2024-12-31-accounts

Charity Registration Number 253092 Aquila Fellowship Trust Annual Accounts For the Year Ended 31 December 2024

Aquila Fellowship Trust Annual Atcounts For the Year Ended 31 December 2024 Contents Page Trustees report Independent examiners report Statement of financial activities including income and expenditure account Balance sheet Notes to the accounts 6-12 Page I

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees Aqulla Fellowship Trust On accounts for the year ended 31" December 2024 Charity no (If any) Set oul on pages 4t012 to inclL#le the pwJe numiErs of addition81 sheets,, I retth to the trustees on my examination of the accounts of the above charity I"Ihe Trust") for the year ended 3111212024. Responsibilitles and basis of report As the charity's trustees. you are responsible for the preparation of the accounts in accordance with Ihe requirements of the Charrties Act 2011 ("the Acr). I reFOrt in res￿1 of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of the Act. Independent The charity's gross income exceeded £2￿,000 and l am qualified lo examiner's ststement undertake the examination by being a qualified member of Association of Accounts'ThJ Technicians. I have completed my examination. I confim that no malenal matters have come to my attention in connection with the examination which gives me ause to believe that in. any material respect.. the accounting records were not kept in accordance with secti¢)n 130 of the Charities Act; or the accounts did not accord with the accounting records., or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and ReFQrts) Regulations 2008 other than any requirement that the accounts give a Irue and fair. view which is not a matter considered as part of an inde￿ndent examination. I have no concems and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Date: 3¢yh October 2025 Slgned: Name: Gillian M Vokes Relevant professional qualification{s) or body lif any): Fellow Member of ASs￿latIon of Accounting Technicians.

Address: Cringles, Bosvenna View, BLyJmin. Cornwall PL31 1AZ Section B Disclosure Only complete rf the examiner needs lo highlight material matters of concern (see CC32, Independenl examination of charity accounts.. directions and guidance for examiners). Glve here brlef detalls of any items that the examiner wishes to disclose.

r4) c DJ

	Notes	2024		2023
		£	£	£
Fixed assets
Tangible assets			110,501		126,443
Investment property			200,000		250,000
			310,501		376,443
Current assets
Stocks		43,296		42,102
Debtors		1,807		3,406
Cash at bank		258,574		95,400
Cash in hand		549		1,028
		304,226		141.936
Creditors: amounts falling due
within one year		(16,072)		(6,176)
Net current assets			288,154		135,760
Total assets less current
liabilities			598,655		512,203
Income funds
Restricted funds			258		258
Unrestricted funds			598,397		511,945
			598,655		512,203

Aquila Fellowship Trust Notes to the attounts For the year ended 31 December 2024 Accounting Policies Charity Information- Aquila Fellowship Trust is an unincorporated charity. whose principal office is 9 We5tgate Street, Launceston, Cornwall, PL15 7AB 1.11 Basis of accounting- These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the trusts governing document, the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts present a true and fair view and no changes have been made to the accounting policies adopted. 1.21 Golng concern - At the time of approving the accounts. the trustees have a reasonable expectation that the trust has adequate recourse5 to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of actounting In preparing the financial statements. 1.31 Charltable funds- Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to conditions by the donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the accounts. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. 1.41 Income- is recolnised when the trust is le8ally entitled to it after any performance conditions have been met, the monetary value can be measured with sufficient reliability anil it is probable that the income will be received. Cash donations are recogni5ed on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unles5 the donor or the terms of the appeal have specified otherwise. Legacies are included in the accounts when receipt is probable, that is, when there has been grant of probate. the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. 1.51 Oflsettlng- There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102. Page 6

Aquila Fellowship Trust Notes to the attounts For the year ended 31 December 2024 Accounting Policies 1.61 Volunteer help- The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. 1.71 Settlement of Insurance clalms- are only included in the accounts when the general income recognition criteria are met IFR51021 and are included as an item of other income. 1.81 Expendlture and liabilitles- Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Expenditure is classifieil by activity on a basis consistent with the use of resources. Where grants payable without performance or other conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised. The charity made no redundancy payments during the reportin8 period. Deferred income in the accounts is not material. Creditors- The charity has creditors which are measured at settlement amounts les5 any trade distounts. Provlsions for liabilitles- A liability is measured on recognition at Its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. Basic financial instruments The Charity accounts for basic financial instruments on initial recognltion as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per para8raphs 11.17 to 11.19, FRS102 SORP. 1.91 Tangible fixed assets for use by charity- These are capitalised if they can be used for more than one year, they are initially measured at cost and subsequently meased at cost or valuation, net of depreciation and any impairment losses. Depreciation is recogni5ed so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases'.- Land and buildin85 Plant and machinery Fixtures, fittings and equipment Not depreciated 20% reducing balance 20% reducing balance No depreciation is provided on freehold property as the TTu5tees are of the opinion that these buildings are maintained in such a state of repair that their residual value is at least equal to their fair value. As a result the corresponding deprecation charge would not be material. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activates. Page 7

Aquila Fellowship Trust Notes to the attounts For the year ended 31 December 2024 Accounting Policies 1.101 Investment property- is property held to earn rentals andlor for capital appreciation, 15 initially recognised at cost, which irhclude5 the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 1.111 Impalrment of flmed assets- At each reporting end date, the trustees review the carrying amounts of the tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the a55et is estimated in order to determine the extent of the impairment loss lif anvl. 1.121 Stocks- are stated at the lower of cost and estimated selling price le5S COSt5 to complete and sell. Cost comprises direct materials and, where applitable, dirett labour tosts and those overheads that have been incurred in bringin8 the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketin& selling and distribution. 1.131 Cash and cash equlvalents- include cash in hand, deposits held at call with banks, other short-term liquid Investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current Page 8

