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: 

_5_ 



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. 

_6_ 



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 

_7_ 



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