Company registration nurnber: 09936278 Charity registration number: 1169767 Rare Charlty (A company limited by guarantee) Annual Report and Ftnancial StstementB for the Year Ended 31 January 2025
Rare Charlty Contants Reference and Administrative Details Trustees, Report 2to13 Independent Examinerfs Report 14 Statement of Financial Activities 15 Balance Sheet 16 Stalemant of Cash Flows 17 Notes to th8 Flnancial Statements 18to28
Rare Chartty Reference and Admlnlstratlve Detalls Trustees Ms Henrletta Lovell Miss Ceclllia Makonyola Mr Will Le Fleming Mr Robert Scott Anderson Mr. Adam Hickie Ms Gemma Bell Principal Offlce 35 Eyre Street Hlll London ECIR 5Er The charlty is incorporated in England & Wales. Company Re8lstratlon Number Charlty Reglstratlon Number 1169767 09936276 Independent Examlner Chloe Turner ACA Pa8e I
Rarn Charlty Trusts88' Roport The trustees, who are directors for the purposes of company law, present the annual report together with the financial ststements of the charitsble company for the year ended 315t January 2025. Alms and Objectlves Rare Charity provides educational opportunities for people within tea communities. The people working in tea represent some of the most marginallsed communities in many of the world's poorest countries. Rare Charivs m15s1on is to equlp tslented and ambitious Individuals to transform theircommunity in thelr own ways and on their own terms. Rare Chari s ob"ectives remain as cited the Chari Cornmission The advancement of education; and without prejudlce to the generallty of that, the charity may seek to fulfll its objects by being active In areas predominantly surrounding farms In Africa, Nepal, India and Sri Lanka by: l. Awarding students scholarships to enter universlty, college or In5tltution of hlgher or further educatlon; 2. Supporting education initiatlves to prepare for entry to any occupation, trade or profession on leaving any educational establishment. 3. Supportlng educational facilitie5 and/or Initiatives. While these objectives remain true Since Its foundlng. the charity tsrgets and continues to focu5 Its operations in countrles where It has strongly estsblished links and potential for impart, specifically Malawi and Nepal. Publlc Benefit Rare Charity exists to serve the public benefit through investSng in education, enabling Individuals to transform thelr own lives, thelr households, their community, and eventually their country and beyond. Rare Charity: offers secondary educational scholarships toyoungwomen to enablethem to continue their education and avoid early marriage, offers tertiary educational opportunities to individuals with talent and ambition, who would otherwise have no access whatsoever to further education: equlps these individuals to return to their community {should they so choose), to implement change in their own ways and on their own terms; Page 2
Rarn Charfty Trusta8s' Report d. thereby catalyses long-term, systemic and sustainable change within some of the world's mostvulnerable rural communlties in many of the world's poorest countrles; e. provides a meaningful and illuminating connectlon between the consumers of tea and the people who produ it. The foundin8 principle of Rare Charity15 5U5tainablllty. The Charlty believes In enabling the growth of a cohort of skilled professlonals. and In creating local role models who encourage their peers to continue wlth education. Rare Charlty believes In empowerlng young women. At least half of all tertlary scholarshlps are set aside forfemale 5tudents- and we fund secondary scholarshipsforgirls, toofferthem the same opportunities for further educatlon as their male counterparts. The trustees confirm that they have complied wlth the requlrements of sertlon 17 of the Charities Act 2011 to have due regard to the publlc benefitguidance published bythe Charity Commlssion for England and Wales. Page 3
Rarn Charlty Tru8t888' Roport Activltles and Objectlves Income After a substantlal drop in income during the previous year, this was a year of income growth. Much of this was driven by a fundraising event towards the end of the financial year, but there were also grants secured from the Coles-medlock Foundation and the Illumine Ser¥ice Foundation towards the delivery of a new programme in Nepal, which will begin in 2025. The on8olng support from Rare Tea Company creates a strong base for the charlvs ongolng operations. eration IPro ramm Rare Charlvs long term approach to activities, rneans that delivery Is often more Influenced by the prevlous yearfs Incorne. The lower income of the prevlous financial year meant this was a yearof consolldation, ensuring strong dellvery of support to existing scholars. At the Same time, foundations have been set for new scholarshlps and Inltlatives in the yearto follow. Support remalned effective in spite of a varlety of challenges, Includlng economic issues within Malawi which meant that established money transfer systems ceased trading in the local currency. Also, after a Ilttle over 18 months in post, the Country Manager moved on from the post at the end of the year. This was managed to allow for the smooth continuation of operational dellvery, and a new management approach Is being developed going fopNard. This Is more focused on peer leadershipi creating further development opportunities for ourscholars and graduates, while remainlng closely connected to the communitles in which the charity works. A new scholarships was awarded to one tertiary scholar, who became the first graduate from our secondary programmeto progress to tertlary education. Development of the new programme in Nepal continued and gathered pace. Government funding for education ends after scholars have reached GC5E/High School Diploma level. The lack of fundlng for advanced secondary education means there is a hSgh level of drop out at the stage, particularly in rural areas, among wornen, and In the area where our partner tea farm is based. With the tea farm having strong connectlons with local secondary schools, we are well placed to identify and support financially excluded young women and allow them to continue upper secondary education. This wlll open the pathway for talented scholars to progress into tertiary education and gain the knowledge, skills and self-belief to affect change in their own lives and those around them. Page 4
