The Cleopatra Trust Trustees, Annual Report and Financial Statements For the year ended 31 December 2024 Charity Registration No.: 1004551 The Cleopatra Twst Trustees, report for the year ended 31 December 2024 Administrative De Trustees Dr C Peacock Mrs B Bond CH Peacock Address PO Box 79878 London SW19 9RQ Registered Number 1004551 Bankers CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA Investment Advisers Cazenove Capital 1 London Wall Place London EC2Y SAU Independent Examiner Marcus Cridland BA {Honsl FCA Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorsel DT6 3LB The Cleopatrd Twst Twstees. report for the year ended 31 December 2024 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with Ihe accounting poliaes set out in note 2 to the accounts and comply wth the charity's Irust deed and the Charities Act 2011. The trustees have adopted the provisions of the Slalemenl of Recommended Practice ISORPI 'Accounling and Reporting by Charities. IFRS 102) in prepaTing the annual report and financial statements of the chartty. The Cleopatra Trust is a registered charity established by trust deed on 15 August 1991. Its objects are to apply Ihe income of the trust towards charitable purposes. This is achieved by making grants to other charities and voluntary bodies. The truslees 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 demonslrale dearly that it must have charilable purposes or 'aims' that are for Ihe public benefiL The trustees confirm that they have paid due regard to the Charty Commission guidance on public benefrt before deciding what activities the chanty should undertake. Summary of maln activities and achlevements in the year Inveslmenl income during the year from investments and deposits totalled £71,478 (2023.. £74,716). Grants made from the incomefvnd amounted to£87,75012023'. £61,300); a summaryofthe indwidual grants to charities is given in note 3 of the accounls. Administration costs and fees of £453 (2023.. £4421 were incurred in connection with the operation of the Trust. As a ￿sUIt of grants exceeding inveslmenl income for the year. there was a deficit of £16.72512023.' surplus £12,974). which required a transfer of £3,751 from the Expendable Endowment. The Expendable Endowment Fund amovnted to £4,816,531 on 31 December 2024, an increase of £464,624 on Ihe opening balance of £4,351,907. The total retum for the year was +12.4Yo12023 total relum +6.8 % I, as financial markets continued lo recover from the weakness in 2022. The trust has a total return approach lo investment with a view to achievlng a more consistent level of grants. while maintaining the real value of the endowment over the medium lemi. Other funds of the Irust are held on deposit and spread befyveen deposit lakers to minimise counlerpaty risk. ReseNes pollcy The trustees have considered the level of reserves Ihey wish to retain. appropriate lo the charity's needs. This is based on the charty's svze and the level of financial commitments held. The tNstees aim lo ensure the charty will be able to continue to fulFIl its charrtable objectives. even rfthere is a temporary shortfall in income or unexpected expenditure. The trustees wll endeavour not to set aside funds unnecessarily and consider the current level of reserves adequate. Guidance on grant applications and outlookfor dlstributions The trustees would nole that appll¢atlon for a grant is by Invltatlon only. In the interest of charities, resources. we discourage unsolicited applications as these are not considered and. due to this trust's own resources, their receipt are not ackn0￿edged. Charities invf(ed lo apply for support may be required to submrt a report on their activttie5 and financial information in a prescribed fomi to facilitate the trustees, rewew. The trustees do nol anticipate receiving fvrther endowment caprtal into the trust and consequentty the amount available for distribution is wholly dependent on investment perfomiance over lime. Having regard for the reseNes policy above. the trustees will decide on the overall level of annual grarrts in the light of investment retums and the outlook. With the positive investment perfomiance in 2024, the value of the endowment has finally passed rts previous high, reached at the end of 2020, gnd was at a level required to meet the goal of keeping pace with inflation over time. Accordingly. and subject to the development of financial markets, this should allow an increase in the level of overall distribution in future years. Major risks The trustees have a policy of fomialty reviewing the risks to which the charity is exposed at least annualty. The main risk identified is thal the charty's investment perfomiance will fall below the level required to make the level of grants the trustees would wish. This risk is mitigated by Ihe application of the investment policy. The Cleopatrd TNst Trustees, report for the year ended 31 December 2024 Trustees, responslbllltles The trustees are required under Charity law to prepare financial statements for each financial year which give a Irue and fair view of the slate of affairs of the charity and of the