchvtsmpicAI GL6 SEQ
RaTe Charlty TnL%te05' Report The trustees, who are directorn for the PUryK of ccthpany law, present the annual rewt together wilh th8 financial statwts and aKltiors' rermjt of Charl (y)mpany for ts year oThJ•J 31 January 2024. ObJe¢tiv¢s and aclMtie8 Rarg Charity provides educational opportunitEs for Feople within tea communhw. The people working Sn tea represent sornB of the most MInallj ¢onNnuniti8s li mry of the worfrfs pwrest countries. Rare CharitS missNJn k8 to W4UiP talented and trnn$ their oxrmlrY in their ¥n ways on their lerrns. Rare Charlty obJè¢tiv¢s rwnakn: The advmment d 8ducation" and without weiudre to Ihg genera]ty of th& the charity nwy seek to fulfil ts cljects by beiro aclwe aTras Suring in Africa, Nepa. Indla and Sri Lanka by. 1) Awarding studerts $arsh[pS to enteruniknwsiy, colege or of hieror1urtherUcZbOn. 2) Supporting edUcatn InittiveS to syepwe to any o•Kin, trade or prOf10n leawing any educatthal estsblrShmtr, 3) SupportiNJ educationalfaulilies andlor llih0tvKs. Publlc Benefft Rare Ctrwrly exists to seNe the th1oah Investing in ¢(IL. enabliNJ indivwjuals to tran$fom their own Ir¥es. their hw¥js. their conwnunly, a1 mntualty thar country and t¢yond. Rar8 Chariiy. a. offers secornlary educalional s(knlatsly to youry to 11& lo Contin tt1r education and avoKI earty rr¢arriag< b. offers tertiay ethJ¢ational OFporlunf(w to 1ndrydu tnt and L%n, who would oth8rwr6e have no 8ccess whatsoever to further edu¢atiffi,' c. equips these individuals to retum to ther comrrthity (STr1d ¢lbTh). to implem&tt change in the¥ ways and their terrrts: d. thereby clyses long-term, syslwroc and 8u&nti4e thar willwn SO of the most vuIrabl6 nnl cornmunknes in many ofthe worV¥ pwrest Countri,. e. provides a meaningful and ilhJnNnating Connecti befvn Ihe ConSrn oFtea and the petyle wl projuce it. The founding princAe rl Rwe Chariiy is sustsnthlty. The Clwty b8lvRs tsi en8bling the groth of a cohort of skilled pfeona1S, in CtIlg rol8 nde% who &Kourage ther pogrs to ntinue with edutiOn. RarE Charity lieve$ kn enw*ering young worn. At a51 half of an teitw schclarships are set aside for fomale students - we fund sendaY schOkr3h for girts. to offer thèm the same oFportunitie5 for fvrther 9UtIL as th8ir malg counteartS. The trusta8s confim that they have ¢LYnpli8d wilh the Ul[ents of section 17 of the Charibe$ Act 2011 to have due regard to ts publr befft gUidce ChrtY Comrntssion for EnglaThJ and W81es. Pe2
Rarn Charfty Adlvltles andObie¢th Following the Cunt high watermark in 2022. there was a significant reductlon in annual inconR. whlch had been forecast on the basis of a maJordorK)r haMn8 given a double donation which marked the end of a phase of supporL This allowed for dnation of reserves to be spent down across 2023. With a new team in place, focus wa$oveThhMin8ty on ensuri[ quality prceramme dèlivery with little emphasi5 on fundraisln& Nonetheless. thère We Sne fundratslng includinga Campai leading to a generous donatbn from the Parish of St Peterfs and the Winchester Martyrs and continulng support from Rare Tea Company. re8ular intematsonal donors. erational mm The new managir Dlrector began at the end of 21)21 with two p(¥nts of focus ofthÈ earfy part ofthe year thead. First was the effectNe continuatK)n of eslIng programming wlth tertiary and secondary schoLirs. ensurfNq tharcontinued accessto e(IKation and tsllored SUFporL Secondly, this was to be strengthened through the recruitment of a part-tkne centry Manager in Malawi, f11fing role which had beenvacatedtowardsthe end of 2022. Thiswasccrfnpleted sucCessf1V with thè new Country Manager $tarting in April 2023. Newscholarshipswere avrdrded to one tertiary stholararKI fr5eCondary$d1a As wèll asthe ongolngwork in Malawi. the pilot of Supl for a tertlary scholar in Nepal was continued. with investigatiotL% made towards the development of a fixthers4)wt pro8ramme in the country. In the lter part of the year. operattonswere mo%d tr) a new UK offi. whern the drIty continues to be based. Athl•vements and PerfornHrKe Income dropped 5ignfficantlyto a total of £54.YJ6. substantially telow the prevtlus yearfs income of £94.267. As mentioned, this had been to some (kgree articipated corsiderlngthe a(fvance donation 8Nen in the pwous year. Monthly income dropped slightly from the 2022 average of £710 to an aVere0f £637. This was supplemented byan important fundralsin8carnIgn and some major donor income. Although nothln8 amounted to matth the majorgrfts of the precedirE year. these furklratsing successes allled tts the fiinds dgnated for prD8rammlNdfrom lastyearfs Income. allvwed forthe smooth conknued delNery of operations, and support to be extended to new Sd[8. Pa8e 3
