Charlty regl$trath)n number 1192652 (England and W•lesl THE VISIONARY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2024 THE VISIONARY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$te A Pitslia A Pitalia R Grisewood N Halverson IAppointed 26 October 20231 Ch•rity number 1192652 Prin¢lpal addrtss$ 25 Cl)orfey New Road Botton GreatgT Manchester BL14QR Audltor Champlon Accountants LLP 1 Worsley Court High Street Worsley Man¢hest•r M28 3NJ Soli¢itOf4 Galeley Ship Canol House 98 King Street Manchester M2 4WJ THE VISIONARY CHARITABLE TRUST CONTENTS Page Trustees, report Independent aL¥Jitorfs report Statement of finaneial activbtie5 Balance sheet Statement of Cash flows Notss to the finanrAal statements 9-14 THE VISIONARY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S OCTOBER 2024 The trustees pffjsont thaw annual report and ffinanThal slalemenls forthe year ended 5 Octob&r 2024. The fin8ncS81 statsments havg b88n prep8red in accord8n¢e the aCctrUn￿n9 policies set out in nol8 1 to the financial statèments and compty wrth the charitsble Irusfs Declaration ol Trust, the Charities Act 2011 and "Accounting and Reporting by Chafilie$= Statement of Recommended Practice applicable to thaTitie8 preparing their accounts in accordan¢e with the Finanoal Reporting Standard appIl￿ble in the UK and Republic of IreIar￿ IFRS 1021" 18ffectNe 1 Janu8ry 2019). Objective$ and activiti The tru$tee$ have paid due regard to guidance issued by the Charity Commission in deading what activities the Charitab￿ trust should undertake. TVCT was estsblished in 2019 afthough there are no restrictions in lenns of how funds can be giftod. the charty aims to support a nurnber of worlhy causes 0fwh￿h many will be focused on restoying s*3hl and he8llhcare. Achievèm•nts and perfom)an 11 is a pl8asuTe lo present our fourth annual report. During the year, TVCT have mada a number of rjonations Its support ￿￿Se$ ac*oss the worfd includthg a substantial donation to the round lable Indla Irusl in order lo help SUPPC*rt the charity to build school classrooms in dIsadv￿lage￿ arèas of India. Finanelal review During the period. TVCT recewed £424,342 in reium on invastments. TVCT hove providèd 9ranls of£32,539 to ¢aus8s acros$ thè world. Plans for futurn periods As we look forward to the eoming months and years, we ar8 gxploring how w8 can assist in 8¢hi•ving one of oui rnany fflulual objectives in helping lo restore eyesight in third worfd countries. We will ￿ntInue to donate tt> other causes acTOSS the world which thg trustses deem lo altgn with our obj8ctiv85. Structure. governan￿ and man•gèm•nt The Visionary Charitable Trust ITVCT) is a non4xempl charity govemed by a Decl8Tatron of Trust dated 17 Sepl8mber 2019. AI TVCT investments were managed by the Iwslees during the peiiod and the trustees have reviewed all risks surrounding the investments. The Tru$lggs have due regard lo the guidance published by the Charities Commission regarding public beneffit. Thè Trustees are ￿spOnSible for the investment strategy and disliibution of funds. Due règard to Ihe aims and objertives of the charity is considered by the Trustees e8cJ) tim8 a donation is made. The trustees who served during thè year and up to the date of sigllalure of Ihe fin¥nual stal8menl$ were: A Pilalia A Pitalia R Grisewood N Halverson IAppoinled 26 October 2023} TrLJStees are nomlnaled by the existing Trustees. They r¥lire by rot8ts.on every three yèafs but may offer themselves for re*lection. Trustees are appointed with a view to providing a variety 01 sklll$, culture, age and g8ndeT. New Trustees are appraised of the Philosophy of th8 Trust and ar• issued an InthJGlion fokler which indud88 the Charity Commission publications and guidarte. None of the trvstegs has any ben￿¢101 intere51 in thè trust. All of the trustees a￿ m8mb9rs