THE CAZENOVE CHARITABLE TRUST Registered Charity No. 1086899
Annual report and financial statements Year ended 31 December 2022
THE CAZENOVE CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2022
| Contents | Page |
|---|---|
| Trustees’ annual report | 1 |
| Independent auditor’s report to the Trustees of The Cazenove Charitable Trust | 5 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
THE CAZENOVE CHARITABLE TRUST
Trustees’ annual report for the year ended 31 December 2022
The Trustees present their annual report and the audited financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Trust Deed, the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
Charitable Trust’s office
The Trust’s operating address and address registered with the Charity Commission is at 1 London Wall Place, London EC2Y 5AU.
Constitution
The Deed of Settlement contains the provisions for the purpose and administration of the charity. Its Charity Commission registration number is 1086899.
Structure, governance and management
Organisation structure
The Cazenove Charitable Trust (the ‘Trust’) is an unincorporated registered charity, which was created by a Deed of Settlement in 1969.
Governance and management
The Deed of Settlement provides for the existing Trustees to appoint new Trustees as they deem appropriate. The Trustees are responsible for the running of the Trust with some administrative support, principally from the Cazenove Association (see note 11).
No Trustee had any interests in the Trust.
Trustees
The Trustees who served throughout the year ended 31 December 2022 and up to the date of this report were:
James Barker David L Mayhew CBE John Mayne Lucinda Napier (Chairperson) Michael R P Power Michael Wentworth-Stanley Damian Robinson Nicholas Hall
Related parties
The Trust is closely associated with Cazenove Capital, which is a trading name of Schroder & Co. Limited. The Trust maintains deposits and invests in funds managed by Cazenove Capital. The cost of insurance for those assets owned by the Trust has been met by Cazenove Capital. Investment management fees are described in note 10.
Trustees’ transactions
James Barker, Lucinda Napier and Damian Robinson (three of the Trustees) are employees of Cazenove Capital.
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THE CAZENOVE CHARITABLE TRUST
Trustees’ annual report for the year ended 31 December 2022 (continued)
Objects and activities
The objects of the Trust, as set out in the Trust Deed, are “for such exclusively charitable objects and purposes as the Trustees shall in their absolute discretion from time to time determine”.
The policy adopted is to provide grants to other registered charities and charitable causes, at the Trustees’ discretion, in accordance with these objects.
The major source of income during the year comprised investment income of £73,379 (2021: £56,394).
Grants policy
The Cazenove Charitable Trust was set up by Cazenove Capital (a trading name of Schroder & Co. Limited) in 1969 with wide charitable aims. However, donations are only made to charitable organisations, all of whom have charitable purposes as defined in the Charities Act 2011 as organisations which perform equivalent charitable activities, or other organisations to perform activities of a charitable nature. The Trustees continue to review the ways by which the Trust achieves its wide charitable aims.
The Cazenove Charitable Trust encourages members of the Cazenove Association, and their close relations, to put forward proposals to the Trustees to support charitable activities which they themselves are supporting. Membership of the Cazenove Association is open to all current (including those joined from firms that are now part of Cazenove Capital) and former employees of Cazenove (Cazenove & Co.) and J.P. Morgan Cazenove (a marketing name of JPM UK activities, which are carried out through J.P. Morgan Securities PLC).
In addition, the Trustees will, from time to time, support other registered charities, most particularly where there is a historic or close link to Cazenove.
The Charitable Trust therefore provides incentives to a large number of people to engage in charitable activities and has also been able to give additional financial support to these charities during the year. In this way the Charitable Trust has operated for the public benefit.
The Trust has supported charitable fundraising by funding a Matched Giving scheme whereby money raised for charity is matched with an equal donation from the Trust (usually up to £1,000 per individual endeavour). This scheme encourages and supports participation in charitable giving.
The Trustees have had regard to Charity Commission guidance on public benefit in section 4 of the Charities Act 2011 2008 Reg 40 (2) (c) (ii)/ 2008 Reg 41 (2) (f). All grants in 2022 have been made to registered charities. The Trustees aim to encourage others to give time and money to registered charities. These charities work for the public good and all grants are for the public benefit.
Investment powers
The Trust Deed permits the Trustees to invest in any investment, securities or property, as it thinks fit.
Investment policy and performance
The Trustees have set the investment objective for their investment manager, Cazenove Capital, to maximise total returns over the long term. Performance is measured against a composite benchmark made up of a number of market indices and is reviewed regularly. The portfolio achieved a total return of -5.5% during 2022, ahead of the benchmark which fell by -6.8%. 2022 presented a challenging environment for investments with both equity and bond markets falling significantly. Global equities were down -7.6% and UK bonds down -23.8% during the period.
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THE CAZENOVE CHARITABLE TRUST
Trustees’ annual report for the year ended 31 December 2022 (continued)
Reserves policy and risk management
There is no minimum level of reserves which the Trustees seek to maintain. However, the Trustees expect the charity to spend 2-3% per annum of the capital and income combined during the year to manage reserves appropriately and support the long term strategy of the charity.
Major risks to which the Trust is exposed have been identified by the Trustees. These mainly relate to market risk on investments, which the Trustees seek to minimise, subject to seeking a return on the Trust’s investments, mainly through diversification. Further detail on investment risk is outlined in note 4 to the financial statements.
Going concern
In the absence of any significant liabilities or ongoing commitments, the Trustees have satisfied themselves that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for 12 months from the date the annual report and accounts is signed. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
The Trust remained resilient given the economic backdrop of tighter monetary policy and higher inflation. In addition recent geopolitical shifts on the world economy may continue to cause more volatility in financial markets, the Trust remains well placed to weather future challenges.
The Trustees have historically paid out grants from the income generated but are not restricted from spending capital should circumstances dictate. As a result the financial statements continue to be prepared on a going concern basis.
Legal advisers
Withers LLP 16 Old Bailey, London EC4M 7EG
Independent auditor
Ernst & Young LLP 25 Churchill Place, London, E14 5EY
Bankers
C Hoare & Co. 37 Fleet Street, London EC4P 4DQ
Financial review
The Trustees have continued to donate money in accordance with the objects of the Trust and are satisfied with the conduct of the Trust’s activities during the year. Incoming resources and resources expended during the year are set out on page 8. The Trustees award grants to support charities which have a close connection with the Cazenove group and, more importantly, to employees and past employees of Cazenove group companies. The Trustees have actively encouraged people to come forward and apply for grants. A wide range of charities have been the beneficiaries of grants given by the Trust and grants totalling £103,333 have been made in 2022 (2021: £60,398). The Trustees have no plans to change either the charitable objectives or the grant making policy in 2023.
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THE CAZENOVE CHARITABLE TRUST
Trustees’ annual report for the year ended 31 December 2022 (continued)
Statement of Trustees’ responsibilities in respect of the annual report and financial statements
The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland” (“FRS 102”).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 12 September 2023 and signed on their behalf by:
Lucinda Napier Trustee
12 September 2023
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THE CAZENOVE CHARITABLE TRUST
Charity registered in England & Wales
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CAZENOVE CHARITABLE TRUST
Opinion
We have audited the financial statements of Cazenove Charitable Trust (the ‘Charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes 1 to 11 including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Charity’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained in the annual report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
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THE CAZENOVE CHARITABLE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and with the requirements of the Charities Act 2011 and Charities (Accounts and Reports) Regulations 2008.
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We understood how the Cazenove Charitable Trust is complying with those frameworks by making enquiries of senior management. We corroborated our understanding through our review of trustee meeting minutes.
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We assessed the susceptibility of the Charity’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. We considered the controls that the Charity has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors these controls.
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Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved journal entry testing, with a focus on manual journals; enquiries of senior management and focused testing.
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THE CAZENOVE CHARITABLE TRUST
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Sarah Langston (Statutory Auditor) London 12 September 2023
Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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THE CAZENOVE CHARITABLE TRUST
Statement of financial activities Year to 31 December 2022
| Note Income and Endowments from: Incoming resources from generated funds Donations Investments 5 TOTAL Expenditure on: Charitable activities 2 Governance costs 2 TOTAL NET INCOME AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Net gain on heritage assets Net gain/(loss) on investments 4 NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD AT 1 JANUARY TOTAL FUNDS CARRIED FORWARD AT 31 DECEMBER |
Year to 31 December 2022 £ 285 73,379 73,664 (103,693) (4,737) (108,430) (34,766) - (308,082) (342,848) 3,485,796 3,142,948 |
Year to 31 December 2021 £ 485 56,394 |
|---|---|---|
56,879 |
||
(60,758) (4,223) |
||
(64,981) |
||
(8,102) - 327,889 |
||
319,787 3,166,009 |
||
3,485,796 |
All funds are unrestricted. There are no other recognised gains or losses apart from those shown in the Statement of financial activities above. All income and expenditure derives from continuing activities.