Rare arty Trust••s' Raport ational Pr Towardsthe start of tfinanCIal year. recruitmentwds launched for a new CntrY Manager, to ensure effectwe delivery of wot and oper4tions in Malawi. There was avery strong responseto the advertisement of the pogtion wlth over 2(KlappllcatKWS re¢eNed. and manyotthe candidates being wel1qualed forthe pOtiOn. After shordistirva and severnl rounds of interviews, AThJrèw Bita was selerted as the successFul candidate. stsrtin8wthin Awil 2023. A number of issues throughoUtthear had a profound impatton lrfe in Malawi. Troix1 Stcffm Freddy caused devastation in Marth 2023. destylwd maw INes. partiwlarty In thè south ofthe country. Fortunatefy, Rare tharit5 sth)Jars and team were not affecteil to the same degree as many others. though some scholar< houses Inthejr home village5were badly damaged. and the area nearwhere Support Officer Esnarth stsyswa£ aL50 heavily affected. Though communKattons and power Infrastructure was affected. Rare Charity stayed in contxt toenswe all schokr5 and thkeholders remalned safe. As the ar progresse(J. financial isgjes In COuntrY had a greater Imw, wth inflation pushing costs higher for many ba%c needs. Thls led a number of Schol who had previously been able to cover the costs of theirown accomnv)datlon or wals to experlence finanaal dtfficulties. and seek an extension of support from Rare Charity. Eath re¢west was tarÈfu]ty assessed. but in m05t cases the appeal was Justifted and measures were tsken to provide further supporL In November 2023 the national Tren was dewalued by 44% againstthe ddlar. Rare (harity paid ck)5e attention to the ewnomic crrtumstanw and adapted its apFffoath to respond to the developin8 needs of its scholars. Despite these challervaes,the Malawi programme continued to grow. with one new scholar5UPPOrted in tertiary education. and four more supported secondary wogramme. This took thetotal number of supwrted Scholars to forty4wo. Thts includesthe pilot of 5UPPOrtto a tertiary scholar in Nepal, whlch continued through theyear. New opportunitieswere created fortertlary $tholt0 provide mentorship at secondary sthooks, With a numberscholars and graduates atcompanying the hxal team on school wsits and presentlng abLKrt thÈk Èxperien5 to sec¢dary5Cho1ars and students. Schokats also promoted ILKal opportunities in technical edtion through their netWOS, leadingto orte l(Kal sbjdent bel accepted on supported place. Alongside further 8rowth in the scholars suppcted.we a150 Trebratedthe 8raduation of seven tertlary scholars - Ble&%lngs, Chisomo C.. Chisorno N.. Lauryn. Swvia. Yamlkani and one of our longest standlni scholars. $1. whose studies had eft extertded to bel interrupted by serious Ilness. In ad(%tion to thi5. there were the¥eryfir5t graduatior6from oursecondary programff. Cathreen and Oliwa. Since 2016 Rare Charity has Committed tofunding 23 your6 people through tertiary education. Every one of ourscholarf academ1¢ p&fOrman ts outs(n8and there is a 0% thopout rate. Page 4
Rar• Charlty Tnte•s. Rgport We knowour scholarship pro8Trmme is workin& Seven further schojars graduated in 2023. bringi the total number of graduates up to fourteen. retains a strong commitmentto their home communities and plans to share the benefft of their skjlts as quafified professionals. Havln8 allcome frorn exceptionallyvulneTable fan11. tt*ir current wofesslons a listed behbw. Enelys Black.. Midwfe IDiplLM)a kn Nursrng and M¥Jth. 20211 Woan1 Jamtrx): Contart Centre &Jpèr¥lsor (Bachelorof Arts. Media for Development, 20191 Osman Karlmu: Safety. Health. Enwronment. Rk& QLBllty OffKer (Bachelor ofkience in Food Techr•Jlogy. 20191 Madalitso Nsajah. SeCondarysthITeaCher(Bachelor0f Edutation Science. 20211 Andrea 5ylve5ter: MedicalAsslstsnL NerKJ Dlstrkt Hospital (Certificate in cfinical Media. 20221 Alex KhUMbalWa.' Laborat(ryTÈthnician {DIF1la in B1(ediCalSCIee, 202ZI Norah Jordan: ¢(munity Development Intern I Project otfior IDiploma in Communlty Deveb)pment, 20221 Sylvia Lodzani: Phamiacy Intern. Queen Efizabeth Hospitsl IBacheh)rof s(re in Pharmacyi Kamuzu Unr¥ersity tsf Health Sclen¢es. 2023) Llsnet Zuze: SecoThJary SchcL)l Teather (BachelOf Arts in Education and Sc<lal Studie5, Unfverslty of Malawi. 20231 Chisomo Chatepa.. Intemal InSprfOr0r$, Satemvm IBa¢helorofSclen in Agriculture, Malawi Adventist Unrfftsity. 20231 Blessings Maud2u.' (DIOma in Nu18 and Midwifery, St. Joseph's College. 20231 Chisomo Ndwna= HIV Diagnostic Asslstant. cRo IDiF4oma in Irrigation Technotogy, Natural Resources College. Lilorgwe University of 4grKulture and Natural Resources, 20231 YamikAnl Golden: Intern, Satemwa IBachelor of st in P4ribusIr Management lOngWe University of lculture aJKI Natural Resources. 20231 Lauryn Patel.. Intem. Zomba Central Hospital Ithploma in ainical Medicine, MalavA College of Heafth srien. 2023) All 8raduates had fnd some form ofmeanirthl eThyloyment at the tlme ofvltin& wtth marry ofthe internships being irntJ)rtant Stepn¥ stones on their cjknisen career path. Considerlng extremely challengln8 employment landscape in Malawi. wherè onty 9% enterthe fomial job market. thi5 IS signiTicanl achievemen( particulady when crrcumstances of the scholars at the start of their educatlon are fattored in. Though each grdduate has found in their search for employThent. we still aim to increase our supportfor skllb devebpment anK)n8 ourstholars. It is notable thattertiary education institutions In Malawi do not currentty offera Careers Servi aThl there is little focus on the pathY to employment and job-huntin8 ski115. Therefore, Rare Charltywill step in to fill th15 gap. and encourage more institutions to adopt such servKesover the I0erterm. Rare Chartty continuedto provide tertlaryeducational scholarshipsfor thefollowlng stholars. Madalitso Banda, orInalty studying a Bachek•rofAccountin8 Practi. Millennium Unfvetsity, on an educational scholarship, later transferred to Malawi College of Accounting to study Bachelor Applied AccountinB-Audit and Inftymation System8 rm an educational scl¥)larship wlth meals,. Joyo Dzinjalamala, Bachelor of kierKe in BiomedS¢al Engirnn& Mak3wl Polytechni awarded a fdl scholarship: Pa8e 5
