REGISTERED CHARtrY NUMBER 278030 THE ATLAS FUND TRusfEES' REPORT AND AUDITED FXNANC14L STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024
THE ATLAS FUND CONTENTS Page LwJal and AdmiTrstrati¥e Infcfrn Rep)rt of the Tr 2to3 ststernent Activi Balantr eet 6t08 Indwdent Rwt 9toll
Page I THE ATLAS FUND LEGAL AND ADMINisfRATIVE INFORMATION Lth Hety TIRKhe IMw¥)g Trtel m H M Ph)frnan Mr P F Ttyjthe Audthr Sprind Hwse Swngfed Ro•J HOffl RH12 2RG BankeFS Bank of knJaTrJ EdInr EH12 Inve5tmert rnanager 8S (Jth) Wi¢iorki Street EC2V 4 stsr F%)Jse Ctkley Dfy*ing Surr RH5 5TQ Charity ryun¥ber
Page 2 THE ATLAS FUND REPORT OF THE TRUStEES YEAR ENDED 31 MARCH 2024 The Trustee5 Sutmit their n rewrt arKJ audfted fInarK Statts Tor year eTNJe(131 Marth 2024. The Tru5t&s have adopted the or ts sratwat of Pre ISORPI.. Accwrffjng Rewrknro ty ChafitiÈ5 weparittg the4r ¥JIts in xcc¢darre wth RwYty"+¥J &dard ¥flKable in the UK and RepuLIK of Irdand I%RP 20191. The thaity was set up on 12 Mh 1979 L.C T( It is è sdtmwt deed datgj 12 March 1979. tEtails of the TrLL4ees, trmjth with legd Irrformon atrxrt the TntsL are set in tt IwJal and adrnlnislrae informaD¢kn on w i. The Trustees the FK>weT to ert cthrTntsiees in &cordan wrth theTnA Deal. Tr Obits L the tharty are e<F4ainal to nelrf Trnrtees on The obj.thes (rf the Trust a5 try ts Led are general. The Tr makes chariiable donationg to tharitab trLSts as determingj by theTrustee5. When rAannmg attDithS Yr, the TFust&5 consdered the Chanty Commi590n's guidan twerr( are r ts 0[7 that the Trust meets the guthrKe thrw the of Charitab dona adva. Tne Trust's inc(me is entirely on the incrThe frm, ift¥esbnent retums of, the COIF Chantie5 Inent Ftjnd. th"VKleThJ incfft ha5 remained the term and the captl walue ha5 InaSe(l o%er time, the value of the Fund fty fv(ate from year to ¥ear a5 rt TLkn the Ferfrnare of the undthing Investrnts. The Trust airns to suppxt toth k(al and natK)nal orwisabv6 In Ihe KYoY6ion of ther thartsble actiti. Djring the vear the Trust approyed chèrit3tAe ckniatioAs of £W,l to ktsl and That4)nal Lyganisations. the detai& o,. are set (yjt in note 3 of the ffnarriaS staiema]ts. Tr T[tee5 consider that the Trust a 5tMg finartsal posibon at the y&ir 31 Marth 2024. The Trusw kY1e the owxn9 the erorw inftuenced * the US e4etttins aTh1 the suppty thatn and COMMrtY wioro IMpts of thewar in Uknaine arvj WK)nal o)rtIKt in the Mxsdle EasL These may he rotential financ1 impacts on Val of Inve5tynwu Gw the thl of unrencted te5erbs hehj the chanty at the year eTrJ. the TrLStees ae saWa1 that (twty will able to conts"nueas a 9Jing corwn. At the year er the Trust has unrests5(ted reserve5 of £3,438,669. The resaves lar9ely represent the capital value c the TrUS Invesbnents are maintain& at Slth a I to prowde firture IFKL¥ne of the Trust for future charitabè gmrg. The TFUStees' wb.cy ts to distniKtr the eth y, after covwjrg the cost of managat ancl admnistrabfyi. The 6 9)mehmes a dday reTript of nvestnyit inco and the distribubon of income b¥hich 1 D) lthe¥e tetrxj a rhige 10 the Re¥WI Rewves at the yekr eThJ. Investment pottry The invethnts cl a hc41ir#J in the COIF CharitS Rmd. Thi% 6 a di$0 fund inta)deO to ovth a lory.term baTran the for i(On, and rwrAe(tth wJainst The Fund is tnchmark&Y against a Comr)%te Index to the rategy ofthe FurNJ. PerfLmano aganst the t)enthmark 15 rtyukrfy by the Fund. The Fts1 un1TFefrnl knthmat*s %kn ro less exp0r& to technow atKJ ergY than it5 LwKhnwrks a 12 mnth vew, tNJt tsE FuThl pErfDrned ell ajainst the LEnthmark5 gn a three and a year view.
