## **Trustees’ Annual Report for the period** ## **From 21 February 2025 To 20 February 2026** **Charity name: The Aqueduct Charitable Trust Charity registration number: 1179272** ## **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 parts of the capital at such time or
times and in such a 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 absolute
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 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** ||SORP reference|| |---|---|---| |Summary of the main
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.|Para 1.20|During the year under review the charity
did not make any grants.| ## **Additional information (optional)** ## You may choose to include further statements where relevant about: Achievements against Para 1.41 objectives set Performance of fundraising Para 1.41 activities against objectives set Investment performance Para 1.41 against objectives Other ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|Total incoming resources for the year were
£29,702 (2025: £34,400), comprising
investment income and bank interest.
During the year the charity made grants
totaling £nil (2025: £14,000), funded in part
by a transfer of £10,208 (2025: £10,358)
from the expendable endowment fund to
unrestricted funds to support grant-making
activities.
At the year end the charity held total cash
balances of £84,970 (2025: £56,085), of
which £71,382 (2025: £42,713) represents
unrestricted free reserves. In addition, the
charity held investments within the
expendable endowment fund with a market
value of £1,443,842 (2025: £1,369,937)
These funds are available at the discretion
of the trustees to support the charity’s
objectives.| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The Trustees pursue a policy of maintaining
a free reserve available to be spent in the
furtherance of the charity’s objectives as
well as covering future needs, opportunities,
contingencies and risks.| |Amount of reserves held|Para 1.22|At the end of the reporting period the charity
had free reserves of £71,382 (2025:
£42,713).| |Reasons for holding zero
reserves|Para 1.22|N/A| |Details of fund materially in
deficit|Para 1.24|No funds in deficit| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|N/A| ## **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|| |---|---|---| |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|Para 1.25|Trust deed dated 20/02/2018| |How is the charity
constituted?|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:||| |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 for any expenses in the
year under review.
Ludlow Trust Company Limited was paid
£10,041
(2025:
£9,682)
for
trust
administration and cash management fees
during the year under review. These fees
are authorised under clause 6 of the trust
deed.| |Other||| ## **Reference and Administrative details** |Charity name|The Aqueduct Charitable Trust| |---|---| |Other name the charity uses|None| |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** |**Trustee Name**|**Office (If Any)**|**Office (If Any)**|**Dat acted for if not whole year**|**Dat acted for if not whole year**|**Name of person (or**
**body) entitled to appoint**
**trustee (if any)**| |---|---|---|---|---|---| |Ludlow Trust
Company Limited|||||| |Julia Anne
Bridgwater|||||| |Paul Charles
Bridgwater|||||| |**Corporate trustees– names of the directors at the date the**||||**report was approved**
**charity**
**others**|| |**Director name**|||||| |Gary Collins||(Resigned 31 March 2026)|||| |Walter Coxon|||||| |Ali Sarikhani|||||| |Ziba Sarikhani|||||| |Christopher Thurlow|||||| |Matthew Wickers|||||| |Alexander Edward Mulroe||(Appointed 1 April 2026)|||| |**Name of trustees holding title to property belonging to the**|||||| |**Trustee name**||**Dates acted if not for whole year**|||| ||||||| ||||||| |**Funds held as custodian trustees on behalf of**|||||| |Description of the assets
held in this capacity||N/A|||| |Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects||N/A|||| |Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets||N/A|||| |Description of the assets|N/A| |---|---| |held in this capacity|| |Name and objects of the|N/A| |charity on whose behalf the|| |assets are held and how this|| |falls within the custodian|| |charity’s objects|| |Details of arrangements for|N/A| |safe custody and|| |segregation of such assets|| |from the charity’s own assets|| ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** |**Type of adviser**|**Name**|**Address**| |---|---|---| |**Investment Managers**|Coutts & Co|Coutts & Co, 440 Strand,
London, WC2R 0QS| |**Bankers**|Coutts & Co|Coutts & Co, 440 Strand,
London, WC2R 0QS| |**Accountants**|Charter Tax Consulting
Limited|8th Floor, 1 Southampton St,
