Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025
for
Arthros Limited
Arthros Limited
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Arthros Limited
Report of the Trustees for the Year Ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the charity is to provide relief of sickness amongst Sufferers from arthritis and other related diseases ("the Sufferer") within a radius of twenty five miles from St. Mary's Church, the Butts, Reading. During the year the trustees reviewed their aim and decided to concentrate in future on Reading and the Greater Reading area.
The objectives have hitherto been achieved by securing nomination rights on flats adapted for the use of people who have been disabled by arthritis and by the purchase and adaptation of homes suited to the needs of Sufferers who have dependants, entering into joint ownership schemes where this is deemed necessary.
Secondly, grants have been made for small building works to adapt existing homes for use by Sufferers who need minor schemes, to purchase specialist beds, chairs or other equipment intended to relieve suffering from arthritis and to support a group providing exercises designed to enable Sufferers to maintain their independence. Grants have also been made to Sufferers to assist with the costs of temporary nursing care accommodation and physiotherapy treatments.
Thirdly, we seek to secure the best help for Sufferers in the Reading Area from local health agencies, Social Services and other public bodies and to pursue complaints on their behalf, if these appear to us to be justified.
Significant activities, achievement and performance
Additional advances to investment properties of £10,944 were made during the year (2024: £14,592). The trustees decided to make no further advances after 1 January 2025 and to change their arrangements with the tenants to allow them to continue to live in these properties on revised terms.
Small grants were made as recommended by a subcommittee of Trustees.
The trustees are preparing to launch a website to publicise help and advice available in the Reading area. They are also preparing a new grants questionnaire to be used through the website.
Public benefit
The trustees declare that they have complied with the duty imposed under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Grants
During the year, the Trustees received enquiries for help and have made grants of £556 in the year (2024: £6,329).
Applications are initially investigated by a subcommittee of Trustees which pursues enquiries and pays smaller grants and recommends those in excess of £2,000 to the board of Trustees.
£477 was spent on repairs, modifications and maintenance of properties in the year (2024: £814).
FINANCIAL REVIEW
Financial position
Funds held at the year end totalled £1,638,277 (2024: £1,660,589).
The Trustees have hitherto not actively sought to promote income generation as they regard their primary duty to be to use the funds already donated to them.
With help from Reading Voluntary Action, Engagement Solutions were appointed to assist the trustees by recruiting more trustees and working out how better to help those affected by Arthritis in the Reading Area.
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Arthros Limited
Report of the Trustees for the Year Ended 31 March 2025
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Going concern
At the time of signing these accounts, the trustees do not believe that there are any material uncertainties related to events or conditions that cast significant doubt upon the charity's ability to continue as a going concern.
Principle risks and uncertainties
The Trustees have considered the risks facing the charity and believe that they have in hand the right policies and people to protect the assets for which they are responsible.
Redmayne Bentley LLP continues to manage the portfolio of investments. The investment policy is to invest funds in medium to low risk ventures to generate enough funds for the charity to continue with its objectives without drawing on the capital.
Maintaining effective links with the people we are set up to help, requires the appointment of further younger Trustees and this we continue to pursue.
FUTURE PLANS
The Trustees will continue to support Sufferers in accordance with the charity's objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, the memorandum and articles, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Trustees are appointed by invitation. The charity is currently looking for new trustees with interpersonal skills, as well as knowledge of Arthritis and ways to provide relief to Sufferers.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10711932 (England and Wales)
Registered Charity number
1173724
Registered office
c/o RISC 35-39 London Street Reading Berkshire RG1 4PS
Trustees
R C H Morton Retired Accountant M Ray-Smith Retired Accountant Dr A Bradlow Retired Mrs C Woolmer Retired Health Visitor Ms S J Berry Accountant (appointed 9.11.24) Miss G N A Espino Product Manager (appointed 9.11.24) D N Peter Christian Director (appointed 9.11.24) Mrs Y Wind-Vorozhtsova (appointed 8.4.25) Ms P E Vella Director (appointed 28.3.25)
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Arthros Limited
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Susan Ambrose FCCA FCA Butt Miller Chartered Accountants 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY
FUNDS HELD AS CUSTODIAN FOR OTHERS
We hold no such funds.
Approved by order of the board of trustees on 5 September 2025 and signed on its behalf by:
M Ray-Smith - Trustee
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Independent Examiner's Report to the Trustees of Arthros Limited
Independent examiner's report to the trustees of Arthros Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Susan Ambrose FCCA FCA
Butt Miller Chartered Accountants 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY
5 September 2025
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Arthros Limited
Statement of Financial Activities for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Grants Other 5 Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.25 Unrestricted fund £ 605 42,578 43,183 6,487 556 44,793 51,836 (13,647) (22,300) 1,660,589 1,638,289 |
31.3.24 Total funds £ - 39,697 39,697 6,978 6,329 4,818 18,125 (3,782) 17,790 1,642,799 1,660,589 |
|---|---|---|
The notes form part of these financial statements
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Arthros Limited
Statement of Financial Position 31 March 2025
| Notes FIXED ASSETS Investments Investments 8 Investment property 9 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.3.25 Unrestricted fund £ 987,514 593,192 1,580,706 4,012 58,894 62,906 (5,323) 57,583 1,638,289 1,638,289 1,638,289 1,638,289 |
31.3.24 Total funds £ 1,036,640 582,248 1,618,888 2,974 43,376 46,350 (4,649) 41,701 1,660,589 1,660,589 1,660,589 1,660,589 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2025 and were signed on its behalf by:
M Ray-Smith - Trustee
The notes form part of these financial statements
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Arthros Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Arthros Limited is a private limited company, limited by guarantee, and registered in England and Wales. The address of the registered office is set out in the Trustees report.
