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
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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

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||`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