financial activities of the charity for that period. In preparing those financial statements, Ihe trustees are required to.. Select suitable accounting policies and apply Ihem consistentty., Observe the methods and principles in the Charities SORP. Make judgemenls and estimates thal are reasonable and prudenl., State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare financial slatements on the going concern basis unless it is inappropriate to presume thal the Irust will continve in existence. The twstees are responsible for keeping proper accounting records, which disclose vmh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial stalements compty wlh applicable laws and regulations. They are also responsible for ensuring that the charity maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthortsed use and to prevent and detect fraud and other irregularities. Signed on behalf of the trustees CH Peacock Date.. 2 October 2025 Independent EXaMine￿S Report to the TNstees of The Cleopatrn TFUSt I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 vjhich are set out on pages 5 to 9. Responsibillties and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requiremenls of the Charities Acl 2011 I'the Act'l. I report in respect of my examination of the Charity's acLounts carried out under section 145 of the Act and in carrying out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145{5llb) of the Act. Independent examinerfs 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 requiremenls concerning the form and content of accounls set out in the Charilies {Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair view which is not a maller 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 Ihis report in order to enable a proper understanding of the accounts to be reached. Signed.. M _ Marcus Cridland BA (Honsl FCA Scoll Vevers Ltd Chartered Accountants and Registered Audf(ors 65 East street Bridport Dorsel DT6 3LB Date.. 61(-IL The Cleopatra TNst Statement of Financial Activlties (InCO￿oratIng an Income and Expenditure Account) for the year ended 31 December 2024 Income Expendable Fund Endowment Iunreslridedl Iunreslrictedl Total 2024 Totsl 2023 Income and expendlture Note Incoming resources Investment income- Dividend5 Interest Income 70,007 70.007 73,642 Total Incomlng resources Resources expended Direct charitable expenditure.. Grants to charities other expenditure.. Bank fees and administration costs 87,750 87,750 61,300 453 453 442 Total resources expended Net Incomlnglloutgoing) resources for the year 116,7251 (16,7251 12,974 Other recognised gains and losses Gainsl{losses} on investment assets.. Realised Unrealised Transfer from Expendable Endowment to Income Fund 468,375 468,375 208,042 Net movement in Funds {12,9741 464,624 451,650 221,016 Funds balances brought forward at 1 January Funds balances canied foThvard at 31 December 4 816 531 4 816 531 4 364 881 All amounts derived from corrtinuing activities. All gains and losses recognised in the period are included in the stalement of finanaal activities. The notes on pages 7 to 9 fonn part of these accounts The Cleopatra Trust Balance sheet as at 31 December 2024 2024 2023 Fixed assets Inveslments (Note 51 4,785,532 4,317,157 Current assets Debtors (Note 6) Cash and short-temi deposits 9,307 8,893 20 48,096 31,377 Total assets 4,816,909 4,365,253 CreditOTS- Amounts due within one year (Note 71 378 372 Total net assets 4 364 881 Represented by". Expendable Endowment 4,816,531 4,351.907 Income Fund Total funds 4816531 The financial statements were approved by the trustees on 2 October 2025 CH Peacock The notes on pages 7 10 9 fomi part ofthese accounts. The Cleopatra Trust Notes to the accounts for the year ended 31 December 2024 General information The Cleopatra Trust is a registered charity in England eslablished by trust deed on 15 August 1991. The address of the registered office is provided in Administrative Details on page 1. Delails of the charty's operations are provided in the Trustees Report. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. la) Basis of preparation The charity constitLrtes a public beneff( entity as defined by FRS 102. The financial slatements are prepared on a going concern basis under Ihe historical cost convention and in accordance with Accounting and Reporting by Charrties.. Stalemenl of Recommended Prarxice applicable to charities preparing iheir accounts in accordance wf(h Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (Charrties SORP {FRS 1021). the Financi81 Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) and the Charities Act 2011. The accounts include the resuAs of Ihe charity's operations which are described in the Trustees, Report. all of which are continuing. {b) Accounting convention The finanaal statements have been prepared on a going concem basis as the trustees believe that no material uncertaintie5 exist. The trustees have considered the level of fund5 held and the expected level of income and expenditure for 12 months from authorising ihese financial statements. The budgeted income and expenditure is sufficient with the level of reseNes fcff the charty lo be able to continue as a going concern. (c) Investment income is recognised when receivable. (dl Expenses are recognised where rt is more likely than nol thal there is a legal orconstructive obligation committing the charity to the expenditure and the amount of the obligation can be measured wth reasonable certainty. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. (el Unrestricted funds are those that are nol subject to any special reslrictions and they can be used as the Trustees deude. (fj Inveslments are a form of basic financlal instrument and are initialty recognised at their transactlon value and subsequentty measured al their fair value as at the balance sheel date using the closing quoted markel price. The statement of financial activities includes the net gains and losses aTi5ing on revaluation and disposals Ihroughout the year. (gl Debtors and creditoTS receivable I payable wthin one year DebtOTS and creditors wf(h no ststed intere51 rate and receivable or payable w¢thin one year are recorded at transaction price. Any kjsses arising from impaiThent are recognised in expenditu￿. (h) Financial instruments Classification Financial assets and financial liabilities are recognised when the charty becomes a paty to the contractual provisions of Ihe instrument. Financial liabilities and equty instruments are classified according to the substance of the contractual arrangement entered into. An equty inslrument is any contract thal evidences a residual interesl in the assets of the charty after deducting all of its liabilities. Recognition and measurement All financial assets and liabilrties are initially measured at transaction price (including transaction costs). except for those financial assels dassrfied a5 al fair value through profit or loss, which are Initial￿ measured at fair value (which is normally Ihe transaction price excluding transaction costs), unless the arrangement constitutes a financing Iransaclion. If an a￿angernent constitutes a financing transaction. Ihe financial asset or financial liabilty is measured at the present value of the future payments discounted at a market rate of interest for similar debt instruments. Financial assels and liabilities are only offset in the statement of financial posf(ion when. and on when Ihere 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 a55el and settle the liabilty sirnultaneousty. The Cleopatra Trust Notes to the accounts for the year ended 31 December 2024 (h) Financial instruments (continued) Finanaal assets are derecognised when and onty when al the contractual rights to the cash flows from the finanual asset expire or are settled, b) the charty transfers to another paty substantialty all of the risks and rewards of ownership of the finanaal asset, or cl the charity. despite having retained some. but nol all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation speafied in Ihe contract is discharged, cancelled or expires. Grants to charities 2024 All Star Youth Tennis Scholarnhip Trust Almeida Theatre Crisis Dementia Support (Sage House) Donmar Theatre Envision Horatio's Garden Motor Neurone Disease Association National Theatre Onwards and Upwards Rainbow Trust st Mungo's Standout Young Vic 2,000 6,000 5.000 500 2.000 10.000 21.000 5.000 2,000 12.250 5.000 10,000 5.000 Total Admini51ration costs The administration costs incurred in 2024 represent independenl examination fees of £378 (2023.. £372) and bank charges. The Trustees recewe no remuneration or expenses. Investments comprise holdings in collective funds. Market value on 1 January 2024 Net additionsl(disp05alsl Unrealised gainllloss) on revalualion Market value on 31 December 2024 4,317,157 468 375 4 785 532 Cost at 31 December 2024 The share portfolio was valued by Yealand Fund Services based on the market price at 31 December 2024. Debtors 2024 2023 Accrued income The Cleopatrd Trust Notes to the accounts forthe year onded 31 December 2024 Creditors.. Amounts duewithin one year 2024 2023 AccNals 378 72 Net assets tyfund Unrestricted Funds Restrlcted Funds Total 2024 Totsl 2023 Fixed assets Current assets Creditors: Amounls due within one year 4,785,532 31,377 4,785.532 31.377 4,317,157 48,096 378 378 72 Net assets Finanaal instruments Categorisation of financial instrument5 2024 2023 Finanual assets measured at fair value through nel income l expenditure 4,785.532 4,317,157 Financial assets that are debt instrument measured at amortised cost 31,377 48.096 Financjal liabilities measured at amortised cost 378 372 The income. expenses. nei gains and net losses attributable the charity's financial instruments are summarised as follow5= Income and expense Financial assets measured at fair value through net income l expenditure Finanual assets, Ihat are debt instruments. measured at amortised cost 70,007 1.471 73,642 1,074 Net gains l (losses) Financial assets measured at fair value through net income l expenditure 468,375 208,042 10. Related paty transactions There were no related party transactions during Ihe year. No remuneration or expenses were paid to Ituslees during the year12023'. £nil).