The presentation currency of the financial statements is the Pound Sterling (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations - donations are only included in the Statement of Financial Activities when the charity has unconditional entitlement to the resources.
Investment income - this is included in the accounts when receivable.
Rental income - this is recognised over the period of the rental.
Investment gains and losses - this includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Other costs - these include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and the cost of any legal advice to Trustees in governance or constitutional matters.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Fixed asset investments
Listed investments are included at closing market value at the year end date. Any gain or loss during the year is taken to the Statement of Financial Activities.
continued...
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Arthros Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Rents received | 120 | 120 | |
| Dividends | 41,347 | 38,621 | |
| Deposit account interest | 1,111 | 956 | |
| 42,578 | 39,697 | ||
| 3. | RAISING FUNDS | ||
| Investment management costs | |||
| 31.3.25 | 31.3.24 | ||
| £ | £ | ||
| Portfolio management | 6,010 | 6,164 | |
| Property repairs and maintenance | 477 | 814 | |
| 6,487 | 6,978 |
4. GRANTS PAYABLE
Grants were made to individuals to purchase or maintain specialist equipment intended to relieve suffering from arthritis.
5. OTHER
Other expenditure includes the Independent Examiner's fee £3,740 (2024: £3,465).
Engagement Solutions, independent consultants, were appointed to help recruit additional trustees and review policies at a cost of £31,520 in fees and £2,603 in expenses. Costs of £700 were incurred for help in designing a new website (2024: £Nil) along with £213 for Trustees' insurance (2024: £Nil).
6.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
Reimbursements totalling £1,960 (2024: £6,344) were paid to four trustees during the period. These covered travel , insurance, stationery and postage items paid for personally. One grant was made to a trustee for £206.
7. EMPLOYEES
The average number of employees during the year was NIL (2024 - NIL).
continued...
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Arthros Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2024 | 1,036,640 |
| Additions | 70,673 |
| Disposals | (81,355) |
| Revaluations | (8,444) |
| Withdrawal from portfolio | (30,000) |
| At 31 March 2025 | 987,514 |
| NET BOOK VALUE | |
| At 31 March 2025 | 987,514 |
| At 31 March 2024 | 1,036,640 |
The year end value above includes £15,316 (2024: £45,146) held as cash in a deposit account.
There were no investment assets outside the UK.
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2024 Additions At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
£ 582,248 10,944 |
|---|---|
| 593,192 | |
| 593,192 | |
| 582,248 |
Investment properties represent the charity's investment in joint ownership schemes with Sufferers and their families. Additions during the year relate to interest free advances paid to the homeowners, to be reimbursed when the property is eventually sold. No advances were made after 1 January 2025.
The investment properties were valued at market value by CBW Surveyors Limited, 62 High Street, Stony Stratford, Milton Keynes, MK11 1AQ in March 2023.
Fair value at 31 March 2025 is represented by:
| Fair value at 31 March 2025 is represented by: | |
|---|---|
| Valuation in 2017 Valuation in 2023 Cost |
£ 157,517 50,325 385,350 |
| 593,192 |
The trustees consider that the valuation of the property in March 2023 is not materially different from its fair value as at 31 March 2025.
continued...
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Arthros Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 11. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 1,660,589 TOTAL FUNDS 1,660,589 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 43,183 (51,836) TOTAL FUNDS 43,183 (51,836) Comparatives for movement in funds At 1.4.23 £ Unrestricted funds General fund 1,642,799 TOTAL FUNDS 1,642,799 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 39,697 (18,125) TOTAL FUNDS 39,697 (18,125) |
31.3.25 £ 5,323 Net movement in funds £ (22,300) (22,300) Gains and losses £ (13,647) (13,647) Net movement in funds £ 17,790 17,790 Gains and losses £ (3,782) (3,782) |
31.3.24 £ 4,649 At 31.3.25 £ 1,638,289 1,638,289 Movement in funds £ (22,300) (22,300) At 31.3.24 £ 1,660,589 1,660,589 Movement in funds £ 17,790 17,790 |
|---|---|---|
continued...
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Arthros Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 1,642,799 1,642,799 |
Net movement in funds £ (4,510) (4,510) |
At 31.3.25 £ 1,638,289 |
|---|---|---|---|
| 1,638,289 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 82,880 | (69,961) | (17,429) | (4,510) |
| TOTAL FUNDS | 82,880 | (69,961) | (17,429) | (4,510) |
12. RELATED PARTY DISCLOSURES
The reimbursements disclosed in note 6 were the only related party transactions undertaken during the year ended 31 March 2025.
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Arthros Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| 31.3.25 | 31.3.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 605 | - |
| Investment income | ||
| Rents received | 120 | 120 |
| Dividends | 41,347 | 38,621 |
| Deposit account interest | 1,111 | 956 |
| 42,578 | 39,697 | |
| Total incoming resources | 43,183 | 39,697 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 6,010 | 6,164 |
| Property repairs and maintenance | 477 | 814 |
| 6,487 | 6,978 | |
| Charitable activities | ||
| Grants to individuals | 556 | 6,329 |
| Support costs | ||
| Finance | ||
| Bank charges | 95 | 68 |
| Governance costs | ||
| Insurance | 213 | - |
| Consultancy fees | 34,896 | - |
| Trustees expenses | 1,317 | 432 |
| Accountancy and Independent Examiner's fee | 4,432 | 3,648 |
| Legal fees | 3,840 | 670 |
| 44,698 | 4,750 | |
| Total resources expended | 51,836 | 18,125 |
| Net (expenditure)/income | (8,653) | 21,572 |
This page does not form part of the statutory financial statements
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