THE CORNELIUS TRUST ACCOitNrs 31- MARCH 2023 CONTETrrrs Page Tn AdministratiOD RepOrtfrOmtheTn................................... Statement of TnteeS Responsibilities........................ Independent Examinern Rep)rt........... Statemenl of Financial Activities....... ..... Balance Sheet Notes to Financial Ststements........................... . . . l(k14
Page 2 THE CORNELIUS TRUST ADDRESS 4 Curlew Drive Chippenham Wiltshire SN14 6YQ PATRONS The Rt Hon the Lord MacKay of Clasbfern KT The Lord AIton of Liver0] Major General A N Carlier CB OBE The Very Reverend Dr J. Harkness CB OBE QHC MA Wing Commander D R Gleed RAF Rtd TRUSTEES Lt Col JPJ Judge (Chairman) Mr R P Sheldon late RE (S•) Mr R J Campbell (Treasurcr) Lcpl P Steen (Grant Secr¢tary) Lt Col V J Roberts RE Lt Col W Fa Sqn Ldr J Palmer MBE RAF Revd MF Chatfield RN Revd (Wg Cdr) AR Nicoll RAF The Revd M Dietr CF Lcpl J Lee SOLICITORS Neale TU Rochfort 12 Kings Ride Camberley GU15 43G CHARITY REGISTRATION NUMBER 1002371 GOVERNtNG tNSTRUMENf TnL8t deed datrd 14 November 1990
AIM AND PURPOSE The Trust seeks to SUPPOrt seNin8 and ex-sepAng members of the Amied For5 and MOD CNil Servants, as well as their dependants, in developing and strengthening their Christian faith through attendance at camps, conferences, courses and at Christian leisure centres. We particularly seek to support and encourage those engaged in evangelism within the Militsry and tllose who wlsh to consider the claims of the Christian Gospel. We also provide wider benefft by asSiStln8 Christians from the Armed Forces of other countries. OBJEcfivES AND ACTivYfiES In accordance with our alm the trust provldes financial grnnts to: Support members of the Amed For5 and MOD CNII Serrfke community to attend events organlsed by the varlous Milr(ary Christian Organisatlons {MCOsl or other Christlan events for res¢ recuperation, fellovtship and teaching. Support MCOS In their prnwsion of conferences. courses or actfvltles. Support other activltles almed at propagat1 the Chrtstlan 805pel wlthin the Arnied Forces. Blds from Junbor sep11 personnel are particularly encouraged. CONSTITUTION AND TRUSTEES The constltutlon was revlewed in January 2022. There have been no slgnificant changes deemed necessary as the extant constitution contlnues to allow sufficient freedom of artion to satlsfy the oblectNes of the Trust. We have said farewell to one trustee who came to the end of thelr tenu during this period. Thls sees the number of trustees at 11 in totsl. We remain fortunate to have several generously lon8-seDiill8 trustees and offlce bearers who contlnue to gfve deepty Val sery1, althou8h we are now 5eeklnB to attlvely manage the succession of our lon8ert servlng and experlenced trustees. A5 a trust servin8 a predominantly 'young' constltuency we are alway5 consclous of the need to encourage and bring in new trustees, particularty those Junior Rates and Ranks from the three SeThlces, whom we most routinely alm to support. COMPUANCI ACHIEVEMENTS AND PERFORMANCE Investm•nts The financlal year 2022123 saw an Income from our underlyln8 investments of £47.8K which are professionalty managed on our behalf by Brewin Oolphin. The Trust also owns property in Shropshire as part of the Investment portfolio which generates an income of just over £18K annually. The income, from which 8rants are made. has been asonablY stabielsee accounts for details) and, as a result, in thi5 financial year. we have been able to satisfy in some measure nearly all bids which have met our criteria. As noted above, we rent out property in Badgervillage and Sqn Ldr Jonny Palmer continues to oversee the management of these on our behalf via a letting agenci Bloore & fing. The properties con51St of a pair of semi-detached cottages currently split into four fiats. one of which was. up until recently, rented out to lon8-Standing tenants at Si8nifKantty reduced rent in accordan wlth the wishes of the benefactor who donated the property to trust in the early I95. Thi5 tenant ha5 recently moved out to a MO suitable property which has prompted the Trust to revisit the role of property in our portfolio. While the cottages have served us well. their age and location places a incTeasing maintenance burden on the Tnt. not to mention the legal constralnts a550ciated with a listed property. The Trust has therefore embarked on a