Page 3 THE ATLAS FUND REPORT OF THE TRusfEES YEAR ENDED 31 MARCH 2024 Risk managemert controls estatdtshed throug the year. The rna risk aff£rtiw Tnjst is the variabilty of the toral Inent retums. A fLYrpal review of ttE TrLLSfs rtsk manajunent prKes5 Is undatsken on an annval tjags. The k cOntrS LEsa1 by the Tn6t a fcffmal for Tntstee actwty invofvw in all tsken. Thr(xJgh the risk manageNwrt kvrxess e5tatA&sW Tntsl the Twths are satisfd that the rnajor rtsks x1entifd absolute aTare that mw h&e alw4uety rnanjgement peOne1 The Trusw consthr the tyjard C{trtee5 a5 the W rrwojonert F¥gTrE1 of the T(¢Jg in Cge of din9 and controlling TnJ5t and wing f( on a day-tw basi& AJI TntAees of th time fY and no Tntstee rectives any rtrnuneratth for &tifKJ as a Tntsts klKable law and United Kin9th)m StaThJaTds Iursitèj KiWrxm (ealty Acce0&1 Acuwnting Pr&bce). The law apIcab to Charth in Entsnd & WaS tee5 the Trugees pr finanoal siat¥nents fDr e&h financial year whith ve a bue and fair Vie of the srate of affan ¢$ the charty and d the incoming resources an applKation of resour5 of the charity fty that Fa. In wepariro these fin0a1 Staten5, the Trustr& a required obser%e the nEihcts pripS in (hartties SORP 2019 IFIiS 1021; make 1Utynnts estima that reasoTh)bk arnj prtt; state véhether apOiobÈ ¥cwntin9 stsndard5 yJbJ"ett to any materval dep3TbJre5 disdosed and explairEd in the financial staterDLYts," prepare the finarThl State[ the CLr£em b"5 is to kwexmne thal t charty contsnL Ottrobw. The Tr are resrxy79t for keerAng fecrwts dr4Jose reaKrfwt at any b.me the finanaal r$th0n ofthe chanty aTht th en9j that the finanoai sEatsnts cOrnY with the ChJitie5 Act 2011 Ithe 2011 Act), the Charity 1cOUr and RePs1 Ra]ula)nS 2fM)B and trust de&8. They are abo nSIb for SafUardinq the assets cl the tharity aThJ herKe fu rea50n3L w for the prlt and dewtion offrajd and other IrrgJularits. AFproved the Trnstee5 on 8 Seounber 2024 aTrl sgned the"r behalf ty: Lady Hesttr Twhe TNstee
Page 4 THE ATLAS FUND STATEME14T OF FINANCIAL ACTXVtrIES YEAR ENDED 31 MARCH 2024 2024 2023 Income frwn: Investrnents.. Diwdends L5rt 1nterest. grtss 90,528 3,111 gJ.528 1,067 Tot& incLYne 94639 91,595 Expenditure (M: charlb 91796 Tetal eW(fI 91PJ6 B2.4C Net gain5llbssesl cffj wwest1 assets 281.821 1122,4491 Net ineomel(expendit¥re) and net movement in lunds 281664 Ill3,2) Recontiliatlon in fub$. Totsl fvnds brght for4vard 3,1,005 3,269.259 Total fvnds carried forward 3,156,IY)5
Page S THE ATLAS FUND BALANCE SHE AS AT 31 MARCH 2024 2024 2023 assets Investments 3J95.246 3.113,425 COIF Charthes Cy)gt FuThJ Cash at bank 35.145 10,678 5,474 45.823 Credthr5'. afflouits falSng due within ¢)ne year- accru3L4 (w) 12,4(J)) Net rrent awts 43h23 42,580 Netassets 3.438.669 3,156,005 Capital fvnd5 Revenue fiJnds 3.395.246 43,423 3.113.425 42.580 T4)tal th4rity funds 3,438,669 3,156,005 The fironoal $wmts set (xjt on p¥s 4 10 8 ¥Y8e a meetyn9 of TfLStees hekl 8 Se=teTI Der 2024 and 5¥JnaJ their teh3 ty: y FÈsreT T0be Mr P F Touch.e
