Charfty gIstratIOn numbor 1192662 IEngland and W*Eesl THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2025
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) LEGAL AND ADpaiNISTRATIVE INFORMATION Trustees A Pilalia A Pitalia R Gris¢wotrY Charlty numb•r 1192652 prtnclpal address 25 Chorfey New Road Boslon Greater Manchester BL14QR AudltOT ChampicnAccountarts LLP I Worsty Court High Street Worsley M8n¢hester M28 3NJ Sollclti Galeley Ship C8nal Houso 98 King Street Manckester M2 4WU
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) CONTENTS Pag• Tru5tees' report Slalemert ol trustees, ffjsponslbilKies Independenl auditofs repNt Statemerl of financial adivitk%S Balance $Iet Slatement ol ¢ash flthvs Notes to the finanual stslem¢nts 10-15
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) TRUSTEES. REPORT FOR THE YEAR ENDED 5 OCTOBER 2025 The Iruslees present Ih?ir annual ieport ftnandal statements the year ended S October 2025. The finanual ststemenl8 have been prePad in aceordance with the •CCOLmlir@ polic8 set out In ncle 1 to the nancial statements and eornply wrth the tharrfabfe Irusl's DecF8ration of Trust. the Chartknes Act 2011 and "AccounlirvJ ¥n(F Rewrting by Charith?s.' Ststement Df ReCMMended Pwb¢e applic8L4e lo charities prepariThJ their counts in accordance with the FThrKial ReyJrtin9 Standard applicable ¥1 the UK and Republic ol IreL8nd IFRS 1021. leff8¢ts've 1 January 2019). Obl•ctlvo5 and athlUo$ The trustees have paid due ieg8fd lo gUidCe issued by fv Charity Ctrfnmison In deciding what Bclivitles 11 chaiitable trust shtyjld und•tske. TVCT vra$ establiBtted in 2019 and alihwgh there are no resirictions in tern ol how funds can be gfted, Ihe tharity ams lo ¥upwt 8 nL•Mber of worthy wses ofwhich many Mll bè focwed on restoring sight and heathcare. Achievements p•rfornianc• It is a pleasu lo present our 8nn(wl feport. During the year. TVCT have made a numbei ol donat15 to support ¢au8e8 8¢rc6s the world in¢Iling a substsntial donation to Ihe round lable IrKlia twsl in ¢xleT lo help support ¢twity to tsId S1 dassrooms (IsadVed areas of India. Flnan¢l41 r•vl•w During Ihe period, TVCT re¢eNed £387.671 in relum on irkveslmenls. TVCT have provlded grants of £10.799 to Causes across the wcd. Plans for lutur• P•flod8 As we look foward to the coming months and years. we are exploring we can assist in 8chevéng one of tsjr many mutual obJe¢ti¥e$ in helping lo rÈstorè eyesight in thlrd world countrtes. We wlll continue lo donate to other causes across Ihe world which the truslee$ deem fo aliw th our obJ"eciNe$. Stnr¢luYe, yov¢rnance attd management The Visionary Charilabte Trust ITVCTI ts 8 noTrexempt chartty govemed by a Declaration of dated 17 September 2019. AII TVGT investrnents were managed by the trustees durin9 the period and the irnslèes have reviewed all iisks surrounding ihe invtrslments. The Trustees have due regard to the gu¢¢JBnce published by the Chatiiies Commis5ipn regardin9 pu1¢ benefft. The Trustees are responsible for the investment Strategy and thslribulion of tyn(Is. Lhje reg¥rd lo the aims aThJ obi'eGlives of the charity is con¥dered by IheTrusl¥es each time 8 YonAtlon 1$ made. The Irusteos who served dumg the year and lo Ihe date of signature of the fin8noal slatements were.. A Pitalia A Prtalia R Grisewood N Ha$on (Resigned 21 Apwil 20261 Trustees are nomtnated by the exi$i¥ig Trustees. Tlw retiTe by rolab'on every thiee years twl may offer themselves for revlion. Trustees are 8ppoinlod wth a v7ew to provMliThJ a variety of sktlls, culture. age and gender. New TTUStees are apyaised of the Phibsophy of the Trust and aTe issugd vAlh an in¢kJcllon folder whh indudes Ihe Chwity Commi55ion pUICatIs and guidan¢e. .None of the Iruslee5 has any beneficial inleresi in the trust. Al of trustees are membeT8 of the trust arwj guaianleg lo contribLrte £1 in thè event ol a winding up.