Charlty No. 1175627 The Areti Charitable Trust Trustees, Annual Report and Unaudited Financial Statements For The Year Ended 31 December 2024 Qmha
THE ARETI CHARITABLE TRUST CONTENTS Page Trustees, annual report Independent examiner's report lo the Irustees Slalernenl of financial activities Balance sheet Nolas lo the accounts 9-15
THE ARETI CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees hav& pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2024. Referencè and admlnlstrative detalls Reglstered charity name Thtr Areti Charitable Trust Charity registration number 1175627 Reglstèrèd office CIO Joseph A Jones & Co 6 Fenton Street Lancaster LA1 1TE The trustees The trustees who served the charity during the period were as follows.. P A Clarke R A Follows Sollcltors Joseph A Jones & Co 6 Fenton Street Lancaster LA1 1TE Independent examiner MHA 14 Mannin Way Lancaster Business Park Lancaster Lancashire LA13SW Investment Managers Garstang Independent Financial Services The Resource Centre Bridge Sl Garstang Preston PR3 1YB Lunesdale Investment Managers Unil 3 Strands Bam Strands Farm Lane Homby Lancasler LA2 8JF Help for Wealth Wyresdale Rd Lancaster LA13JQ
THE ARETI CHARITABLE TRUST TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2024 Background to the Charity The Areli Charilable Trust {°Ihe Charily") was created by Trusl Deed on 26 August 2015, as amended by Deed dated 31 Oclober 2017. and registered with the Charity Commission on 8 Novembar 2017 with Charity Number 1175827. The principal object of The Ar8ti Charitable Trust is lo make grants in order lo give disadvantagèd ¢hildren and young people opportunities lo experience and learn mora about the natural word. Charitable obJe¢llv8$ The obje¢lives of the Charity are lo advance in life and help young people, especially bul not exclusively those living in the administrative area covered by Lancaster City Council, through.. al the provision andlor facililalion of re¢realional leisure activities pmvided in the interests of social welfare designed lo improve their conditions of life, èspècially bul not exclusively those who h8v8 need by reason of their infirmity or dlsability, poverty or social or economic ciroumsl8nces with a view to Improving the eondllions of life for such persons., b) the provision andlor facilitation of support and aclivilies which dovelop their skills, ¢apacilies and capabilities lo enable them to participate in society as mature and responsible individuals.. cl advancement of their education in the conservation, protection and improvement of the physical and natural environment. dl The Charity's strategy lo achieving ils objeclivos is to invest ils income lo generate a return that can allow the Trustees lo donate lo various charitable causes al their discretion in accordance with th8 charitable objects. The Trustees will measure the sucsS of the Charity by quantifying the sum of donations mado to these causes. This is considered to be both the Charity s short term and long-lerm objective. Public benoflt The Charities Act 2011 requires charities lo report on the publi¢ benefit of their activities. The Trustees have had regard to the Charity Commission's guid8n¢$ on public benefit and believe that an appreciation of the Gharily's public benefit can be obtained from the review of ils achievements and performance. Structure, governance and management The Charily is governed by a Trust Deed dated 26 August 2015 and amended by Deed dated 31 October 2017. under the terms of which the Trustees operate. Ils charity registration number is 1175627. The activity of the Charity is determined by the Trustees and faeililated with the assistance of Joseph A Jones Solicitors, Lancaster. All deasions are made by the two Trustees. The Charity has no volunteers other than ils Trustees. The Charity pays no muneration to ils Trustees and has no paid employeès. There are no other volunlaers to the Charity other than its Trustees. Appointment of new Trustees would be al the dls¢retion of the existing Board 8nd there would b8 no remuneration for such a role. Investment pollcy The investments held by the Charity and their performance is reviewed al each Trustee m801ing with investment managers who may be instru¢l8d lo carry out any recommended changtss as to the investment Inslrumenls. The managers are instructed lo keep a balanced portfolio lo spread the risk and maximise capital growth wilhoul jeopardlsing revenue income.