Rarg Charfty TruBtee•' Report Faith Sawa5awa, BachelorofArts In Inth8eTr)us Knowledge $YeMs and Prn¢t1. Maawt Univèrstty of Science and TethrKJlo8y. awarded an edwational scholarship. FOrte Jim William. Dipknna in General Kultu. tilongwe Universityof Agrl¢utture and Natural Resource8 awarded a fully indusrve scholarship: PrecJus Masewo. Bachelor of Sciw¢e in lbu$[neSS Mana8emenL Lllon8we UnTverty of AgricuEtLweand Natural Resour. awarded an educatlonalscholarshipth accommodation,. • Morwn Namonthwe. BachÈlorof ScierKe In BK)medical Sciences. Kamuzu Unr¥ersrty of Health kiences. awarthd an edwational scholarship with meal Gertrude Mawlndo, Bachelor of Administration IM¥ketiru). Malawi University of Busine55 and Applied SderKe4 awawtsd a full $dLalp. Onefurthertertiaryscholarship vRsawarthd in Maiawl to Gift Clement, Bachelorof Applied Accounting-Authtand InfOrntiOn Systems. Malawi College of Accountsncy, awarded a full stholarshy. In addrtion, Ra Charity c¢tinUed its supptrt for rtsfrsttertiarystholarship in Nepal.. Schneiderorchard, Bhelor of Hotel ManagemenL South Asian Sthool of Tourism and Hotd Management. awarded an edwat5onal stholar5hip. Each scholarshlp ts holl5tk and tak)red to the 5tholarg needs as Tht h)¥e sew In particular this year. Can be adapted accordln8 to the SFth circLm5tsnces of the scholar, should resources allow for this. A scho1h1p typical IndleS. fees. accommodation. meals, materia indudlng a laptop. access to quallty heathcare. fvnded work experien pl3Ment. exam fees and a tsl1(ffed mentor5hlp programme tosupport sdx)W mentsl wellbei Stho s for Girfs Rare Charity was able to o)ntinue its tNUgmeforSpOnKrringglrISthr0U&h secondaryschcol. With four more glrb receivingschoiarshlps dumgthisyear, Rare Charrty nowsuppCts 19 exceptional vulnerable wrls, who would otherwise have had to drcp out of education and would have fad a very likely prospert of ear marria8e. The car#Jidates Ere identified ac£ordingto ourselection crtteria and due diligence was condurted m exh applicatw)n to assess that leS of need were genuine. The holistic scholarships indude fees. uniform, a materials allowanc4 a safeguarding prograrnme and access to quality medlcal ca. 5da attend one of the dtstrfcvs best boardw Sch[s, ensurln8 they have aCsS to three meals per dayi safe sleeping arrangements and an environment condu¢Ne to stLKty. Mc*Ang Funds Internatlonally The Ei)ard acknowledges that as TnteeS they have a lÈgal duty to wotect their tharitrfs funds to ensure that funds arè legltimatefy used to furtherthe ChS pUoSe. Fomial banking systems yre used In a pOnsIble manner to en5 that (harity tund5 were safe8uanled. Intemational transfers werÈ made via one ofthefo]lown8rout&' Page 6
Raro Charlty TMsth&ry' Report Cmra (formefly known as Wesiem Unlon Edge) Each transaction was re¢ttded at everystep. sothatfuthwerefvltyaccounted for, from InltSaltransfer to final destination. Towards the end of the year. the deValUat}n and Irabl1 ty of the nation currew of Malawl, ledto Convera PLrttin8 a hold on transfers in MaLiwi Kwacha. InvestytK•ns were beBun to identify a new, secureand susiainalAetransfer platfomi should thsItU10n Contin into the newyear. Any release of funds by Ra Charit5 Mana8in8 llirector is under*Tltten and approved by a momber of the Èoar(l. Page 7
Rarn Charfty Twgtses. Report As per Rare tharitrf5 Reserves Policy. we holdthè fh)l funds in reserves: UnrÈstrfcte erves Re Chartty needs to ensure tts bn8-tem ¥iabilty in order to honourour commltment to our schdars and their tea rommunities.our reserves are held to Ixjild the tharws $l1n(eagain5t unkyedlctsble drop-offs in regular income streams. They are a150 held to enab sound financial management and foThvard flnancial plannin& Our reserves should lall between 3 and 9 Mont rvnrngsts and should never exceed 12 months. We alm to carryfcYward&7 month< runnww costs thisar. We re¢o8nise this Is onthp hi8herend of thespectrum in this sertor. trxrtourreasons ¥e: l. Ourscholarships can last up to a 5-year Feriod. we need to a59Jre ow ability to defiver all pro8rammes to completion: to be present to mentor and guide owscholar5. and minimise risks of unplanned dosure and insolvencyat all costs. 2. At preserrt our regular income streams are only partly a55ured. for instance in 2022 44% of our Income came Irom a sin8le major donor completin8 their 3-year. Until we have a more assured annual income stream bvlith allows usto forttast longer4erm. we aim for 6-7 rrKJnths' running costs to be hel(L estrlcted R Rare Chartty currentlydoes not h¢Ad restri reseNes aknh this be revised should a do[rOr funderrequlre It Rare Chartty ld5 designated reserves. which aresep¥ate from our urtrestrtted reserves. Every time we commit to a new sclK¥tarshlp, ¥ set asKJethe ofthe programme, so thatthe scholar can be assured of completion. The total cost of a scholarship may ilUde tuition and examination fees meal and actornmodation costs. a laptop allowance, a work experien allowan. medical care and 5afe8uarding costs- overthe period of thestuderfs course. These a set out in our designated reseThes. Our deslgnated reserrfe leveb aredynamic aNI depend on our numberof scholar5 and lh PfOEresslon through iheir course. Full COrdS a kept ofeveryschokrf5 forecd costs to tske them to courcompletion. Page 8
