CoThpany registratKffl nuntsr. 09936276 Charity registrat*￿ number. 1169767 Rara Charity (A c(ry￿y by gutrantaa) k)rthe Year Ended 31 2024 Rare Charty Contents Refer8nceand Administr*ive t*tals Trustees. Rewrt 2to11 Indep9Th￿t Examingrfs Re￿1 12 statemènt of Financiat Ac*v*Es 13 Balance Sheet 14 Siaten*nt ofcash Fk) 15 Note510 the Fin￿¢¢1 Staenwrts 16to28 Reference Admlnlstr*lve Detsils Charlty Reglstratlon Numb8r 1169767 Company Reglstra¢ion Number IM36276 th￿lty is iwpN*ed in & ￿￿e￿. 35 Eyrestreet Hll Lor EC1R Rryistered Offlce Independent Examiner Ctr108TumerACA Hwjhfield CiTencester Ro￿1 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 M￿Inall*j ¢onNnuniti8s li mry of the worfrfs pwrest countries. Rare Charit￿S missNJn k8 to W4UiP talented and trnn$￿ their oxrmlr￿Y 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 Sur￿￿ing in Africa, Nepa. Indla and Sri Lanka by. 1) Awarding studerts $￿arsh[pS to enteruniknwsiy, colege or of hi￿eror1urther￿UcZbOn. 2) Supporting edUcat￿n Init￿tiveS to syepwe to any o•Kin, trade or prOf￿10n ￿ leawing any educatthal estsblrShm￿tr, 3) SupportiNJ educationalfaulilies andlor llih0tvKs. Publlc Benefft Rare Ctrwrly exists to seNe the th1o￿ah Investing in ¢(IL￿. enabliNJ indivwjuals to tran$fom their own Ir¥es. their hw¥*￿￿js. their conwnunly, a￿1 mntualty thar country and t¢yond. Rar8 Chariiy. a. offers secornlary educalional s(knlatsly to youry to ￿11& lo Contin￿ tt￿1r education and avoKI earty rr¢arriag< b. offers tertiay ethJ¢ational OFporlunf(w to 1nd￿rydu* t*nt and ￿L%￿n, who would oth8rwr6e have no 8ccess whatsoever to further edu¢atiffi,' c. equips these individuals to retum to ther comrrthity (STr￿1d ¢lbTh). to implem&tt change in the¥ ways and ￿ their terrrts: d. thereby c*lyses long-term, syslwroc and 8u*&nti4e thar￿ willwn SO￿ of the most vuIr￿abl6 nnl cornmunknes in many ofthe worV¥ pwrest Countri￿,. e. provides a meaningful and ilhJnNnating Connecti￿ befv￿n Ihe ConS￿rn oFtea and the petyle wl projuce it. The founding princA￿e rl Rwe Chariiy is sustsnthlty. The Clwty b8lvRs tsi en8bling the gro*th of a cohort of skilled p￿fe￿ona1S, in C￿tIlg rol8 n￿de￿% who &Kourage ther pogrs to ￿ntinue with edu￿tiOn. RarE Charity ￿lieve$ kn enw*ering young worn￿. At ￿a51 half of an teitw schclarships are set aside for fomale students - we fund se￿ndaY schOkr3h￿￿ for girts. to offer thèm the same oFportunitie5 for fvrther 9￿U￿tIL￿ as th8ir malg counte￿artS. The trusta8s confim that they have ¢LYnpli8d wilh the ￿Ul[e￿nts of section 17 of the Charibe$ Act 2011 to have due regard to ts publr b￿efft gUid￿ce Ch￿rtY Comrntssion for EnglaThJ and W81es. P￿e2 Rarn Charfty Adlvltles andObie¢th Following the Cu￿nt 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 d￿nation of reserves to be spent down across 2023. With a new team in place, focus wa$oveThh￿Min8ty on ensuri[￿ quality prceramme dèlivery with little emphasi5 on fundraisln& Nonetheless. thère We￿ S￿ne 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 e￿slIng 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 ce￿ntry Manager in Malawi, f11fing￿ role which had beenvacatedtowardsthe end of 2022. Thiswasccrfnpleted sucCessf￿1V with thè new Country Manager $tarting in April 2023. Newscholarshipswere avrdrded to one tertiary stholararKI f￿r5eCondary$d￿1a 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 l*ter part of the year. operattonswere mo%*d tr) a new UK offi￿. whern the d￿rIty 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 aVer￿e0f £637. This was supplemented byan important fundralsin8carn￿Ign and some major donor income. Although nothln8 amounted to matth the majorgrfts of the precedirE year. these furklratsing successes allled tts the fiinds d￿gnated 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 t￿finanCIal year. recruitmentwds launched for a new C￿ntrY 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 wel1qual￿ed forthe pO￿tiOn. After shordistirva and severnl rounds of interviews, AThJrèw Bita was selerted as the successFul candidate. stsrtin8wthin Awil 2023. A number of issues throughoUtthe￿ar had a profound impatton lrfe in Malawi. Troix￿1 Stcffm Freddy caused devastation in Marth 2023. destylwd maw INes. partiwlarty