Rar• Charity Trusteas. Report A¢hlevernents and Performance Income Income rose substantially to a totsl of £97,381, a significant leap from the previous yearfs income of £54,396. The charitsls long term approach to operations, support and financial planning allows foryear by year fluctuation In income, provldlng short term operational runnlng cost5 are sustalned beyond the dedicated reserves for ongoing scholars, The galns made thls year, comlng towards the end of the financial year, will primarlly support new scholarships in the coming year as well as continulng organisatlonal sustainabilitv. The key fundraising successes were two-fold. The first was Rare Charivs first major fundraising event in five years, an excluslve high tea at aarldge's, hosted by Alexander Armstrong with dishes from special guest chefs including Thomasina Myer5, Rlchard Hart, Ravneet Gill and Santiago Lastra. Secondly. proposals led to substantlal 8rants being awarded towards the new Nepal programme from the Coles-medlock Foundatlon and the Illumine Seniice Foundatlon. Leaving aslde the donations raised from the event, monthly income Increased sllghtly from the 2023 average of £637 to an average of £664. eratlonal Pr rammes Flnaneial challenges in Malawl continued to have Impacts on operations, and at one sta8e early in theyear a number of financial serdices withdrew the Malawi Kwacha from their available currencies, affecting both our existing transfer service and bank. This led to a carefully managed transition to a new, well-established and reputable platform over a short tlme frame, which was been successful, and its abilityto navlgate the ongolng financial challenges in Malawi meant that it became established as our preferred transfer platform acr055 the year. While these operational difficulties have been navlgated, the financial situation withln the country remains difficult. As with all issues, we are in close communlcatlon with our scholars, and have adapted the talloring of some scholarships to increase support as needed. One new tertiary sCholahIp was awarded this year, and it was signlflcant, being to the first graduate from our secondary programme, Olivia progressed to study her chosen programme of Laboratory Medicinejust a few month5 after receiving her results. The second young woman in the same cohort narrowly missed out on the 8rades needed for her desired study in tertiary education, and requested support to retake her final year of secondary at her local school. This request was granted, with ongolng monitoring due to the school beln8 Outside of those where we currently support secondary scholar5. Page 5
Rare Charity Trustoos. Rgport We also celebrated the graduation of two more tertiary scholars - Faith and Fortune Jim. In addition to this, our second cohort of secondary scholars, with several achleving the required grades to follow In the footsteps of Olivia in the year to come. Towards the end of the year, a new opportunity meant that it was no longer practical for the Country Manager to stay In post. This latest departure from the role led to a reconsideration of whether It Is the best option forthe charity, and a decision to pllot a new system of rotating peer leadership. This will give scholars and graduates a greater opportunity to feed into the programmatic work of the charity, developingthelr experience, as well as 8ivlng multiple ongolng Ilnes of connettion between the charity and the communities where it Is working. Thls Is a logical development to the mentorship, role modelling and community Initiatives, with which many scholars and graduates had already been active. Tertiar Scholarshi Since 2016 Rare Charity has commltted to funding 24 young people through tertiary educatlon. Every one of our scholars, academic performance Is outstanding and there Is a 0% drop-out rate. We know our scholarship programme is working. Two further scholars graduated in 2024, bringing the total number of graduates up to slxteen. Each retsins a strong commitment to their home communltles and plans to share the benefit of their skills a5 qualified professlonals. HavSng all come from exceptionally vulnerable families, thelr current professions are listed below: Wongani Jambo.. Contact Centre Supervisor, ESCOM (Bachelor of Art5, Media for Development, 2019) Osman Karimu: Safety, Health, Environment, Rlsk & Quality Officer, Illovo Sugar (Bachelor of Science in Food Technology, 2019) Madalitso Nsajamah: Secondary School Teacher (Bachelor of Education Science, 2021) Andrea Sylvester: Medical Assistant, Namitambo Health Centre {Certificate in Clinlcal Mediclne, 2022) Alex Khumbanylwa: LaboratoryTechnlclan, Madinah, Ndirande Clinic (Diploma in Biomedical Sclence, 2022) Norah Jordan: Community Development Project Officer, CHICOSUDO (Diploma in Community DevelopmenL 2022} Sylvia Lodzanl: Pharrnacy Manager, PharmaPrime (Bachelor of Science in Phamacy. Kamuzu Unlversity of Health Sciences, 2023) Lisnet Zuze: Secondary School Teacher {Bachelor of Arts In Education and Soclal Studies, University of Malawi, 2023) Chisomo Chatepa: Assistant Division Manager. Naming'omba Tea and Macadamia Farm (Bachelor of Science in Agriculture, Malawi Adventist University, 2023) Blessings Maudzu: Nurse, Hope Medi Clinic (Diploma in Nursing and Midwifery. St. Page 6