Rarn Charfty Stnxture and Man3Mert Rare Charity is a charItle Ccrfnpany. fourKled Henrietta Lovell. Rare Chariteawa5 incorporated on 5 January 2016: tts name was ofFiually thanged to Ra Charity on l July 2016. Rare Charity 15 governed under its Artrcles of Association, vthich were 0pted on 4 July 2016. In the event of e Charity bel wound w membets are required to contribute an amount Tr)t ex¢eedin8 £1. Crtrn and The Directorsof thecornpanyare also knrywn as (fvrityTru5tees forthÈ purpDsesof Chartty Law. Under the requirements oftheArtlcles of Association, theTru5tees a elerted to serve a period no lon8er than nrne years. after whl¢h they must be re-elected at the next Anr1 Generdl Meeting. At Annual General meetin80nthrrd oftheTrustees must yerefrOM of. Ixrt may 0fferthéNtsee$ re-appoinknent. All injstees ve thwrtwnevduntsrity and recerrtd beneffts from dwrity. The Board of Trustees seek5 to eUre that needs of the Charit<s Irk a approprFately reflected throu8h the diverslty of the tTustse trf)dy. Rare Charitys work fttusses on offerfn8 edutatlon opportunlties in tea communttles: the current country of OFeratlon is Malawt. The Board reflects strong exptrtlse in the relevant professnal areas: the tea indu51ry IHenrietta Lovelll, best practice in educ8tion (Will le FlemlnÉl, MafavK5 eronomy. infrastrurture. law and culturè IRobert Anderson and Cecilia Makonyolal and best practice in the Internatnal charlty settor {Cecillia Makonyolal. Chartered ACCOtant Adam Hitkie is ourtreasurer. Gemma Bell. Director at Gemma Bell and Compary Ltd ath4tses on the charlt<s arKI public image. ional Rare Charli5 Board of 6 trustees are reSpOlbIe for the stratw dlreLtlon and of the Charity. The Board meets quarterty, includingan AnNal General Meet•r De peryear. Resolution5 are agreed at said meètlngs Iprovlded tkre is a quorum). or bywritten resolution. A scheme of dele8ation is in place and re5p)nsbiltyfor the foll rests VYth the Mana8in8 Drector. • Day-tcAay oversight of ddiverin8 scholatship pr0me$ and managemerrt of the Malawi Country Manager and Support Offrer. ersUri that the Charity dellvÈrs the serv1$ specified. in accordance with al safeguarding due diligence procedures, and that k indicators are met: • Ensurin8 the healthy growth of the chafi5 income through fundralslng actpthtes In accordance vAth the Boards mandate: Day-tQ-dayfinancTral rec(wd-keeti Admtni51ration: Page 9
Rar• Charfty Tru$toes' Report MarketlngarKI PR to maintain and yowthecharivsgoryl TrPLrtatiorL Detslls of anyfund5 held tsya artodlanlnthe There are no funds held by anytrustee arKI no trustee receivesany finala1 beneflt from the Charity. Srnall companles pr(Y4151on statement This report has been prepared in accordan withthesmall ¢ompanies regime underthe Companies Act 2(. The annual report ¥rdS approNtd tyrfthetru5teesofthecharity on 2 September2024 and sl81 on its trthalf by. Hic ie Trust Page 10
Rarn Charlty The trustees Iwho are also the dFrÈrtors of Rare Chartty for the purposes of company lawl are responsible for preparin8 the tru5tees' report and the financhil statements In a¢wdance wEth the United Kingdom Accounti Stsndards ILlnited GrallY Accepted Accounting Practiol and apklicable and regulat10%. Company law requires the trustees to prepare financi41 statemerrts for each financial yèar. Under company law the trustees must not apwove the fmarxial ststements unlessthey are satisfied that they 8we a true and fair Mew of the state of affai of the charitable company and of its incomin8 resources and appCatiOn of resources, lrfludire its itKome and e¥peThJiture, for th perictyd. In preparlngthese financlal ststements. the trustees are wuired to: selert surtable accounting poliaesarKI them con5isiently, observe the method5 and prlnciples nthe CharlS SORP,. makelud8ementsand estvnatesthatare reag)nable aNI state whetherapylicable uKA¢cnnStandarts have been fouthved. subject to any material departures thsclosed aNI explained in the finattlal statements; and prepare the financial statements on the golng Cfficern basis unless h Is knapprowiateto presume th the charitae companywill contirHJe in buskss. The tru51ee5 are responsibk for keepire adequale account8 records that a SLrffKiert to show and explain the charltable companvs traa¢ll0r arKI disclose whh reasonable accuracy at anv time the financial position of the charitatle Company and enaile them to ensure that the financial statements Compty wlth the CompaThes Aci 2(J6. They are akn responsible for Safeguardi the a$5ets Df the charitable company and hee for taking reasonable steps for prevention and detectw)n of fraud and other iegUlar1tles. Approved byt trustse5 ofthe chwtyon2 September 2024 si8ned on its behalfby. ckne Tr Page 11
