2025-02-20-accounts

Trustees’ Annual Report for the period

From 21 February 2024 To 20 February 2025

Charity name: The Aqueduct Charitable Trust Charity registration number: 1179272

Objectives and Activities

Objectives and Activities	Objectives and Activities	Objectives and Activities
SORP reference
Summary of the purposes of the charity as set out in its governing document Para 1.17 The trustees shall apply the income, and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fit.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. Para 1.17 and 1.19 In furtherance of the charity’s objects for the public benefit the trustees shall provide grants.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	In determining the charity’s activities, the trustees have had regard to the Charity Commission’s guidance on public benefit.

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference Policy on grant making Para 1.38 Policy on social investment Para 1.38 including program related investment Contribution made by Para 1.38 volunteers Other

Achievements and Performance

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SORP reference
Summary of the main Para 1.20 During the year under review the charity
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Achievements and Performance	Achievements and Performance	Achievements and Performance
SORP reference
Summary of the main	Para 1.20	During the year under review the charity
achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.		made grants to the following charities totalling £14,000.  Macmillan Cancer Support  MIND  Demelza Hospice Care for Children  The British Heart Foundation

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41

Performance of fundraising Para 1.41 activities against objectives set Investment performance Para 1.41 against objectives Other

Financial Review

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Review of the charity’s Para 1.21 At the end of the reporting period the charity
financial position at the end had free reserves of £42,713 (2024:
£23,017).
of the period
In addition to the free reserves the charity
has bank balances of £13,372 (2024:
£11,004) and investments within a portfolio
valued at £1,369,937.
Statement explaining the Para 1.22 The Trustees pursue a policy of maintaining
policy for holding reserves a free reserve available to be spent in the
furtherance of the charity’s objectives as
stating why they are held
well as covering future needs, opportunities,
contingencies and risks.
Amount of reserves held Para 1.22
Reasons for holding zero Para 1.22
reserves
Details of fund materially in Para 1.24
deficit
Explanation of any Para 1.23
uncertainties about the
charity continuing as a going
concern
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Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising) Para 1.47	The charity’s principal sources of funds (including any fundraising) Para 1.47	The charity’s principal sources of funds (including any fundraising) Para 1.47
Investment policy and objectives including any social investment policy adopted Para 1.46
A description of the principal risks facing the charity Para 1.46
Other		Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity’s objectives. Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Structure, Governance and Management

Description of charity’s trusts:

Type of governing document (trust deed, royal charter) Para 1.25 Trust deed dated 20 February 2018	Type of governing document (trust deed, royal charter) Para 1.25 Trust deed dated 20 February 2018	Type of governing document (trust deed, royal charter) Para 1.25 Trust deed dated 20 February 2018
How is the charity constituted? (e.g unincorporated association, CIO) Para 1.25 Trust
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	Trustees are appointed by the settlor during his lifetime and subject to this by the trustees from time to time.

Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees Para 1.51
The charity’s organisational structure and any wider network with which the charity works Para 1.51
Relationship with any related parties Para 1.51 No trustee received any remuneration or was reimbursed any expenses in the year under review. Ludlow Trust Company Limited was paid £9,682 for trust administration and cash management services during the year under review. These fees are authorized under clause 6 of the trust deed.
Other

Reference and Administrative details

Reference and Administrative details	Reference and Administrative details
Charity name The Aqueduct Charitable Trust
Other name the charity uses
Registered charity number 1179272
Charity’s principal address	Ludlow Trust Company Limited First Floor Tower Wharf Cheese Lane Bristol BS2 0JJ

Names of the charity trustees who manage the charity

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Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
Paul Charles
1
Bridgwater
2 Julia Anne Bridgwater
Ludlow Trust
3
Company Limited
4
5
6
7
8
9
10
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Corporate trustees names of the directors at the date the report was approved
Director name
Gary St John Collins
Walter Duncan Coxon
Ali Reza Sarikhani
Ziba Christina Sakine
Sarikhani
Christopher Ian Thurlow
Matthew John Wickers
John Stephen Dennis (Resigned 25/10/2024)
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Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Funds held as custodian trustees on behalf of others

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of adviser	Name	Address
Investment Managers	Coutts & Co	440 The Strand, London, WC2R 0QS
Bankers	Coutts & Co	440 The Strand, London, WC2R 0QS
Accountants	Charter Tax Consulting Limited	8th Floor, 1 Southampton Street, London, WC2R 0LR
Independent Examiner	Geoffrey Frost	Blue Spire Limited, Cawley Priory, South Pallant, Chichester, PO19 1SY
Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Chris Thurlow Position (eg Secretary, On behalf of Ludlow Trust Chair, etc) Company (Trustee) Date 18 December 2025

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The Aqueduct Charitable Trust 1179272
Receipts and payments accounts CC16a
For the period Period start date Period end date
To
from 21.02.2024 20.02.2025
Section A Receipts and payments
Unrestricted Restricted Endowment
Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Income from investments 32,325 - - 32,325 32,924
Interest received 2,075 - - 2,075 965
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Sub total (Gross income for
AR) [ 34,400 ] - - 34,400 33,889
A2 Asset and investment sales,
(see table).
Sale of investments - - 1,024,761 1,024,761 718,498
- - - - -
Sub total - - 1,024,761 1,024,761 718,498
Total receipts 34,400 - 1,024,761 1,059,161 752,387
A3 Payments
Grants awarded 14,000 - - 14,000 36,000
Investment management fees (VAT
inclusive) - - 6,128 6,128 5,702
Trust administration fees (VAT inclusive) 9,620 - - 9,620 9,719
Independent Examiners fees 180 - - 180 180
Bank charges - - - - 2
Cash management fees 62 - - 62 30
Accountancy 1,200 - - 1,200 -
- - - - -
Sub total [ 25,062 ] - 6,128 31,190 51,633
A4 Asset and investment
purchases, (see table)
Investment purchases - - 1,005,907 1,005,907 720,854
Sub total [ - ] - 1,005,907 1,005,907 720,854
Total payments 25,062 - 1,012,035 1,037,097 772,487
Net of receipts/(payments) 9,338 - 12,726 22,064 - 20,100
A5 Transfers between funds 10,358 - - 10,358 - -
A6 Cash funds last year end 23,017 11,004 34,021 54,121
Cash funds this year end 42,713 - 13,372 56,085 34,021
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CCXX R1 accounts (SS)

17/12/2025

1

Section B Statement of assets and liabilities at the end of the period

Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets	Signature Capital account Income account Details Total cash funds (agree balances with receipts and payments account(s)) Details Details Investment portfolio Details Details	Unrestricted funds Restricted funds to nearest £ to nearest £ - - 42,713 - - - 42,713 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Endowment - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - Print Name Chris Thurlow on behalf of Ludlow Trust Company Limited (Trustee)	Endowment funds to nearest £ 13,372 - - 13,372 OK Endowment funds to nearest £ - - - - - - Current value (optional) 1,369,937 - - - Current value (optional) - - - - - - - - - When due (optional) Date of approval 18 December 2025

Signed by one or two trustees on behalf of all the trustees

CCXX R2 accounts (SS)

17/12/2025

2

Independent Examiner's Report to the Trustees of The Aqueduct Charitable Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 20 February 2025.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records.

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.

Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

18 December 2025 Date