Raro Charlty Trusts88' Report Joseph's College, 2023) Chisomo Ndaona: HIV Diagnostic Assistant, MACRO (Diploma In Irrigation Technology, Natural Resources College, LllonEwe Unlversity of Agriculture and Natural Resources, 2023} Falth Sawasawa, Entrepreneur {Bachelor of Arts in Indigenous Knowledge Systems and Practices, Malawi Universlty of Science and Technology, 2024)" Fortune Jim William, Trainee Assistant Manager, Satemwa (Dlploma in General Agrlculture, Lilongwe University of Agriculture and Natural Resour$, 2024); Three more scholars are currently seeklng further employment having completed Intemshlps and/ortaken career breaks for their family. We are remainlng in regular contact and offering guidance on the pathway back into work. • Enelys Black (Diploma In Nurslng and Midwiferyi 2021) Yamikani Golden {Bachelor of Sclence in Agrlbusine55 Management, Lllongwe Universlty of Agriculture and Natural Resource5, 2023) Lauryn Patel (Diploma in Clinlcal Medicine, Malawi College of Health Science5, 2023) An employment rate above 80% amon8 graduates 15 e)rtremely impresslve conslderlng the economlc challenges In Malawi, where it was stated that only 9% enter the formal job market. Through our programmatic and peer support, we aim to maintain and increase the access to opportunityfor present and future scholars. It is notable that tertlary educatlon Institutions In Malawi do not currently offer a careers service and there Is little focus on the pathway to employment and job-huntlng Skills. Therefore, Rare Charity will step in to fill this gap, and encoura8e more institutlons to adopt such servlces over the longerterm. Rare Charlty contlnued to provlde tertiary educational scholarshlps for the following scholars. Madalitso Banda, orlglnally studylng a Bachelor of Accounting Practlce, Millennium University, on an educational scholarship, later transferred to Malawi College of Accounting to Study BachelorApplied Accounting-Audlt and Information Systems, on an educational scholarship wlth meals. Joyce Dzinjalamala, Bachelor of Sclence In Biomedical Engineerln& Malawl Polytechnic, awarded a full scholarshlp,. Precious Masewo, Bachelor of Science in Agrfbusine55 Management, Lilongwe Unlversity of Agriculture and Natural Resources, awarded an educational scholarship with accommodation. Morvin Namondwe, Bachelor of Science in Blomedical Sclences, Kamuzu University of Health Science5. awarded an educational scholarship w5th meals. Gertrude Mawlndo, Bachelor of Buslne55 Administration (Marketing), Malawi University of Buslne55 and Applied Science5, awarded a full scholarship. • Gift Clement, Bachelor of Applied Accounting Audit and Information Systems, Malawi College of Accountancy. awarded a full scholarship. Page 7
Rare Charfty Tru8t808' Report One furthertertiary scholarship was awarded in Malawi to: Olivia Zuze, Bachelor of Sclence in Laboratory Medicine, Malawl Adventist University, Malamulo Campus, awarded an educational scholarship with accommodation. In addition, Rare Charlty contlnued its SUPPOrt for Its first tertiary scholarship in Nepal: Schneider Orchard, Bachelor of Hotel Management, South Aslan School of Tourlsm and Hotel Management, awarded an educational scholarship. Each scholarship Is holistic and tailored to the scholars, Indlvldual needs and, as we have seen in partlcular this year, can be adapted according to the specific circumstances of the scholar. should resources allow for this. A scholarship typically includes". fee5, accommodation, meals, materials including a laptop. access to quality healthcare, funded work experience placement, exam fees and a tsllored mentorshlp programme to support scholars, mental wellbelng. Seconda Scholarshi s for Girl Rare Charitywasableto continue its programme forsponsorin88irlsthrough secondaryschool. The charity did not extend scholarships for new scholars, though an exlstln8 scholar was supported to reslt a year at a local school after falllng short of the requlred grades, along with a second scholar (attendin8 a dlfferent local school) who fell short of her required grades In the subsequent cohort. This marked the first support to a secondary scholar outside of the two well-regarded boarding schools where Rare Charity has focussed Its scholarshlps, and the scholars, progress is being carefully monitored to test the viability of this in future. The holistic scholarships Include fees. unlform, a materials allowance, a safeguardlng pro8ramme and access to quallty medical care. While the two scholars mentioned have been retaking the year at schools close to their home, all other scholars attend one of the districvs best boarding schools, ensurlng they have access to three meals per dayi safe sleeping arrangements and an environmentconducive to study. Ne al Adv nced Seconda Scholarshi s for Glrls The development of thls new programme advanced slgnificantlythisyear, from further planning the targetlng of support to securing the funding commitments to sustain the programme through its first three (two-year) cohorts. Working closely with Jun Chiyabari Tea Garden, the key need for support was identified at the point where government funding foreducation ends. ahead of the final two years of upper secondary education. Equivalent to A-Levels in the UK, this stage is known as Plus 2 In Nepal, and drop out rates are high, particularly among girls and especially in rural communities. The programme is designed to respond to this need, working wlth the network of schools in the tea-growing areas which already have a strong connection wlth Jun Chiyabari, to ensure scholarships are awarded to tslented young women with significant financial need. While initial support was secured from Coles Medlock Foundation to Page 8
