REGISTERED CHARITY NUMBER: 291328
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2025
for
The Artemis Charitable Trust
Harris Lacey and Swain Suite 1 The Riverside Building Hessle East Yorkshire HU13 0DZ
The Artemis Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
The Artemis Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are to provide funds for the furtherance, advancement or benefits of charities, charitable institutions, or charitable purposes as the settler during his lifetime and the trustees thereafter select.
The original policy of the trust of making of grants to aid the provision of counselling, psychotherapy, parenting, human relationship training and related activities, primarily through supporting academic research projects, to develop new strategies and methods is being reduced. The trustees will going forward be supporting a wider range of charities including (but not limited to) food banks, child and disabled welfare, education type charities.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
FINANCIAL REVIEW
Financial position
The accumulated unrestricted funds behind investments on 5th April 2025 amounted to £1,280,616. It is the policy of the trustees to make grants based on the current needs of the grantees utilizing both the capital and income of the trust, and not to restrict the level of grants to the trust's income for the year. The trustees consider the situation of the trust to be satisfactory and are of the view that the trust will be able to carry out its activities for the foreseeable future.
Investment policy and objectives
The trust deed authorizes the Trustees to make and hold investments using the general funds of the charity. There are no restrictions on the charity's power to invest.
The trustees' investment policy is to maintain a balance between capital gain and the growth of income. The investments of the trust are under the management of Rathbones Group PLC.
The trustees and investment managers meet once a year, or more often if required, to ensure that the portfolio is arranged to give the best possible return and performance from the charity's investments.
The Trustees consider the income requirements, the risk profile and the investment managers' view of market prospects in the medium term.
Reserves policy
The Trustees' policy is to maintain unrestricted reserves, which are the free reserves of the charity, invested to generate income to fund the activities of the charity, by providing grants. On 5th April 2025 the total amount held in investments were £1,280,616. This shows an decrease from £1,421,925 on the prior financial year to 5th April 2024.
At this level, the Trustees consider that the Trust will be able to carry out its activities for the foreseeable future, due to being able to pay for at least 12 months of expenses and grants with the current level of free reserves held, which is in line with their governance documents. The level of free reserves held as at 5th April 2025 was £1,461,890 (2024 - £1,505,299).
There are no restricted or designated reserves only unrestricted reserves.
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The Artemis Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
FINANCIAL REVIEW
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Principal risks and uncertainties
The Trustees have assessed the major risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to the major risks, in such a way that the activities of the charity are protected.
Grant making policies
It is the policy of the trustees to make grants based on the current needs of grantees, utilizing both the capital and income of the trust, and not to restrict the level of grants to the trust's income for the year. This year the charity made grants of £35,000. The trustees' policy is to award grants in accordance with the restrictions imposed by the original donor of the funds.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
The Artemis Charitable Trust is a registered charity, number 291328, and is constituted under a Trust deed.
Recruitment and appointment of new trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The power to appoint new Trustees vests in the settlor R W Evans during his lifetime and thereafter the ordinary statutory power of appointing new trustees is applicable.
Organisational structure
The trustees who have served during the year and since the year end are set out at the end of the Trustees Report. The trustees deal with the day-to-day responsibility of running the trust and consulting when considering grant applications.
There are no employees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
291328
Principal address
32 Plover Way Bude Cornwall EX23 8TU
Trustees
Mr D J Evans Mrs K Evans Dr A D Bergin Mr L T Evans Mr R W Evans Mr M W Evans
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The Artemis Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Harris Lacey and Swain Suite 1 The Riverside Building Hessle East Yorkshire HU13 0DZ
Portfolio Managers
Rathbones Group PLC Rathbones Investment Management Port of Liverpool Building Per Head Liverpool L3 1NW
8/12/2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................................... Mr D J Evans - Trustee
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Independent Examiner's Report to the Trustees of The Artemis Charitable Trust
Independent examiner's report to the trustees of The Artemis Charitable Trust
I report to the charity trustees on my examination of the accounts of The Artemis Charitable Trust (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Laura J Drew
The Institute of Chartered Accountants in England and Wales
Harris Lacey and Swain Suite 1 The Riverside Building Hessle East Yorkshire HU13 0DZ
Date: .............................................8/12/2025
Page 4
The Artemis Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities Grants paid out Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 42,657 45,470 (40,596) (43,409) 1,505,299 1,461,890 |
2024 Total funds £ 41,548 |
|---|---|---|
| 33,791 | ||
| 70,656 | ||
| 78,413 1,426,886 |
||
| 1,505,299 |
The notes form part of these financial statements
Page 5
The Artemis Charitable Trust
Balance Sheet 5 April 2025
| 2025 Unrestricted fund Notes £ FIXED ASSETS Investments 6 1,280,616 CURRENT ASSETS Cash at bank 182,894 CREDITORS Amounts falling due within one year 7 (1,620) NET CURRENT ASSETS 181,274 TOTAL ASSETS LESS CURRENT LIABILITIES 1,461,890 NET ASSETS 1,461,890 FUNDS 8 Unrestricted funds 1,461,890 TOTAL FUNDS 1,461,890 The financial statements were approved by the Board of Trustees and authorised for issue on ......................................... signed on its behalf by: ............................................. Mr D J Evans - Trustee 8/12/2025 |
2024 Total funds £ 1,421,925 84,886 (1,512) 83,374 1,505,299 1,505,299 1,505,299 1,505,299 .... and were |
|---|---|
The notes form part of these financial statements
Page 6
The Artemis Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
Income received for services provided is accounted for on an accruals basis.
Income received is the income raised by selling shares held at a profit.
Any significant non-cash donations are included in the income and expenditure account at the trustees' estimate of their market value when received. The value of voluntary help is not included in the accounts.
Grants and other funding of a revenue nature are deferred and released to the income and expenditure account over the period to which they relate.
Interest on the funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Expenditure
Expenditure is recognised once there is a legal and constructive obligation to transfer economic benefit to a third party, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES - continued
Fund accounting
Investment income, gains and losses are allocated to the appropriate fund.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Charity's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Charity does not consider there to be any material estimates and judgements.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value.
2.
INVESTMENT INCOME
| UK income Property income Interest received Overseas income |
2025 £ 35,170 1,123 1,929 4,435 42,657 |
2024 £ 33,615 2,072 1,798 4,063 |
|---|---|---|
| 41,548 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
4. STAFF COSTS
| 2025 | 2024 | |
|---|---|---|
| Staff Cost | Nil | Nil |
The Artemis Charitable Trust has not employed any staff during the financial year ended 5th April 2025 or in the preceding year. The Charity incurred no costs related to employee benefits or salaries during the financial year or the prior reporting period. As the Charity did not have any employees, there were no pension costs incurred during the financial year.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Grants paid out Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 41,548 |
|---|---|
| 33,791 | |
| 70,656 | |
| 78,413 1,426,886 |
|
| 1,505,299 |
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 Breakdowns of Investments Liquidity Cash United Kingdom High Quality Investment Grade Total % of Liquidity Equity-type Risk Fixed Income United Kingdom North American Investments European Investments Japanese Investments Asia Pacific Investments Emerging Market Investments Global Total % of Equity-type Risk Diversifies Infrastructure Funds Commodities (Non-Cyclical) Actively Managed Strategies Total % of Diversifies |
Listed investments £ 1,421,925 140,654 (170,229) (111,734) 1,280,616 1,280,616 1,421,925 % 10.6 8.0 4.2 22.9 % 8.1 22.7 13.3 2.7 3.9 2.8 3.4 11.5 68.3 % 2.6 4.4 1.9 8.9 |
|
|---|---|---|
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
6. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 5 April 2025 is represented by:
| Valuation in 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Other creditors 1,620 |
Listed investments £ 1,280,616 2024 £ 1,512 |
|---|---|
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 42,657 TOTAL FUNDS 42,657 |
At 6.4.24 £ 1,505,299 1,505,299 Resources expended £ (45,470) (45,470) |
Net movement in funds £ (43,409) (43,409) Gains and losses £ (40,596) (40,596) |
At 5.4.25 £ 1,461,890 1,461,890 Movement in funds £ (43,409) (43,409) |
|---|---|---|---|
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 6.4.23 £ Unrestricted funds General fund 1,426,886 TOTAL FUNDS 1,426,886 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 41,548 (33,791) TOTAL FUNDS 41,548 (33,791) |
Net movement in funds £ 78,413 78,413 Gains and losses £ 70,656 70,656 |
At 5.4.24 £ 1,505,299 |
At 5.4.24 £ 1,505,299 |
|---|---|---|---|
| 1,505,299 | |||
| Movement in funds £ 78,413 78,413 |
|||
| 78,413 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.23 £ 1,426,886 1,426,886 |
Net movement in funds £ 35,004 35,004 |
At 5.4.25 £ 1,461,890 |
|---|---|---|---|
| 1,461,890 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 84,205 | (79,261) | 30,060 | 35,004 |
| TOTAL FUNDS | 84,205 | (79,261) | 30,060 | 35,004 |
continued...
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The Artemis Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
9. RELATED PARTY DISCLOSURES
The Charity has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Charity as at 5th April 2024.
10. FINANCIAL INSTRUMENTS
| Financial assets Financial assets measured at fair value through income & expenditure |
2025 £ 182,894 |
2024 £ |
|---|---|---|
| 84,886 |
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The Artemis Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| UK income | 35,170 | 33,615 |
| Property income | 1,123 | 2,072 |
| Interest received | 1,929 | 1,798 |
| Overseas income | 4,435 | 4,063 |
| 42,657 | 41,548 | |
| Total incoming resources | 42,657 | 41,548 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 35,000 | 24,000 |
| Support costs | ||
| Management | ||
| Telephone | 60 | - |
| Finance | ||
| Bank charges | - | 50 |
| Governance costs | ||
| Management charges | 8,790 | 8,229 |
| Accountancy and legal fees | 1,620 | 1,512 |
| 10,410 | 9,741 | |
| Total resources expended | 45,470 | 33,791 |
| Net (expenditure)/income before gains and losses | (2,813) | 7,757 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 71,138 | 70,656 |
| Net income | 68,325 | 78,413 |
This page does not form part of the statutory financial statements
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