THE ARETI CHARITABLE TRUST TRUSTEES, ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Managément The Trustees consider and assess on an on-going basis the major risks lo which the Charily may be exposed. The principal risk is considered to be exposure lo markels with the inveslmenl portfolio held. The Trustees have delegated fund management lo Garsiang Independent Financial servIs who are experienced in this field which is considered lo mitigate the risks associated with such investments to an appropriate level. The performance of the investments is règularly reviewed through Trustee Board meetings. A¢hlgv&ments and perfomiance The Trust continutss to make awards in Ilne with its priorities of engaging children and young people in the natural world- whether traditional outdoor activities or school-based inilialives that embed outdoor learning. Financial revlew and reserves policy At the end of the financial period the Charity had total funds of £4,540,778 {2023'. £4,512,952). The net increase In funds of £27.826 was after net investment gains of £fj9,502. Income was generated from inveslmsnts of £149.076 and £102.376 has been donated lo good causes. The Charity has incLJrred £38.376 In other support costs in the period. At the period end dale. the Charity held £846,280 {2023.. £817,440) in cash funds and £3,690.188 {2023'. £3.691,3931 within ils investment portfolio, both oxpected to generate future income for the Charity. There are no funds in deficit and no going concern uncertainties. The Charity has no formal reserves policy. The Trustees intend lo hold investments as capital and the prOedS of returns from the inveslmenls will then be spent Ihrough charitable donations, as well as funding the operating costs of the Charity. The nature of Ihg Charity's operations means that a reserves policy is not necessary. Plans for future periods The Charily intends lo don818 to further chaiilable causes in accordan with the objectivos ot the Charity. There is not expected to be a material chang8 in direclion of the Charity in the short or medium term.
THE ARETI CHARITABLE TRUST TRUSTEES. ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees, Annual Report and the financial slalements in accordance with applicable law and United Kingdom AccoLJnling Standards (United Kingdom G&nerally Accepled Accounting Praclicel. The law applicablo lo charitiès in England & Wales requires the Trustees lo prèpare finan¢i81 staterllenls for each financial period which give a true and fair vi8w of the state of affairs of the Charity. and of the income and expenditure of the Charity, for that period. In prèparing these financial statements, the Trustees are requlred to.. select suitable accounllng policies and then apply them Consislenlly., obseNe the methods and principles in the Charities SORP {FRS1021'. make judgements and eslimates that are reasonable and prudent., slate whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial slatemenls.. prepare the financial statements on the going concem basis unless il is inappropriate lo pr8sume that Ihg Charity will continue in operation. The Trustees are r8sponsible for keeping proper a¢counling records that dls¢lose rith reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charity s governing document, the Charities Act 2011, the Statement of Recommended Praclioe.. Accounting and Reporting by Charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), and UK Generally Accepted Awunting Practi¢e. The Truste8s' Report was approved on .13 -s. I g and was slgnod on behalf of the Trustèes by.. P A Clarke Trustae R A Follows Trustee (l (¥fr
THE ARETI CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ARETI CHARITABLE TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 I report lo the charity trLJslees on rny examination of the accounts of the charity for the year ended 31 December 2024 which are sel out on pages 7 to 15. Responsibilitlès and basis ot report As the charity's trustees you are responslble for the preparation of the accounts in accordance with the requirements of the Charities A¢1 20111'the Acl'l. I report in respect of my examination of the charity's accounts carried out undor section 145 of the Act and in ¢arrying out my examinalion I have followed all the applicabl8 Directions given by the Charity Cornmlssion under sectlon 145{5llb) of the Act. Independent examln&r's statement I have completed my examination. I confim that no material mallers have come lo my attention in conneclion with the 8xamination giving me ¢ause to believe that in any material respect.. accounting records were not kept in respect of the ch8ri1y as qUired by section 130 of the Act., or the 80¢0unts do not accord with those records., or the accounts do not comply with the applicable requirements COnrning tho form and conlenl of accounts sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrLJe and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matl8rs in connection with the examination lo which attention should be drawn In this report in order to 8nable a proper understanding of the accounts to b8 rea¢h8d. Jack St88r BA{Honsl ACA Independent Examiner MHA 14 Mannin Way Lancaster Business Park Lancaster LA1 3SW
THE ARETI CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted R¥strlcted Total funds Total fund$ funds funds 2024 2023 Incomg from.. InStMentS 149.076 149,076 128,095 Total 149,076 149,076 128,095 Expendlturè on.. Charitable actimlies 140,752 140,752 149,467 Total 140.752 140,7S2 149,467 Net lexpenditurèlllncome beforo other recognised galns 8,324 8,324 121,3721 other rècognlsed galns Realised Ilossygain on disposals of instmentS Unrealised Ilossygain on r8valuation of invaslmenls 16.9S9 16,959 26,090 2,543 96.261 Net movement In funds 27,826 27,826 100,979 Recon¢lllatlon of funds.. Total fijnds brought foNiard 4,512.952 4,512,952 4,411,973 Totsl funds carried forward 12 4,540,778 4.540.778 4.512,952 The notes on pages 9 10 15 form part of these financial slalements
THE ARETI CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Fixed assets Imeslments 3,690,188 3,691,393 3,690.188 3.691.393 Current assets Debtors Cash al bank 8nd in hand io 7,226 846,280 6.956 817,440 853,506 824,396 ¢redItO amounts falling due within one year {2.9161 {2,8371 Net current ats 850,590 821,559 Totsl assets less ¢uYrènt Ilabllitles 4.540,778 4,512,952 N&t assets 4,540,778 4.512.952 Funds: Restricted fvnds Unreslrlcted fvnds 12 12 4.540,778 4,512,952 Total funds 4,540,778 4,512,952 These accounts were approved by the Trustees and aulhorised for issue on the1.2.. 5- 2 i on their behalf by.. and are signed P A Clarke Trustèe R A Follows Trustee The notes on pages 9 10 15 form part of these financial slalemenls.