Raro CharKy Independwrt EnITr•S Roport to trwtoosof Rar• CknKy ftho Comw I report to the tharity tr on my ey2miMtion of thg acownts al the Coryany for thè year ended 31 January 2024. R8sponslbllltleB and bjsls of report As the chanty'$ tritst08s of the Ccynpany {and 8180 ts dreclors for the pUOSe¥ of company IWH) you are responsible for the Preparatt< of the axounts in the requirpments of the Act 2CM)6 {Ih8 201X Pd). Ha¥try 8att8fied mysell that thg enIS rfth8 Cwry we raqured to be alIted un(kr Part 16 of the 2006 Act aTO digible #itspendgnt exwninaK>n, I report in res4 of my exarninetion of your charitys a¢onts as carried out urbjw Wlon 145 of the Charth8s 2011 {Ihe 2011 ACV). In ¢Wng out my AaMinat I fr)Ib•Rd the Direckn givon by the Chaty CLwnmtssion under 58cbon 145{51{b) of the 2011 Act. Ind•p8ndonl •xamlnefs slatsm• I have completed my e3nal. I confimi that Th) mknrl have to my atterttt In connoclicm Yhrylh the oxamlnatton gr4irwJ me cause to beli8¥e: 1. accounting records wern rwped of Clwty a8 reqwed ty wAwJn 366 of the 2 Artor 3. the accounts do nL compty with the acCotry requirements of section 396 the 20C6 Act other than any r8quirwnert that the accourts wwj fair whth is not a matter considered 88 pat ofan Independent exanina14 or 4. the accourts have not prepar&1 in accordance wih th& m8tPtsd8 and prncipl85 of t statemert of Recommerwjed Pract¥% for Ount¥ aKI reportiig by ¢hwit1 [applicble to Eharitss preparing their accounts in the Final Rapybng Stantsd appli¢abl8 li the UK and RepuL of Irelgnd (FRS 102)P I have no concems and have ccrfne across m othgr matlw5 in cOnn&Tr wth the exaninalh)n to which att8nlion should be ¢Jrém in Ihks report n ord8r to erth a proper WKle1rWj of the a(ttwnts k) be reaGhed. Chloe TurnerAQA Highfi8ld Cirencester Ro*J Mlnchlnhanyton GL6 9EQ C)ate.' 25 Odabor 2024 P48 12
Rare Charlty statement of Financlal Activklo8 forthe Yw End8d 31 January 21Y24 (Includlng Inc0 and Exndttr9 Account aThJ statem of Totsl R¢¢owlsed Galn5 and Loss) Total Totsl Income and Endowmerts from: ations and Othertrading &tsVBS 89,332 4.935 Totsl I(8 39.059 14337 54,396 Expendtturn on: Rasing fLWKIs Critable aclpMI {8931 (69,098 204) [616) 110,482 Total Expendre I.509) (f OA821 (69,991) (74.562) Net (expgn(Itur•yin¢ome Not movement In fuNts Roconclliation of fundg Total fd5 brougm fcfiwd (15.5951 (1469S) 19,715 11715 (20) 7116B 11.174 63,627 Total funds carrled loThArd 15 51,718 16.029 67.747 l otthe chaiiVs acbvthes derive from ¢Jx)t¥?ui)g durirg the pwiods. The funds bteakdown for 2023 is sn il 15. ncle5 on es 121022fomi an rt dthase finala1 statnents. P&¥13
Rare Charlty (R8glstratlon numbèr. 09936276) Balance Shoet as at 31 January 2024 Curr8nt assets 12 13 Cash at bank harKI 67.362 79,947 Crlt0." Amounts fajllng duè within one yr 14 (8) 67.747 83,342 Funds of the charfty: Rgstrfctod 16.tr29 11,174 UnJBGtric Incomefundg General unrestricted funts Designated funts Total unrestrlded fund8 30,394 41.774 27.670 51,718 72.168 Total fund5 15 67.747 83.342 For rinancial ye¥ ending 31 JanEry 2024 the charty was e1)tj to exemption frcrfn audll undar seCtn 477 ofthe CorrpaniesA(a 20C6 rekting to Small conyAnies. Directors. reSp)n81r8 The members have ncrf qUired the charity iD c+Aan an wjit of ils %)nts for the ye li question In accordance wrth se(knn 476., and The direclors acknowkdge their respo1111eS for ¢ing with the requrem8nts ofthe Act with respKt to accounting records and the prepat Of#8. The financial staements on p4es 13 to 26 werè rfyov•J by the trustees, and authcrfi8ed for tsSLFe on 2 Septen*er 2024 and signed their behalf by: da James tsJdl&r Hickie The notes on 12 22 kxm an li r81 rt clthes0finaIal strrnts. Pw14
RaR Chartty statement of Cash How8 for th9 Yoar EIed 31 January ZJ24 X123 Net cash (expeTrJitureYincc Working capltal adjustswts Decreasg in debtors IncreaS(deCreaSe) in ¢yedit$ (15,) 19.715 12 14 (24) Net cash flov&3 from operatlng acllvlll85 112.585) Net{de¢rseyinCr9ase In cash and cash equl¥alen18 Cash and cash equivalents a 1 Fgbway Cash and cash equlvalonts at 31 January (11585) 79J47 59.312 67,362 79,947 All ofthe cash fk)ws we deriv&d frun continuing cp¥*Kin5 th1)gthe &twO The notes on es12t022foThl finarKial statements. Page 15