comprehensNe review of our property holdings to explore less restrictive property options with a lower Maintenan burden. The review has atso looked at options to maintsin 8fant grrfin8 in line with inflation o¥er medium to long temi. Grants Grants this year have totalled over £32K. h has been encouraging to see actl¥lty return to somethlng resemblln8 the pre-COVID levels with some new actNity also taking pla. We have been able to support childfen's clubs in overseas garrisons and familie5 attending Christian teathing conferences. 55milarly. we continue to subsidise a Christian holiday camp for service children, military tsmllles attending summer house parties and young 9)Idier5. soik)rs and airmen attending Christian festr4als. These actNlties are typical of the bmad range of activities that we support across all three serv15 Including both serrfing and tired militsry familles and their dependants, thus demonstratlng a tangible wider publlc benefft. We encoura8e and welcome new bids, especially from those wtth novel ideas. We continue to work, where posslble, with other estsbllshed MCOS Includln8 Mllltary Chaplaincies, but at the same time encoura8e bids, lae or small, frorn indlvlduals and noTrmllitsry or8anisations where they support the wider military community. We continue to work wlth the Arnied Forces Christian Union IAFCUI and the Soldiers and Airmen kripture Readers Association ISASRAI which provldes support to members of all three seNices, and our grants subsidise the cost of their numerous events. MANAGEMENT OF THE TRusr We are fortunate to have a body of willin8 trustees who 8lve freely and generously of their time and, bein8 either servin8 militsry or ex-military. brln8 knowledgeable, mature and reasoned judgement to their task. The trust does not have pem)anent employed staff or offices; its adminlstration is conducted on the Internet usin8 a secure well-produced and malntslned Trustees, forum. This reduces cost and is time efflclent. The Trust also maintalns a public web site from whlch anyone may galn Informatlon and submlt a 8rant application. Trustees Commlttee meetiw are held three times a year and are recorded in mlnutes as quired by Charlty Commission rules. Admlnistrdtlon costs are r*gllBlble. The accounts contlnue to be malntalned to an extremely hi8h standard by our ireasurer Mr R J Campbell and we are well supported and advised by our Brewin Dolphin fund manager. The accounts are properly extemally examined In accordance wlth Charity Comrni55ion rules and tlw are filed with thls report for scrutiny as required. Rl$k An•lysls The Trustees conslder the prfncipal risks affecting the charity to be: A decline In the value of investments. While there may have been some decline In real terms laccountln8 for inflatlonl during the period. the perfonnance Was in line with the wider market and therefo refiettrve of systemk. cyclical forces rather than any weakness in the underlying portfolio. The trustees continue to minirnise valuation risk by engagin8 Portfolio manager5 to maintain a balanced portfolio under regular review. Brewin t)olphin reported to all trustees In January 2023. Damage to property which the Trustees seek to minimise ty maintalning management oversight of the properties and ensuring adequate Insuran cover.