of the trust and guarantee to contribul¢ £1 in the event of a winding up. THE VISIONARY CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 Th8 cOrnpan￿S current policy CC•n¢erning the payment of Ir8de creditors is to follow the CBI'S Proryt Payers Cod¢ (Copies are available from the CBI, Cgnlre Point, 103 Oxford Slreel. London WC1A 1 DU). The o)mpany's current poli¢y ujnceming the payment of trade ueditcn is to.. settle Ihg terms of payment with suppliers when agTeeing the teThs of each I￿sactIOn-. • ensure that supplieT8 are made aware of the le￿8 of payment by InclusSon of the relevant temis in contracts; and pay in accoidance wNh the twsfs contractual other leg81 obligats'ons. stat•mont of trustee#. rn8ponslbllS1ie• The trusts9$ are responsible for preparing the Trustees. Report aThJ the finanrAal statement$ in accordance with applicable law and United lQngdom Accounllng Standards (United Kingdom Generalty Acc•pted Ac¢ounling Practic9}. The law applicable lo charities in England and Wale$ r8quires the trustees lo prepare financial statements for each nancial year whith give a true and fair view of the stsle of affairs of the chaiitsble trust and of th¥ incoming resources and applitafjon of resourcès ofthe charitabte tru￿ for that year. In preparing these finanaal stslements. the trustees are rèqulre(I to: - select suitable accounting policies and then appty them ¢onsIsl￿rtly. - obse￿8 Ihg rnethods and pdnGipl6s in the Charitios SORP,. - makejudgements and estirnales thal ore reasona￿8 and prudent.. - stale whéther applicable accounting sl8ndards have bgen followed, subject to any materral departures discbBed and explained in the financSal statements". and prepare the financial stslements on the going o)ncem b85is unlgss il 1$ inapwopTiate lo presume that the ¢h8rity will continue in opgration. The trustees are ￿SPonSible for keeping SLrfficient a¢¢ounting ￿t￿rdS that disdose with reasonable aceuracy at any time tho finanaal position of the ch8ntaNe twst and enable Ihem to ensure that the financial statements ¢ompty with the Charities Act 2011, the Charity IA¢¢ounts and Reports) RegUla￿'on$ 2008 and the provisions of the Injst deed. They are also responsible for safeguarding tho assets of the ¢harrtable trust and hen¢0 for tskin9 reasonabl¢ stsps for the prevention and detection of fraud and olhar irregularities. The Iru$tses' r¢portwas approved by the Board of Trustees. N Halverson Trustee 13 May 2025 THE VISIONARY CHARITABLE TRUST INDEPENDE￿r AUDITOR'S REPORT TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Oplnion We have audiled the ffinancial $lalemenls of The Visionary Charitable Trust (the'charit8ble trust'l for the year ended 5 O¢tober 2024 whth ¢omprise the slatemgnt of finan¢i81 actIv￿e$, the balanee sheet, the statement of cash llow$ and notes lo the financial statements. i￿judIng significant accounting poli¢ies. The financial roporting framework that has been applied in their preparation is applicab￿ law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Fin8nual R8POrting Stsndard appli¢8ble in tl)e UK and R8public of lTrland {United lfjngdom Gen￿￿lY Accepted A￿A]unting Prathce). In our opinion, the financial statement$'. give a true and fair view of the stal8 of the ¢harity's affairs as al 5 October 2024 and of its incoming roscwrces and wpluth.on of resources. for the year then endèd.. have been properfy F*epared kn aCCorda￿e V+ilh United Kingdom General￿ Ac¢optsd AcDJunting Practi￿. and have been prewed in aC￿rdanCe with the Chaiiti'esAct 2011. 