Rar• Charfty Trustees. Report allowthe programme to commence, it arrlved duringthe exam period Whe it might have been disruptive to announce the scholarship. With the foundations agreement, the launch was postponed to the next academlc year. This allowed for both for the proper launch durlng the first cohorts final year of government-funded study, and also to seekfurtherfunding so that the project could become sustainable beyond the initlal launch period, after which we had told manycharltable initiatives had faded away. This funding came intheform of a significant pledge from the Illumine Service Foundatlon, which wlll allow the continuing dellvery of the programme. Movln8 Funds Internatlonally The Board acknowledges that as Trustees they have a legal duty to protsct thelr Charivs funds and to ensure that funds are legitimately used to further the Charltrls purpose. Formal banking systems were used In a responsible manner to ensure that Charity fund5 were safeguarded. International transfers were made vla one of the following routes: HSBC Stonex The latter was the transfer platform that Rare Charity moved to, from its previous provider, Convera, when the latter put a hold on transfers in Malawi Kwacha. The transition was successful, and It provided a stable and reliable platform for transfer5 to Malawi and Nepal throughout the year. Each transactlon was recorded at everystepi SO that funds were fully accounted for, from Inltlal transfer to final destination. Any release of funds by Rare Charivs Managlng Dlrector is underwrltten and approved by a member of the board. Page 9
Rare Charity Tru8tses' Report Reserves As per Rare Charlty's Reserves Policy, we hold the followlng funds In reseNes: Unrestricted Resenies Rare Charity needs to ensure Its long-term viablllty in order to honour our commltment to our scholars and thelr tea communities. Our reseNes are held to bulld the charlS resilience against unpredictable drop-offs in regular income streams. They are also held to enable sound financial management and forward financial planning. Our reserves should fall between 3 and 9 rnOnth running costs and should never exceed 12 months. We aim to carry forward &7 months. runnlng costs this year. We recognise this Is on the hlgher end of the spectrum in this sector, but our reasons are: l. Our scholarships can lagc up to a 5-year period. and we need to assure our abllity to deliver all programmesto completion: to be presentto mentor and guide our Scholars, and minimise rlsks of unplanned closure and insolvency at all costs, 2. At present our regular income stream5 are only partly assured, for Instance in 2022 44% of our income came from a single major donor completing thelr 3-year pledge. Until we have a more assured annual income stream whlch allows us to forecast lon8er-term, we aim for 6-7 months. runnln8 Costs to be held. Restricted Reseries Rare Charlty currently does not hold restricted reserves, although thls can be revised should a donor or funder require it. Desi nated Reserve5 Rare Charlty hold5 deslgnated reseNes, which are separate from our unrestricted reserves. Every tlme we commit to a new scholarshlpi we Set aside the total cost of programme, so that the scholar can be assured of completion. The total cost of a scholarship may Include tuition and examination fees, meal and accommodation costs, a laptop allowance, a work experience allowance, medical care and safeguarding costs- overthe perlod of the student's course. These are set out in our deslgnated reserves. Ourdesignated reserve levels are dynamic and depend on our number of scholars and their progression through their course. Full records are kept of every scholarfs forecasted costs to tske them to course cornpletlon. Page 10
Rare Charfty Tru8taes' Report Structure and Mana8ement Rare Charlty Is a Charitable Company, founded by Henrletta Lovell. Rare Charitea was Incorporated on 5 January 2016. its name was officially changed to Rare Charity on l July 2016. Rare Charityis governed under its Articles of Association, which were adopted on 4July 2016. In the event of Rare Charlty being wound up member5 are required to contribute an amount not exceeding £1. Recruitment and A olntment of Trustees The Directors of the Company are also known as Charlty Trustees for the purposes of Charlty Law. Underthe requirements of the Articles of Association, the Trustees are elected to serve for a period no longer than nine years, after which they must be re-elected at the next Annual General Meeting. At everyAnnual General Meeting one-third of the Trustees must retire from offlce, but may offerthemselves for re-appointment. All trustees give thelr tlme voluntarily and received no benefits from the charlty. The Board of Trustees seeks to ensure that the needs of the Charitrfs work are approprfately reflected through the dlverslty of the trustee body. Rare Charfvs work focusses on offerlng educatlon opportunltles in tea communities; the current country of operation is Malawi. The Board reflects strong expertise In the relevant professlonal areas: the tea industry (Henrietta Lovell), best practice In educatlon (Will le Flemln81, Malawi's economy, Infrastructure, law and culture (Robert Anderson and Cecilia Makonyola) and best practice in the International charity settor (Cecillla Makonyola). Chartered Accountant Adam Hickie is our treasurer. Gemma Bell, Dlrectorat Gemma Bell and Company Ltd advises on the charltvs messa8lng and publlc Image. Or anlsational Structure Rare Charitys Board of 6 trustee5 are responsible for the strategic direction and policy of the Charity. The Board meets quarterly, including an Annual General Meeting once per year. Resolution5 are agreed at sald rneetings (provided there is a Quorum), or by written resolutlon. Ascheme of delegation Is in place and re5ponslbllity for the following rests with the Managing Dirertor: Day-to-day oversight of delivering scholarship programmes and managernent of the Malawl Country Manager and Support Officer, ensuring that the Charity delivers the servlces specified, In accordance with all safeguarding and due diligence procedures, and that key indicators are met. Page 11