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 The companV8 Cuffenl pollcy Concernlng the payment ol trade creditth5 is lo follow the CSI'$ Prorw Payer5 Code (copies are available from the CBI. Cèntrfj Point. 103 New Oxford Street. London K1A 10UI. The companys rrent policy conceming the payment oftrade creditors is to: • setue the terms of payment wlh SUPFlieT8 vA)en agreeing th8 terms of each transaction. enwre that SUberS ar& made aware ol the tems of p8yment by irtlusion of the relevont terms In ¢(1r0¢.. and pay in accordance wlh the trusys cknntractsjal aTrJ other legal c4)ligattMs. The Iru$lee5' report was approved by the Board of Tru$le•s. A Pitalia Trustse 28AugUSt 2026
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5 OCTOBER 2025 The trustees are responble for wep8rlng the Trustées. Rer and th• financial sialemenls in 8¢cordance with applicable law and Unrted Kingdom AttoL¢nling Standardg (United Klngdom Genernlty Aceeplett A¢¢ountiThJ Pre¢ti¢el. The 18w applicable lo ¢harities in EngL4nd and Vvales require$ the Iw¥tee$ 10 ppare fin8ncl81 slatemenls lor each finoncial year which give a true and lalf vlew of Ihe stsle ol affalrs of Ihtr charitable trust 8n¢ of the intt)ming re$ouTces Ind appliration of SoUrC•S of th& ¢harilablo trust f thal year. In preparing th8s8 finand#l $tatemerts. the trustees are reqLrfrod to.. . aelect 8Uit8ble ac¢ounting Folrae$ 8nd Ihen aFsly them ccThistenly' - observe the method¥ aNJ prin¢lples in Charities SORP.. - make lud9ements and esllmales that are re¥8on8ble pthd prudenl: . slats whether 8FWicable accounling standards have been follwd, subje¢t trj any materi81 departures di8dosed aThJ ewained in thè finarKOal staternonts,. and - prepare ihe financti?I ststemenls on the gohyj conwn basi$ unle85 It 1$ Inapwopriate lo pr8sun* that th• chanty will continue in owr8ti0n. The trustees responsitjle for keeping suffidenl accountin9 records that thsclose wilh fe&sonoble accura¢y al any time Ihe finanaal position of the charitable iru5t ar enable them to ensure th¥1 tIFe finartid statements compty wtth Ihe Charities Act 2011. thg Charity (Accounts and Reports) Re9ulalion$ 2008 and the pr¢visions of the Iw$t deed. They are alsts responsible foi safeguar(JiThJ the a55els of the ¢h8nlable trust and hence for taklng reasonable steps for the preventit)n and detectlon of fr8tJd 8nd other iThegularities. l•¥ applicable to charities in EThJlartl and IAèles reqUIS the trustees to prepare finano4al stalements for n81&1 year vA)i¢h give a Inte and lair view of the state of affairs of Ihe thgritable trust and of the incoming resource5 and spt¢8110n of r¥sourcfjs of the charil8tAe tru$l for that year. In pparIng these finanaal Statements. the trustees are required to: select suitable accounting policie5 and then apply them consistenlly,. - observe the methods and principles in the charils SORP,. - makejudgements 8TrJ eSMateS thal are reasonable arkd prud•nL - state whether applicable accounting Standards have been folk%ved. yjbject to any material dep8rtufes disd03ed and explained in the financial statsmenls.. aTr - prepare the financial statements on Ihe grAng ¢oncem basis unless il is inapproprtata to presume thal the charlty 11 continu8 in Operatn. The twslees awe re$pon$iblo for k••ping Suffic1 a¢¢ounling records that disclose reasonable ac¢uracy 818ny time the finanual posllion of the charilable trust and enable them lo ensure that the financial stslements comply Mth the Charilies Acl 2011. the Charity (A¢Unts and Reports) Regulallon$ 2008 and Ihe provisians of the tW5t deed. They are also respon$ible for safeguarthng Ihe assets of the charitable tll1 and hence for taking asonable steps for the pventiOn and dete¢iion of fraud and ¥)ther irregularitie&