8￿1* for opinion We conducted our audit in accord8n(* with International Standards on Auditing IUKI IISAS (UK)) and applieable Iw. Our respon5ibililies under those standards are further descrl)ed in tha Audilorfs r8$ponsibilities for the audit ol the financial statem&nts section of our r¢port. We are indépendent of the charitable trust in accordance with the ethical requirements Ih8t are relevant lo oui audit of the finanaal $latemenls in the UK, including the FRC'S Ethical standard, and we have fftjlfilled our other ethi¢al responsibilities in accordance with these requirements. believe that the audit wdance we ha￿ obtained is sufficient and approwi810 lo p￿￿de a b￿8 for our Opin￿n. Con¢lu$lons rnlating to golng concem In auditing the finanoial statements, wo have ¢ondudèd that the trustees. use of Ihg going conc8m basis of accoun*'ng in the preparation of the fvancial statements is appropriate. Based ot) the work we ha￿ performed, wè have not Idenlified any material un¢ertainties rolating to events or conditions that. individually or collec￿'Vely, rnay cast significant doubt on the chawiiable trust's abilty to continue as a going concern for a period of at ￿•st ￿e1ve months from when the finanaal stslemenls are auihori88d for issue. Our responsibikn.es and the resp)nslbilities of the trustees with respect to going ¢¢ncern are described in thg reigvant sections of Ihis report. Oth•r InforniatioTr The olhpr Informatic￿ comprises the infomation induded in the annual ￿pOrt other than the finwal Btatemenls arbd our auditorfs roport th¥rèon. The Iru51ee$ are responslble fcir the othèr information contained within the annual report. Our opinion on the ffinancial ststements (Joes not (￿)Ver the other information and we do not express any form of assurance ￿ndUS1On Iher8on. Our re5ponsibilty is to read the other infoimalion and. in dolng so. consider whether the other information Is matsrially inconsistgnt with the financial statemttnls or our knowledgè obtained in the course of the audit, or otheNise appears to be materially misststèd. If we identify suith material irKon$istgncies or apparent material misstaternents. wè are required lo detemiine whelhor this gives rise to a mateTHI mis$lalem&nt in the financial statements thernselves. If. based on the work we have performed, we txjnclude that th•Te 1$ 8 rnalerlal mlsstalement of tht$ other irrfomalion. wé are required to report that f8Ct. We have nothing to report in thls regard. M•tt•rs on whl¢h we are r•quired to Y•port by ox¢•ptlon We have nothing to report In respect of the followtng matters in relation to whi¢h Charities {A￿OUn￿ and Reports) Regulations 2008 requir0$ us to report lo you rf. in our opinion.. the information given in the ffinancial 3lat¢m•nts is incon$i$t•nl in any material respect with th9 tru5tees' report., or sufficient accountin9 records have nol been kept,. or the financial stslements are not in agreement with thè accounting records.. or we have not re￿iVed all the information and explanations we require for our audit. THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST Re¥pon$lbllltl•s of trustee* As explained rnore fulty in the slalemenl of trustees. responsibilities, the Iwstees are responsible for the preparation of the finani#al statements and for being sBlisfied that they give a Irue and fair view, and for such intemal control as the Iruslees determine is necessary lo enable the preparatitsn of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the firbancial slatemenls. the trustegs are responsible for assessing the charitable trust's abilty lo cont#iue as a going concem, disclosing, a5 applicable, matters ￿lated to going ¢oncem and using the 90ing concern basis of ac￿UntIng unless the tru51ee8 oilher intend to cease operations, or have no TealistK ahernatwe but to do so. Audltorfs respon$lbllNi•s for the audlt of thg financial statements We have been appointed as auditor undèr seclion 144 of the Charities Act 2011 and r¢port in accordance wfth the Act and ￿￿vant regulations made or having effect thereunder. Our rt)le¢twes are to obtain r&8sonoble assuran￿ aLK)ul whofvr the financial sfatem¥nls as a Who￿ are free from material misslalement, whether due lo fraud or e￿Or. and ID issue an auditorfs report that indudes our opinion. Reasonab￿ assur8nc8 is a high level of assurance bul is not a guarantee that an aud(t Conducted in accordanc8 with ISAS (UK) will ak¥ays detect a material misslatemenl when Tt exrsls. Misstalernenls can arise Irom fraud or error and are considered matèrial if, individu81ty or in thè aggregate, Ihoy coukl reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial 51alemenl$. The extent to whi¢h our procedures are capable of detecting irregularities, ncluding fraud, is detailed bdow. AS part of our planning procw.. We enquirèd of management the systems and contro15 th& ¢ompany has in place, the areas of 1hg financial statemen15 that a￿ mostly su5ceplible to the risk of irregularttiPS and fraud. and whèther there was any known. Suspected or alleged fraud. The company did not infomi us of any known, suspected or alleged fraud. - We obtained an understsnding of the legal and règulatory frameworks appI￿able to the company. We delennined Ih8t the following were most relevanl.. FRS 102 and1he Chariti85 Act 2011. We considered the incenlfves and opportunities that exist in the trust, including the extent of m8nagemenl bias. which present a potential for irregularrties and fraud to be perpetuated. and tailored our risk a$$e*ssment aC￿rdinglY. Using our knowledge of the Irusl, logelhèr with Ihe discussKin$ held wrth the trustees at the planning stage. we frjrmed a conclusion on the risk of mi8518lement due to iThegularth&s induding fraud arbd tailored our proCedu￿S 8¢(x)rdin9 lo this risk assessmenL In response lo Ihe risk of irregularrfies and non-COTnpliance with laws and fegulalions, induding fraud. we designed procedures which induded.. Enquiry of management and those charged with governance around actual and potential I￿gatiOn and daims as well as actual. suspected and alloged fraud., Reviewing minutes of meetings of those charged wrth 9ovemance', - Assessing the exlenl of compliance wilh the laws and iegul*ion$ considered to have a direct material effèct on the financial slalemenls or Ihe operations of thè entsty through enquiry and inspection,. Rewewng finanoal statement discfosur¢s and tesiing to supporting documentslion lo assess complbance wRh appli¢oble laws and regulations., Performing audit work over the risk of man8gemÈnt bias and override of ¢ontrols, including 18Sting of journal entries 8nd other adjuslmenls for appropriateness. evolualing the busine95 ralionale of significant Iransadions outside the normal course of busi￿$$ And rewiewing a¢￿￿n￿￿9 estirnale5 lor indicators of potential bias. Thero are inherent limitalions in Ihtr audit procedures describod above. The more removed that laws and regulations are from financial Iransactions, the less likely it is that we would become awar6 of non-compliance. Auditing standards also Ilmil the audit procedure$ required to identify non.¢ompliance with laws and regulations lo enquiry tsf directors and other management and the inspection of regulatory and legal correspondence. if any. The risk of not detecting a material misstalemenl resulllng from fraud is higher than on8 resumirig from error, as fraud may invO￿e ￿llUsIon, foigery, inténtional omissions, misrepresentations. orthe cverride of inlemal control. THE VISIONARY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED TO THE TRUSTEES OF THE VISIONARY CHARITABLE TRUST A further descriplion of our responsibilf(ies is available on the Finan¢ial Reportlng Councl's website al.. hllp$.'Il www.frc.org.ukjauditorsresponsibili1￿. This description fomis part of our auditorfs report. ¢)ther matt•r8 Your attenllon is drawn to fact that the charty has prepared financial slalements in accord8n¢e