Aquila Fellowship Trust Notes to the accounts For the year ended 31 December 2024 21 Donations and legacies Unrestricted funds 2024 Unrestrlrted funds 2023 Donations and gifts 613 31 Other tradln8 actlvltles Unrestrirted funds 2024 Unrestrlcted funds 2023 Shop income Sundry income 61,328 396 61.724 61,251 61.251 41 Investments Unrestrlrted funds 2024 Unrestrlcted funds 2023 Rental income Interest received 12,448 1,230 13.678 15.475 1.168 16.643 51 Ralslng funds Unrestrlcted funds 2024 Unrestrlcted funds 2023 Trading costs- operating charity shops 36,286 43.865 Page 9

Aquila Fellowship Trust Notes to the accounts For the year ended 31 December 2024 Charitable activities Unrestrkted funds 2024 Unrestrlrted fund5 2023 Staff costs- wages Staff costs- Employers pension contribution (including back dated contributions) 28.403 23.540 6.425 Rates Water Insurance Light and heat Telephone Postage. telephone and advertising Repairs and renewals Sundry expenses DeprecSatlon. Plant and equipment Depreciation- Fixtures and fittings Credit card charBe5 Accountancy software subscription Motor expenses 1.198 2,401 8.632 1.252 773 1.032 1,513 672 2,451 7,727 928 954 9.234 2,734 76 183 251 216 464 206 52,863 230 49.164 Grant funding of activities- Grants tg institutions Grants to individuals 2.3 2,3CX) Governance costs- Accounts preparation Independent examination Le8al and professional 21x1 350 1.630 1,085 1,635 4,350 55,814 550 57.919 Analysed by- unrestricted funds restricted funds 57.919 55.774 40 57,919 SS.814 Trustees None of the trustees lor any persons connetted wilh theml received any renumeration or benefits frorn the trust during the year. Ernployees The average number of employees during the year was one12023 one). The total cost of key management personal was £34.828 which includes back dated pension contribution$12023 £23,539). No employee's renumeration was MO￿ than £60.IXKJ. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Acr 1988 or section 252 of the Taxation of Chargeable Gain5 Act 1992 to the extent thatthe5e are applied to its charitable object5. Page 10

Aquila Fellowship Trust Notes to the actounts For the year ended 31 December 2024 10} Tangible fixed assets Flxtures, Plant and fittings and machinery equipment Land and building5 Total Cost At I january 2024 Additions Disposal At 31 December 2024 125,571 7.506 23,154 500 156,231 500 116,1661 140,565 116.1661 109,405 7,506 23,654 Depreciation and impairment At I january 2024 Depre¢iation charged in the year At 31 December 2024 7,205 22,583 216 22,799 29,788 276 30,064 7,265 Carryln8 amount At 31 December 2024 At 31 December 2023 109,405 125.571 241 301 855 571 110.501 126,443 Freehold Propertv 111 Inve5trnent property Valuatlon At I january 2023 Revaluation At 31 December 2024 250,OJ) 150.0001 200.000 The property comprises of a rental cottage based in Kilkhampton. The fair value of the investment property has been arrived at on the basis valuations carried out in 2025 by local estate agents with a view to marketing the cottage for sale. the agents are not connected with the trust. The cotta8e was originally 8ifted to the charity per the Trust Deed. 12) Stocks 2024 2023 Goods for resale 43,296 42,102 13) Debtors- Amounts falling due within one year 2024 2023 Trade Debtor 1.807 3.406 Page 11

Aquila Fellowship Trust Note5 to the accounts For the year ended 31 December 2024 141 Creditors- Amounts fèllin8 due within one year 1024 2023 Other taxation and Social securtty VAT 618 12,8601 2.568 PAYE 2.286 12921 870 Deferred income Accruals Trade creditors 10.918 J.610 16.072 5.598 6,176 151 Oeferred income Deferred income is included within current li3bilit*s 2024 2023 Deferred Income as at l January 2024 Movement in the year Deferred Income as at 31 December 2024 870 12301 640 582 288 870 161 Aestrlcted fvnds The income funds of the charity include re5trirted fund5 compri5in8the followin8 unexpended bolance5 of donations and 8rants held on trust lor specSfk purposes.. Balance at i Outyoln8 January reSou￿e$ Balance at i 2023 2023 January 2024 Ou4oln8 31 fe50urce5 December 2024 2024 The Seedbed Trust 298.fy) 140.C#)I 258.IXI 258.00 In 2012 a grant of £6,(M)O was received from The Seedbed Trust toward5 the creation of a webslte for the charlty. v the 31 Detember 2024 £5,742 had been utilised by the Trust. 171 Analy515 of n•t aswts ￿tween fvnd5 Vnrestrkned Resirtcted Unrestrlrted Restrlrted 2024 fund$ 2024 Totsl 2024 fvnds 2023 fvnds 2023 Tot412023 Fund balances at 31 Decernber 2024 are represented bv.. Tongible 8ssets Investment properties 110,501 2￿,(1)0 287.896 598.397 110.501 2￿.c￿j 288.154 598.655 126.443 250.( 135.502 511.945 126,443 250,rKJo 135.760 512,203 Z58 258 258 258 181 Aelated partytransartlons There were no di5c1053ble relat￿ partytran5atti￿5 durin8the year.12023 none). Page 12