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PITALIA CHARITABLE TRUST Oplnion We have audrted the financial $lalemenls of The Pilalia Charilable Tiusl Ilhe 'chariiable Irusl} for the year ended 5 October 2025 which comprise the stalement ot finan¢i81 a¢tivities, the balance sheel. the slatemenl ol cash and noles lo the financial Statemenls. including signlficant accountin9 poliues. The ffinancKqI reFortin9 framework that has been appld in Iheif pparatIOn is applicable law and United Kirodom A¢countir Stsndard8, induding Fm8ncial Reporting Slandard 102 The Fin8rtcial Reporting Standard 8ppli¢&ble in the UK and Republic of Ireland (United Kingdom G•n•ralIyAPIedACc{xJn1I)g Practs'ce). In our opinbn, the finanpal slalements.. gfve a true and faif view of the stale of the tharity's 8ffaFrs a$ at S October 2025 and of Its knMIng resources application of r8$ources, for the year then ended., have been proF¢rly prepared In accordance with United Klngdom Generally Accepted A¢countirrfJ Practice; have pyepared n accordKe with the CharifRsAd 2011. Basts for oplnlon conducted OLtr audlt in accordw¢ wth Intemalv)nal Standards on Auditing (UK) IISAS (UKI) and applicalAe law. Our rnsponsibililies under Ihose stsndards are ftirther described in the Au¢loPs SpOnsibS lorlhe gudh ol the final slalements secti¢)n ol ouf report. We a independent of Ihg charitable trust in accordance wilh tha ethlcal iequiremenls thal are rekvant lo our audit of the fjnan¢i81 statements in th& UK. including the FRC'S Ethical Standard. 8nd we have fulfilled our other etMcal responwbilitie5 In accordance ¥th these requirements. believe thal the audit evidence we have obtained is suffirAenl and appropriate lo provide a basis for QLX opinion. Con¢lu8lon8 relatlng to golng concern In audiling the financtal ststeménls, we have ecrtlvded that the truslee$' use of Ihe going corKem basis of accomling in th8 prepwation ofthe lknancial 5tatefflents 15 appropriate. 88sed on the ¥Tk we have performed, we hove not Idenlthed any material uncertswrties relatiryJ to events or o)ndiiions that, indiwdually or collectivèly. may ¢8st significanl doubt on the chanlable trust's akn'lity to continue as going concem for a Feriod of Mt leasl fvAve months from vthen the financtal ststeffnts ore aulhorised for Issue. Our responsi"1.es and the respsIbIlItIeS of Ihe tntstees with respect lo going concem a desuibed In th rele¥anl sectlons of Ihls ieport. Other Infomiayon other informatlon comwises the infomiation in¢kK1ed in the annual ieport other the fina185 8tstgments ar our auditorfs report the¥eon. The tyustees are respontsile for the olher infom7atit contained wllhin the annual report. Our opinion on Ihe fina1 statements d¢)es not eover Ihe other infrna and we do not èxpress any form of assurance conduslon thereon. Our Te¥)onsibtlty is to read rhe other inforniation and. in doing so, consider whether the other infomgtion is materially inconsistgnl with 1he financial st¥lem&nts or ¢)ur knovAedg8 obtained in the course of the audit, OT olherv•ise appears lo be materially misstated. 11 we Klentsfy such material inconsistencles or 8pparent material misstatements. we are fequired to determine VAther this gives lo a material misstatement Ihe finatxial statements Ihemstslves. If. based on the work we have performed, we wclude thal there 1$ a materk?I mi55tatemenl of this other information. we ara required lo report that fact have n(thing lo report In Ihls regard. Matters on whleh wg ar• r•qulr•d to report ty excoptlon have nothing lo report in respect of the followlng matters in latIon lo lch the Chariiies (Accounts and Rewtsl Regulations 2008 rqi•r¥$ us lo report to if, In our opinion-. the Inloimalion given in the financial stalements 15 ino)nsislenl in arty material respect vlth ihé trn181eeg' reF(Jrt.' o suffiaent accounling records have not been kept,. or Ihe financial stalemenls are nol in agreement with the accounlng records-, or we ha noi received all the informat)n and explanations we require for our 8udit.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PITALIA CHARITABLE TRUST Respon8ibllities ol tnMte¢s As explalned more fulty in the stolement of Irustee3' responsibfjlrties, the Iruslee5 Ère respcfisit4e for tho preparation of thè fin8naal stalements and foi beiryJ satisfied that Ihey give a true and tslr vigw, and for SL4ch inlefnal ntrol as ihe truste8s deteimine is necessary to enable the preparation ol finandal stslements that are free Irom Mat181 misstatement. sthether due to fraud or error. In preparing the financAal 5tstements, the Irusl$¥$ are responsible for as69SSing the ¢harilable trust's ability lo conllnue 88 a goin9 Corern. disdosing, 8$ applicable, mattefs rèl*ied lo going concem and using tho going concern basi¥ Of attounting unkss the Irustses either inleTrJ to cease operation8. or havè no realistic 8NeTnth've bul lo do so. Audltovs rg$pon8lblllt4•s for the audlt of th• flngnclal statements We have been appointed as audltor undor $e¢tion 144 of the CharilwAcl 2011 and POrt in accordance wth Ihe Act and relevanl regulations made or having effect Ihereunder. 0 obÈectlve$ a to obtain f8asonabl& a8SUTance èt4)ul whether the finanrial statements as a are free from malerial mis5talernenl. whether due to fraud or error. and lo sue an audilorfs rep)rt that include5 our opinion. Reag)nable assurance is a high level ol assurance bul 1$ not a guawlee that an wdit conducted in accordance vilh ISAS IUK) wll aayS detect a materi¥l mis$181emenl when it exists. Misslatements ¢an arise from fraud error and 8re consldered materlal il. individually or in the aggregalg. they cwld reasonabty be expected lo inlluence the eccfftomic decisions ol us4rs tsken on Ihe basis of Ihese fin8n¢ial ststfjmants. The exlenl to whtch our procedures are capabkn of delectKig irregularities, in¢ludwig fraud. is (letailed beltrrt. As part ofour Fdanning proce - We enquired ol mana98m8nl Ihe systems and e£Jntro15 the company has in place, the aieas of the frtancial statements that are mostly suwptlble to the risk of iftegularities and fra[, and whglher theTe any known. Jspected or alleged fraud. The comp8ny did not inlorm l of any knovm. suspected or alleged fraud. - We obtained an undefStar1ng of the kgal and ragulatory framework8 ar1¢able lo the cLvMp8ny. detemiintrj that follw.ng were most relevant,. FRS 102 ¥rKI the Charities Act 2011. - We Considered the incentives and opporlunilies that exlst In Ihe twst, induding Ihe extent of management bia which presenl a potential for irregularitPs and fraud to be perpetuated. and tailored our risk asse5srnent ac£oFdingly. Using our knowledge of the Iw81. 10gelheT wilh the discusOn$ held th the Irustges at Ihe plannirrfj stage. formed a conclusion on the risk of misslotemenl due to irregularities including fraud and tailored procedures a¢¢oiding to this risk assessment. In response to the risk of ifregularilies and nonknconwiance with laws i•gulalions. induding ffaud, we de$wId procedure5 which induded." - Enquiry of management and those charged wah gOV•mCe around actual ar¥J potential littqaticn dain8 88 well as 8Ctual. $uspg(aed and alteged fraud.. Reviewing minutes of meetings of Ihose charged with governance- - Assessing ihe exlenl tsf ¢omplianc? wilh the laws and reguLqtions con5idefed lo have * threct merIal effect on the Ibnancial statements or the opefallon$ of the entity through enquiry and in$pe¢tion.' Reviewing Iinan¢Tral