Rare Charlty Tru8ts88' Rèport Ensuring the healthy growth of the CharitrKs Income through fundralsln8 actlvities In accordance wlth the Board's mandate; Day-ttrday financial record-keepingi Administration; Marketlng and PR to malntain and grow the CharItS good reputation. Details of anyfunds held by a custodlan trustee There are no funds held by any trustee and no trustee receives any flnancial benefit from the Charity, Small companles prov151on statement This report has been prepared In accordance with the small companies regime under the Companies Act 2006. The annual report was approved bythe trustees of the charity on 2 October 2025 and signed on Its behalf bv. Mr Tr Ada tee Hickie Page 12
Rare Charfty Statement of Trustees, Responslbilities The trustees (who are also the directors of Rare Charity for the purposes of company law) are responsible for preparing the trustees, report and the financlal statements in accordance with the United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulatlons. Company law requlres the trustees to prepare flnanclal statements for each financial year. Undercompany law the trustees must not approvethefinanclal statements unless they are satisfied that theygive a true and fair view of the state of affairs of the charitable company and of its incorning resources and application of resources. includlng its income and expenditure, for that period. In preparlng these flnancial statements, the trustees are required to: select sultable accountSn8 policies and apply them con5i5tently; obseNe the methods and principles In the Charlties SORP; makejudgements and estimates that are reasonable and prudent; state whether applicable UK Accountlng Standards have been followed, subject to any material departures dlsclosed and explalned In the financial statements; and prepare the financlal statements on the going concern basls unless It Is Inappropriate to presume that the charitable company wlll contlnue in business. Thetrustees are responsible for keeping adequate accountlng records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the flnancial positlon of the charitable company and enable them to ensure that the financial ststements comply wlth the Companles Act 2006. They are a150 responsible for safeguardlng the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by the trustees of the charlty on 2 October 2025 and sl8ned on its behalf by: Ada tee Hlckie Tr Page 13
Rar6 Charlty Independent Examin8rfs Report ts) tho trustees of Rare Charlty (Ihe Company.) I rep)rt to the charity trustees on my examination of the accounts of the Cornpany for the year ended 31 January 2025. Responslbllltles and ba818 of report As the charitsls trustees of the Company (and also its directors for the purposes of company law) you ar8 responsible for the preparation of the accounts in acrdanCe with the requiraments of th8 Companie8 Act 2006 ('the 2006 Acf ). Having satisfied myself that Ihe accounts of the Company are not required to be audited under Part 18 of the 2006 Act and are eligible for independent examination, I report in re8pect of my examination of your charty's CoUnt5 a8 carriad out under section 145 of the Chariti8s Act 2011 ('the 2011 Act.). In carying out my examination I hav8 followed the Directions given by the Charity Commi6sion under Section 145(5)(b) of the 2011 Acl. Indopendènt gxamln•r'8 8tstem•nt I have completed my examination. I confimi that no matter8 have come to my attention in connection with the examination giving me cause to believe: 1. accountlng records were not kept in respect of Rare Charity as requlrad by section 386 of the 2006 Act., or 2. the accounts do not accord wlth those recordg; or 3. the accounts do not comply with tha accounting requirements of Section 396 of the 2006 Act other than 8ny requirement that the account8 give a true and fair view, which is not 8 matter considered as part of an independent examination,. or 4. the accoun18 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicablo to charities preparing their accounts in accordance with the Financial Reporting Standard applicab in the UK and Republic of Ireland (FRS 102)]. I havg no concems 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 accourrts to be reached. Chlo8 Turnar ACA Highfield Cirencester Road Minchinhampton Stroud GL6 9EQ Page 14
Rare Charlty Statement of Flnanclal Actlvltles for the Yaar Ended 31 January 2026 (Including Incom• and Expendlture Account and Ststement of Total Recognls•d Galn8 and Losses) Unrestrlcted Restrlcted Total 2026 Total 2024 Income and Endowments from: Donations and legaci8S Other trading activities 45,260 37.799 14,322 69,682 37,799 54.396 Total Incomo 83.069 14,322 97,381 64,396 Expenditure on: Raising funds Charitable actlvilies (10,291) 154,004) 110,291) {63,684) (893) (69,098) (9.680) Total Expendlture (64,295) (9.680) (73,976) (69,991 Not incomel(expendlture) Net movement In funds ReGonclllation of funds Total funds brought forward 18,764 18,764 4,642 4642 23,406 23N06 (15.595) <15,596) 61,718 16,029 67,747 83,342 Totsl fund8 carrled foma 16 70,482 20,671 91,163 67,747 All of the charity's activitieg derivo from contihuing operation8 durlng the above Iwo period8. The funds breakdown for 2024 is 8hown in note 15. Th8 notas on es 18 to 28 form an inte ral art of these financial statements. Page 15