Page 6 THE ATLAS FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 al The Aa5 FuThJ is an re9st81 arbj Wale5. The cOrrWd address as wdl ag the thwity te on l. b} The financial ststrnts ha¥e weparvj under OrKl c05t corNentHM, other than investments %yhich are included at fair ue to market The finarKEI 5tatenEnts ha¥e bn prepared in £OrarKe the 5ratenert crf R0mMeJed Prxtice ISORPI.. Accountsng arKI Rwrb chare5 we7ft9 tsr xcryjnts In the firwoal RwtuvJ Standard apklKable in thè UK ar Reputlr rf Irelarn1 IRp 20191, the FIr47Th) RepytsNJ standa in the Llnittil Kinfvm arxj Rewt4r rf Irek)Thl IFRS 1021 and the Ch•itses 2011. The Trust (StibItes a ag FRS 102. gL¥NJ CLxKem. The finanoal statawts are in Sith'rKJ the currÉw rfthe thartyaTrl are rounded to tare5t £. In%tments are statej at the b3LHrtt de at the faT the marktt kw. Affjy thavJes 1 vatr during the year are (9¢ separatdy in Stemm dl Ml irKoffle is rffwseft orKe the Trust has enbttemaitto the mme, rt is tsIe ttth the lnwft ¥iM be and the amurt of irK(Kne Tetyvat4e (an ie meawred relh?ily. 1nve&tTTnt is IrKludts wtten recewat4e. el we recognsed exrffilrtu as wi as tse 6 a or CuStrVe Ol9•j.0n CLNnmittrrKJ the Trust to that eXtre. rt Is lwAe th seiyemt will fa]uir•J and the arnountof oLIWn rdiabfy. AJI exwditure is Induw an aCCTuaL% ba9S. Chartstle thJYti)rs are pty[lts m tD third rtS 41 the fijrtknntr of the charitabk Obits of Trl I0verable VAT is fhty exFer¥Jikne heajiro fc¢ it ¥Yas incurr&Y. T COIF Charities tWOSi( Furwj and Cash at bank COmse5 shL¥t term hvjhty liquvj Invawmenrs wth a S)rt maturity of thw nx)rths or Èss frtxn the date lif &quIsEn or opEning of the Cnt. gl caFit and funds are %HyeStti are for u at the ds(iDn or h) Tr Trust exankJ"ffi frun ta¥on in re5F%tt rf fG irK£ aTrJ gair Fixed asset investm 2024 2023 Fr valL l Ap)"1 1nvestffnt gainlll(b¥l 3,113.425 281.821 3.235,874 1122,4491 Faf at 31 Marth 3,395.246 3,113,42S The fixa1 a55et 1nvtstrft$ comw the Tr5 l¥Jthng of wft5 in COIF th4nres Inve5bnent Fund managed ty CCLA. a Spea1 charths Investhts miage¥. The fair of tt 15 based on the mitt market w of the as (atcuLd ty CQ
P•Je 7 ThE ATLAS FUND NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 Charitsile a(4}S Age ux Jzhemerfs gx Arnir FwnLiItrf)n &3 Lrf1 Bridewdl OrgaTrc Gard British Museum LSOO Bn"ty5h Red Crc6S Cantethry Cathalrdl TrL# Cathedral Music TrLf5t Cty Harvest Dragon SclY)d Trust Limited Englsh HLYitage Eton Col Jktsmiths. Conwany that5ty Guide fxx)s fty the Asso(iax Guihyford Cath&al Cdkge QAford Kent, Surrey & $SEX thr Tm r#J's SLb>Jl FtyJrth)n. catry macmiln ca pt Marie Cur 2,000 1,000 National Clwr(15 TDJst 2,QDO 2,0 National Twst Oxford Pemtoke (hffrd Rad Fournjation Royal A(ad&lly of