Rwe Charxy Notestothe Financlal Statsmentsforthe Y¥r Ended 31 Januay 2D24 1 Cljarity status The charity i% limited by guarantee. in¢wrated in England & Ws. and corwuenlty does not have 8hare capital. Exh of the Iru5tees is bable to contribute an anv)unt 8xc8gdirMJ £1 toward$ the et$ ofthe tharity n the evenl of llquKlat. The address of ts regtse(l ¢)ffice 35 Eyre Street Hdl LoThdon EC1R5Er Thesefinarl8l ststements wereauthoTwI Mue by tttntee5 C 2 Sntsr2W24. 2 Accountlng polld8S Summa nataCCounts icies 8Ik6 Th8 princip4 accounting wIleS applied in the preparatKin of these financial slaternents are sel out below. These poIleS have been consithty appli1 to all the yS pxesent&l. unless othewkse sted. Sfatoment ofcom Thè ffinancial statements have been prw8d in accord Vith AccountwvJ and R8pDrting by Ch8ritw'. Statement Rexommend&J Practice (appIle to chanknes preparing their a¢¢ounts in ac£ordance with the Financial Reporting Stsndard applrlg 7 the UK and RepublK of Ireland {FRS 102)) li8su8d in October 2019) - ICharits SORP (FRS 12)). tr£ Fan¢1 Rawting Standard 8ppfKab]e in the UK and RUbliC of IrelaThl (FRS 102) and the 2LTh. Basis of R8re Charrty meets the defiftrtt of a JbI enffty under FRS 12. Assets arhl Itabile$ are Initially recognisaj at hÉBlorical c£6t or transactDn Va unless ¢theThvise stated in the r6knnt accountirg policy notes. Thase financial sLements are preserrted in Sterting. is also Ihe c(Mry)anVs fubOnal Trerry. The financial stemeS ar8 rounded to the nearest £1. The trustees consKler that there are no material uncertaints.es at()ut the charV5 ability to continue as gung con¢em nor any signficant aroas of UnlaInty that aft1 the carying valu8 of assets hekl by tt In¢on7e and endowrnents All incorn8 is recognised ono the charity has entItment to the income. it is prcbajle that the iicorne will be received and anourt of the incLNne re¢eNabie can be Measu reliabty. Paae 16
Rare Chatity Notes to the Flnan¢ial Ststements forthg Year Ended 31 January 2024 DorJ8fions andk Donations are recognised vthen the ¢harity has been ncrtif in WTiting of both the amount and Sdtknrrt date. In the 8vent that a donaiion is sUbit to {ndItnS that require a12vd of parf[manCe by the eharrty before the charity is entrtled to the funds, the is deferd and nc recowised until erther those condibon$ are ful met. or the fuffilment of thos8 ¢(dItic8 is wlx)lty whin tho ffltrol ofthè ¢htyand it is probable that these nditI5 wiu be fU111¢d in the rei>xiiTrJ PXL Grants receivable Grants are COgnij when the charrty h88 8n entitl to the fundB and coTrdlions linked to thg grants have bgen meL Where pwromnce condithjns are atached to the grant aTrJ a yet to be rrt, the incorne is recognised as a labilty and incknKled on bae sheet as defweAI inccrt to be released. Donatgdservices 8ndfacRhes Where Servi or faulities a provAJed lo the Charty as a ¢knaiion Ihat wouhd nonnalty be purchased from our suppliern, this bert is included in the financial statem4rts at iys far value un18SS it's fair value cannot be reiiably measured, then atthe o)st to the donor or th8 rase value of gc¢ds that are to b8 sold. All expendlure is rectgnBed ore there is a legal or cc11 oblNJation to that experKlitWg, it . probable settlement is required and the amount be nured reliabty. All costs are aThc¢ated lo the 4wlicabk8 expenditure heading that agegate mIl o)5ts to tw cat4crfy. ere costs cannot be drectty attributed to particukr headings have been alPxat&l on a basis consistent VMJ the w of r050urces. wilh central staff costs allocated on the ba8is of spen( and depwiation chwges alOca on the prytion oflhe assefs use. Ollr support rthts are alc¢ated bas&J on the spread of staff R&si funds These are costs incurred in actiNJ voluntsy in(xxr. the man¥nwrt of •westn and those incurred in trading activities that raise funds. Chanlable acbvitss Charitabl8 expenditure comprises those costs incurred by thrity in the devery of its xtivities and services for benefiCiarS. It includes both costs that can be alhxated dir• to suth actNibes and those CAXts ol an irKlirect nature necess to support th Grnnt ILYPS Provisions for grants are made when the intention to m* a grant has been communrated to the reClent but there is uncertainty atJ(wJt either the tinwng grant or the am(nI of grant payab. Govefflancecosts These include the costs attribu io the ehariV8 c(Xrynce wlh constitutional and statutory uirements, wulng audi( strategr rynageIt and trustees meetirys reThr$e ews89. Govemmenl Governmgnt grants are reccgnised based on the accnjal measured al fair value of the as$8t receNed or receNablg. Grants are classifd as relating eith8r to menue or to assets. Grants relating to r8V8nue are recogniged over the pDd in the rekted costs are recognised. Grants relating to assets are gnised over the expe(tsl useful lrfe of the asseL ere part d a grant Lating lo an a8set is deferred, rf( is TOgnISed as def8rred ir¥[ 17
Rar8 Chary Notesto the Flnan¢ial Statem forthe Yr Ern1 31 JaNary 2024 T8xatic The chty is ¢on¥idered to pass the tests set oui in Paragrath 1 Scèdule 6 of th? FIrnCe Act 2010 and therefore rt meets the dnItion of a dritab]e c(Ynpany for LK corpcffation tax purposes. Accordingty, the charity is pokntiatly exempt fr¢xn &xation ) resP&t of inconE or wital gains racgived thin cgories covered by Chapter 3 Part 11 the Tax Act 2010 or Section 256 of the TaxalDn of Chargeabl8 Gains Act 1991 to the exlent lh Sh or gains are appligl exclusively to haritable pUs. Trade cwtors Trade debtors are amounts due fr(Kn ¢lM for frse sokl or pwlomed Thi the Ordary course of busirtess. Trade debtS are rol$ed intially at the tTrnsathn p. They are subsequenty measured amortised cost using the effective interest meth. less fcy