In thè south ofthe country. Fortunatefy, Rare tharit￿5 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 w*als 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 $thol￿t0 provide mentorship at secondary sthooks, With a numberscholars and graduates atcompanying the hxal team on school wsits and presentlng abLKrt thÈk Èxperien￿5 to sec¢￿dary5Cho1ars and students. Schokats also promoted ILKal opportunities in technical ed￿tion through their netWO￿S, leadingto orte l(Kal sbjdent bel￿ accepted on supported place. Alongside further 8rowth in the scholars suppc*ted.we a150 ￿Trebratedthe 8raduation of seven tertlary scholars - Ble&%lngs, Chisomo C.. Chisorno N.. Lauryn. Swvia. Yamlkani and one of our longest standlni scholars. ￿$￿￿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 Tn￿te•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 Wo￿an1 Jamtrx): Contart Centre &Jpèr¥lsor (Bachelorof Arts. Media for Development, 20191 Osman Karlmu: Safety. Health. Enwronment. R￿k& QLBllty OffKer (Bachelor ofkience in Food Techr•Jlogy. 20191 Madalitso Nsaj￿ah. SeCondarysth￿ITeaCher(Bachelor0f Edutation Science. 20211 Andrea 5ylve5ter: MedicalAsslstsnL NerKJ Dlstrkt Hospital (Certificate in cfinical Media￿. 20221 Alex KhUMba￿lWa.' Laborat(ryTÈthnician {DIF1￿la in B1(￿ediCalSCIe￿e, 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 (Bachel￿Of Arts in Education and Scn, I report in res￿4 of my exarninetion of your charitys a¢o￿nts as carried out urbjw W￿lon 145 of the Charth8s 2011 {Ihe 2011 ACV). In ¢W￿ng 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 e￿3￿￿nal￿￿. 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 acCo￿try 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 exanina1￿4 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￿ [applic*ble to Eharitss preparing their accounts in the Fin￿￿￿al 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 ¢Jr*ém in Ihks report n ord8r to erth a proper WKle￿￿1rWj 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 Inc￿0 and Ex￿ndtt￿r9 Account aThJ statem￿ of Totsl R¢¢owlsed Galn5 and Loss￿) Total Totsl Income and Endowmerts from: ations and Othertrading &tsV￿BS 89,332 4.935 Totsl I￿(￿￿8 39.059 14337 54,396 Expendtturn on: Rasing fLWKIs C￿ritable aclpMI {8931 (69,098 204) [￿616) 110,482 Total Expend￿re I￿.509) (f OA821 (69,991) (74.562) Net (expgn(Itur•yin¢ome Not movement In fuNts Roconclliation of fundg Total f￿d5 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 s￿n il 15. ncle5 on es 121022fomi an rt dthase fina￿la1 stat￿nents. 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 Cr￿lt0￿." Amounts fajllng duè within one y￿r 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 JanE￿ry 2024 the charty was e1)t*￿j to exemption frcrfn audll undar seCt￿n 477 ofthe CorrpaniesA(a 20C6 rekting to Small conyAnies. Directors. reSp)n81￿r￿8 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 respo￿1￿￿111eS for ¢￿ing with the requrem8nts ofthe Act with respKt to accounting records and the prep￿at￿￿ 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 clthes0fina￿Ial st￿rr￿nts. Pw14 RaR Chartty statement of Cash How8 for th9 Yoar E￿Ied 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¢r￿seyinCr9ase 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 th￿1)gthe &￿twO The notes on es12t022foTh￿l 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 & W*s. 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 Thesefinar￿l8l ststements wereauthoTwI Mue by tt*tn￿tee5 C￿ 2 S*ntsr2W24. 2 Accountlng polld8S Summa n￿￿a￿taCCounts icies 8￿Ik6 Th8 princip4 accounting wI￿leS applied in the preparatKin of these financial slaternents are sel out below. These poI￿leS have been consithty appli￿1 to all the y￿S pxesent&l. unless othewkse st*ed. Sfatoment ofcom Thè ffinancial statements have been prw8d in accord￿ V*ith AccountwvJ and R8pDrting by Ch8ritw'. Statement ￿ Rexommend&J Practice (appI￿￿le to chanknes preparing their a¢¢ounts in ac£ordance with the Financial Reporting Stsndard applr*lg ￿7 the UK and RepublK of Ireland {FRS 102)) li8su8d in October 2019) - ICharit*s SORP (FRS 1￿2)). tr£ F￿an¢1* Rawting Standard 8ppfKab]e in the UK and R￿UbliC of IrelaThl (FRS 102) and the 