2023-12-31-accounts

THE CAZENOVE CHARITABLE TRUST Registered Charity No. 1086899 Annual report and financial statements Year ended 31 December 2023

THE CAZENOVE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2023 Contrnts Trustees, annual report Independent auditor's reporc to the Trustses of The Cazenove Charitable Trust Ststement of financial activities Balance sheet Statement of cash flov 10 Notes to the financial statements

THE CAZENOVE CHARITABLE TRUST Trustees. annual report for Ehe year ended 31 December 2023 The Trustees present their annual report and the audited financial statements for the year ended 31 December 2023. The financial ststement5 have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Charity's Trust Deed. the Charities Act 201 I, the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their financial statement5 in accordance with the Financial Reporting Standard applicable in (he UK and Republic of Ireland (FRS 1021 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 statement5 have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Kegulations 2008 only to the extent required to provide 2 'true and fair, view. This departure has involved following Accounting 2nd Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014. Charitable Trust's office The Trust's operating address and address registered with the Charity Commission is at l London Wall Place, London EC2Y SAU, ConstStution The Deed of Settlement contain5 the provisions for the purpose and administratlon of the charity. Its Charlty Commission re8i5tration number is 1086899. Structure, governance and management Organisotion struc£ure The Cazenove Charitable Trust (the 'Trust') is an unincorporated registered charity, which was created by a Deed of Settlement in 1969. Governonce and monozement The Deed of Settlement provides for the existing Trustees to appoint new Trustees as they deem appropriate. The Tru5¢ees are responsible for the running of the Trust with some administrative support. principally from the Cazenove Association {'Cazenove Capital'l {see note 12). No Trustee had ally illtere5t5 in the TrusL Trustees The Trustees who served throughout the year ended 31 December 2023 and up to the date of this report were: James 8arker David L Mayhew C8E John Mayne Lucinda Napier (Chairperson) Michael R P Power Michael Wentworth-stanley Damian Robinson Nichola5 Hall Related parties The Tru5¢ is closely associated with Cazenoye Capital. which is a trading name of Schroder & Co. Limited. The Trust maintains deposit5 and invests in funds managed by Cazenove Capital. The cosr of insurance for those assets owned by the Trust ha5 been met by Cazenove Capitsl. Investment management fees are described in note I l. Trustees. transactions Jame5 Barker, Lucinda Nipier and Damian Robinson (three of the Trustee51 are employees of Cazenove Capital.

THE CAZENOVE CHARITABLE TRUST Trustees, annual report for the year ended 31 December 2023 (continued) Objects and activitie5 The objects of the Trust, a5 set out in the Trust Deed, are "for such exclusively charitable objects and purposes a5 the Trustees shall in their ab501ute discretion from time to time determine" The policy adopted is to provide grants to other registered charities and ch¥itable cause5. at the Trustees, discretion, in accordance with these objects. The major source of income during the year comprised investment income of £65,448 (2022.. £73,379). Grants policy The Cazenove Charitable Trust Was Set up by Cazenove Capital in 1969 with wide charitable aim5. However, donations are only made to charitable organisations. 311 of whom have charitable purposes as defined in the Chari¢ie5 Act 201 l as or8anisations which perform equivalent charitable activities, or other organisatians to perform activities of 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 ¢he Cazenove A550Clation. and their close relations, to put forward prop05a15 to the Trustee5 to 5uppon charitable activitie5 which they themselves are 5UPPOrting. Membership of the Cazenove Association is open to all current (including those joined from firm5 that are now part of Cazenove Capital) and forrner employee5 of Cazenove (Cazenove & Co.) and l.P. Morgan Cazenove la marketing name of JPM UK activits'es, which are carried out through J.P. Morgan Securities PLCI. In addition, the Trustees wlll, from time to time. support other registered charities, m05t particularly where there Is a historic or c105e 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 ha5 operated for the public benefit. The Trust has supported charitable fundraising by funding a Matched Giving scheme whereby money raised for chari 15 matched with an equal donation from the Trust (usually up to £ 1,000 per individual endeavourl. Thi5 scheme encourage5 and 5UPPOrts participation in charitable givin& 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) (illl 2008 Reg 41 121 (fj. All grant5 in 2023 have been made to registered charitie5. The Trustees aim to encourage other5 to give time and money to re8i5tered charities. These charitie5 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 investmenc securities or property, as it thinks fit. Investment policy and performance The Trustees have set the investment objective for their investment manager. Cazenove Capital, ro maximi5e total rewrns 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 2 total return of +6.2% during 2023 (2022.. -5.5%). behind the benchmark which rose by + 11.0% (2022: .6.8%) with global equities propelled by a very narrow cohort of US giant companies. known as the magnificent seven. Markets were driven by expectations for interest rates and inflation.

