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 sChola￿hIp 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 charl￿S 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 CharIt￿S 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 ac￿rdanCe 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 p￿paration 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 Un￿rtaintY 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 meaSu￿d, 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 reCOgn￿ed 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
Impair￿tsnt 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 tranSa￿lon 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 A￿1vIlieS 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 nO￿nallY the transaction price excluding tran8action costs),
unless the arrangement constitutes a fjnancing transaction. If an arrangement constitutes a financing
tran8action. the fInar￿la1 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 de￿cogniSed 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