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 $I￿et
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 prePa￿d in aceordance with the •CCOLmlir@ polic￿8 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 ReC￿MMended 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 gUid￿Ce issued by fv Charity Ctrfnmis*on 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 donat1￿5 to support ¢au8e8 8¢rc6s the world in¢I￿ling a substsntial
donation to Ihe round lable IrKlia twsl in ¢xleT lo help support ¢twity to ts￿Id S￿￿￿1 dassrooms
(IsadV￿ed 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 wc*d.
Plans for lutur• P•flod8
As we look foward to the coming months and years. we are exploring we can assist in 8ch*evéng 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$.
Stnr¢luYe, yov¢rnance attd management
The Visionary Charilabte Trust ITVCTI ts 8 noTrexempt chartty govemed by a Declaration of dated 17
September 2019. AII TVGT investrnents were managed by the trustees durin9 the period and the irnslèes have
reviewed all iisks surrounding ihe invtrslments. The Trustees have due regard to the gu¢¢JBnce published by the
Chatiiies Commis5ipn regardin9 pu￿1¢ benefft.
The Trustees are responsible for the investment Strategy and thslribulion of tyn(Is. Lhje reg¥rd lo the aims aThJ
obi'eGlives of the charity is con¥dered by IheTrusl¥es each time 8 *YonAtlon 1$ 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 rev*lion.
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 wh*h indudes
Ihe Chwity Commi55ion pU￿ICatI￿s 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 SU￿berS 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 respon￿ble 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 p￿pare 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$t deed.
They are alsts responsible foi safeguar(JiThJ the a55els of the ¢h8nlable trust and hence for taklng reasonable steps
for the preventit)n and detectlon of fr8tJd 8nd other iThegularities.
l•¥ applicable to charities in EThJlartl and IAèles reqUI￿S the trustees to prepare finano4al stalements for
￿n8￿1&1 year vA)i¢h give a Inte and lair view of the state of affairs of Ihe thgritable trust and of the incoming
resource5 and sp￿t¢8110n of r¥sourcfjs of the charil8tAe tru$l for that year.
In p￿parIng these finanaal Statements. the trustees are required to:
select suitable accounting policie5 and then apply them consistenlly,.
- observe the methods and principles in the charil￿s SORP,.
- makejudgements 8TrJ eS￿MateS 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 Operat￿n.
The twslees awe re$pon$iblo for k••ping Suffic￿￿1 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 tll￿1 and hence for taking ￿asonable steps
for the p￿ventiOn 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 $lalemenls of The Pilalia Charilable Tiusl Ilhe 'chariiable Irusl} for the year ended 5
October 2025 which comprise the stalement ot finan¢i81 a¢tivities, the balance sheel. the slatemenl ol cash
and noles lo the financial Statemenls. including signlficant accountin9 poliues. The ffinancKqI reFortin9 framework
that has been appl￿d in Iheif p￿paratIOn is applicable law and United Kirodom A¢countir￿ Stsndard8, induding
Fm8ncial Reporting Slandard 102 The Fin8rtcial Reporting Standard 8ppli¢&ble in the UK and Republic of Ireland
(United Kingdom G•n•ralIyA￿PIedACc{xJn1I)g Practs'ce).
In our opinbn, the finanpal slalements..
gfve a true and faif view of the stale of the tharity's 8ffaFrs a$ at S October 2025 and of Its kn￿MIng resources
application of r8$ources, for the year then ended.,
have been proF¢rly prepared In accordance with United Klngdom Generally Accepted A¢countirrfJ Practice;
have pyepared n accord*Ke with the CharifRsAd 2011.
Basts for oplnlon
conducted OLtr audlt in accordw￿¢ wth Intemalv)nal Standards on Auditing (UK) IISAS (UKI) and applicalAe
law. Our rnsponsibililies under Ihose stsndards are ftirther described in the Au¢*loPs ￿SpOnsib￿￿￿S lorlhe gudh ol
the fin￿al slalements secti¢)n ol ouf report. We a￿ independent of Ihg charitable trust in accordance wilh tha
ethlcal iequiremenls thal are rekvant lo our audit of the fjnan¢i81 statements in th& UK. including the FRC'S Ethical
Standard. 8nd we have fulfilled our other etMcal responwbilitie5 In accordance ¥￿th these requirements. ￿ believe
thal the audit evidence we have obtained is suffirAenl and appropriate lo provide a basis for QLX opinion.