London WC2R 0LR| |**Independent Examiner**|James O’Rourke|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)** Christopher Thurlow **Position (eg** On behalf of Ludlow Trust **Secretary, Chair, etc)** Company Limited (Trustee) **Date** 29 June 2026 ||**The Aqueduct Charitable Trust**|**The Aqueduct Charitable Trust**|**The Aqueduct Charitable Trust**|**1179272**|**1179272**|**CC16a**| |---|---|---|---|---|---|---| ||**For the period**
**from**|21.02.2025
Period start date|**To**||20.02.2026
Period end date|| |||||||| |**Section A Receipts and payments**||||||| |**A1 Receipts**|**Unrestricted**
**funds**
**to the nearest £**
**27,349**
**2,353**
**29,702**
**-**
**-**
**29,702**
**-**
**-**
**9,940**
**600**
**101**
**600**
**11,241**
**-**
**-**
**-**
**11,241**
**18,461**
**10,208**
**42,713**
**71,382**|**Restricted**
**funds**
**to the nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Endowment**
**funds**
**to the nearest £**
**-**
**-**
**-**
**340,976**
**340,976**
**340,976**
**-**
**6,441**
**-**
**-**
**-**
**-**
**6,441**
**324,111**
**-**
**324,111**
**330,552**
**10,424**
**- 10,208**
**13,372**
**13,588**||**Total funds**
**to the nearest £**
**27,349**
**2,353**
**29,702**
**340,976**
**340,976**
**370,678**
**-**
**6,441**
**9,940**
**600**
**101**
**600**
**17,682**
**324,111**
**-**
**324,111**
**341,793**
**28,885**
**-**
**56,085**
**84,970**|**Last year**
**to the nearest £**| |Income From Investments|**27,349**|||||**32,325**| |Interest Received|**2,353**|||||**2,075**| |||||||| |**_Sub total_**_(Gross income for_
_AR)_|**29,702**|||||**34,400**| |||||||| |**A2 Asset and investment sales,**
**(see table).**||||||| |Sale Of Investments|**-**|||||**1,024,761**| |||||||| |**_Sub total_**|**-**|||||**1,024,761**| |**_Total receipts_**
**A3 Payments**||||||| |||||||**1,059,161**| |||||||| |Grants Awarded|**-**|||||**14,000**| |Investment Manager Fees|**-**|||||**6,128**| |Trust Administration Fees|**9,940**|||||**9,620**| |Independent Examiners Fees|**600**|||||**180**| |Cash Management Fees|**101**|||||**62**| |Accountancy|**600**|||||**1,200**| |||||||| |**_Sub total_ **|**11,241**|||||**31,190**| |||||||| |**A4 Asset and investment**
**purchases, (see table)**||||||| |Investment Purchases|**-**|||||**1,005,907**| ||**-**|||||| |**_Sub total_ **|**-**|||||**1,005,907**| |**_Total payments_**
**_Net of receipts/(payments)_**
**A5 Transfers between funds**
**A6 Cash funds last year end**
**_Cash funds this year end_**||||||| |||||||**1,037,097**| |||||||| ||**18,461**|**-**|**10,424**||**28,885**|**22,064**| ||**10,208**||**- 10,208**||**-**|**-**| ||**42,713**||**13,372**||**56,085**|**34,021**| ||**71,382**|**-**|**13,588**||**84,970**|**56,085**| CCXX R1 accounts (SS) 29/06/2026 1 |**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|**Section B Statement of assets and liabilities at the end of the period**|| |---|---|---|---|---| |**Categories**
**B5 Liabilities**
**B3 Investment assets**
**B2 Other monetary assets**
**B4 Assets retained for the**
**charity’s own use**
**B1 Cash funds**|**Details**
Investment Portfolio
**Details**
**Details**
**Details**
**_Total cash funds_**
(agree balances with receipts and payments
account(s))
**Details**
Capital Account
Income Account|**Unrestricted**
**funds**
**to nearest £**
**-**
**71,382**
**-**
**71,382**
OK
**Unrestricted**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Fund to which**
**asset belongs**
**Endowment**
**Fund to which**
**asset belongs**
**Fund to which**
**liability relates**|**Restricted**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
OK
**Restricted**
**funds**
**to nearest £**
**-**
**-**
**-**
**-**
**-**
**-**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**Cost (optional)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**Amount due**
**(optional)**
**-**
**-**
**-**
**-**|**Endowment**
**funds**
**to nearest £**| |||||**13,588**| |||||**-**| |||||**-**| |||||**13,588**| |||||OK| |||||**Endowment**
**funds**
**to nearest £**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**Current value**
**(optional)**| |||||**1,443,842**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**Current value**
**(optional)**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**-**| |||||**When due**
**(optional)**| |||||| ||||**-**|| ||||**-**|| ||||**-**|| ||||**-**|| Signed by one or two trustees on behalf of all the trustees ## Signature Print Name Christopher Thurlow on behalf of Ludlow Trust Company Limited (Trustee) Date of approval 29 June 2026 CCXX R2 accounts (SS) 29/06/2026 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 2026. ## **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. 3. accounts comply with regulations 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. James O’Rourke FCA Date 29 June 2026 Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY