REGISTERED CHARITY NUMBER.. 291328 Report of th¢ Trusttes aftd Uh*udlt¢d FlngD¢ial Ststement$ for th¢ YéAr Ended S Aprfl 2024 for The Artemls Ch8ritxbl¢ Trust Ha￿1$ La¢¢y and Swain The Riv¢rs)d¢ Buikiitsg He55le Ea51 Yorkshire HU13 ODZ -rhe Arlemi5 Charpl#blt'l'Yust Contents of Ihe Financi¥l 5t1temc￿1$ for the YeRr r.ndcil S April 2024 P*ge Report of the Tru51ee¥ Indtp¢ndent ExAminer's Report Stattmetht of Fin#ncial A¢tivitie5 ilalanc¢ She¢t Nott5 to tb¢ FlftAiitlal 8tthl¢mtnts 7 10 1? Detailod %tstenitnt of Fiiiaiieial Activities The Artsmls Chirltible Trust Repori of ih¢ Trustets for tht Yt#r Ethded S April 2024 I'he trusiees present iheir report with the financial SlaleTnen¢5 of lh¢ Charity for the year ended 5 April 2024. The tnjsiees havc Adopted the provisions of Accounting and Reportin8 by Charitie5.' Stateineni of Recommended Practice 4pplicablt 10 charities Preparin8 theiT accounts in accordance wilh Ihe Financial RewrtiThg Si2ndard applicable in Ihe UK and Republic of I￿land IFRS 1021 leffectivc l January 20191. 0￿ECTIVEs AND ACTIVITIES Obje¢tlV¢5 aims The objects of Ihe chariry to provide fimds for lh¢ furtheran¢¢. advanc¢meni or benefjts of Charities. ¢haritable instiiulions. ur charitable purposes as ihc 5¢tt1¢r during his lifetime and the Irusl¢cs th¢r¢after 5el¢ei. The OTitrinal poli¢y of the Iru51 of making of grants 10 aid Ihc provision 01coun￿llin& p5yrhoih¥tapy. pareniing. human relolionship trgining and r¢lai¢d activili￿. primarily through supporting academic research projects, to develop new stralcgi¢$ and Ineihods 15 being Teduced. Th¢ trusit¢s will 8OLng forward bc $upportiTLg 2 wider range of charili¢$ includin8 (but not lirnited lol food ban￿. child and disabled w¢lfare, ¢du¢ation type charirie$. In seiting objcctives and planntng for aciivities. the T￿slee$ have 8iven due consideration tts general guid&nce published by the Charity Comrni5sion relaiing 10 public benefii, including th¢ guidance'Public benefit.. running o charity {PB2}' FINANCIAL REVIEW Financial position The accumulared unrestricted funds behind inve51m¢nts on 5th April 2024 amounted lu £1,427.514 11 is the policy or th¢ Irusiees to make gran¢5 based on rhe current needs of the grant¢¢$ utilizin8 both the capital and incomt of the trust, and not to restri¢r the level of Orants 10 th¢ tru$tr$ income for ihe year. TtL¢ tru$i¢es eon$ider the siiualion of th¢ tru51 10 be $aLisfaclory and are ofthe v2ew that the trust will IK able to cany out its activities for the tor¢5¢¢abl¢ fvwre. Invtstmtnl poli¢y xnd objtttlv Th¢ trust deed Iuihorizes the Trusi¢¢$ 10 make and hold inveslmrnt$ usittg the gewal fijnds of the charity. There ar¢ no restricrion5 on the chartty's power lo inve51 The tni$ttt$' investment policy is 10 rrlainiain a balance betwe¢n ¢ap¥lal gain and the 8roffih of income. investments ofthe trust are under tlie mana8enient of Rathbones Group PLC. Th¢ InJste¢s and inveslinenr rnanag¢rs meei once & ye￿, OT moT¢ often if required. io en5UTe tlittt the wnfolio is arranged to givt th¢ besi wssible r￿Urn and p¢rfomvnce from the charity's inv¢s¢m¢nt3. The Trustees ¢onsid¢r the income requirements, Ihe risk profile and the invesimeni mana¥ers' view of rnrk¢l prosp¢¢ts in the medium term. Res¢rv¢s poliey The Tru5tees' policy is to mainwin unresiricled r¢seiv¢$, which are the free re5¢rv¢5 of ihe chariry. inve51ed to generdte iThcome to Ajnd the aciiviiics of tlie ¢haiity, by providing grants. On 5th April 2024 the roral amount held in invesimenis were El.427,514. This shows an increase from £1,383,770 on the prior finan¢ial y¢ar 10 5th April 2023. Ai Ihjs level. the l-Nsree$ cen5ider thai the Trust will be able to calry Out its a£tiviti¢s for ihe foreseeable future. du¢ 10 b¢in8 able 10 pay for al Ica51 12 rnonihs of expenses and gtants With Ihe current level of tre¢ r¢s¢rves held, which is In line wiilt thcir govemance documetlls. The level of free reserves held as ot 5ih April 2024 was £1,505,299 12023 £1,4?6,886). Ther¢ sr¢ no restri¢red or de5i¥nai¢d reserves only unresrriaed reserves. ColDg eollcern After making appropria¢e cnquirie5, the Trusrtts have a r¢asonAble exp¢¢tsiion that the Charity has adequate resour¢e$ 10 Continue in operaiional eKlSt¢n¢¢ fcii ¢he foreseeable ￿ture. For this reason, they continue 10 adopt the going concern basis in pr¢paring financial s¢aierneiils. Furth¢r d¢1￿19 re8arding the adoption of the 8oJn8 con¢¢rn basis ¢an be found in th¢ accounting policies. Pa8e I The Ai'ttmis Chnritmble Tr￿st Reporl of the Trustee¥ (or the Ye41. Ended 5 April 2U24 FINANCIAL REVIEW Printlp#l rlsks unc¢rtAinit¢5 'riie Trusiees liav¢ 45st￿5¥d IliL oiajor risk¥ lo whi¢h Ihc Lhartly IS Lxpu%ed, Ihose relaiL'd 10 the operaiions and Iin&nee5 of Ilie charity artd are %a115tied Ihai sysiems are In plaL¢ lo miiigaie oui- e¥posui¢ 10 lh¢ Iniijof fisk5. in such a way that Granl making polÈcies li is thL policy ol- Ilic Iiu%t¢¢$ 10 make ¥raiirs b2g¢d on thl currL'n( nLL,ds L)f ¥Tinive¥. ulili£in boih tli¢ ¢apiknil and ii'anls vf £24.000 '1-he irublLL'¥' policy is lu #w￿1[d grdiiis In aLLurdanii' with tli¢ I'¢slri¢iiun5 iillpLK8ed by lh¢ original donor of Ihe funds. STRUCI'URk.GOVERNANCE AND MANAGEMENT GoverninE docufflenl The cliariiy is Lmirolled by its uyoverniiig docum¢ni. a dLcd ol'tTUSt aTrd constitutes ali LininLorporaiLbd Lh￿Erliy. Charity £Dnslilulits 'lie Artctnis Lliariiabl¢'l i'usr is a r¢gisi¢itd oharity. nuiiiber 291378, and is constituted undcr a T￿[ dced. Recruiimcnt ¥nd api)ointmenl of new trN¥ttt5 'I'hL Ind￿¥￿LmL'nl vf IhL Chtirily is ihe rcsponsibilit), of tli¢ I'ru$tccs who #t¢ ¢l¢ci¢d and ¢o-opwd under the lerins ol. the Trust dc¢d. 'rhL' PQWLr lo apptrinl i)ew 'l'nJsiees ve%1% in rlie .%LAlllor R W l.vgns during his lileiiinc aiid IhL'rL'after Ihe urdtnary 5tstulory power of 4ppoin¢in¥ Dew iruslees 1% Jpplicable. KatlE Lvans wa5 ad￿ed as a Iruslee in * meeling the ?8ni?023. l)rginis#tltsthal struclii -rhe Ii'u%tLL5 wlio havi sirvc(I duriii¥ ihc ycar Liiid 51nCL IhL' ycthr eiid arL scl oiii at the cnd of rh¢ 'friisl¢cs Rcport Th¢ IrusiLes deJl with the day-10-day resPOn5ibilily of rullniiig th¢ irusi 4nd i0115ultlttb wlien considering srani JppliLaiiviis. ThcTC are no employc¥s. REFII IILNCI A￿'D ADMINISTRATIVE DF.TAILS Rcgisl¢rwJ Ch*rity nurn￿r ?91328 Prliiclp#l #ddrtss 32 P￿Ver Way Cornwiill X2J 8.1 U Trusto¢$ Mr D J l..¥ans Mrs K I'.va115 lapwintLd ?8.7.?31 Di. A D B¢rbpin Mr l.'I' LvdnJ Mr R W E¥un$ MrMWEvlEns Thc Ar¢cnii.E l-hariithble Triisi rvr the l L'ar Lndi'd S .4pril ?U74 RFFEHEJI C F.. A Thl) IlDllI.yIs-fRAT1￿ E DET AI LS Eayl I"orkshire IIL113 ODZ P(Irifuliu .Nllln*gL'rs R￿Illbo11L'5 Cjrvup PLC PON ol. l Iver￿￿1 ljuildiii¥ Lik¢i'pix)I Li IN Appro%'ed b) order ol'ihe boiven by Ili¢ Charity Comm¢s5ion undcr %Lclian 14515Xbl ofih¢ Acl. Independenl examinti s statement accouniin¥J record% were noi kept in respect ofihe Trust ab required by Seclion 130 orth¢ Acl.. or IhL aLLoun15 ni>1 ULLOT(I willi Ilios¢ rL'cords. ur Ihe accounts do noi ¢omply with IhL applicable 1i1iuireinLnrs concerningp rlie Ionii lind conl¢nt of ucGounts Set trul In Ihc Cliuriii¢5 IAL¢ounts a￿j RLPVrtsl Rcgulativnb 2008 oilier Ihdn any I'L'quirL'meni thai rhe dccounis gjve o tru¢ and lair view whiih is rjoi a matter considered as parl ol'aii Inde￿ndEnt ¢xamin?tioo I hilVL' 110 loncerps and havL' coine Jcr055 no oilier Inaiiei's in CUllli¢¢lIo￿ with Ili¢ ¢xaminatiOli lo wlii¢h aiieniion &liould bL di'iiwn in Ihis r¢wrt in urdei- W Lnable a prupei- u￿er51￿mdLITrS ol-tlie aLiuunl5 10 bc rcaclied. 'rhe In51ilute ul'ChArtcrcd AccouiilJnt5 in l-.ngland and Wal¢s Harris Ill￿7¢ey dnd %wiiin -I'hL' Riverside Iluildin 11¢551 F.asl Yurkshii'L' FIU13 UD/. Dill¢". The Arlemts Charitable Trust Statemenl of Finoncl81 Activltle$ for the Yeir Ended 5 April 2024 2a24 2023 I'otal funds Unresiricled fvnd No￿$ INCOME AND ENDOWMENTS FROM Investmeni in¢om¢ 41,548 39,190 KXPENDITURE ON Chlrltoble ACtiviti¢s iranr.¥ pgid out 3.7,791 30,167 Net 8ainslllosse51 on inveskncnts 70.656 1124.9091 NET INCOMEIIEXPENDITUREI 78,413 R£CONCILIATION OF FUNDS Total funds brought forward 1.426,186 1,54? 772 TOTAL FUNDS CARRIED FORWARD 1,505,299 1,4?6.886 The noLes forn) part of these financial st&iements Pa8e 5 -ht .4rti'nii* Charitahle Tru%t Aprbl )11?4 ?oiJ Toial fundb -3?3.198 Cl'kREN4T .,I.4%F.TS 4.8110 105.0?8 C'RF.DITI)R. (1.4401 F.T CIIRFiENI-.15SP.TS 83.i74 103 483 TI)I-AL.4.S%F"."I"% LFSS C-I',KRF.NT 1 705 799 1.416.886 1.426.886 Fl Nl) Unr¥>ifiLlI'd fund.s 1.4?(}.R86 TOTAL FI',NI) 1.416.886 on .11 Icsjlois apprii¥cd b and iiL're iiuD¢d 011 115 hthJll' bi. Ir l) J F.Kan% ruitl PaL¥¢ The Artemts ClIBritible Trust Noi¢$ to the Fin&rnelil StAtements for Ihe Yt&r Ended 5 April 2024 ACCOUNTING POLICIES B#si$ of prtPArSDg tht fJt18ncial JtatemeRts The financial staicm¢nts of the charity. which is a public ben¢fit entity under FRS 102, have been prepared in acc¢rdance with the Charilits SORP IFRS 1021 'AcLountin8 and Reporting by Charit1¢5'. Siaiemeni OF Recommended Pra¢ti¢¢ applicable to charities preparing theiT a¢¢ounts in accordance with the Fsnancial Reporting Standard applicable in the UK and R¢publi¢ of I￿ land IFRS 102) {effective l January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applitable in the UK and Republic Lif Ir¢land' and the Charities Act 2011. The financial sraiem¢nis have been prepared under the hisiorical cost eonveotion, wilh ihe ¢xc¢piion of investments whicli &re included ai market value. as modifi¢d by the revaluation of ¢effaiA awls. Ihcomt Income received for service5 provided is &c¢outtied for on an accrna15 basi$. Income received 18 the income raised by selling shares held ai a profil. Any stgnifjcanl non4a$h donaiiorts ore included in thc Incomr and expenditure acceunt llt the tTuslces' tsiirna¢e of thetr Tnarkei value when received. The v&lu¢ of voluntary help is not included In the &¢¢ounts. Grants and other fundiftg of a r¢veDue nature are defetTed and r¢l¢ased lo th¢ income and expendioJTe account over the peTiod to which they relare. Int¢r¢si on the fvnds held on deposit 15 in¢luded whert receivable and th¢ arnount ran be measured reliably y the Charity,. thi5 15 normally upon noiificaiion o(the inlcresi paid or payable by Ihc insiilution with whom the fttnds are deposiied. Kxpenditure Expenditure is reCO￿lsed once there is a le881 and constructive obligation to fdngfer economic benefit to a third party, il is probably that a transfer of econoinic b¢n¢tilS will be reqiiired in settlejneni and rh¢ amount of the obli8arion can be measured reliably. Expenditure is cla55ificd by a¢iivity The costs of each aciivity ale rnade up of lh¢ totil ofdirect costs and shared costs. intludin8 SUPPOrt C0515 involved in undertaking each aciiviry. Shared costs whtch contributE to more thatt one aciivity and 5UPPOrt co$is which are noi attribu(abl¢ to a single a¢tLVLty are apportioned betwttn Ihosc activiti# on a bas15 ton5illeni with the use of resollrces, Expenditure on rai5in8 funds in¢ludes all expenditure incurred by the Charity to raise ￿ndS for ils charitable purpose5 atld in¢lud¢s costs of all fundraising aciiviti¢$ ¢vertis and non-chaTilable trading. Expenditure on eh8ritable a¢Liviues is incurred on dif¢¢tly undenaktng the &ctivitie5 which furth￿ the Ch4rity'$ obj¢¢tives, as well a5 any B550ciated supwn costs. All expenditure is in¢lusiv¢ of iffe¢overable VAT. Grants payable 8re charged in th¢ year when the offer is made ex¢epi in those eases where the offer is eonditional, su¢h grants being recognised as expendiiure when th¢ ¢ondiTiorts aiiachin8 arc fulfilled. Granis offered subject to conditions which have not bttn me¢ at rhe year end arc noi¢d as a ¢otnmiim¢nt, but not ccrucd a5 ¢xpendi¢vre, T*xAtlon The chariry is exempt froin lax oil its charilable &etivitie$, General funds ar¢ unrestricted fitnds which are available for use ai the dis¢r¢iiort of the Tru51ees in fvrtherance of the general obJe¢tives of the Charity and which hav¢ ntrt d¢signaied for other purpo$¢s. Investmeni income. gains and loss¢s are allocated lo Ihe appTopriare fund. Pa8¢ 7 11 bi b&1nk cind iii IiiL nd in¢ludt5 cash aiid short-lerin hiiJy ly liquid irtvesiments with a short maturity ol. Ihr¢¢ F51i4n#tes ¥J)d jMdgtm¢nts $iim£iie5 2nd iudgiemenis are ioniinually ev411uaie(f and aro bas¢d on hi5101.ical ¢xpei'i¢D¢e and otli¢r taclorb, iilLliidiNgJ expcciulions of fuliire ¢vints ihal arc believed 10 be rLdSonable linder Ihe ¢ircuinsianies. Alllioiibkh thcse e5tiinale5 arc b&sed on the ChDI'iiy'5 besi knowledgl ot th¢ ainoiiiit. ¢v¢iils or aclions, artual r¢5111ts uliimal¢ly dillri from Ihe$t l$liini11¢s. 