wnpeinnent. A provk%ion for the impairment of trade debtors &$ establishaj there is otiedwe edere ltrt tho Ch will nc be able to collect all awwnts due rdIng to the oimJwI t8rrrs d the reLebvables. Cash andcash uwalenls Cash and cash Ualents comprise cath on arKI cal depxts, arKI other 8hort4emi high]y Iwjuid vestments that are re•Jity cxmvertible to a knM) of cash are subittt to an I1gneanl risk of change in value. Intaresl.bearing borrowings are initialty fair value. net ol tr8nsactb)n costs. Interest-bearing borrowings are subs9quendy carried at amortk8ed cost, V&ith the difference btheen the PrCeeds. net of transaction Costs. and the amount due on being recr4nis&J a5 a (tsrge to the Statsment of FinclaI ActNities over the perh)d of relevant twThiir@. Interest exper is reccgnls the ba8is CA the effe(rrfe interest m8thcil and 18 in¢ded in interest payable and similar chwge5. Borr(pMngs are classifivAI as rrent Itabilities unkn ts (*wty has an uncondrtw)nal right to defer Settlent ofthe lia)ilty fcy at Ist nM)nts afterthe rewjting dale. Page18
Rarecharity Notes tothe Flnanclal Statemonts fortho Yw Ended 31 January 2024 Fore n excha TransactKJns in foreign currencies are at tha re of hange at the dat8 of tha transaction. Monetary assels and liabllities drMInated in fn curre5 a the balan sheet date are reted at the rates of exchange prevaling at that date. The resutts of overseas op1)n$ are translatfAI at the 8e rates ofexchange duriNJ the periTrY their balance sheets at the rates nIng at the ban sheet date. Exchange drfferancas arising on translation of the opening assets and resuKs of overseas operations are reFthed Thi other comprehensbve income and accumulaled in 4uty (attritxrted to non-conlyo1n9 intereBts aB appropriate). Other 8xchange dfftren arè rwrywl i) the Statement d Fmancial Adi¥ttie5 in the wiod in which they arise except .. 1) exchry dlleren¢eson trrnCli enteBJ to forewjn currency risk8 {see abjve). 2) exchange differences ari&ng on gains w kses on rv)n-ffthry ilerrts vthth We recognk8ed in other conwrehensive iicome" and 3) the case of ihe corffjdidated finaTh>al stateTh. exch dilknns on mon8tary receivable from or payale to a tcgn operation for wlith settlement 1$ neither plannod nor likely to occur (therefore foming part CA the net inveslment wi the thign Operat). which are rwni8ed in other comprehensive income and reported undtt ewity. Unreslrided income funds are ger¥I furth that availe use at th8 twsteos discreti in furtherance ofthe obJ"ecbves ofthe chwty. Designated fuNls are unrestii(led tunds set aside forspth purp)w at thg (fBcretM ofthe trthstees. Restricted income lunds are Ihose donaed kn use in a Fwtrukr m or fc Specfft purposes, the u¥e of which is re5triLtsJ to that or purFKJs8. Penslons and other post rotlrement obligalions The charity operates a defined contrbution pensN)n Schen Wh ts a pension pn under which fixed contributions we paid into a Fension fund and th8 charity has no legal cf constructNe obligation lo pay further contributhjns 8V8n rf the fvnd does not sufficient assets to pay all employees tenefits rdab'ng to empbyee seNice Tri Ihe current and piior ConlribLrtions to defined wntrbutN)n FAans are recogni8ed in the Stment of Finar{al AclThiities when they are due. If eonlribution PaY[rts excJ the contthknn due for servKe, the excess 18 recwi8ed as a paYrn. Financial assets and financHI when th8 dBrity becthies a paty to th conlrual proV[snS ofth8 instrL¥neni Finan¢ral liabilitses and equity instruments ¥e cknfvd according to the substce of the Contraci1 arrangerrfjnts entered irrto. An equty nstrument E any rJ)nlrart tt)at ev•len a NIal interost in the assets of the charity after deducting all of its liabilitw. PwJe19
Rare Charlty Notesto tho Flnandal Slatements forthe Ygar Ended 31 Janu 2024 RecognitKJn arne&sUnt All financial assets and liili1 inilialfy measured at transaction pr (incluthng tr8nsa(on ¢osts), except for those fina1 assets c[assif as Yakne throwjh profft or loss, which are initsalty mga5ured at fair value (which is normaty th8 transadh)n price excn9 transa¢tton costs). unless the artanggnnt constitutes a finalg transacaion. If aangemtt constitutes a financing tranStiOn, the finanryal ass& or finC liabli ty is measured al the presert value of the future payments discounted at a market rate of Inte3t for a Similar debl instnThènL Finan1 assets and cY dfsel n thg slanert (rf fmwKial posIn when. and onty when there exists a legalty enforble ryht to set off the reccgnised amounts 8nd the charity intends elher to settle On a net basis. orlo reali8e the asset and settk the liabilty simultawusty. Financ assets are dereojgniwj when and onty when a} the contrathal rvJhts to the cash flows from the financtal asset exwe or are settled. b) the ch¥ity transfers to another paty 8ubstsntialty all of the risks and rewards of InehIp of the finanud asse( or cl the char*y. despite havirdJ ratainad s9, but not all, Slgnffnt risks arKI rewards crf rywnwship, has transfeed conlrE4 of the asset to arw)ther paity. Finar81 liabiffities are do¢¢¥niSed (¥ty Wh the clAvJatson in the contra¢X is discharyed, Cancelled or ewres.