wlth-Accounting and Reporting by Charrties.. S181ement of Recommendgd Practice appli¢abl8 lo charities preparing their accounts in acojrdance with tha Financial R¢pc*rbng Standard applicable in the UK and Republi¢ ol Ireland IFRS 102}" las am¢nd8dl in preference to the A¢¢outh"n9 and RepDrting by Charitie5'. Ststtrment of Recommended Practice issued on 1 April 21YJ5 whlth is referred lo in thg extant regulalk*ns bul has now withdrawn. This has b88n done in order for the finanual statements lo provide a true and fair view in a¢¢ordance ￿th wrrent Gènerally Accepted ArKounting Practrce. Us• of our report Thi5 report is made solety lo the charitls trustees, as a body, in accordance wf(h Part 4 of the Charities (Attounl$ and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charty's Irusteos those matters we ar¥ r8quired lo state to them in an auditor's report and for no other piirpo$8. To the full&$t extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the tharity's tw$l8es as a body, for ow audit WOTk, for this report. txfor the opinions we have I0￿ed. Gary Woodall FCCA IS•nior Ststutory Auditor) For and on ￿half0f ChampionAccountants LLP, StatutoryAudilor Charteieil Accountants 1 Worsley Court Hwh Street Jrsley Manchester M28 3NJ 13 May 2025 Champion Accountants LLP is eligible for appointment as 8uditoT of Ihe charitable trust by vlrtue of its eligibility for appoinlmant as auth.loi of a ￿rnpanY under section 1212 of tha Companies Act 2006. THE VISIONARY CHARITABLE TRUST BALANCE SHEET AS AT 5 OCTOBER 2024 2024 2023 Notes Cwrrnnt *$s*ts Debtors Investments Ca8h al b￿k and in hand 12 13 777.799 3.746.316 349.469 428.480 3,223,810 904,507 4.873,584 4,558,803 Cr•ilitorn: amounts falllng duo wlthln one yoar 14 (5,1W) {4,8001 Net current as¥ets 4.868.424 4.552,003 Th• funds of th¢ ehaiitable trusl unresln.cted fund$ 15 4.868,424 4.552.003 4.868.424 4.552,003 The fin￿￿la1 statements were approved by the trustees on 13 May 2025 N Halvers Trustee THE VISIONARY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 OCTOBER 2024 Unrnstrlct•d fund¥5 2024 Unrn¥ldct•d funds 2023 Not•s Incomg from: Donations and ￿a¢re5 Investments 5,162 419,182 9,394 393.696 Totsl In¢om 424,344 403.090 Expendllure on: Charitable actimltes 107,923 97.302 Totsl expendlture 107,923 97,302 Not in¢omè and movement in fund¥ 310,421 305,788 Roconclllation of funds: Fund balan￿$ at 6 October 2023 4,552.003 4,246.215 Fund b8l•nces at S octob￿ 2024 4,868.424 4,552.003 The statement of financial actimties indudes all gains aTrJ losses r8cognise The unrest￿ted funds ofthe ¢harity comprise the unexpended balances ol donations and grants which are not subject to 5peciffic condth'ons by donors and grantor$ as to how they may be used. These include designated funds wlyth have been set asid8 OLbt ol unrestricted funds by the trustees for specific purpos0$. ResouYc•$ At 5 Octobgr exponded 2024 At 6 October 2023 Incomlny resource$ General funds 4.552,003 424.344 1107,923) 4,868,424 Prgylous year: At 6 October Incomh)g 2022 rnSOUTce¥ R9soU￿¥S At S October •xpended 2023 Get*Tal funds 4,246,215 403,090 (97,3021 4.552,003 16 R￿ated party transaclions Durfng thg year, Capitala Private Offiea Ltd, a tt*mpany rL*ntre4led by a member of the bowd of trust88s, gifted £5,16012023.. £9,144) to the tWSt. 13- THE VISIONARY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2024 17 Cash abtsorbod by 0￿ratIOns 2024 2023 Surplus forthe year 316,421 305.788 AdJustm•nts for. Investment incom8 recognised in ststemenl of f￿an￿al aciNib'8s {419.1821 1393,696) Mov•m•nts In working ¢•pltal: Ilncreasel in debltsrs Increasejldecreasel in cr8diior$ {349,319} 360 1284,4851 11,2001 Ca¥h absorbod by op•rations 1451,720) (373.5931 18 Analy¥ii of ¢hanges in net funds The ch8ntab18 trust had no material debt during the year. -14-