Rare Charlty IReglstratlon numb8r: 09936276) Balance Sheet as at 31 January 2025 Note 2025 2024 Current assets Debtors Cash at bank and in hand 12 13 6,000 86,858 1,123 e7,382 91,858 (706) 68,485 (738) Cradttors: Amounts falllng due wlthln one year Net assets 14 91,153 67,747 Funds of the charlty: Restrlcled 20,671 16,029 Unre8trlcted incoma funds General unre8lricted funds Designated funds Total unrestrlcted funds 29,814 40,668 24,048 27,670 70.482 61.718 Total funds 15 91,153 67.747 For the financial year ending 31 January 2025 the charity was entitled to examption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilitles: The member8 have not requlréd the charity to obtain an audit of it3 accounts for the year in question in accordance With section 476: and The directors acknowledge their responsibilities for complying with the requirements of the Act with re8P8Ct to accounting records and the pparation of accounts. The financial slatements on pages 15 to 28 were approved by the trustees, and authorised for issue on 2 Oclober 2025 and signed on Iheir behalf by: dam tee ames Saddler Hickie Tru The notes on e3 18 to 28 form an int ral art of th8S8 financial statements. Page 16
Rara Charity ststement of Cash Flows for the Year Ended 31 January 2025 Nots 2025 2024 Cash flow8 from operatlng activltl89 Net cash incomel(exp8nditure) Worklng capltal adjustments (Incr8aseydecrea8e in debtors (Decrea8e)lincrease in creditors 23A06 (15,595) 12 14 (3,877) (33) 2,280 730 Net cash flows from operatlng actmtles 19rt96 {12,685) Not Increasel(d8crease) In cash and cash equivalents C88h and cash equival8nts at 1 FebNary Cash and cash equlvalants at 31 January 19,496 (12,685) 67,362 79,947 86,858 67,362 All of the cash fbws are derived from continuing operatlong during the above two period8. Tha notes on es 18 to 28 fonn an int ral arl of these financial statsments. Page 17
Rare Charlty Notes to the Flnancial Statements for tho Year Ended 31 January 2025 I Charlty status The charty is limited by guarnntee, incorporated in England & Wales, and consequently doés not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards th8 assets of the charity in the event of liquidation. The address of its regislered office is: 35 Eyre Street Hill London EC1R SET Th&8e financial statemen18 ware authorised for issue by the trustee8 on 2 October 2025. 2 Accounllng policles Summa nificallt accounlin Iici8s and ke accountin estimates Th8 principal accounting policies applied in the preparation of these financial statements ar8 set out below. Thasa policie8 hava been consistently applied to 811 the years pre8ented, unless otherwise slated. St8toment of com liance The financial statemenls have been prepared in accordance with Accounting and Reporting by Charitiag.. Statement ol Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland (FRS 102)) (issued in October 2019) {Charitias SORP (FRS 102)), the Financtal R8POrting Standard applicable in the UK and Republic of Ir81and (FRS 102) and the Companies Act 2006. Basis of ar8tion Rar8 Charity meets the definition of a public ben8fit entity urKler FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the ralavant accounting policy notes. These financial statsments are presented in Sterling, which is also the companW8 functional currency. The financial statements are rounded to the nearest £1. Goin conce The trust88s consider that there are no material uncertainties about the charty's abilty to continue ag a going concem nor any signfficant ar8as of UnrtaintY Ihat affect the carrying value of assets h8ld by the charity. Incon and gndowments All income 18 recognised once the charity has entitlement to th8 income, it is probable that the income will be received and th8 amount of the income receivable Can be measured reliably. Donations and I acies Donations are recognis8d when the charity has been notified in writing of both the amount and settlemenl date. In the event that a donation is 8ubject to conditions that require a level of performance by the charity before the charity is entitled to th8 funds, the incom8 is deferred and not recognised until eith8r those conditions are fully met, or the fulfilment of thos8 condition8 18 wholly within the control of the charity and il is probable that th8se conditions will be fulfilled in the portIng period. Page18
Rar6 Charfty Not to the Flnanclal Statements for the Yoar Ended 31 January 2025 Grants recewab18 Grants are recognised when the charty has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on tha balance sheet as deferred income to be released. Donat8d seryic8S 8nd faciliti8s Where services or facilities are provided to the charity as a donation that would normalty be purchased from our suppfiers, this benefit 18 included in the financial statements at it's fair value unless it's fair value cannot be reliabty meaSud, then at the cost to the donor or the resale value of goods that are to be sold. Ex 8nditur8 All expenditure is recognised onc8 there 18 a legal or constructive obligation to that expenditure, it is probable setllement 18 required and the amount can b8 measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directty attributed to particular headings they have bean allocated on a basis nsIStent with the use of