There is no material difference between net incoming resources on ordinary activities before other recognised gains and losses for the financial year stated above and their historical cost equivalents.
The notes on pages 11 to 20 form part of these financial statements.
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THE CAZENOVE CHARITABLE TRUST
Balance sheet As at 31 December 2022
Registered Charity No. 1086899
| Note FIXED ASSETS Heritage assets 3 Investments 4 Total fixed assets CURRENT ASSETS Cash and cash equivalents 6 Total current assets CREDITORS: Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES THE FUNDS OF THE CHARITY Unrestricted income funds Total charity funds |
31 December 2022 £ 22,625 3,022,683 3,045,308 109,874 109,874 (12,234) 97,640 3,142,948 3,142,948 3,142,948 |
31 December 2021 £ 22,625 3,336,019 |
|---|---|---|
| 3,358,644 | ||
| 144,449 | ||
| 144,449 (17,297) |
||
| 127,152 | ||
| 3,485,796 | ||
| 3,485,796 | ||
| 3,485,796 |
The notes on pages 11 to 20 form part of these financial statements.
The financial statements on pages 8 to 20 were approved by the Trustees on 12 September 2023 and signed on their behalf by:
Lucinda Napier Trustee 12 September 2023
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THE CAZENOVE CHARITABLE TRUST
Statement of cash flows Year to 31 December 2022
| Note CASH USED IN OPERATING ACTIVITIES 8 CASH FLOWS FROM INVESTING ACTIVITIES: Investment income 5 Purchase of investment assets 4 Sale of investment assets 4 CASH GENERATED FROM INVESTING ACTIVITIES Cash and cash equivalents at the beginning of the year Increase/(decrease) in cash and cash equivalents in the year CASH AND CASH EQUIVALENTS CARRIED FORWARD |
31 December 2022 £ (106,245) 66,416 (757,328) 762,581 71,669 144,449 (34,575) 109,874 |
31 December 2021 £ (74,334) |
|---|---|---|
| 56,394 (1,014,825) 1,004,940 |
||
| 46,509 172,275 (27,825) |
||
| 144,449 |
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THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
1. Accounting policies
The financial statements are prepared in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities Act 2011. The financial statements follow the guidance of the Accounting and Reporting by Charities: Statement of Recommended Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity constitutes a public benefit entity as defined by FRS 102. In the absence of any significant liabilities or ongoing commitments, the Trustees have satisfied themselves that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for 12 months from the date the annual report and accounts is signed. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Accounting convention
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments to market value. As stated in the Trustees’ annual report, the financial statements are prepared on a going concern basis.
The functional and presentational currency of the Trust is Pound Sterling, because that is the currency of the primary economic environment in which the Trust operates.
Valuation of investments
Quoted investments, which are those for which an established market exists, are stated at mid-market value. Investments in fund units are stated at mid-market prices.
Heritage assets
Heritage assets are assessed regularly for any indicators of impairment. On a periodic basis or if an impairment is indicated, these assets will be revalued or impaired based upon an independent valuer’s report. Current valuations represent fair value.
Gains and losses on investments
Gains and losses on investments represent movements in quoted prices and are charged to the Statement of financial activities.
Income recognition
Income (including interest income) is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with reliable certainty.
All distributions from accumulation holdings are treated as income. Equalisation on distributions received is treated as capital.
Governance costs
Governance costs are recognised on an accruals basis.
Grants payable
Grants made are accounted for when a constructive obligation exists.
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THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
1. Accounting policies (continued)
Taxation
The Trust qualifies as a charitable trust within the definition of Section 519 Income Tax Act 2007 by the Inland Revenue. Surplus income generated for the foundation is exempt from taxation.
Reserves
There is no minimum level of reserves which the Trustees seek to maintain. This policy is reviewed by the Trustees from time to time.
Funds
The Trust has a general unrestricted income fund which is available to the Trustees to apply for the general purposes of the charity as set out in the Trust Deed.