Rare Charrty Notss tothe Fln•n¢ial &aieMentsforth¢yr Ended 31 Januwy 2024 3 Income from donatlon8 andlggxkns Total funds DonaticrfB leg Donations from companEs, trusts sinthr proceeds Donations from Ind¥t¢knls Grrts. irduding capit LYant4' vemmentgrants Donated seNces arhd facfliti8S 24152 14.136 1713 3,713 Totsl for2024 15J37 Total for 23 81241 8m1 4 Incom• from other trading actlvl*s UnroStrScled funds General Total funds Totsl for 2024 Total for2023 935 6 ExpendltUT• on ralslng fund8 a) Costs of gonerallng donation5 and 18gadeg unrestlted lunds T¢)tsl General fund$ Donations Totsl for 2024 Totsl for 2023 2204 Page 21
Rve Charity Notes to the FlnanGlal Ststemnts forth8yearE1Od 31 Januwy 2tr24 Total 6 Expendhure on charllable actlvltlas funds fvnds funts GrJrtfuThJing ofathit 14090 41913 613 7A01 21,591 613 Totsl for 2024 616 10N82 9,808 69,098 Total for2023 0XP9ndre In addition to the expendrture analysed al, there are also g(Nemance costs of£613 (2023 - £8,89n whith retsle direct to chtable *ivths. See Mte 7 fiKfvrther ddails.
Rare Charfty Notes to the Flnancial Statom forthe Year Ended 31 January 2024 7 Anatysls of govgmance and sUPPOrt costs Goveman¢e ¢ts fund5 nds Independent eXMInerf Examination ofthe finaKia stnwts Othergoveman¢e costs 13 13 Total ftr 2024 613 613 Total for 2023 8097 8M97 No trustees, nor any pers¢Y6 Comected wh t. have 1ved any remunerkn from tha charity during th8year. No trustees have reC8r4d ary reimbwsed e>$ ty any (ther benefAs frun the charity dumy the The aggregate payroll co¥ts wweas f0kn: staff costs durlNJ lh6 Yre. Wagas and S8rns Social security ecsts Pension ¢))sts other staff cos 41801 3.561 3,713 817 10 No employee receivgd enTr)lumw*8 Ofnleth8n £60.000 theyear.
Rare Charty Not85 to thfr Financlal Stst¢ments forth• Yw Ended 31 January 21)24 10 Indepgndent examknerfs remunerat#)n E¥AMinatn ofthe finaKial 11 Taxatlon 12 Debtcrfs 24 3)23 Prepaymnt$ 3.403 1,123 3A03 13 Cash and cash Squal X)23 Cash at bar* 67.362 79,947 14 Cr•dtiorn: amounts falNng dug wlthln onoy other taxation and social sqrIY
Rave CTrArity Noles to the Financlal Statements for th•Year Endgd 31 Jami 2024 15 Funds Balanc• at 1 FebN8ry ZJ23 Balance at T51815 31 January 159W9) 1411 (14.104) Designated 41,T14 27,670 Totsl UnrI¢ted 71168 (59.509) 151,718) 11,174 14337 (10AB21 1&029 Total fund8 169.991) 67.747 B#lance at 1 February Balanca at 31 January Unroslrfc Gener8J 86,176 (M744) 3094 41.774 27.183 14591 Total unrathcl 50,736 86.176 IH744) (72.168) 11891 I08) 11.174 Totsl funds 61627 I742
Rare Chartty Noles tothe Flnanclal Statements forthg Yr Endad 31 January 2tr24 16 Anatysl$ of ngtassets betwn fund8 lrected 2024 Total funds Curtent a888ts Current lk8b1rt5 X786 27,670 16,IY29 (n8) Total assets 27,670 16.029 67.747 Total fvnds 2023 Current assets Currert liabifth.es 41.774 11,174 Totsl not assets 41,T14 11,174 83.342 17 Analysi5 of n•t funds At 1 February Financing ¢ashLfl At31 January Cash at bank and #i harbj 79.947 111585 67,362 Not delA 71947 112A85) At 1 Febnry FInalIng cashlow8 At31 iftuary 2023 Cash al bank and in IHTr 12 20.635 79.947 Not debt 59.312 20.635 79,947