Investmont Polky Seeking to achieve a robust income yield to fulfil its tharitsble purposes coupled with long temi capital growth as an infiationary hedge from a balarKed risk portfolm). Publlc Benefft In preparin8 this report. arKI in planning future actNity, the trustees have consldered the Charity Commission's general guidance on public benefft and Its supplernentsry wblic guanCe on the advancement of religion for the public benefrt. The trustees believe that the best way to carry out our objectfves, and to provlde public benefft for the sector of the public targeted within our constitutlon. is to continue to support oryanisations and individuals in line with our charitable objectives. SUMMARY The Trust has had another good year desplte contlnulng challen8es. We optimistlcally look forward to 2023124 seeing a contlnued inCaSe in requests while ensurlng our Income from investments allows us to keep pace. We contlnue to encourage and welcome innovatlve and novel blds for support in additlon to those regularty received. We remain well placed financlally with senslble reserves that will continue to enable us to weather any further fluctuations In the broader etonomlc envlronment and allow us to fulfll our alms and objectlves in accordance with our constitution and charter- fijll details of which are available on our webslte rf requlred at http".Ilvrnw.thecorneliustrust.org. On behalf of the Trustees JPJJud8e Lleutenant Colonel Chalrman of Trustees 17 Nov 23
Page 6 THE CORNELIUS TRUST STATEMEN[ OF TRUSTEES, RESPONSIBILIT Chartty law requires the to prepare financial statements for ¢ach fJJwicial year which giv¢ a true and fair view of the state of affairs of the charity and of its fi[wla1 activities for that y¢ar. The InteeS TespK)nsible for keeping proper a£wunting [dS which disclose with re&sonable accuracy at any time the financial w)sition of the chaTity and to enable them to ensure that the financial slalemenls comply with the Clwities Acts. They are also resFM)nsible for safeguarding the sets of the charity and hence for tsking re&8onabl¢ steps for the prevention and detection of fraud or other igUlarItieS. Date: Jan 2024 Tnth and Chairn18n of the Trnstee Council J P J Judg¢
CHARITY COMMISSION FOR ENGLANO AND WALES Independent examinerfs report on the accounts Section A Independent Examinerfs Report R•port to tbe tnMte•8 Comelius Tnjst Qn accounts for th• y•ar •nd•d 31 Mgrth 2023 Gharlty no (If any) 1002371 S•t out on pago8 8-14 I report to the trustees on my examlnation of the aCCot6 of the above charity (Ih• Trusf) for thg year wxled 31 March 2023 Responslbllltl•• and bas18 of report AS Ihe charity's trustees. you ore responsible for the preparation of the accounts in accordance with the rnqllrwnts of the ChantS05 Act 2011 (Ihe Act.). I report In respect of my examination of the Tru8t's accounts carried out under section 145 of the 2011 Act and In carying out my examination. I havé followed all the applicable Direclions gr¥en by Ihe Charity Commission undar 8ection 1445)(b) of the Acl. Independent I have completed my examination. I confwm that no malerial matters have examinerfs statsment come to my attention in connectlon with the examination {oth•r than that dlsclosed below") which gives me cause to believe that in, any materlal the accounting records nol kepl In accordance wtth uction 130 of the Charities Act.. or the accounts did not accx)rd wlth the %countlng raeords,. or Ihe a¢Gounts did not compty vAth the applicable requlrements conceming the lomi and content of accounts set out in th¢ Ch8rlties (Accounts and Reports) Regulations 2CKJ8 other than any requiremenl that the accounts give a and fairf view which 18 not a matter considered as part of an ir¥lependent examination. I have no concerns and have rne au083 rn other mattefs In conne¢tlon with the 0xamirt1On to which attenlion shoukl be drawn In this report In to enable a ryop8r urKler5tandir¥J of the aGcounts to b• reached. Slgned: Date: 30 January 2024 Name: John Edwards BSdEcon) Relevant profè$slonal quallllcatlon(s) or body {if any): Addrn88: S Sandalwood Road Westb(ry Imltshire BA13 3UP
Fcf tr)re4thJ31 MARai 23 2022 155 J7 155 37 420 Investmem iM)mv RtTht cOMe 37J81 19.930 37,881 19.930 Exptidhwrt Costs of l3ffi 31351 13MO 31.9S1 3.749 37J14 3.749 37.314 cnpit Gty Adrnini%trDtion 1568 480 Ca•lolwi 48y 44.111 Toil Expe•dllur¢ 59.741 $9.741 55J71 ijed wL10n * ofinv¢ithiw 394 39.354 ($03861 65,197 65,197 Nel 144.6931 {44fi93) 1fyfj.792 106,792 {46h93) 144fi931 104. I[.792 1693.6 I705ffj42 2JWXI 10.(xvJ 1598.830 Tolal fu#d b#]••¢M¢yrlEd f•IrI 2,9•1 14JK#) 21db.949 IWJ*42 2.7J5,642
THE CORNELTUS Tru IIAiANCE StrtbE'I' Ftrthe year e4thd 31st MARCH 2ty13 2022 NrAt 1560.149 2.647.427 CURRENf ASSETS 1.975 16.YlO 1.975 16.970 Cash bAnk - Thatch Acctsjnt - Royal Bank of S¢c4l•nd . Mot)mothhirt - Cash 23.652 50.991 14203 1.750 25.432 It)33 41.385 1661457 2,705.782 CURRE LIABIL1£s Creditc Accru$ Independent Examiner5 Fe¢ Payments on accowlt 140 140 Totsi Current LiabilitieB IJO8 140 Net Assets 2,0.949 2,705.642 FUNDS 10 Thatch Major Ryir¥ iiooo O¢n¢rAI Fund8 1646.949 1693.642 1660.949 2,705.642 Approved on bebdf ofthe Tn IU CwnplKII
P#ge 10 THE CORNELIUS TRU NOTES TO FtNANCtAL sfATEMEI¥TS For ¢he yur eDded 31st MARCH 2023 I AcCOl[NG POLICIFS SORP. The aw)unts (financial staten) have been prw3rn1 urtdtt the historical cost convention with itrms rgnISed at Cost or transaction value Unl otherwise stattsl in th¢ r¢lev nolels) to these accounts. Accounting gnd RepoT1ing by Chariti&s prepfir1 tbeir accimmts in a¢¢Ordan with th¢ Finartoial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ]U&l 16 July 2014 and the Financial Reporting St8thrd applicabk in the Unitcd Kingd(AD and R4blIC of Ir¢laTrJ (FRS 102) 8nd the Charilies Act 2011. The trurt CA)nstityte5 a public ben¢fit entity 8$ defined by FRS 102. Th¢trustees consid¢r that ther¢ ar¢ no mattria] unc¢rt8inties about th¢ T.