resources, with cantral Staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset'8 use. Other support costs are allocat8d based on the 8pread of st8ff costs. Ralsl fvnds These are costs incurred in attracting voluntary income, tha managernent of invostments and those inGurred In trading activities that raise funds. Charitsble activlties Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitias and 88rvices for its beneficiaries. It includ8s both costs that can be allocated directly to 8uch activities and those costs of an indiroct nature necessary to support them. Grant rovisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either tha timing of the grant or Ihe amount of grant payable. Sts ort costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by fioor areas, or par capita, staff costs by the time spent and other costs by their u8age. Govemance costs These include the costs attribulable to the charity's compliance with constitutional and statutory requirements, including audil, strategic management and trustees meetings and reimburs expense8. Govemment nts Government grants ar8 reCOgned bas8d on the accrual model and are measured at the fair value of the asset received or receiv8ble. Grants are classified as relating either to revenue or to assets. Grarrts relating to revenue are recognised in income over tha period in which th8 related costs are recognised. Grants relating to assets are recognised over the expected useful life of th8 ass8t. Vvhere part of a grant relating to an assel is d8f8rred, it 18 recognis8d as deferred income. Pag819
Raffj Charlty Notes to the Financlal Statemenls for the Year Endod 31 January 2025 T8xation The charity is considered to pass the test8 set out in Paragrdph 1 Schedula 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purpose& Accordingly, the charty is potentially exempt from taxation in respect of income or c8Pital gains receNed wilhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of tha Taxation of Chargeab18 Gains Act 1992, to the extent that such income or gains are applied axclusively to charitable purposes. Trade debtor8 Trade debtors are amounts due from cuBtomers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently moasured al amortised cost using the effectiva interest method, less provision for impairm8nt. A provision for the Impairtsnt of trade debtors is e8tablished when Ihére is objective evidence that the charty will rK)t be ab18 to collect all amounts (Jue according to the original terms of the receivable8. Cash and c88h 8 uiva19nts Cash 8nd cash equivalents comprise cash on hand and call deposits, and other short4em highly liquid investments that are readily convertible to a known amount of cash and are subject to an Inslgnlficant risk of change in value. Borrowln Interest-bearing borrowings are initially recorded at falr value, net of tranSalon costs. Interest-bearing borrowings are 8ub8aquently carried at amortised cost, with the difference betwean the prcKeeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial A1vIlieS over the period of the relevant borrowing. Interest expense is recognised on the basis of the effectlve intere8t method and 18 included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liabilty for at least twelve months after the reporting dale. Page 20
Rare Charlty Notes to the Financial Statsments for the Year Endod 31 January 2025 n 8xcha Transactions in foreign currencies a recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange pr8vailing at Ihat date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at tha r8te8 ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulatad in equity (attributed to non-controlling interests as appropriato). Other exchange differences are recognised In the Statement of Financial Activities in the p8riod sn which they arise except for.. 1) exchange differences on tran8actlon8 entared into to hedge certain foreign currency ri8k8 (see above): 2) exchange differences arising on gains or108888 on non-monetary items which are recognised in other comprehansive income., and 3) in tha case of the consolidated financlal statamants, exchangè differenc88 on monetary items recelv8ble from OT P8yable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the for¢ign operation), which are recognised in Other comprehensive inc¢)me and reported under equity. Fundsttuctur8 Unr8Strict8d income funds are general funds that are available for use at the trustees discretion in furtherance of the objectivas of the charity. DeBignated funds are unr88tricted funds set aside for specific purposes at the discrellon of the tru8te88. Restricted income funds are those donated for use in a particular area or for 6pecifiG purposes, the use of which ig restricted to that area or purpose. Penslons and othor post r&tirement obligatlon8 The ch8rty operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay furth8r contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee 8errfic8 in the current and prior periods. Contributions to defined contribution plans are recognised in the Statem8nt of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess 18 racognised as a prepayment. Financial instrnm8nts Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of th8 contractual arrangements entered into. An equity instrument is any contract that avidances a residual interest in th8 assels of the charity after deducting all of its liabilities. Page 21