fvation Am Samaritans 6,OCII 1,0 1.0 5.ODJ 2.0 St Huoh's Colw, Oxfryd The Onklra)'s Tru T• The Fdi¥ ProJect The MarkNve Trust Watts Gal Trist Westcott CfvJrch WildWd TrE6t 2,Otx] 1,5LX] L500 Carnal fiwward to p•p 8 Bo.orN)
Page 8 THE ATLAS FUND NOTES TO THE FINANCIAL sfATEMErirs YEAR ENDED 31 MARCH 2024 aritsble artivities14xntimd) 2D24 2023 Br£wht feTh¥d from page 7 ,oco 1796 92.796 2024 2023 Al1( ftt5 IMchJOmg VATI ssistae wbth Amual RetLm fr VAri 396 Movernent of fvnds AtTrJs at l Atxll 2023 Funds at 31 Marth 2024 Captsi furkls Revenue furKts 3,113,425 42,580 281,821 3.395,246 43,423 3.156.1))5 281E64 3,438,669 No Truees rwmbJrse(J any nor paKI any UTrerakn thJrir#J the year. TheTNst had emFlwees during the yw. Controlling party TIE charty 15 cortrdlwj by its trustee&
Page 9 INDEPENDEKf AUDrroR'S REPORT TO THE TRusfEES OF THE ATLAS RIND OpiTri<>n We have aLKlited the finanoal Statem The Atk5 FuTrJ lfv 'chantyl fc( the ded 31 Mar£h 2024 whi comwse &aternt of FD1131 ktiwtes, Balan Sh&t 3TKI nctr5 tD the financial statemaits, irKluding a summary of svJnifKant c(Jng The fina11 rekAYtiThJ fraMk that has awied m thr preparation applicabk law and unit Kirtgtrjm Accwntw starIs, ¥ichJdirKJ Trnaal Rekyxbr¥J stsrd 102 'The Financk41 RerortstYJ StaTrlard awficatAe In the UK an(J RewtK of Ind. (Unrted cIlY Accepttd Accwnti In our ¢JP)n the finarKtal st3tementr. gwe a t fair of siaie affa.rs as at 31 Math 2024, and of thE charty's Ir11¥4 restytsr aTrJ apicatiOn rf rewce5. for the >ar then eTrJ&1,. have been prOY in wth Urttsj frnity A£reooJ AcayJntsrKJ pr¥,. 8a5is far opinron We coThJutted our autht in acrcrfdmwith Internatsl Staidats L47 {UK) ItSAs IiIK)l and altab kw. t)Jr ry)ts1bilth under those staThYards ¥e fiJrttFs dcrthd In rhe Audrtors. rfp)ngtxitses tr the aud1t of the financkil ststements section of wr repLxL We are inLpwdent ofthe thanty in accoTdance Mth the #hiol wuirsnents th we rdevant to our alt of fint)I statements In tIE UK, Inckndino FRC'S Ethical Stsndard, and we bake fulled fyjr other ethical Te8wsthlitaes in danWIth the5ereqUIrenen We Llve thatthe audit•1dee we ha%Robrained s yJffKnt and appffjpriare to for (wJr OkxD. In auditing the fal stateff we hawe That T41 of the giiig corttm cnting in the preparnbon of the finarNial is aPPXVWK4te. th, Ia¥aUaIty or cdkctwety, may last wnrfkant thit on the charity'5 akn.lity to cbr¥e as a 'r¥4 crMKem for perirM1 ofat least e1Ve mntts frtm wkn the finarKts4 5tenpJts a wJtt¥Jrtsed for is9Je. r respMsffjbes aryE the resp1trt[eS oFtte TntstEe5 byth tD 9ing Cr are descritej in rNart ticn5 ofth5 repJrL The TrLStee5 are respwts for the other infomation. The ob)er fcfflatOn ctsmwseE the indu(Jed in the