$ ability ¢0 tinUe as a goin8 conc¢m. With rtspect to the rtext reporting p¢rio¢ 2011k20. the TN>St Si8nificaM ar¢8s of unca¢wnty that affed the carying vatue of assets held by the Trust are th¢ level of inv¢sImt rtxum and th¢ wfornwK¢ of investsnen¢ morkets (see the investhi¢nt policy pwf0nnQn and Tisk Mana8 sections of the trUSte¢s' ann wrt for more infomtion). ( b ) The freehold prortY is revalual ¢very five years and was revalu by the tnLStvs in th¢ year to 31st Morch 2022 #rtd is now showD at morket Val the time of vJluotion. The propO r¢pairs have been thaT8ed in fvll to Inwme aThJ EXpaltyre &COUDL { ¢ ) The PrOjt R¢kntyJ Promy. Unil 24 Shrivenham Hundred BuJine88 PaTK IB held so as lo m it available for Militsry Chrirtian Orwisatiolls to us¢ in the eA)urse oftheir charitable activitie5 which are $istentwith th¢ I)bJtIv of The CLYneliu5 TrusL The wopjty is held #t c¥xL { d ) Incom4 includin8 &p)sity is ¢rnlited to th¢ And F*iture at the lime of reeeipt ( e ) The t h&$ taken tdvantw ofth¢ exempti in the FinarKtd Rqtiti8 Stsndwd No. l from producing 4 rn8h tlow stst¢mettt on the 015 that it is a small Iwortin8 entity. 2 (YfHER INCOM RENfAL fNCOME 2023 2022 Thatch RentAI Incom¢ 20.1 19,830 Unit 24 Rentsl ]n¢ome 100 20.1(KJ 19.930
Po8e li THE CORNEUUS Trusr NOTES (tonlltted) TO FINANCIAL sfATKMENKS For the ye#r e#ded 31st MARCH 2023 2022 DIREcf CHARrrABLE EXPENDITiJRE Op¢r¢ini ¢xpenJ¢JJ Insurance MAintenanct Major Th*h Improv¢m¢nts Council T light and wat miscellan5 1.638 11012 1,659 13.650 3.749 Adml#lstrntlo Post and ststionay Proftssionai fe¢s Tha¢¢h (Adrnin & Ryirs) Thatrh (Prof¢3sional Fe¢s) Audit and aecA)unt Publiciry T¢l¢pkn¢ Bank Char8es Trustee Trnining Trnvel And s¥Jbsistenc¢ 17(X) 1383 1568 Administration Trhvel 179 480
Page12 THE CORNELWS Trusr NOTLS {contl#lled) TO FINANCIAL sfATEMENrs Forth¢ ymr ended 318¢ MARCH 2023 2022 140 140 EMPIA)YELS 2022 Total emolum¢nts Average number of employ¢¢s No employee earned more than fAO.fJYJ ID the ye4r.
Page 13 THE CORNtLIUSTRusr NOTES (coitinutdl TO FINANCIAL sfATEMKNTS Ftsrthe ytArertded 31¥t MARCH 2OLI 2022 Quoted Ixvostments 1.685J40 .615,245 431.055 1425,937) 63.197 217.553 tlibP)sals in the year Add /(ded) ]w (1) Thaluat I2207) {50286) C&rryitt8 Market V8lw at¢ndof )r 1.632.(All 1.683.540 Cash hcld with inve5tn 44.535 38.496 MaTk¢l val as * 31 Mayth 1,697.135 1.724.036 Hisiwic cost of in¥esiovts at yrarayj 12WT2 1203,373 Freehold Tem•nted C•tt• Carryin8 Market valw at trryntLin8of Improvemtnts Add Ildeduul I1 gOI(LO$s) revaj CY1[18 Markrf valu¢ at tr of 640.1 640,000 Prol¢¢t Relt•d Iwvmtuwit Ulll¢ 24 5hrlv•nbAThJ HDOr•d Cwing Market vDl d innin8of Pur¢h Add /(d¢thtI 141{5) on CwryinK Mth va]w ezKlof>r 223.014 223.014 223.014 223,014 Totsl Invetm¢ots (rnrkrt vl•¢) Is,149 2.587.050 A•styil# 519.4YJ 1.133.110 1,651( Overse& Invat•nts Over4% 175.639 166.499 109296 7&876 75,825 10.YS% 9.81% 6.44% 4.65% 4.4PA 15haTeS Core S&P 5(KI UCITS ETF USD Fidelity Ucits ECA US Q1 Fil Inv sv IUK) IDX Pacific EXP Fid¢lity Eurow ValS
Page 14 ThE CORNELWS TRusr NOTES Ito•tJDued) TO FINANCIAL ATMEI3 For the year ended 31st MARCH 2023 DEBTORS 2023 2022 Income tsx repayabl¢ 8000 3.986 4,984 Debtors 1.975 1,975 16.970 10 FUNDS Funds Funds Total Balance at l April 2022 2,693,642 12.(KM) 2.705.642 Net movement in Funds (46,693} (44.693) Balance at 31 Mah 2023 1646,949 2,660,949 Th¢ Restricted funds represent a provision for repairs on the Fjeehold Tenanted Cottages thatched 11 TRUSTEES REMUNERATION No Trustee received any remuneration from the Tn during the . Three trustees received reimburscment of exwditure durin8 th¢ year.