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Legal form The Areli Charitable Trust is a registered charity with charity number 1175627 established under a Trust Deed dated 26 August 2015 and amended 31 October 2017. The registered office of the charity, the nature of its operations and its principal activities are als detailed in the Tiuslees. report within these financial slatemenls. The Charity meets the deflnlllon of a public benefit enlily under FRS102. The financial slalements have been prepared in aordan with Accounting and Reporting by Charili&s.' Statement of R&commended Pracli¢e applicable lo ¢harilies preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Icharilies SORP IFRS 10211, and the Charities Act 2011. The financial Slalements are prep8red in sterling, which is the function81 currency of the charity. Monetary amounts are roundtsd lo the nearest £. The financial slatements have been prepared on a going concern basis under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied lo all pariods presented. unless othenNise staled. Going concern The Iruslees assess whether the use of going concem is appropriate i.e. whether there are any material uncertainties related lo events or conditions that may ¢asl significant doubl on the ability of the charity to continue as a going nrn. The Iruslees have conSided the position of the charity and believe that il holds sufficient reserves to continue in operation for at least 12 months from approval of the accounts, therefore the going concern basis of accounts preparation is appropriate. Income Investment income is earned through holding assets for inveslmenl purposes. and through bank inleresl. It includes dividends and interest and is included when the amounts are received andlor earned by the Charity. Expendituré All expenditure is accounted for on an accruals basis in the expense categories required by the SORP. Expenditure is recognised where there is a legal or Conslruclive obligation lo make payments lo third p8rties. il is probable that the setllemenl will be required, and the amount of the obligation can be measLJred reliably. Costs are further allocated between th& Aclivities undertaken on a basis Consistent with the use of the resources. Expenditure includes irrecoverable VAT. Chariiable activities expenditure includes costs incurred in the delivtsry of the charity's actlviliès and services. 11 includes professional fees in mainlalning the investment portfolio. The main expfjndilure for the Charity is through making donallons to good causes al the discretion of the Trustees, in accordance with the Trust Deed.
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (continued} Investments Investments are recognised ini118lly at fair value which is normally the transaction pTi¢e excluding transaction costs. Investments are subsequently slated al fair value of the shares which are publicly traded. The SOFA included the nel gains and losses arising on revaluations and disposals throughout the period. Cash and cash equivalents Cash is a basic financial asset and Includes cash and deposiis held on call and on deposll with banks. Fund accounting Unrestricted funds- General funds 8re available for use at the discretlon of the Trustees in furtheran¢e of the general objectives of thè charity. Designated funds- Designated funds are unr881riclgd funds set aslde by the Trustee8 for particular purposes. Restricted funds- Restricted funds arise where there is a donor.impos8d r¢striclion on the use of the funds, or th8 funds have arisen in response lo an appeal for a specified purpose. Taxation HM Revenue & Customs considers The Areli Charitable Trtjsl to be a charity and therefore they are tsnlilled to exemption from lax afforded by Sections 478489 of the Corporation Taxes Act 2010 to the extent that income is 8pplied exclusively for charitable purposes. Flnanclal instruments Financial inslrumenls arts recognised in tho Charity's balance sheet when the Charity becomes party lo contractual provisions of the instrument. Basic financial assets are initially measured al transaction price and are subsequently Carried at amortised cost. Financial assets are assessed for indicators of impairment at each reporting end dale. The charity h8s no basic financial liabilities al the period end. Judgements and key sources of estirnatlon uncertainty In the appllcalion of the Charity's accounting poSicies, Ihts Trustees are requlrod to make ludgemenls. estimates and assumptions about th@ ¢arrying amounts of assets and liabililies that are not readily apparent from other sources. Th8 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumplions are reviewed on an ongoing basis. In the opinion of the Trustees there have been no significant judgements made in the process of applying the above accounting policies. There have been no key assumptions concerning future and other kay sources of estimation uncertainty at the reporting dale that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. -10-