Rare Charity Noios to th? Financlal Statements for the Year Ended 31 January 2025 Recognllion 8nd m8asurement All financial assets and liabilities are iniiially measured at transaction price {including transaction costs). 8XC8Pt for thos& financial assels classrfied as at fair valu8 through profit or loss, which are initially measured at fair value (which is nOnallY the transaction price excluding tran8action costs), unless the arrangement constitutes a fjnancing transaction. If an arrangement constitutes a financing tran8action. the fInarla1 asset or fi'nancial Itability is rrBasured at the present value of the future payment8 di8counted al a market rate of Int8r8St for a similar debt in8trument. Financial assets and liabilities are only offset in the statement of financlal position wh8n. and only when thare 6xists a legally enforceab18 right to Set off tha recognised amounts and the charty intends either to Settle on a net basis, or to realise the asset and settle the liabilty simultaneously. Financial assets are derecognised when and only when a) the contractual Tights to the cash flows from the financial asset expire or are Settled, b) the charity transfers to another paty sub8tantl81ty all of the risks and r8wards of ownership of the financial asset. or c) the charity, d8SPite having retained some, but not all, significant ri8k8 and roward8 of ownership, has Iransferred control of the asset lo another paty. Flnancial liabilitie8 are decogniSed onty when Ihe obligation 9peclfied in the contract is discharged, aDce118d or expires. Page 22
Rare Charity Notes to the Flnancial Ststemants for the Yoar Ended 31 January 2025 3 Incom• from donatlon8 and lega¢les Unrestrfcted funds Restrlcted Total G8neral fund8 lund8 Donations and legacies., Donations from individuals Grants, including capital grants; Govemment grants Grants from other charities Donated services and facilitias 40,947 1.587 42,534 3.713 3,713 12,736 600 12,735 6CrfI Total for 2025 46,260 14,322 59,582 Total for 2024 39,059 15,337 64,396 4 Incomo from other tradlng aGllvltle9 Unrestrlctod funds Gonoral Total funds Events incom8", Other events income 37.799 37,799 Total for 2025 37,799 37,799 5 Expendiiure on ralsing funds a) Cost8 of generatlng donatlons and legacles Unr08trlcted funds Total Note General funds Donations 10.291 10,291 10,291 893 Total for 2025 10.291 893 Tolal for 2024 Page 23
Rare Charfty Notss to tho Flnancial Statsments for the Year Ended 31 January 2025 6 Expendlture on charltable actlvltl88 Unrestrlcted funds Restrlcted Totsl Noto General fund8 funds Grant funding ol activities Staff costs Allocated support costs Govemance costs 7,737 38,913 6,764 600 6.796 3,884 13.533 42,797 6.754 Total for 2025 04.004 68.616 9,680 10,482 63,684 89,098 Total for 2024 Actlvlty undertaken dlractly Actlvlty 8UPPOrt costs Total expondlture Educational grants & student 8UPPOrt 56,330 6,764 63,084 In addition to the expenditure analysed above, there are also governance costs of £600 P024 - £613) which relate directly to charitable activities. See note 7 for further datails. Page 24
Rare Charlty Notas to the Flnan¢ial Statsments for th8 Year Ended 31 January 2025 7 Analys18 of govemance and support cost8 Governanco costs Unrnstrlctod funds Total Goneral funds Independent examiner fees Examination of the financial statements 600 600 Totsl for 2025 600 600 Total for 2024 613 613 8 Trustees remuneratlon and exp8ns8S No trustees. nor any persons connected with them, hava received any remuneration from the charity during the year. No trustees have received any relmbursed expenses or any other benefrts from the charity during the year. 9 Staff costs The aggregate payroll Gosts were as follows: 2025 2024 Staff costs durlng the year wore: Vlagas and Salaries Social security costs Pension costs 42,671 185 41 42,364 3,713 817 No employee received emolurnents of moTe than £60,000 during the year. 10 Independent examinerfs remuneratlon 2025 2024 Examination of the financial stat8m8nts 600 600 11 Taxation Tha charity is a registered charity an is th8r8fore exempt from taxation. Page 25
Rare Charlty Notss to the Flnanclal Statements for the Year Ended 31 January 2026 12 Debtors 2025 2024 Prepaymants Other debtors 1,123 5.000 5,000 13 Cash and cash equlvalents 2025 2024 Cash al bank 86,858 67,362 14 Credftors: amounts falling due wlthln one yoar 2025 2024 Other taxation and social securlty Other cradltors 525 739 (1) 738 706 Page 26
Rar& Charlty Notes to the Financlal Statements for the Year Ended 31 January 2025 15 Funds Balance at 1 February 2024 Incomlng Rosource8 resources expended Balance at 31 January 2026 Tran8fe Unrestricted General 24,048 27,670 81,269 (62,505 (12,998) 12,998 29,814 40,668 Designated Total unrestrlcted 61,718 81.289 162.605) 70,482 R88tri¢tsd 16,029 14,322 (9.880) 20,671 Total funds 67,747 95.591 (72,185) 91,163 Balance at 1 Fabruary 2023 Incoming resources Re8ource8 expended Balan¢e at 31 January 2024 Transtsr4 Unrestrictod General 30.394 41,774 39,059 (69,5091 14,104 <14.104) 24,048 27,670 Designaled Total unrestrlcled 72.168 39,059 159,609) (10,482 61.718 Ro8trl¢ted 11,174 16,337 16,029 Total funds 83,342 54.396 (69.991) 67,747 Page 27
Rare Chartty Notes to the Flnanclal Statsments for the Y8ar Ended 31 January 2026 16 Analysls of net assets between funds Unrestricted General D88ignated Restrlcted Total funds Current asset8 Current liabilities 30,537 {705) 40.668 20,653 91,868 (705) T•)tal not assets 29,832 40,668 20,653 91.153 Unrnstricted General Designated Restrfcted Total funds Current asset8 Current liabilities 24,786 1738) 27.670 18,029 68,485 1738) Total net a88ets 27,670 16.029 67.747 17 Analy818 of nat funds At 1 Fobruary 2024 Flnanclng cash flow8 At31 January 2025 Cash at bank and in hand 67,362 19A96 86,858 Net debt 67,362 19.496 86,858 At 1 February 2023 Flnancing cash flows At31 January 2024 Cash at bank and in hand 79,947 (12,585) 67.362 Net debt 79.947 (12,685) 67,362 Page 28