statement di$dosur8s and testiThJ to supporting documentat to assess corn13n¢e wlth applicable law5 and regulallons.. Perfomiing oudit work over the rfsk ol management bias and override of ¢onlrol$, in¢luding tésting of joumal •ntrias and other adjustments fof approprlalenè$$, ev¥luating the business rationalè ol stgnificant transactions outside the normal course of lsinesS and rgvw¥)g 8¢counllng esllm•tes fvr indic•t¢)rs of potgntial bias. There 8re inherent limilalionB in the audf( pTocedures de5¢ribed above. The more removed that laws and reyulations we from financial transaclKbns, the less likely Il is that would become aware of notFccfflpliance. Audlling stsndards Also limit the audrt pro¢tdures required to idenity Thjn-compliance with lawB and regulatlons lo enqulry of the dire¢Xors and olhor management and the inspection ol regulatory and legal CorreSF#)ndee. il any. The risk ol rKJt detecting a material mi$slateml re$ulling from fvaud is higher than one resulling from error, as fraucs may involve colfu$on. forgery. Intentnal omissions. misrepresentalions, or the override of inletnal ¢onlrol.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE PITALIA CHARITABLE TRUST A further description of our resFonsibilities Is èvailable on the Flnancial Reporting Cwncil's webslte al.. https'jl ww.hr.Ofg.uklaudii¢rsrp$ponsibilrties. This de8cr(ption fomis part of our audiiofs report. othgr matte¥s Your atte¥)lion Is drawn to the fact that Ihe charity has prepared ffinancial siatements in accordance wtlh'Accounllng oThJ Reportlng by Charities.. Statèmènt ol Re¢omrnended Practice applicable lo charib'es preparing their accounts in accordance w7th the Fo1¥nal Rep)riing Standard applicable In the UK and Republic of Ireland (FRS 1021" la5 amended) in Preference to Ihe Accountirbg and Reporting by Charilles.. Slatement of Recommended PraetO¢e issued 1 Awil 2005 whiGh is refeNed lo In the exianl regulabons bul has now been wlhdrawn. Ttits hay been done In order for Ihe ffinanci81 slatements io provkle a twe and faw view in accordance Current Generally A¢¢epted AcMLrting Practice Usè of our report Thls reF¢)rt is made solely to Ihe c*arity'$ Iruslees, as a body, in oceordanee with Part 4 of Ihe ch8rf1S (Accour Reports) Regulations 2CQ8. Our audit vK)rk has been undertaken so that we mlght stale to Ihe charity's trustees lose matters we are required lo $1ote lo them in an auditoT'S rep)rt and for no olher purpose. To the fullest extent pemlitted by law, we do not accept or assume reSnSibIlity to anyone othef than the chanty and the ch8rity's truslees as a body, for our audit work. for this report, or for the OnIn$ we hov• fomed. Ch8mplon ACCOtants LLP. Sl8bJory Auditor Chartèred Accountants 1 Kthley Court High Str88t Worsley Manchester M28 3NJ 28 ALpJusI 2026 champi Accountants LLP is eligit4e lor appointment as audilor of Ihe charilabte trust by virtu8 01 its eligitllity f¢¢ appointment 8$ oudilor ol a eomp8ny under section 1212 ofthe Ceffjp4nie$ Act 20(.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 OCTOBER 2025 Ullr8strlGt•d funds 2025 Unrestri¢t•d lunds 2024 Nots8 Income from: Don81ion5 an¢J legaryes In¥eslmenl$ 7.734 369.385 5,182 419,182 Total In¢om• 377.119 424,344 Expendlture on: Charitsbltr activil 20,728 107,923 Total •xp•nditure 20.728 107,923 Net Income and movement In fvnd$ 356.391 316.421 RKon¢lllatlon of fvnd¥: Fund balances al 6 Odot)w 2024 4,868.424 4.552.003 Fund balJn¢•s at 5 October 2025 5.224.815 4.8.424 The statement of financial activrlies Sncludes all gair 8nd losses reCog5ed in the year. PJI income and expenditure derlvg from contiNing activities.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) BALANCE SHEET ASAT5 OCTOBER 2025 2025 2024 Nots Current assets Debiors Investments Cash al bank arxt In hwd 12 13 548.639 1.278.789 3,404.547 777,799 3.746.316 349,469 5,229.975 4,873.584 Credllovs: amoynts folllng due wlthln on• y•ar 14 15.160) 15.160} Net currnnt assgts 5.224.815 4.868.424 The funds of th• ¢h•rftable tru¥t Unrestrictod fur¥Js 15 5.224.815 4.86e.424 5.224.815 4.868,424 The fi1•1 stalements were appr¢)¥ed by the IFUStees on 28Augl 2026 A Pitalia Trustee
