The Cleopatra Trust Trustees, Annual Report and Financial Statements For the year ended 31 December 2023 Charity Registration No.: 1004551 The Cleopatra Trust Twstees. report for the year ended 31 December 2023 Administrative Details Trustees Dr C Peacock Mrs B Bond CH Peacock Address PO Box 79878 London SW19 9RQ Registered Number 1004551 Bankers CAF Bank Ltd King5 Hill West Malling Kent ME19 4TA Investment Advisers Cazenove Capital 1 London Wall Place London EC2Y SAU Independent Examiner Marcus Cridland BA {Hons) FCA Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB The Cleopatra Trust TNstees' report for the year ended 31 December 2023 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed and the Charities Act 2011. The trustees have adopted the provisions of the Statement of Recommended practi￿ (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The Cleopatra Trust is a registered charity established by trust deed on 15 August 1991. Its objects are to apply the income of the trust towards charitable purposes. This is achieved by making grants to other charities and voluntary bodies. The trustees who served during the year are listed on page 1. Trustees are elected and removed by the serving board of trustees. The charity acknowledges its requirement to demonstrate clearly that it must have charitsble purposes or 'aims' that are for the public benefit. The trustees confimi that they have paid due regard to the Charity Commission guidance on public benefrt before deciding what activtties the charity should undertake. Summary of main activities and achievements in the year Investment income during the year from investments and deposits totalled £74,716 (2022-. £41,872). Grants madefrom the income fund amounted to £61,300 (2022: £69,500)", a summary of the individual grants to charities is given in note 3 of the accounts. Administration costs and fees of £442 {2022: £444) were incurred in connection with the operation of the Trust. As a resu￿ of the higher investment income and reduced grants for the year, there was a surplus on the income fund, amounting to £12,974 (2022.. deficit £28,072). The Expendable Endowment Fund amounted to £4,351,907 on 31 Decernber 2023, an increase of £208,042 on the opening balan￿ of £4.143.865. The total retum for the year was +6.80/0 {2022 total retum -11.OOA). as financial markets started to recover from the weakness in 2022. The trust has a total return approach to investment with a view to achieving a more consistent level of grants, while maintaining the real value ofthe endowment over the medium tern. Otherfunds of the trust are held on deposit and spread between deposit takers to minimise counterparty risk. Reserves policy The Irustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charty's size and the level of finan¢ial commitments held. The trustees aim to ensure the char'rty will be able to continue to fulfil rts charitable objectives. even rf there is a temporary shortfall in income or unexpected expenditure. The trUst￿S will endeavour not to set aside funds Unne￿$SarilY and consider the current level of reserves adequate. Future plans and guidance on grant applications The trustees do not anticipate receiving further endowment capital into the trust in the foreseeable fLrture and consequently the amount available for distribution is wholly dependent on investment performance over time. Having regard for the reserves policy above, the trustees will decide on the overall level of annual grants in the light of investment returns and the oullook. Despite the pos-rtive investment performance in 2023, the value of the endowment was still below its level at the end of 2020. The trustees are minded to maintain the overall level of grant distributions at least around historical levels in the short tem, recognising the ongoing challenging environment for charities. The trustees would note that application for a grant is by invitation onty and unsolicited applications will norrnally not be considered. Charities invited to apply for support may be required to submit a report on their aclivities and financial infomiation in a prescribed fomi to facilitate the trustees, review. Major risks The trustees have a policy of formally reviewing the risks to which the charty is exposed at least annually. The main risk identified is that the Gharty's investment perfomiance will fall below the level required to make the level of grants the trustees would wish. This risk is mitigated by the application of the investment policy. The Cleopatra Trust TNstees' report for the year ended 31 December 2023 Trustees, responsibilities The trustees are required under Charty law to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charty and of the financial activities of the charity for that period. In preparing those financial statements, the trustees are required to: Select suitable accounting policies and apply them consistently. Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence. The truslees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible for ensuring that the charity maintains an adequate system of intemal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthorised use and to prevent and detect fraud and other irregularities. Signed on behalf of the trustees CH Peacock Date 8 August 2024 Independent Examiner's Report to the Trustees of The Cleopatra Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 9. Responsibilities and basis of report As the charity trustees you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charity's accounts Carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5}(b) of the Act. Independent examiner's statement 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 ofthe Trust as required by section 130 of the Act., or The accounts do not accord with those records., or 3. 