2LTh. Basis of R8re Charrty meets the defiftrtt￿ of a ￿JbI￿ enffty under FRS 1￿2. Assets arhl Itabil￿e$ are Initially recognisaj at hÉBlorical c£6t or transactDn Va￿ unless ¢theThvise stated in the r6knnt accountirg policy notes. Thase financial sL*ements are preserrted in Sterting. is also Ihe c(Mry)anVs fu￿bOnal ￿Trerry. The financial st*eme￿S 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 Un￿laInty that aft￿1 the carying valu8 of assets hekl by tt In¢on7e and endowrnents All incorn8 is recognised ono the charity has entIt￿ment 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 Sdtkn￿rrt date. In the 8vent that a donaiion is sUbi￿t to {￿ndIt￿nS that require a12vd of parf[￿manCe by the eharrty before the charity is entrtled to the funds, the is defer￿d and nc* recowised until erther those condibon$ are ful￿ met. or the fuffilment of thos8 ¢(￿dItic￿8 is wlx)lty w*hin tho ￿ffltrol ofthè ¢htyand it is probable that these ￿nditI￿5 wiu be fU￿111¢d in the rei>xiiTrJ P￿￿XL Grants receivable Grants are ￿COgni￿j when the charrty h88 8n entitl￿ to the fundB and coTrdlions linked to thg grants have bgen meL Where pwrom￿nce condithjns are atached to the grant aTrJ a￿ yet to be rrt, the incorne is recognised as a labilty and incknKled on ￿ ba￿￿e 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 be￿rt 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 ras*e value of gc¢ds that are to b8 sold. All expendlure is rectgnBed or￿e there is a legal or cc1￿1￿￿ oblNJation to that experKlitWg, it . probable settlement is required and the amount ￿ be n￿ured reliabty. All costs are aThc¢ated lo the 4wlicabk8 expenditure heading that ag￿egate ￿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. Oll*r 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 de￿very of its xtivities and services for benefiCiar￿S. 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 reC￿lent 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(Xry￿nce wlh constitutional and statutory uirements, w￿u￿lng audi( strategr ry￿nage￿￿It and trustees meetirys reTh￿r$e￿ ews89. Govemmenl Governmgnt grants are reccgnised based on the accnjal measured al fair value of the as$8t receNed or receNablg. Grants are classif￿d as relating eith8r to menue or to assets. Grants relating to r8V8nue are recogniged over the p￿Dd in the rekted costs are recognised. Grants relating to assets are ￿gnised over the expe(tsl useful lrfe of the asseL ￿ere part d a grant Lating lo an a8set is deferred, rf( is T￿OgnISed as def8rred ir¥￿[ 17 Rar8 Char*y Notesto the Flnan¢ial Statem￿ forthe Y￿r Ern1￿ 31 JaNary 2024 T8xatic The ch￿ty is ¢on¥idered to pass the tests set oui in Paragrath 1 Sc**èdule 6 of th? FIr￿nCe Act 2010 and therefore rt meets the d￿nItion of a d￿ritab]e c(Ynpany for LK corpcffation tax purposes. Accordingty, the charity is pokntiatly exempt fr¢xn &xation *) resP&t of inconE or wital gains racgived thin c*gories covered by Chapter 3 Part 11 ￿ the Tax Act 2010 or Section 256 of the TaxalDn of Chargeabl8 Gains Act 1991 to the exlent lh* S￿h or gains are appligl exclusively to haritable pU￿s. Trade cwtors Trade debtors are amounts due fr(Kn ¢l￿M￿ for fr￿￿se sokl or pwlomed Thi the Ord￿ary course of busirtess. Trade debt￿S are r￿o￿l$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 e￿der￿e ltr￿t tho Ch￿ will nc* be able to collect all awwnts due ￿rdIng to the oimJw￿I t8rrrs d the reLebvables. Cash andcash uwalenls Cash and cash ￿U￿alents 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 I￿1gn￿eanl 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 PrC￿eeds. net of transaction Costs. and the amount due on being recr4nis&J a5 a (tsrge to the Statsment of Fin￿claI 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 Settle￿nt ofthe lia)ilty fcy at I￿st 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 r*e of ￿hange at the dat8 of tha transaction. Monetary assels and liabllities d￿r￿MInated in f￿n curre￿5 a the balan￿ sheet date are re￿￿ted at the rates of exchange prevaling at that date. The resutts of overseas op￿*1)n$ are translatfAI at the 8￿e rates ofexchange duriNJ the periTrY their balance sheets at the rates n￿Ing at the ba￿￿n￿ 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-conlyo1￿n9 