Con¢lu8lon8 relatlng to golng concern
In audiling the financtal ststeménls, we have ecrtlvded that the truslee$' 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 ststeff￿nts ore aulhorised for Issue.
Our responsi￿"1￿.es and the resp￿sIbIlItIeS 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 fina￿185 8tstgments
ar￿ our auditorfs report the¥eon. The tyustees are respontsil￿e for the olher infom7atit￿ contained wllhin the annual
report. Our opinion on Ihe fina￿1￿ statements d¢)es not eover Ihe other inf￿rna￿ 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 VA￿ther 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 r*qi•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 Mat￿181
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 Cor￿ern. 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 a￿ayS detect a materi¥l mis$181emenl when it exists. Misslatements ¢an arise from fraud
error and 8re consldered materlal il. individually or in the aggregalg. they cwld reasonabty be expected lo inlluence
the eccfftomic decisions ol us4rs tsken on Ihe basis of Ihese fin8n¢ial ststfjmants.
The exlenl to whtch our procedures are capabkn of delectKig irregularities, in¢ludwig fraud. is (letailed beltrrt.
As part ofour Fdanning proce
- We enquired ol mana98m8nl Ihe systems and e£Jntro15 the company has in place, the aieas of the frtancial
statements that are mostly suwptlble to the risk of iftegularities and fra[￿, and whglher theTe any known.
Jspected or alleged fraud. The comp8ny did not inlorm l￿ of any knovm. suspected or alleged fraud.
- We obtained an undefStar￿1ng of the kgal and ragulatory framework8 ar￿1¢able lo the cLvMp8ny. ￿ detemiintrj
that follw.ng were most relevant,. FRS 102 ¥rKI the Charities Act 2011.
- We Considered the incentives and opporlunilies that exlst In Ihe twst, induding Ihe extent of management bia
which presenl a potential for irregularitPs and fraud to be perpetuated. and tailored our risk asse5srnent
ac£oFdingly.
Using our knowledge of the Iw81. 10gelheT wilh the discus￿On$ 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$wI￿d
procedure5 which induded."
- Enquiry of management and those charged wah gOV•m￿Ce around actual ar¥J potential littqaticn dain8 88
well as 8Ctual. $uspg(aed and alteged fraud..
Reviewing minutes of meetings of Ihose charged with governance-
- Assessing ihe exlenl tsf ¢omplianc? wilh the laws and reguLqtions con5idefed lo have * threct m￿erIal effect on the
Ibnancial statements or the opefallon$ of the entity through enquiry and in$pe¢tion.'
Reviewing Iinan¢Tral statement di$dosur8s and testiThJ to supporting documentat￿￿ to assess corn￿13n¢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#)nde￿e. il any.
The risk ol rKJt detecting a material mi$slatem￿l re$ulling from fvaud is higher than one resulling from error, as
fraucs may involve colfu$on. forgery. Intent￿nal 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$ponsibilrties. This de8cr(ption fomis part of our audiiofs report.
othgr matte¥s
Your atte¥)lion Is drawn to the fact that Ihe charity has prepared ffinancial siatements in accordance wtlh'Accounllng
oThJ Reportlng by Charities.. Statèmènt ol Re¢omrnended Practice applicable lo charib'es preparing their accounts in
accordance w7th the Fo1¥n￿al Rep)riing Standard applicable In the UK and Republic of Ireland (FRS 1021" la5
amended) in Preference to Ihe Accountirbg and Reporting by Charilles.. Slatement of Recommended PraetO¢e issued
1 Awil 2005 whiGh is refeNed lo In the exianl regulabons bul has now been wlhdrawn.
Ttits hay been done In order for Ihe ffinanci81 slatements io provkle a twe and faw view in accordance Current
Generally A¢¢epted AcMLrting Practice
Usè of our report
Thls reF¢)rt is made solely to Ihe c*arity'$ Iruslees, as a body, in oceordanee with Part 4 of Ihe ch8rf1￿S (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 $1ote lo them in an auditoT'S rep)rt and for no olher purpose. To the fullest extent
pemlitted by law, we do not accept or assume reS￿nSibIlity to anyone othef than the chanty and the ch8rity's
truslees as a body, for our audit work. for this report, or for the O￿nI￿n$ we hov• fomed.