THE ARETI CHARITABLE TRUST NOTES TO THE FSNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Investments Unrestrlcted Restrlcted fvnds funds Total 2024 Total 2023 Bank interest receivable DiMdend$ reCeId 28,887 120,189 28.887 120.189 20,027 108,068 149,076 149,076 128,095 Expendlture on charitable actlvltlè$ Opportunities for young people Total 2024 Total 2023 Activity Donalions in accordance wth Charity objects Support ¢osts 102,376 38.376 102,376 38,376 112,358 37,109 140,752 140,752 149,467 Support costs Total 2024 Total 2023 Profèssional fees Inkestmenl manag8ment fees Other ¢osts ol Inkestments Accountancy fees Bank charges Website oosls 7,800 20,392 7,232 2,814 78 60 7.200 19,845 7,145 2,778 75 38,376 37.109 -11-
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Net income 2024 2023 Net incom8 Is stat8d after charging.. Independent examination fees Independenl examinerfs remunerallon - other tax adifisory seNces 2.352 2,325 462 453 Staff costs and Trustee remuneration The Charily has no employees during the period and no individual, including the Trustees, received any remuneration. No expenses have been paid lo Trustees during the period. Ralaled party transactlons The Charity is considered lo be under the control of the two Trustees during the period. There are no reporting related party transactions during the current year. Flxed assot Investments 2024 2023 Oihèr investments at Valuatlon Balance brought forward Acquisitions at cost Receipts for sale ol inKestmenls Realised losses on sale of instmentS Unrealised loss on InStmentS Mo%Emenl IN cash held as part ol inStMent portfolio 3,691,393 3,593,569 365,378 228,785 1374,3881 1241,9911 16.960 .090 2.543 96.261 111,6981 111,321) Total Investments 3,690,188 3,691,393 Total Inlestments comprise Ihts following type of investments.. UK listed bonds Global listed bonds UK listed EqLJities Europe Excl UK equities Global listed equities Property and alternati Snkestments Cash hold 289.374 78.903 557.873 97,244 2,359,586 268,342 38,866 246,409 64.939 590,985 99,728 2,315,534 323,236 50,562 Totsl Investments 3,690.188 3,691,393 -12-
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Debtors 2024 2023 Accrued bank interest 7.226 6,956 7.226 6,956 11 Creditors: amounts duè wlthln ona year 2024 2023 Accruals 2,916 2.837 2,916 2,837 12 Analysls of funds: Current year At1 Jan 2024 At31 Dec 2024 Inv'ment gain$ In¢oma Expenditure Transfers Restricted funds unStrICted funds 4,512.952 149,076 {140.7521 19,502 4.540,778 Total funds 4.512,952 149,076 1140.7521 19.502 4,540.778 13 Analysis of funds: Prior year At31 Dec 2023 Jan 2023 Inv'ment galns Ineome Expenditure Transfers Restricted funds Unrestricled fulS 4,411,973 128.095 1149,4671 122,351 4.512.952 Total funds 4,411,973 128,095 1149.4671 122,351 4,512.952
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Analysis of net assets between funds: Current year Fixed asset Net curr8nt investments assets Total Restrlctad funds Unrestricted funds General ndS 3,690,188 850,590 4.540.778 Total funds 3.690,188 850.590 4.540.778 15 Analysls of net assets between funds: Prior year Fixed asset Net current invastments assets Total Restrictèd funds UnrestrScted funds General funds 3,691,393 821,559 4,512,952 Total funds 3,691,393 821,559 4,512,952 -14-
THE ARETI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are pleased lo document the following donations which have been made dLJring the year.. Donatlons 2024 Donations 2023 Lancashire Youth Challenge St Patricks Catholic Primary School. Mor¢¢ambe Lancaster Boys and Girfs Club Lancaster Road Prfmary School Less UK CIC Larksfool CIC Westgate Primary School. Morecambe The Outward Bound Trust st Joseph Catholic Primary School The Marsh Cornmunity Centre Escape2Make Red Marsh Special School Lancashire Assoclalion of Boys & Girts Cltjbs Poullon-lesands Primary S¢hool Skerton Sl Luke's CE Primary School St John's Hospi¢8 Yea18nd Church of England Primary School Sandylands Scho(>l Ryelands Primary School Willow Lane CP School Castle View Primary Academy Amside & Sillerdale AON8 Lancashire County Councll Schools Litfesl L8ncashire County Council CEEP Skerton Youth Groups Carnlorth CP S¢h¢xA Fund Ryelands LCC Morecambe Bay Partnership Roots lo Branches FS CIC 8,188 530 2,815 1,372 24,000 17.932 1,224 2,580 726 5,279 15,000 6.000 2,000 444 532 6,560 150 4.680 814 522 1.Q28 10,040 553 2,991 23,280 16.120 1,216 2.453 740 2,400 26,420 603 1,200 1,052 2,920 1.600 360 679 15,331 2,400 102,376 112.358 -15-