2. Resources expended
| Resources expended | |
|---|---|
| Charitable activities Bank charges and fees Total charitable activities Governance costs: audit fees Other resources expended: disposal of heritage assets Total resources expended |
Grants made Support costs Year ended 31 December 2022 Year ended 31 December 2021 £ £ £ £ 103,333 - 103,333 60,3981 360 - 360 3602 |
| 103,693 - 103,693 60,758 - 4,737 4,737 4,2233 - - - - |
|
| 103,693 4,737 108,430 64,981 |
Grants have been made in accordance with the Trust’s policy of funding matched giving as described in the Trustees’ annual report. Accordingly breaking down categories of activity is not considered meaningful.
The Trustees have not been reimbursed by the Trust for services and expenses provided to the Trust (2021: £nil).
The Trust has no employees and therefore incurs no staff costs (2021: £nil). Cazenove Capital insures the chattels as consideration for use.
1 2021 Charitable activities (£60,398) falls under grants made
2 2021 Bank charges (£360) and fees falls under grants made
3 2021 Governance costs: audit fees (£4,223) falls under support costs
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THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
2. Resources expended (continued)
Grants are recognised when payment has been agreed by the Trustees and a constructive liability created. During 2022, 82 grants were made (2021: 60). Grants £1,000 and over in the year are listed below.
| Recipient | Year ended 31 December 2022 | Year ended 31 December 2021 |
|---|---|---|
| £ | £ | |
| NSPCC | 10,000.00 | - |
| DEC Appeal for Ukraine (3356526) | 8,000.00 | - |
| Woking Hospice | 5,000.00 | - |
| Princes Trust | 4,000.00 | - |
| Happy Paws Puppy Rescue | 2,787.00 | 1,500 |
| Children’s Hospital Trust | 2,729.00 | - |
| Billericay Food Bank | 2,000.00 | - |
| Friends of Danecourt School | 2,000.00 | - |
| Ukraine Crisis Appeal for the Red Cross | 2,000.00 | - |
| Plumpton PTFA | 2,000.00 | - |
| Duchenne | 2,000.00 | 3,000 |
| St Christophers Hospice | 2,000.00 | - |
| St Nicholas CofE PTA | 2,000.00 | - |
| New Testament Church of God - 250306 | 1,500.00 | - |
| The Royal Parochial Church of Sunninghill | 1,425.50 | - |
| Havering Theatre Trust | 1,000.00 | - |
| Great Ormond Street Hospital | 1,000.00 | - |
| New Testament Church of God | 1,000.00 | - |
| St Luke's Hospice | 1,000.00 | - |
| Supporting Wounded Veterans | 1,000.00 | - |
| Pancreatic Cancer | 1,000.00 | - |
| Glassdoor Homeless charity | 1,000.00 | - |
| Reach Hippotherapy | 1,000.00 | 1,000 |
| Parkinsons (UK) | 1,000.00 | - |
| Katherine Low Settlement | 1,000.00 | - |
| WWF (UK) | 1,000.00 | - |
| Havens Hospice | 1,000.00 | - |
| Advance ADHD and Autism Trust | 1,000.00 | - |
| Waterberg Rhinos | 1,000.00 | - |
| Maggie’s | 1,000.00 | - |
| DEC Ukraine Humanitarian Appeal | 1,000.00 | - |
| The Royal British Legion | 1,000.00 | - |
| Bow Food Bank | 1,000.00 | - |
| The Alexandra Sales Trust | 1,000.00 | - |
| Nottingham Trent Uni Alzheimer’s Research | 1,000.00 | - |
| Alzheimer’s Society | 1,000.00 | - |
| Chordoma UK | 1,000.00 | - |
| Honeypot Children’s Charity | 1,000.00 | - |
| Juvenile Diabetes Research | 1,000.00 | - |
| British Heart Foundation | 1,000.00 | - |
| Upminster Convent School | 1,000.00 | - |
| Northwood African Education Centre | 1,000.00 | - |
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THE CAZENOVE CHARITABLE TRUST
| Suicide & Co Duke of Edinburgh Award Salisbury Hospice Cannon Collins Educational Trust Dreams Come True Burhill County First School PTA NICE Alzheimer’s Research Fight For Sight St Katharine’s Church St Margaret’s Church Heads Together (1132048) Cancer Research One Big Family (1170846) Cancer Research UK St Mary’s Parents Association Great Ormond Street Charity Walking With The Wounded St Nicholas CofE School PTA PMGY Foundation Myeloma UK Macmillan Cancer Support Royal Hospital for Neuro Disability St Margaret's Lothbury The Willow Foundation CALM (Campaign Against Living Miserably) Sacred Heart of Mary Girls School PTFA The Simon Rivett-Carnac Trust Abbie's Fund Total of other grants (less than £1,000 each) |
1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 1,000.00 - 7,572 3,000 2,410 2,000 1,500 1,500 1,500 1,500 1,500 1,000 1,000 1,000 1,000 1,000 1,000 12,891 26,416 |
|---|---|
| 103,333 60,398 |
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THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
3. Heritage assets
| Balance as at 1 January and 31 December | 2022 2021 £ £ |
|---|---|
| 22,625 22,625 |
The heritage assets comprise tangible valuables associated with Cazenove & Co. and its successor companies and Cazenove Capital. The assets which include artwork and stock exchange memorabilia were gifted to the Trust by the former partners of Cazenove & Co.