THE CAZENOVE CHARITABLE TRUST Trustees, annual report for the year ended 31 December 2023 (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 minage reserves appropriately and support the long term strategy of the chirity. Major risks to which the Trust is exposed have been identified by the Trustee5. These mainly relate to market risk on investments, which the Trustee5 seek to minimise, subject to seeking a return on the Trust's Investments, mainty 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 Trustres have satisfied themselve5 that there is a reasonable expectation that the Trust has adequate resources to continue in operational exi5tencÈ for 12 months from the date thE annual report and accounts is signed. For this reason, the Trus￿e$ conrinue 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 geopolirical shift5 on the world economy may conts'nue to cause more volatility in financial markets. the Trust remain5 well placed to weather future challenges. The Trustees have historically paid out grants from the in¢ome generated but are not restricted from spendlng capital should circumstances dictate. As 2 result, the financial Sta￿ments continue to be prepared on a going concern basis. Legal advisers Wither5 LLP 16 Old Bailey, London EC4M 7EG Independent auditor Ernst & Young LLP 25 Churchill Place, London, E14 SEY Bankers C Hoare & Co. 37 Fleet Street, London EC4P 4DQ Flnanclal review The Trustees have continued to donate money in accordance with the objectives of the Trust and are satisfied wlth the conduct of the Trust's activities during the year. Incoming resources and resources expended durlng the year are set out on page 8. The Trustees award grants to 5UPPOrt charities which have a close connection with the Ca2eno¥e group and. more importantly, to employees and past employees of Cazenove group companie5. The Trustees have acty'vely 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 £143,643 have been made in 2023 (2022.. £103.333). The Trustee$ have no plan5 to chan8e either the charitable objectives or the grant making policy in 2024.

THE CAZENOVE CHARITABLE TRUST Trustees, annual reporc for che year ended 31 December 2023 (continued) sta￿rnent of Trustees, responsibilities in respect of the annual report and financial statements The Trustees are re5pon5ible 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 Financi21 Reporting st2ndard applicable in the UK and Kepublic of Ireland" ¢'FRS 102.). The law applicable to charities in England & Wale5 requires the Trustee5 to prepare financial statement5 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 resource5 of the charity for thac period. In preparing these financial statements, the Trustee5 are required to.. select suitable accounting policies and then apply them consistently-, observe the method5 and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudenL state whether applicable accounting standards. comprising FRS 102, have been followed, subject to any material departure5 disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trnstee$ 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 Irr￿ularItie$. The Trustees are responsible for the maintenance and Integricy of the charlty and financial Information included on the charity's website. Legislation in the United Kingdom governing the preparatlon and dissemlnatlon of financial statements may differ from legislation in other jurisdictions. Approved ty the Trustees on 04 September 2024 and signed on thelr behalf by.. Lucinda Napler Trustee 04 September 2024

THE CAZENOVE CHARITABLE TRUST

Charity registered in England & Wales

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CAZENOVE CHARITABLE TRUST

Opinion

We have audited the financial statements of The Cazenove Charitable Trust (the ‘Charity’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement Cash Flows and the related notes 1 to 12, 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 2023 and of its incoming resources and application of resources, for the year then ended;

• 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.

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 CAZENOVE CHARITABLE TRUST

• the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• 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.

• 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.

• 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.

• 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.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved reviewing for unusual accounting entries; enquiries of senior management and focused testing.

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.

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THE CAZENOVE CHARITABLE TRUST

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.

George Collins (Statutory Auditor)

London

Date 05 September 2024

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 CHARITASLE TRUST Statement of financial activities Year to 31 December 2023 Note Year ta Year t¢ 31 December 2023 31 December 2022 Income and End¢)vmient5 from.. Incominy resuurces from Kenertrted funds Donations Investments 11,265 65,448 285 73,379 TOTAL 76,713 73,664 Expenditure an.. Charltable a(￿￿￿e$ Governance costs 1 144,0031 (5,2001 1103,693) 14,737) (108,430) TOTAL 1149,2031 NET INCOME AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS 172,4901 134.766) Ne¢ galnl{10511 on Inve5¢ment5 166,901 1308,0821 NET MOVEMENT IN FUNDS 94.411 1342,8481 TOTAL FUNDS BROUGHT FORWARD AT I JANUARY 3,142.948 3.485,796 TOTAL FUNDS CARRIED FORWARD AT ) I DECEMBER 3,237,359 3,142,948 All funds are unrestricted. There are no other recognised gains or losse5 apart from those shown in the statement of financial actlvities above. All income and expenditure derives from continuing activitie5. There is no material difference between net incoming resources on ordinary activitie5 before other recognised gains and losses for the financial year stated above and ¢heir historical cost equivalents. The notes on pages 1 I w 19 form part of these financial $tatements.

