## **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