In June 2021, the Trustees obtained an independent formal insurance valuation of the heritage assets, carried out by Bonhams. During 2022 no assets were returned to former partners of Cazenove & Co. with the residual indicative insurance valuation for the remaining assets being £60,700 (2021: £60,700).
As at 31 December 2022, the assets are shown at the market value as stated in the latest valuation carried out by Bonhams in June 2021. No depreciation is charged on the assets. There are no restrictions on the Trustees' use of these assets.
Management are satisfied that the valuation of the heritage assets in December 2022 are based on the valuation provided in June 2021 as there have been no significant movements in the specific art and historic assets market.
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THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
| 4. Investments As at 1 January Additions Disposals Gain / (Loss) in the year As at 31 December |
31 December 2022 £ 31 December 2021 £ 3,336,019 2,998,244 757,328 1,014,826 (762,581) (1,004,940) (308,083) 327,889 |
|---|---|
| 3,022,683 3,336,019 |
Disposals include capital redemptions. Investments are held at market value and comprise the following:
| Shareholding | 31 December 2022 | 31 December 2021 | |
|---|---|---|---|
| £ | £ | ||
| 351 | William Blair U.S. Small Mid Cap | 33,985.00 | - |
| 6,881 | Wellington Global Health Care | 68,867.00 | 68,657 |
| 21,000 | Var% United Kingdom of Great | 40,729.00 | - |
| 4,500 | Vanguard S&P 500 UCITS ETF | 270,323.00 | 300,709 |
| 22,500 | Trojan Investment Funds-Trojan Fund | 69,489.00 | - |
| 36,000 | Trojan Income Fund | 62,424.00 | 89,316 |
| 40,000 | TM Tellworth UK Smaller Companies | 46,864.00 | 64,840 |
| 2,700 | Spyglass US Growth Fund (UCITS) | 24,411.00 | - |
| 500 | Schroder Strategic Credit Fund | 42,734.00 | 49,521 |
| 279,448 | Schroder Global Sustainable Growth | 150,511.00 | 164,176 |
| 1,500 | Schroder Diversified Alternative | 154,470.00 | 173,845 |
| 80,000 | Schroder Asian Income Fund | 66,080.00 | 69,024 |
| 52,000 | Schroder Asian Alpha Plus Fund | 58,500.00 | 65,832 |
| 1,083 | Robeco BP Global Premium Equities | 116,738.00 | 108,376 |
| 400 | Redwheel Global Emerging Markets | 37,596.00 | - |
| 97,521 | Property Income Trust for Charities | 82,571.00 | 89,300 |
| 10,000 | Polar Global Insurance Fund | 77,855.00 | 63,497 |
| 56,934 | Ninety One III Global | 89,648.00 | 102,971 |
| 12,004 | Neuberger Berman US Large Cap | 131,084.00 | - |
| 2,000 | Morgan Stanley Global Asset Backed | 45,400.00 | - |
| 82,039 | M&G Global Dividend Fund | 102,606.00 | 100,940 |
| 90,000 | Liontrust UK Equity Fund | 129,933.00 | - |
| 7,393 | L&G Multi-Strategy Enhanced | 84,118.00 | - |
| 1,750 | iShares Physical Metals PLC | 51,502.00 | 65,788 |
| 2,000 | Invesco US Treasury Bond UCITS ETF | 69,140.00 | - |
| 600 | Findlay Park American Fund | 78,348.00 | 103,222 |
| 127,506 | Fidelity Global Dividend Fund | 128,572.00 | 90,409 |
| 68,602 | Federated Hermes Unconstrained | 57,495.00 | 68,615 |
| 150,000 | Charity Equity Value Fund | 93,690.00 | 97,455 |
| 270,000 | Charity Equity Income Fund | 136,458.00 | 133,785 |
| 54,457 | Charities Property Fund | 68,703.00 | 74,571 |
| 400 | Capital Gearing Portfolio Fund | 72,648.00 | 83,690 |
| 462 | Brevan Howard Absolute Return | 50,954.00 | 47,977 |