THE CAZENOVE CHARITABLE TRUST Balance sheet As at 31 December 2023 Registered Charity No. 1086899 Note 31 December 2023 31 December 2022£ FIXED ASSETS HerlrAge as5et5 Investments 22.625 3,168.804 22,625 3,022.683 Total flxed assets 3,191,429 3.045.308 CURRENT AssErs Cash and cash equlvalents Debtors 59.566 3.344 109,874 Totsl current 455ets 62,910 109074 CREDITORS: Amounts (a111ni due wlthln one y&r {16,9801 112,234) NET CURRENT ASSETS 45,930 97,640 TOTAL ASSETS LESS CURRENT LIABILITIES 3,237.359 3,142,948 THE FUNDS OF THE CHARITY Unre5trlcted inc(wne fund5 3,237,359 3.142,948 Total charlty funds 3.237,359 3,142.948 The notes on pages I I to 19 form part ol these financial statem￿ts. The financlal statements on pages 8 to19 were approved by the Trustees on 04 September 2024 and Signed on thelr behalf by: L,￿ l.,- Lucinda Napier Trustee 04 September 2024

THE CAZENOVE CHARITABLE TRUST Statement of cash flows Year to 31 December 2023 31 December 2023 31 December 2022 CASH USED IN OPERATING ACTIVITIES 1136.8101 (106.145) CASH FLOWS FROM INVESTING ACTIVITIE&. Investment Income 69,067 66,416 (757,328) 762,581 Pur￿￿￿¥ vl Iiiv¥s￿lI¥[lt d&¥uL¥ Sale of InVes￿ent assets 1,124,691 CASH GENERATEO FROM INVEsfiNG ACTIVITIES 89,846 71,669 Cash and cash equlvalents ac the beglnninl ol the yur Decrease In cash and lash equlvalents In the yar 109,874 146.964) 144.449 {34.575) CASH AND CASH EQUIVALENTS CARRIED FORWARD 62.910 109,874 10

THE CAZENOVE CHARITA8LE TRUST Notes to the financial ststsments Year ended 31 December 2023 Accounting policies The financial statements are prepared in accordance with United Kingdom Accounting Standards (Unl￿d Kingdom Generalty Accepted Accounting Practice) including FRS 102 "The Financial Repor¢ing stsndard applicable in the UK and Republic of Ireland" {"FRS 102.) and the Chari(ies Act 201 l. The financial statements follow the guidance of the Accounting and Reporting by Charities.. Ststement of Recommended Practice. The financial Statements have bccn prepared to give a 'true and fair, view and have dopartcd from tho 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 Charitie5 preparing their financial st2trments in accordance with the Financial Reporting Stan¢Jard 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 liabilitie5 or ongoing commitment5, the Tru5tee5 have Satisfied them5elve5 that there 15 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 contlnue to adopt the going concern basis in preparing the financial statements. Accoun¢ing convention The financial so*ments are prepared under the historical cos¢ convention as modified by the revaluation of inve5tmen¢s to market value. As Stated in (he Trustees. annual report, the financial statements are prepared on a going concern basi5. The functional and presentational currency of the Trust is Pound Sterlin& 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. Heritoge assets Heri(age assets are assessed regularty for any indicators of impairnient. On a periodic basis or rf an impairment is indicated, these assets will be revalued or impaired (under the revaluation model> based upon an independent valuer's report. Curren¢ valuations represent fair value. Goins ond1055es gn investments Gain5 and losse5 on investments repre$ent movements in quotsd prices and are charged to the Ststement of financial acu'vities, Income reco￿l£10n Income (including interest income) 15 recogni5ed once the charity has entitlemenc to the resources, it is certain that the resources will be received and the monetary value of incomin8 resources can be measured with reliable certainty. All distributions from accumulation holdings are treated as income. Equali5ation on distributions received is treated a5 capital. Governance costs Governance costs are recogni5ed on an accrua15 basis. Grants payable Grant5 made are accounted for when a con5truc(ive obl￿allOn exist5.

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Accounting policies (continued) Taxation The Trust qualifies as a charitable trust within the definition of Section S19 Income Tax Act 2007 by the Inland Revenue. Surplus income generated for the foundation is exempt from tsxation. Reserves There is no minimum level ol reserves which the Trustee5 seek to maintain. This policy 15 reviewed by the Trustees from time to time. Funds The Trust has a general unrestricted income fund which is available to the Tru5tee5 to appty for the general purp¢$es of the charity as set out in the Trust Deed, Resources expended Grants made Support costs Year ended 31 Y•ar ended 31 DKernber 2023 December 2022 Charitable activitie5 143.643 143.643 103.3331 Bank tharie5 and fees 360 360 36 Total thar4table actlvltle5 144.1)03 144.003 103,693 Governance c05t5.' audit fee5 5,200 5.211) 4.737, Other resources expended, éisposal ol herlta8e assets Total re50urce5 &xpended 144.003 5,200 149.203 108,430 Grants have been made in accordance with the Trust'5 policy of funding matched zivlnz as described In the Trustees, annual report. Accordingty breaking down categorles of actlvlty Is not considered meaningful. The Trustee5 have not been reimbursed by the Trust for services and expen5e5 provided to the Trust (2022.. £nil). The Trnst ha$ no employee$ and thertfore incurs no staff costs (2022., £nil), Cazenove Capital insures the chattels as consideratlon for use. 1 2022 Charitable activities l£103,3331 falls under grants made 2 2022 Bank charges1£3601 and fee5 fa115 under grants made 3 2022 Governance costs: audlt fees {£4,737> falls under support costs 12

THE CAZENOVE CHARITABLE TRUST Notes to the financial statrments Year ended 31 December 2023 Resources expended (continued) Grants are recognised when payment ha5 been agreed by the Trustees and a constructive liability created. During 2023, grants were made to 88 charities (2022: 82). Grnnts £ 1,000 and over in the year are listed below. Recipient Year ended 31 De£ember 2023 Year ended 31 December 2022 Whedpo NSPCC 25.Q)O I1.(￿0 5,141 10,ofy) Macmillan Cancer Support Sickle Cell Soclety Space Aliheimers Sttiety Hlrrop HR Mi35ion Prostate Cancer UK 4.030 1,0 2,490 2.180 Cancer Researth UK Bddsh H•rt F￿ndI￿on 2.100 2.000 2.000 2.000 SNAP Bexley and Greenwch Comrnunity Hosplce Happy Paw5 Puppy Rescue The Aexandra Sale5 Trust 1787 2.000 2.000 2,000 2,000 1,993 1.600 1,460 1,250 1.240 Norfdk Community Foundatlon Deptford NTCG Haverfng Theatre Trust Ditchliry Primary School Restle55 Development FPTA of Ditchling Prlmary School Blllerlcay Food Bank Chlldren5 H05Pltal Trusi Hospiscare Thè Partxhial Church Council d Sunnlnzhlll My Llf• Fllms Ltd Supportlng Wounded Veterans Tunbridge We115 Gramrnar khool Essex & Hert5 Air Ambula¢Ke Parochial Church ot St Mary W¢4)dbridge Meningitis Re5earth London Air Ambulance In9 1.000 1.000 Make a )Msh FOUnda￿on National Brain Appeal Anthony Nolan Trust Jersey H05pice Children wth Cancw UK Mental Hw41th Foundatyon Royal Trinity Hospice Mencap Care Parklnsons Trust Icanandlarn Stroke Associatl Duchenne UK 13