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 k*ses on rv)n-ffth*ry ilerrts vthth We recognk8ed in other conwrehensive iicome" and 3) ￿ the case of ihe corffjdidated finaTh>al stateTh￿￿. exch￿￿ dilknn￿s on mon8tary receivable from or payal￿e to a tc￿gn 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 g￿er¥I furth that ￿ avai￿le 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 p￿n 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 St*ment of Finar￿{al AclThiities when they are due. If eonlribution PaY[r￿ts exc*J the contthknn due for servKe, the excess 18 recwi8ed as a p￿aYrn￿￿. Financial assets and financHI when th8 dBrity becthies a paty to th conlr*ual proV[s￿nS ofth8 instrL¥neni Finan¢ral liabilitses and equity instruments ¥e cknfvd according to the subst*ce of the Contraci￿1 arrangerrfjnts entered irrto. An equty nstrument E any rJ)nlrart tt)at ev•len￿ a ￿NI￿al 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 a￿rne&sU￿￿nt All financial assets and li*ili1￿ inilialfy measured at transaction pr￿ (incluthng tr8nsa(*on ¢osts), except for those fina￿￿￿1 assets c[assif￿￿ as Yakne throwjh profft or loss, which are initsalty mga5ured at fair value (which is normaty th8 transadh)n price exc￿￿n9 transa¢tton costs). unless the artanggn*nt constitutes a fina￿l￿g transacaion. If￿ a￿angem￿tt constitutes a financing tranS￿tiOn, the finanryal ass& or fin￿C￿ liabli ty is measured al the presert value of the future payments discounted at a market rate of Inte￿3t for a Similar debl instnThènL Finan￿1 assets and c￿Y dfsel n thg sl*anert (rf fmwKial posI￿n when. and onty when there exists a legalty enfor￿ble 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 I￿ne￿hIp of the finanud asse( or cl the char*y. despite havirdJ ratainad s￿9, but not all, Slgnff￿nt risks arKI rewards crf rywnwship, has transfe￿ed conlrE4 of the asset to arw)ther paity. Finar￿￿81 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¢y￿r Ended 31 Januwy 2024 3 Income from donatlon8 andlggxkns Total funds DonaticrfB leg Donations from companEs, trusts sinthr proceeds Donations from Ind¥t¢knls Gr￿rts. 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 unrestl￿ted lunds T¢)tsl General fund$ Donations Totsl for 2024 Totsl for 2023 2204 Page 21 Rve Charity Notes to the FlnanGlal Ststemnts forth8yearE￿1Od 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 0XP9nd￿re In addition to the expendrture analysed al￿, there are also g(Nemance costs of£613 (2023 - £8,89n whith retsle direct￿ to ch￿table *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 eX￿MInerf Examination ofthe finaKia st*nwts Othergoveman¢e costs 13 13 Total ft*r 2024 613 613 Total for 2023 8097 8M97 No trustees, nor any pers¢Y6 Comected w*h t￿. have ￿1ved any remunerkn from tha charity during th8year. No trustees have reC8r4￿d ary reimbwsed e>￿￿$ ty any (ther benefAs frun the charity dumy the The aggregate payroll co¥ts wweas f0kn￿: staff costs durlNJ lh6 Y￿￿re. Wagas and S8￿rns Social security ecsts Pension ¢))sts other staff co*s 41801 3.561 3,713 817 10 No employee receivgd enTr)lumw*8 Ofn￿leth8n £60.000 theyear. Rare Charty Not85 to thfr Financlal Stst¢ments forth• Yw Ended 31 January 21)24 10 Indepgndent examknerfs remunerat#)n E¥AMinat￿n ofthe finaKial 11 Taxatlon 12 Debtcrfs 24 3)23 Prepaymnt$ 3.403 1,123 3A03 13 Cash and cash Squ￿al￿￿ X)23 Cash at bar* 67.362 79,947 14 Cr•dtiorn: amounts falNng dug wlthln onoy other taxation and social sq￿rIY Rave CTrArity Noles to the Financlal Statements for th•Year Endgd 31 Jami￿ 2024 15 Funds Balanc• at 1 FebN8ry ZJ23 Balance at T￿51815 31 January 159W9) 1411 (14.104) Designated 41,T14 27,670 Totsl Unr￿I¢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) 30￿94 41.774 27.183 14591 Total unrathc￿l 50,736 86.176 IH744) (72.168) 11891 I￿08) 11.174 Totsl funds 61627 I74￿2 Rare Chartty Noles tothe Flnanclal Statements forthg Y￿r Endad 31 January 2tr24 16 Anatysl$ of ngtassets betwn fund8 l￿re￿￿cted 2024 Total funds Curtent a888ts Current lk8b1rt￿5 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 Febn￿ry FInal￿Ing cashlow8 At31 iftuary 2023 Cash al bank and in IHTr 12 20.635 79.947 Not debt 59.312 20.635 79,947