'fiiL' ch￿￿ritY doe> ntsi collsidLI' Ilicre t() bc 4iny inatcrial csliinatL's and judgeinents. tran5iYtion value and sub$4uenily In¢asurEd ai Ilieii. SL*iileineni vdlui. INVF.STMENT INCI)ME 20?4 ?0?3 UK iiicoine Properly iiicoini 26.517 2.369 1.798 10.864 21.244 Ov¢rbL4S inlvine 41,548 39,191 TRLISTFES, REMUNERATION AND BLI NEfi I'IS -rhcre were no Iruste¢5' r¢inun¢ra¢ion or othei. benefir¥ tor the year elided 5 April ?0?4 nor lor the yCaT ¢nded 5 April ?0?3. Try5te¢$' ¢xprft$e$ There were no Irusie¢s' cxpenses piid for y¢ar ¢nd¢d 5 April 21124 nor for year ended 5 April 20?3. onlinued... The Art¢mls ChiritAble Trust Nott$ to th¢ Flmnclal Stitemen15- contlnued for the Year Ended S April 2024 STAFF COSTS There were no siaff costs in lh¢ year. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES UJJresth¢i¢d turld INCOME AND ENDOWMENTS FROM Invesimeni lli¢ome 39,190 EXPENDITURE ON Charitable ittivities Grants paid out 30,167 Nei 8ainsll105ses1 on inves¢m¢nts 1124,9091 NET INCOMEI{EXPENDITUREI RECONCILIATION OF FUNDS TOMI fvnds brought fon¥ard 1,542,772 TiyfAL FUNDS CARRIED FORWARD 1,426.886 FIXED ASSET INVESTMENTS iThv¢$im¢nts MARKET VALUE Al 6 April 2023 Additions Disposals Revaluations 1,323,298 132,647 1104,676) 7D.656 At 5 April 2024 1,421,925 NET BOOK VALUE A¢ S April 2024 1.421,925 A¢ S April 2023 1,323.298 Pa8e 9 ontinucd... Tli¢ Artemi5 Ch*rilHblo Trust NDIi's to Ili¢ Fingibeial Styttinonts. conti￿￿￿d foi. tho Yoxr Endtd 5 Aprll 2024 FIXED ASSET JNVKSTMFliT%. contiiiued Ilre4kdown$ of InvL'slments Liquidily Uiiil¢d Kiii¥doin Tot#1 •/D of Liquidity Eqyily-lypc Rlsk rixL,d InLoinc Unilld KinbTdom ?7.2 Jthpan¢sL Invc¥lin¢1115 Asia PaLifii Invesiinenls EIDeibTin¥ Markei Inve%iiiiLnL8 19.5 Tothl ./• of Iquily-typc Risk 84.4 Diversifii CoJDiniidiiie¥ INort.CyLlicdll Actively mainast￿ Sir41tL'gies Toiil '/0 ol l)iversifi¢s Cost or Yiilualion al 5 April 20?4 1$ r¢pr¢senlcd by-. LislLd invL51inint5 Pa4e 10 coniiiiued... The Arternls Charlt•ble Trust Notes io the Flhgn¢lg1 Stattmenti- continued (or ¢h¢ Vt*r End¢d 5 April 2024 CREDITORS.. AMOUP4TS FALLING DUE WITHIN ONE YEAR 2024 ?0?3 Oih¢r ¢rcdiiory 1,440 MOVEMENT IN FUNDS Ncl movemeni in funds At 6.4.23 5.4.24 Ullrestrl¢ttd funds General fvnd 1,426.886 78,413 1,505,299 TOTAL FUNDS 1.426.886 78.413 1,505.299 N¢t movemcnt in funds, included in the above gre a5 follows.. In¢oinin8 resources RcsouTces ¢ipeoded Gains and losses Mov¢ment in fvnds Unrestrieted funds General fund 41.548 133,7911 70,656 78,413 TOTAL FUNDS 41,548 {33,7911 7Q,656 78,413 Cornparativ¢s for movtment in funds Nct movemenr in furkd5 Al 5.4.23 Al 6.4.2? Unre51rltted funds General fvnd 1,542,772 1115,886) 1,426,886 TOTAL FUNDS .542,772 1.426.886 Comparative net movemeni in fvnds. included in the above are as follows.. Incoming resour¢¢s k¢swr¢e$ ¢xpended Gains and lo$s¢s Movement in funds Unrestric¢¢d funds General fijnd 39,190 130,167) 11?4,9091 1115,8861 TOTAL FUNDS 39,ISY) (30,1671 1124,9091 1115,8861 Page 11 continued... Thc Artemis Cb*rilable Trusl Notes 10 ¢lie fin#nei41 Stktemenis- tontimued lor thc Yc4r F.iided S AiTrril 2tJ24 MnVEM£NT IN FUYDS- coiitiiiiied A curreni ycAI' l? monilib and pritsr >ear 12 Inonih$ coinbined posiiion is ￿ fullows.. Nil Al 6.4.22 in fund5 5 4.24 Uiircstritted funds General fuiid 1.541.772 137,4731 1,505 ?99 TOTAL FUNDS 1,.%42.772 137.4731 1.505.299 A curreDI y¥•T 12 monih$ and prior year l ? months coinbin¢d n¢1 movement in tund5, inLluded iii ilie abtr¥t are as follow%'. Incvinin i*soui'G¢s RLsourccs