THE G4ZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Sthool In a Bag St Nicholas COE Sthwl PTA 1,000 1,0 1.0 Fulham Fc(¥tbll Club Foundation Flatt 2 Be Cornwdll Air Ambulance MND Assooatyon H05picè in the Weald Lèvel Water Pebbles Projert Refuge AMMF I,fy)o i.￿0 1.000 1,000 1.000 1.000 1.000 Kid$ Get Golng Th• S¢ Nicholas Prlmary Sthool PTA St Peters School Paren¢5 A5s0datlG Stlame5 Pknce Charity Coopersdale and Theyd¢)n Gar5don AlexaTrJer Devine ChildMs Hospice St Clare Hospice St Margarets Lothbury Upminster C￿ent Sthool The Dusty Yak Foundatlon Rernus Memorial Horse Sanctuary Camplon School Parents A$50cla￿n DEC Appeal lor Ukralne {33565261 Woklng Hosplce Prin￿ Trust 1.000 1.000 I,oc 1.000 1.000 1.000 1,000 Frfa)ds of Danecourt Schoo Ukralne Crls15 Appeal for the Red Crosi umpton PTFA DuchÈnn¢ St Chrlstophws Hosplce St Nlchotas CofE PTA IrAo ith)o 1,500 1,426 I,(KJO 1,000 I,fy)o I,fy)o I,fy)o i.ooo 1,000 1,000 1.000 1.000 New Testament Church of God - 250306 The Royal Parochlal Church of Sunnlnxhlll G￿1 Ormond Street Hospltal New Tasttm•nt Church of God St Luke's Hosplce Pan(Yea¢lc Cancer Gla$sdo)r Homele$5 chari Reach Hipp)therapy Parkinsons IUK) Katherine Low Setdement W+IVF {UK) Havens H05pice Ad￿tt ADHD and Autlsm Trust 1,000 1.000 1.000 1,000 1.000 Watvberg Rhinos Maggles DEC Ukraine Humanltarlan Appeal The Royal Brltish Legion 8ow Food Bank 1.000 14

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Notti￿am Tra)t Uni Azhelmer's Research Chordoma UK i.th)o 1.000 1.000 1.000 1.000 Honeypot Childrens Charity Juvg)ile Diibete5 Research Northwwd African Educatlon Centre Iclde & Co Duke of Edlnbursh Alrdrd Sallsbury Hosplce Cannon Collin5 Educatl¢)nal Trust or￿m5 Comè True Burhlll County Rrst Sthool vfA NICE 1.000 1.000 1,0 I,oth) 1.000 Alzhelmerf5 Research Fight For S￿t St Katharlnes Church S¢ Margarets Church Heads Together11132048> Cancer ReSea￿h i.th)o I￿￿0 1.000 12ml 103,333 One BIK Family (1170846) Toral of oth•r 8fdnts {les% than £ I,1)00 each) 13.659 143,IA3 15

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Heritage assets 2023 2022 Balance as at I january and 31 December 21625 22.625 The heritage asset5 comprise tanyble 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 TruS￿e5 obtained an independent formal insurance valuation of the heritage assets. carried out by Bonham5. During 2023 no a5set5 We￿ returned to former partners of Cazenove & Co. with the residual indicative insurance valuation for the remaining assets being £60,700 (2022.. £60,700). As at 31 December 2023. 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 asset5. Management are satisfied that the valuation of the heritage assets in December 2023 are based on the valuats'on provided in June 2021 as there have been no significant movements in the specific art and historic assets markeL Investments 31 Decernber 2023 31 December 2022 As at I january Additions 3,022,683 1,103,912 11.124.691) 166,901 3,336,019 757,328 1762.5811 1308,0831 Disposals Gain I ILo$sl in the year As at 31 December 3,168.804 3,022,683 Dlsposals Include capital redemptlons. Investments are held at market value and comprise the followln& Shareholding 31 tkcember 2023 31 December 2022 5,300 Vanguard S+P ETF 359,448 Schroder Global Sustainable Growth 65,000 HSBC FTSE AII-VVorld Index Fund 1,500 khroder Diversified Atemadve 104,425 M+G japan hjnd 127.506 Fldelity Glob21 DivId￿d Fund 1,083 Robeco BP Global Premium Equity 12,004 NB US Large Cap Value Fund 82.039 M+G Global Dividend Fund 10,044 L+G Enhanced Ccmmodities ETF 205.000 Charity Equity Income Fund 150,000 5UTL Cazwove Charity Equity Value 600 Findlay Park American Fund 56.934 Ninety One Global Environment Fund 377,247.00 224,296.00 193,511.00 141,754.00 138,071.00 154,470 136.432.00 124.513.00 119,560.00 107.725.00 105.331.00 105,591.00 103,170.00 128.572 136.458 93.900.00 78,348 89,096.00 16