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 OCTOBER 2025 2026 2024 Notss Cash flts from opfrratlng actlvltle¥ C8$h generated fromllabsorbed by) operations 17 218.166 1451,7201 Inv•stlng a¢lfvltl•s rchase of investmen15 Proceeds from disposal ol Investments Investment riCe Tecer¥ed 1522,500) 2,467,527 369,38S 419.182 N•t 9eneraled fromllused Inl Investlng actlvttlas 2,836.912 1103.318} Nèt cash generaled from flnanclng a¢tlvltl• Net Increasel(decwe8sel In cash and tash equlvaltnts 3.055.078 1555,038) Cash and cash equiv8lenl$ at be'nniTha of ye 349.469 904.507 Cash and cash oquSvlents at end of yer 3.404.547 349.469
THE PITALIA CHARITABLE TRUST {FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 OCTOBER 2025 A¢¢ounllng pollcles Chèrity Inlorniatlon The Pitalia Chaiitablg Trusl is •n tsnlncorporated charity. 1.1 8•81$ of prop1raOn The financial statements h8ve bèen pPared In accordance with the charilable trust's tru51 deed. the Charities Act 2011. FRS 102 Yhe Flnanaal Reporting Standard appl¢able in the UK and RepublTc of lfyland. I'FRS 102.1 and the Charities SORP 'Accounling and Reporting by Charitie$'. Stalgm&nt ol Recommended Practice applicable lo charities preparing Iheir accounts in ac¢or¢Jance wtth tte Financial Reportlng Stand8rd applible in the UK and Republc of Irekgnd IFRS 1021" (effective l January 20191. The tharitable trust Is a Public Benefit Entty 88 defined by FRS 102. The finaKlal slatemenls have dep8rted from the Chariknes lAcnIS and Reports) RegLlalbns 2008 onty to the extent required to provide a Iiue 8TrJ fair view. This dep8rture has involved follo5n9 the Stslement Df Remmended Practice for charili¢s apYing FRS 102 father Ihan th8 verOn of the Statement of Recommended Practiee whi¢h ts referred lo in the Rè9ulations but ¥thh ha8 since been wthdrnwrL The financial slalements are pwared in stertlng, whieh 1$ fvnciional ojrrery of the clw¢table Irusl. Monetary arunIS in thes8 financial statements a rounded to the nearest £. The financial $lat8m8nts have been pryarad uncler the fv'storical cost convention. Tho principl aecounting policies 8dopted are set OLrt below 1.2 Going Al the lime of aw)ioving Ihe financial statements. the Irtsslees have a reasonable expectation Ihal the charitable liust has adequate resources to conlh)ue fn operalional exislenoe for the foresee8ble ture. Thus the trustees corfinue lo Jdopl the going concem b8si$ of ac¢ounling in preparing the financial statements. 1.3 Charftable lunds Unrestricted funds are avallabte fov use al the dOscrelK)n of the trustees in furthorance ol their chaiiiable ciedlve8. 1.4 Incomg 1me Is fect)gniged when thè ch8ritsble trust 15 legally entitled to it after arby perlormance condrfion$ have been mel. the amounts can be mea5uied reliably, and It is prot>able thal income will be received. Cash donations are f¢cognised on IelP1. Other donations are recognised once the Charitab trust has been )tified of the donatlon. unless Ferfomance conditions requ delerral of the amount. IruKne tax re¢overable relth'on to donaIN6 recetved under Gift Aid or deeds of coven8nl is ¥ecognised at tl t+me of the donation. Legaty¢$ are reeogni5ed on re¢eipl or olhemse if the charitable trust has been notified of an imF¢nding dislfibullon. the amount is known. and receipt is expectèd. 11 the 8mounl is n¢1 known. the leg8Cy is tre818d a8 a contingent assèt. 10.