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. Signed: vl/K . Marcus Cridland BA (Hons) FCA Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB Date.. The Cleopatra Trust Statement of Financial Activities (Incorporating an Income and Expenditure Accountl for the year ended 31 December 2023 Income Expendable Fund Endowment {Unre5tricted) {Unrestricted) Total 2023 Total 2022 Income and expenditure Note Incoming resources Investment income" Dividends Interest income 73,642 73,642 41,731 141 Totsl incoming resources Resources expended Direct charitable expenditure: Grants to charitie5 Other expendiiure: Bank fees and administration costs 61,300 61,300 69,500 442 442 444 Total resources expended Net incomingl{outgoing) resources for the year 12,974 12,974 {28,072) Other recognised gains and losses Gainsl(losses) on investment assets.. Realised Unrealised Transfer from Expendable Endowment to Income Fund 12.889 208,042 {573,896) 208.042 Net movement in Funds 12,974 208,042 221,016 (589,079) Funds balances brought forward at 1 January 4 143 865 4 143 865 4 732 944 Funds balances carried forward at 31 December 4 351907 4 364 881 4 143 865 All amounts derwed from continuing acttvities. All gains and losses recognised in the period are included in the statement of financial activities. The notes on pages 7 to 9 fom part of these accounts The Cleopatra Trust Balance sheet as at 31 December 2023 2023 2022 Fixed assets Investments (Note 5) 4,317.157 4,109.115 Current assets Debtors (Note 6) Cash and short-temi deposits 8,893 6,825 48,096 35.104 Totsl assets 4,365,253 4,144,219 Creditors.. Amounts due within one year (Note 7) 372 354 Total net assets 4 364 881 4 143 865 Represented by: Expendable Endowment 4,351,907 4.143,865 Income Fund Total funds 4 143 865 The financial statements were approved by the trustees on 8 August 2024 CH Peacock The notes on pages 7 to 9 form part of these accounts. The Cleopatra Trust Notes to the accounts for the year ended 31 December 2023 General information The Cleopatra Trust is a registered Gharity in England established by trust deed on 15 August 1991. The address of the registered office is provided in Administrative Details on page 1. Details of the charity's operations are provided in the TTUStees Report. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. (a) Basis of preparation The charty constitutes a public benefrt entty as defined by FRS 102. The financial statements are prepared on a going concern basis under Ihe historical cost convention and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance wrth Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts include the reSu￿S of the charity's operations which are described in the Trustees, Report, all of which are continuing. (b) Accounting convention The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level offunds held and the expected level of income and expenditure for 12 months from authori5ing these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charty to be able to continue as a going concern. {¢) Investment income is recognised when recewable. (d) Expenses are recognised where it is more likety than not that there is a legal or constructive obligation committing the charity to the expenditure and the amount of the obligation can be measured with reasonable certainty. All expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all costs retated to the category. {e) Unrestricted funds are those that are not subject to any special restrictions and they can be used as the Trustees decide. lfj Investments are a fomi of basi¢ financial instrument and are initBlly recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted maTket price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Ig) Debtors and credrtors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable wrthin one year are recorded at transaction price. Any losses arising from impaiment are recognised in expenditure. (h) Financial instruments classif￿allon Financial assets and financial liabilities are recognised when the charty becomes a party to the contractual provisions of the instrument. Financial liabilrties and equty instruments are classrfied according to the substsnce of the contractual arrangement entered into. An equity instrument is any contract that evidence5 a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilrties are iniiially measured at transaction price (including transaction costs), except for those financial assets classrfied as at fair value through profrt or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transactions. If an arrangement con5tiiutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a mathet rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position when, and onty when there exists a legalty enforceable right to set off the recognised amounts and the charty intends either to settle on a net basis, or to realise the asset and settle the liabilty simultaneously. The Cleopatra Trust Notes to the accounts for the year ended 31 December 2023 (h) Financial instruments (continued) Financial assets are derecognised when and only when a) the contractual rights to the Gash flows from the financial asset expire or are settled, b) the charty transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some, but not all, signrficant risks and rewards of ownership, has transfe￿ed control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Grants to charities 2023 All Staryouih Tennis Scholarship Trust Almeida Theatre Arundel Cricket Charity Foundation Crisi5 Envision Horatio's Garden National Theatre Royal Court Theatre St Mungo's Standout Young Vic 2,000 2,800 500 2.000 10,000 20,000 2,000 5,000 10,000 5.000 Total Administration costs The administration costs incurred in 2023 represent independent examination fees of £372 (2022- £354) and bank charges. The Trustees receive no remuneration or expenses. Investments comprise holdings in collectwe funds. Market value on 1 January 2023 Net additionsl(disposais) Unrealised gainl(loss) on revaluation Market value on 31 December 2023 4,109.115 208 042 4317 157 Cost at 31 December 2023 The share porffolio was valued by Yealand Fund Services based on the market price at 31 December 2023. Debtors 2023 2022 Accrued income 7. Creditors.. Amounts due wiihin one year 2023 2022 Accruals 372 354 The Cleopatra Trust Notes to the accounts for the year ended 31 December 2023 Net assets by fund Unrestricted Funds Restricted Funds Total 2023 Total 2022 Fixed assets Current assets Creditors: Amounts due within one year 4.317,157 48,096 4,317,157 48.096 4.109,115 35,104 372 372 354 Net assets 4 364 881 4 364 881 4 143 865 Financial instruments Categorisation of financial instruments 2023 2022 Financial assets measured at fair value through net income l expenditure 4,317,157 4,109,115 Financial assets that are debt instrument measured at amortised cost 48,096 35,104 Financial liabilities measured at amortised cost 372 354 The income. expenses, net gains and net losses attributable the charty's financial instruments are summarised as follows.. Income and expense Financial assets measured al fair value through net income l expenditure Financial assets, that are debt instruments. measured at amortised cost 73.642 1,074 41,731 141 Net gains l (losses) Financial assets measured at fair value through net in¢cThe l expenditure 208.042 (573,896) 10. Related party transactions There were no related party transactions during the year. No remuneration or expenses were paid to trustees during the year (2022.. £nil}.