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 77,(￿5 4.25% United Kingdom of Great Britain and Northtrn Ireland 79.446.00 97,521 PrOp￿ty Inc¢)me Trust for Charitiès SCKI Atlas Global Infrastructure Fund 6.881 WdlingLon Global Health Care 80.¢K￿ khroder Asian Income Fund 74.174.00 69,704.00 68,806.00 65,632.00 82571 68.641 68067 66.080 7,¢)00 HS8C Global Government Bond 54.457 Charities Pryrty Fund 68.602 Hern)es Unconstrained Credit Fund 52.000 khroder Asian Alpha Hu$ Fund 1,612 ishares Physical Gold ETC 462 Brevan Howard Absolute Return 65,601.00 64,586.00 59,841.00 S6.628.00 68,703 58,500 51.239.00 50,751.00 50,088.00 46.700.00 50.954 46,864 40,000 TM Tellworth UK Smaller Companle5 2,000 Morgan Slanley Global A8S Fund 500 Schroder Strategic Credlt Fund 21.000 Var% United Kingdom of Great 238 Capital Gearing Portf¢lio Fund 351 WB US small.mld Cap Growth Fund 400 Redwheel Global Emer¥ng Markets 2.700 Spyglass US Growth Fund 30,000 Fidelity Emerw'ng Market5 Fund 9,953 Trolan Fund William Blair U.S. Small Mid Cap - Vanguard S&P 500 UCITS EfF Trolan InYe5tmerti Fund5-Troian Fund Trolan Income Fund - Spygla55 US Growth Fund IUCITS) Robeco BP Global Premlum Equlil•s Polar Global Insurance Fund Ninety One111 Global Neuberger Berman US Large Cap Morgan Stanley Global Asset Backed M&G Global Dividend Fund Lion(rust UK Equity Fund L&G Multi-strategy Enhanced ishares Physical Metals PLC Invesco US Treasury Bond UCITS ETF Federated Hermes Unconstrained Charity Equity Value Fund 8lackRock ishares Japan Equity Allianz China Equity 1.25% United Kingdom of 45.166.00 43,113.00 42,889.00 37.961.00 42.734 40,729 72,648 36.415.00 35.610.00 32.760.00 31.497.00 37,596 33,985.¢)0 270.323.00 69,489.¢)0 62,424.00 24,411.00 116.738.00 77,855.00 89,648.00 131,1)84.00 45.4￿.(￿) 102,606.00 129,933.00 84,118.00 51,502.00 69,140.00 57,495.¢)0 93,690.00 77,869.00 45.743.00 35,984.00 3,168,804 3.022,683

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Investments (continued) The Trustees annually review the risks faced by the charity and have estsblished 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 2nd discretionary investment managers have been appointed. The investments are diversified across asset classes, regions and manager. The portfolio is managed to m￿$m1$e 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. Intome15 paid to the charlty when requested. Investment income 31 December 2023 31 D•cembar 2022 Investment Income 64.433 71957 422 Interest income 65.448 73,379 Current assets: cash and cash equivalents 31De￿rnber 2023 31 December 2022 Cash 24,921 34.645 57.496 52.378 Deposlts 59,566 109.874 This amount refer5 to cash held at bank totalling £24.921 (2021. £57.496) and deposits held within Cazenove Capital totalling £34,645 (2021- £51378). Current assets: debtors 31 Decembor 2023 31 Decembw 2022 Debtors 3.344 3,344 In the current year, we have re-presented the 2023 debtors separately to the cash and cash equivalents note and line in the balance sheet to reflect their nature. The 2023 balance relates to one income payment received in 2024. 18

THE CAZENOVE CHARITABLE TRUST Notes to the financial statements Year ended 31 December 2023 Creditors: amounts falling due within one year 31 December 2023 31 December 2022 Grants 3,ry)o 13.980 3,394 Audit fee5 16,980 11234 Reconciliation of net movement in funds to net cash flow from operating activities 31 tkcembv 2023 310ecember 2022 Net movement in funds 94.411 1166,901} (65.448) {3,619} 4.747 (342.8481 308,082 173.3791 6,964 (5.063) (Deduct rainl l add loss on investrnents D¢du¢¢ investment income Increas• l (decrease) In dlbtors Incr•as• l (d•cr•as•l In credltors Nei cash used in operatinl 4Cti¥itse$ 1136.810) (106.2451 10. Subsequent events There were no subsequent events. Related party transactions A5 at 31 December 2023. the Trust held deposits of £37,990 (2022: £59,342) and inves¢ments of £3,168,804 {2022., £3,022,683) manage¢J by Cazenove Capital. Cazenove capital 15 remunerated by way of a portfolio management fee of 0.4% per annum plus VAT, 2023 fees totalling £15,177 (2022: £15.638). Administrative support to the Trust 1$ provided by the Cazenove Association. During 2023 two related party tryansaction5 occurred by way of donations received from two trustees, Michael Wentworth-stanley (£5,000) and James Barker (£55). Tran$ac¢ions with related parties were made ar market rnte5. Ultimate parent undertaking The Trustees are the Trust's ultimate controlling party. 19