THE PITALIA CHARITABLE TRUST IFORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 A¢countlng polkles IContInu} 1.$ Exp•ndltur• Expenditure Is recognised orte there is a legal or conslwcliv¥ obligation to Iran51er economic benellt tQ 8 third party. il is probabL• Ihal 8 transfer of economic benefits wll be requlred in settlement, ana the amount of the obligètion can be me88ured lIabty. Expenditure is classified by adivity. The costs of e8ch aCtty are made up of the total of di1 cosls and shared costs. inclufthng support cjsls Invoed in undertaking each activity. Direct costs attributatle to 4 sing actlvty are allcealed diredly to Ihal 3cti¥ty. Shared costs which contribute to more than one ath.vily and styport costs are Tr)1 attribul8ble lo a single activity are apportioned befften thts¥o a¢bvities on a basls consK81gnt wth the use ol resources. Central stafl costs are allocated on the basis ol time spent, 8nd deprecialion charges are •llo¢aled on Ihe wtion of Ihe asset's use. 1.6 C•gh and cash equl¥al•nts Cash and cash eqLHvalents include cash in hawKI. deposits held al ¢811 wth banks. Othei short-temi 14quld investments wllh orKdinal M3nI1eS of three months or less. and bank overdrafts. Bank overdrafts are shown thin borrowrvJ5 in current fiakn'libes. 1.7 Fln•n¢l•l In$trvments The ¢haritsble twsl ha5 ele¢led to appty the provisions of Seciion 11 'B8sic Ftnancial Instrun&nts' Sectton 12 'Otr Fina11 Inslrumenls Issues. of FRS 102 to all of its financial inslrumw)ts Fina[8[ instruments a recognised Sn thg charitable trusl'5 balan sheet vthen Ihg Laritable tr1 becomes Party to the contractual provl$•)ns of the inslrumenl. Financial assets gTrJ li?tilitie8 are offseL wtth Ihe nel amounts Pfes&nted in the Ilw)aal statements. wh there is a leg8lFy enforceable right lo sel off the recogni5ed amount$ and there is an Intention to sottle on a basis or to reali5e the asset and Sett the liabilty simultanèously. 8asi¢ fJnan¢lalassets Bask financial assets. whkh indude debtor$ 8nd cash and bank b318n¢es, are inili8lly measLÈred transaction Fffice induding tTansion ¢osts and are subsequently carried al amortised c1 using the eftective interest method unless Ihe arrangemenl constilthes a financing transaclK)n. where the tfansa¢tion is measured al Ihe wesent value ol the Itrture receipts discounted al a market rate of tere$L FinarKial assets classffied as receNai ce year are not amortlsed. crftlcal a¢¢ovntlng estimates and Judg¢ments In the appIat)n DI the ¢haiiiable twsl ar£ounting policiès. the trustees are requtred to make jLMJgements. estimates and assumplu)ns about the crying amount ol assets and liabllities that are not readily 4)parent from other Sources. The ests"males and associated assumptions #re based on histortcal eXperiere and other factors that are cortsidered lo be relevant. A¢aual results may (lifler from these estlmes. The eslimales and uThJerlying a$sptIOnS are reviewed on an ongoing b88is Remsions to o¢¢ounting estimates are cOgnISed In the period In vA)ich the eslimate is revised vthere the revision affeLts lY thal perJd. or in Ihe period ol the revison and firture periods where the rewsion affects boih current 8nd future perks. 11