Ch8mplon ACCO￿tants 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 reCog￿5ed 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 fi￿1•1 stalements were appr¢)¥ed by the IFUStees on 28Aug￿l 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$h generated fromllabsorbed by)
operations
17
218.166
1451,7201
Inv•stlng a¢lfvltl•s
rchase of investmen15
Proceeds from disposal ol Investments
Investment riC￿e Tecer¥ed
1522,500)
2,467,527
369,38S
419.182
N•t 9eneraled fromllused Inl Investlng
actlvttlas
2,836.912
1103.318}
Nèt cash generaled from flnanclng a¢tlvltl•
Net Increasel(decwe8sel In cash and tash
equlvaltnts
3.055.078
1555,038)
Cash and cash equiv8lenl$ at be￿'nniTha of ye
349.469
904.507
Cash and cash oquSv*lents at end of ye*r
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 prop1ra￿On
The financial statements h8ve bèen p￿Pared 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$'. Stalgm&nt ol
Recommended Practice applicable lo charities preparing Iheir accounts in ac¢or¢Jance wtth tte Financial
Reportlng Stand8rd appli￿ble in the UK and Republc of Irekgnd IFRS 1021" (effective l January 20191. The
tharitable trust Is a Public Benefit Entty 88 defined by FRS 102.
The finaKlal slatemenls have dep8rted from the Chariknes lAc￿nIS and Reports) RegLlalbns 2008 onty to
the extent required to provide a Iiue 8TrJ fair view. This dep8rture has involved follo5￿n9 the Stslement Df
Re￿mmended Practice for charili¢s ap￿Ying FRS 102 father Ihan th8 ver￿On of the Statement of
Recommended Practiee whi¢h ts referred lo in the Rè9ulations but ¥th￿h ha8 since been wthdrnwrL
The financial slalements are pwared in stertlng, whieh 1$ fvnciional ojrrery of the clw¢table Irusl.
Monetary ar￿unIS 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
c*iedlve8.
1.4 Incomg
1￿me 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 I￿elP1. 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 donaIN￿6 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 aCt￿ty are made up of the total of di￿1 cosls and
shared costs. inclufthng support cjsls Invo￿ed 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 M3￿nI1eS 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$trvments
The ¢haritsble twsl ha5 ele¢led to appty the provisions of Seciion 11 'B8sic Ftnancial Instrun&nts' Sectton
12 'Ot￿r Fina￿1*1 Inslrumenls Issues. of FRS 102 to all of its financial inslrumw)ts
Fina￿[8[ instruments a￿ recognised Sn thg charitable trusl'5 balan￿ sheet vthen Ihg L*aritable tr￿1 becomes
Party to the contractual provl$•)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 tTans*ion ¢osts and are subsequently carried al amortised c￿1 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$L FinarKial assets
classffied as receNai* c￿e year are not amortlsed.
crftlcal a¢¢ovntlng estimates and Judg¢ments
In the appI￿at￿)n DI the ¢haiiiable twsl* ar£ounting policiès. the trustees are requtred to make jLMJgements.
estimates and assumplu)ns about the c*rying amount ol assets and liabllities that are not readily 4)parent
from other Sources. The ests"males and associated assumptions #re based on histortcal eXperier￿e and other
factors that are cortsidered lo be relevant. A¢aual results may (lifler from these estlm*es.
The eslimales and uThJerlying a$s￿ptIOnS 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
per*Jd. or in Ihe period ol the revison and firture periods where the rewsion affects boih current 8nd future
perk￿s.
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 prOfes￿Onal
6.540
4.800
720
11S
3,274
Investh￿t 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 chargin￿￿￿e1*11ngl.'
Fees payable forlh& audit of Ihe tharity's finanrA81 s￿￿MeThts
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 d￿n9 tr* year wa*
202S
Number
2024
Number
Total
There were no employ*5 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• w￿h1th on• y•*T
2025
2024
Acc*uals
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-