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THE CAZENOVE CHARITABLE TRUST
| 85,000 BlackRock iShares Japan Equity |
77,869.00 - |
|---|---|
| 500 Atlas Global Infrastructure Fund |
68,641.00 65,954 |
| 35 Allianz China Equity |
45,743.00 57,236 |
| 40,000 1.25% United Kingdom of |
35,984.00 - |
| LF Majedie UK Equity Fund | 163,490 |
| Trojan Invesment Funds | 112,326 |
| BlackRock European Dynamic Fund | 110,124 |
| Vanguard Japan Stock Index Fund | 86,626 |
| Schroder Global Recovery Fund | 86,255 |
| BlackRock iShares China CNY Bond | 81,751 |
| William Blair US Small Mid Cap | 70,596 |
| T.Rowe Global Technology Equity Fund | 66,979 |
| MU Lyxor Core US TIPS UCITS ETF | 59,458 |
| Spyglass US Growth Fund UCITS | 53,841 |
| RWC Global Emerging Markets Fund | 44,866 |
| 3,022,683 3,336,019 |
17
THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements
Year ended 31 December 2022
4. Investments (continued)
The Trustees annually review the risks faced by the charity and have established an investment policy to identify and monitor the financial risks in the investment portfolio. Consideration is given to the inroads of inflation over time, currencies, volatility and liquidity and discretionary investment managers have been appointed. The investments are diversified across asset classes, regions and manager.
The portfolio is managed to maximise capital growth and income. As a consequence, a degree of volatility is anticipated and tolerated. The portfolio contributes the significant majority of the charity’s assets and income. Income is paid to the charity when requested.
5. Investment income
| nvestment income | ||
|---|---|---|
| Investment income Interest income Current assets: cash and cash equivalents Cash Deposits Debtors |
31 December 2022 £ 72,957 422 |
31 December 2021 £ 56,094 300 |
| 73,379 | 56,394 | |
| 31 December 2022 £ 50,532 52,378 6,964 109,874 |
31 December 2021 £ 104,308 40,141 - |
|
| 144,449 |
6. Current assets: cash and cash equivalents
This amount refers to cash held at bank totalling £50,532 (2021: £104,308) and deposits held within Cazenove Capital totalling £59,342 (2021: £40,141).
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THE CAZENOVE CHARITABLE TRUST
7. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| Grants Audit fees |
31 December 2022 £ 31 December 2021 £ 3,394 750 8,840 16,547 |
| 12,234 17,297 |
8. Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds (Deduct gain) / add loss on investments Deduct investment income Increase / (decrease) in debtors Increase / (decrease) in creditors Net cash used in operating activities |
31 December 2022 £ 31 December 2021 £ (342,848) 319,787 308,082 (327,889) (73,379) (56,394) 6,964 - (5,063) (9,837) |
|---|---|
| (106,245) (74,334) |
19
THE CAZENOVE CHARITABLE TRUST
Notes to the financial statements Year ended 31 December 2022
9. Subsequent events
There were no subsequent events.
10. Related party transactions
As at 31 December 2022, the Trust held deposits of £59,342 (2021: £40,141) and investments of £3,022,683 (2021: £3,336,019) managed by Cazenove Capital.
Cazenove capital is remunerated by way of a portfolio management fee of 0.4% per annum plus VAT. Administrative support to the Trust is provided by the Cazenove Association.
11. Ultimate parent undertaking
The Trustees are the Trust’s ultimate controlling party.
20