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 In¢omg from donatlons and l•gacies Unr•strlct•d funds 2025 UDr¢strlct•d lunds 2024 Donations and gits 7,734 5,162 Income fmm Inv¢stm•nts Unmtrlcted Unrestricted funds ds 2025 2024 Interest receivable 369.385 419.182 Expgndl¢ur• on CharIt•b actlvliies Grants awardèd 2026 Grants award 2024 Dlr•¢t costs Grarrts awarded 10.793 32.539 Share of stspport and governance Gostslsge nrtè 11 Governance 9,929 7S.384 20.728 107.923 Analysi5 by lu Unreslrtcted funds 20.728 107,923 Support ¢08ts allocatsd to a¢tlvlti 2025 2024 Govemance ecAts 9,929 75.384 alysed betwo•n: Grants awarded 9,929 75,384 12-
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 Support ¢08ts allocated to actNitI Iconllnuedl 2025 2024 Gov•rnancfr Costs comprfje: ALNJil fee$ Legal and prOfesOnal 6.540 4.800 720 11S 3,274 Investht management 89.884 9.929 75.384 The govem8nce costs resulted in monies generated for charilaNe PLwses of £387,671 (2024.. £419,182 }. Net movement In funds 2025 2024 The net movement in fL is stale(l after chargine111ngl.' Fees payable forlh& audit of Ihe tharity's finanrA81 sMeThts 6,540 4.800 Trust¢•$ Nor of the Iwstees (or any persons cthinecled wrfh Iheml 1Ved any remuneration ot berEfllG from charitable trust during the year. Employe¢$ The aver8ge monlhty number of employees dn9 tr year wa 202S Number 2024 Number Total There were no employ5 whose nUal iemuneralion was more than £60.000. Remuneratlon of kèy managoment p•rsonnel The remuneialion of k&y managemgnt personnel for the y?ar was nil 12024'nil) 10 Taxttloh The charKy is extmpt from laxalion on its actNilles becaLtse am ils income is apKAied for tharitable pu$8$. 13.
THE PITALIA CHARITABLE TRUST (FORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 11 Flnanclèl Instmmonts 2025 2024 Carrylng amount of Ilnanclal assets InslrLwnent$ measured al fair value fvough profft or ths 1.278,789 3.746,316 12 Dèbtorn 2025 2024 Amounts lalllng due wlthln one y•aT: Other debtors 546.839 777,799 13 Current •8$•t Snv•stments 2025 2024 Unlisted investments 1278.789 3,716,316 14 Cveditorn: amounts fa115ng du• wh1th on• y•T 2025 2024 Accuals 5,160 5.160 IS Unrnstrkted funds The unre5tri¢ted fL¢nds of the charity comprise the unexpended balances of dortation8 and grants which are nol subieci to speafic condition5 by donors gfanlors as to how they may be usefj. These include de*gnale(I funds which have begn set aside out ol unre51ricted furKls by Iwsleès for speafic purpK%es Al 6 Octobgr Incofftlng 2024 r•sou Resourcos At 5 October expended 2025 G¢neral fijnds 4.868.424 377,119 120,728) 5.224,815 Pr¢vlous year.. At $ O¢tobor 2023 Incomlng r•wurces Resour¢•s Al S October èxpended 2024 GpngTal fvnd5 4,552.003 424.344 1107,9231 4.866.424 16 Relètsd paity trans•¢tlon$ Duriro the year, Capilalia Privaie Office Ltd. a company conlfdled by o memter of Ihe bo8rd of bw$tg85. gifted £5,27512024.' £5,180) lo the twst. 14_
THE PITALIA CHARITABLE TRUST IFORMERLY KNOWN AS THE VISIONARY CHARITABLE TRUST) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 OCTOBER 2025 17 Cash oenernted fmmmabsorbed by) operjtlons 202S 2024 SuWu8 forthe ye8r 356,391 316,421 Adluslments fof: Investment Income recognised In statement of fin¢181 actfvitles 1369.3851 {419,1821 Movements In worklng capltal: D8crea8ellMicre8se) in debtors IDectease)fincrease in creditors 231.160 (349,3191 360 Cash gen•rated frornllabsortRd by) opvtalions 218.1e6 1451.720) 18 Analysls of changes In net funds The ¢h•ritabJ¢ Iwst had no mat*ial debt durirwj the year. 15-