Trustee5' an[1 repyxt. ihan staternts a$ w wJditorf5 re the. thjr OF•1 the finar¥ial siaterfnts does rot cover tr crth¥ Inf(fftkth and, exw to &tert Céjwwtse explKfdy ststd ¥1 our rem we In ccfinecbon wth ow the finarrial Sta re¥¥Jn&tq"Irty 15 ro crther inforMan antt. In douig so, CorK1¢y wlEtlr the (thr LS KKw95tent wAh the finarThl 5tateffthts. or wr kno¥We Ltsined in the audit ¢)the ¥kEar5 to rnatrrwlty misstited. If emfy rnaterial brster£S LY apparent matenal mLSa3tènents, we are rawwed ID detemiir v4hetrr tre s a material mtsaternt In the fina1 We have ThJthirvJ to rept in ths r*.
Page 10 INDEPENDE1 AUDrfoR'S REPORT TO THE TRusfEES OF THE ATLAS FUND We have nothiry to reFrf( in of the matters the IActcAmts Rwrtsl RegulatKY 2008 ro]uire us to reFNNt to rf. in cAJr onn.. RespOlbilItieS of trusiEes As exk4ained fre fvlly the Tru5teeg re5F#"rths sta as set 1Xrt rkwe 3, Trustees a reswn5ib for the preparabon of fina1 5taternents a trt and fair vth, 3j for Intal (tr & the Trustees detertntne s rEte55ary tE> ePar rf fina that a fr fr(xn materkil msststemen¢ whether the to ftau(J cf enyx. In preparing the finanoal statements. the T$tts are rE5wTri for a55e59ry #E charitys to continue a5 a wiry corKvn, (ftsthsiThJ. a5 apk4Kab12. rnattets rd&ed to wroconcem aTrJ ¢(eM ofaccwntiryj reSS theTru#&S YrtVKJ ID Ivwthte the or to cease oFatiLYs. or have rKJ list aeMatiVe txjt to do We have been apwnted as alOr und¥ sthn 145oftt ClwibesACt 2011 a)d fepJt in accc(dae with rewlatior6 made under son 154 of that ACL Cljr obj'ectives ale to oLtin reale a59Jrartt atrr¥Jt whether the fina1 siatgmwts as a Who are free frc material m$Staten %thetr d to fraud cr error. and to iS9Je an aLw1itC's rep3rt th4 indudes our OpinTr. Reasona assurarte ts a ofasyJraKe Lt is ra gAwantee that an audit in accordan wf(h IS IUKI will allya de a matw&il misststwart it ex. Misstatts oan arise from fraud ty errtr ènd we con%dered maren rf, inttNK1ualty or in the aggregate, thry reas(xthty ewttted to InfknerKe the ercwi Irregularities, fraud. are of w-Ccmk? WI laws and rwubtK)rs. We dwn proodures In line with our reStrI1eS, ¢MJtlined ab). to detett material mIsat&7ts in rw of iwegularthe5, I[KI19 fraud. Based on our understanding of the charty, Dlrwjh (hSaL8 with the tru5rees las ty adrj statKlardsl, we KItIF1& ihat the pritKipal r6ks of n(n<Cty1are with Iow5 reguLatp)ns rdated to charity 9tststn. We the exknt to whth rVJn-cCfftkre rnight habe a material effecton the f1nèncial ttaternents. We also thtse law5 at¥J regulatiL5 that INi¥e a direct Imw on the preparaticn rfthe finanoal stateme swh (hanties Act 2011, and Statem¥tt of R(xnmtwdJ Prthe. We CLyDmuniae(l K]entsf kw5 and regu7tTr5 thrwghoul our tearn arKS remained art to any of rKn-MplIan audrt. We twaluated man4ernent's IntIVeS and opnIt£S f fraJ¢JÈrt manitvL4hJn of the finar%l sratements (irluding ihe of 0Oe of Contr51, aN1 d¥m1[ risks were rdd to l{KDrrt rep)rwJ of bank transactMMS. Adit prctedures rfrnal ty the team ilth1.. Rewew of inforrnarlx hebj by the Chèrty Corrwnis5ion ro rdatej partÈs. anti of transac1 throughwt tlE PkYi¢yJ to thify atv uTrJsL)d tratiOnS rdated partie5 outsththe norrnal cESe of bugrw; and of gftrfTht a)J [31 Infik trn7st e4akJatMw of the LwThrlwrKJ rnla1 rationa pixjthg the transattths. eecause of the Inherent limitabons of an d)we 6 a risk Vll not irffjul4res, irMId1n9 those ing to a material mtaternt in the fina431 skterrS or r-crk4ntt regulaticn. This risk IrKreases the rn0 that cunpNaKe cf Ula0 is remrrtd frun the e¥ents and tr5tiOnS in the flr0rKial stateiY*nts, as we be kss likdy to In5taKs rf rw<0m1.
Page 11 INDEPENDENT AUDrroR'S REPORTTO THE TRUSTEES OF THE ATLAS FUND thioughthft the 3L¥lit. We ahso: Itfy arKJ assess the ri$ of rnatth31 rnisgare d tts finrIal Slat8nts, Wdhthr due to fraud or error, rfegn and rErforfft athit pr[eS resp)Me to thDse Thsks arKI otjtan autht that s suffnt and appropriate to prowde a b5 for Lwjr opnw)n. The ri5kof nct deteLtiry a mer431 mis#atement regjknng fraud is higher than fly ¢kne re>1.j ftrxm •TCf. as may mTA¥e fThpy, onwssi$, miywewtatKJts. or the ovrth of Internal ccrtld. charivs intwnal contr(4. CorKlude on the apwwatenes5 of the Twee5' use the ba95 of xcounbng •d, based on audit e¥KJee obtained, whÉther a to or th)t may cast sigThficant dLJ on the charivs ability to contirK a5 a cLrKun. If that a material tsertainty exsts, we ate olled to draw awtson adtsrfs rep ty bSe dsdogJre5 ry the finarKk?I sratement5 or, If such dixlosuos a ]ua0, to m(xJfy our Cntr condusK)rs are based on the audit evide obiained up to the datsofour ajItOrfs[Vrt fUbj (¥ coThJItls ftw cajse to cease to conbnue a5 a gJng ern. Evaluate the overall EyestiL, mre. and ccrtert Lf finclaI sktrnts. irKludir¥J the (ld0jrEs, and whether the fma)oal slat the uThknlwrrfJ transacts$ emts in a marlw that hVe$ far We communKate with those charged vith Verna rwinw arrow other mattw% th2 F4aMed XOFe aTrJ Orning of rhe audit and S#Jnfftantat fiThainE6. irnjudirxj any S¥Jn¥td in intemèl cor1 trot Kjentify during cr This rep3rt made soty to the chanvs TnJ5tees, as a tw. in KLDrdarKE Part 4 of the charit IAuDunts aTvJ Rerts) Regukition5 2CM)8. Chjf audr( Ik75 urKJ¥takw so that ¥%t Might State b) the thaTty's TrLSt&s those mattets we are rewired to state to in auditorfs r¢ortand Th) kxryse. To the fvlw exto)t permtited kw. we Tv)t accept ty assume rOt.b'ty to an the charity its TFuS, as a ¥, for ¢xJr audti work. for th repyL the LynK)rs forn. Chartered AcCnrants and Stattrtory A(vknr 9 September 2024 KrJn Ree LLP LS d¥4ib to * as an audtty in trrrrs Lff 1212 of C(mkkiiie5 Att 2Tr