Smith&
QJ Williamson
The Atherton Family Charitable Trust
Charity ￿. 1156055
Trustees. report and unaudited accounts
For the year ended 31 December 2020

The Atherton Family Charitable Trust
Legal and administrative information
Tru5tee5
Richard Atherton
Jac(weline Atherton
Annabel Cull
EmilyAtherton
Robert Atherton [ap￿Inted 9 March 20211
Stevens & Bolton Trustee5 Limited
Charity number
1156055
Prlnclpal address
Stevens & Bolton LLP
Wey House
Famham knd
Guildf￿1
Surrey
GUI 4YD
Independent examlner
Julie mutt(￿ FCA
Smith & Williamson LLP
Accountants
Old Library Chambers
21 Chipper Lane
Salisbury
Wiltshire
SP1 1BG
Acc￿ntantS
Smith & VfillfamsL￿ LLP
Accountants
Old Library Chambers
27 ChiFper Lane
Salisbury
Wiltshire
SP1 IBG
Bankers
C(wrtts & Co
440 Strand
London
WC2R OQS
Solicltors
Stevens & Bolton LLP
Farnham Road
Guilrford
Surrey
GUI 41D
Invertment adv150r5
Investec Wealth & Investment Limited
30 Gresham Street
Londc
EC2V 7QN

The Atherton Family Charitable Trust
Contents
Tru5tee5' rewrt
Inde￿dent examinrfs retM)rt
Statement of financial acti￿tieS
Balance sheet
Notes to the accounts
8-10

The Atherton Family Charitable Trust
Trustees. report for the year ended 31 December 2020
The trustees present their report and accwnts for the year ended 31 Dewnber 2020.
The accounts comply with the Charitie5 Act 2011 and AccrAJnting and Reming by Charities: Statement of
Recommended practi￿ applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS1021.
Structure, governance and manageft￿t
The Atherton Family Charitable Trust I"Charity"l is govemed by a trust deed dated 28 January 2014 and 15
constituted as a charitable trust. The registered Charity number is 1156055.
The trustee5 who served durlng the year were:
Richard Atherton
Jacqueline Atherton
Annabel Cull
Emily Atherton
Stevens & BOltC￿ Trustees Limited
The Charity was established by Richard Atherton. Additional funds were added by Jacqueline Athertcm. The
Charity's funds are currently invested wlth Investec Wealth & Investment Limited l-Investec"l.
The trust deed provides that the current trustees have the p(r+yer to apFM)int rw trustees. A new trustee is
appointed by a resolution of a M￿ting of the current trustees and a merMrandum being slgned by one of
the trustees at the meeting {or as dtrected at the meeting). The memorandum is to be executed as a deed.
The trustees periodically rewew whether new trustees should be apwinted. In selecting indiwduais for the
appointment as trustee. the current trustees must have regard to the skills, knowledge and experien
needed for the effective administratirm of the Charity. The apFrf)intment of a new trustee would most
likely be from within the Atherton family (assuming that the Individual has the necessary skills and
knowledge to act as a trustee of the Charity).
It is not anticipated that any of the ojrrent trustees will be retlrlng for the foreseeable future. It 15 further
anticipated that at least one of the trustees will at all times be a professional trustee.
All dedslons of the Charity are taken at a board meeting of the tru5tee5. Ail trustees are given notice of a
meeting. A meeting is quorate If one third of the total number of trustees or two trnstee5 (whichever is
greaterl are present. The Charity does not employ any staff or use volunteer5.
The trustees consider that the main risk to the Charity 15 a significant redurtion in the Charitls portfolio,
with this forming the vast majority of the Charitys assets. Havirry consi(Jered the level of risk, the asset
allKation of the portfolio and the level of income. the trustees have land in consultation with In￿Ste(l.
for the time being, accepted a medium risk approach. The trustees consider that this is an acceptable
level of risk for present purposes in ￿eW of the long term goals and the ability to reduce grants and
donations in the event of a sustained market declTne.

The Atherton Family Charitable Trust
Trustees. report for the year ended 31 December 2020
The portfoiTO is currently benchmarked agaI￿t the Investec Wealth & Investment MedTum Risk Income
Composlte, hawng previously been benchmarted against the MSCI Wlil Income benchmark.
The investment wlicy d¢xument entered into between the Charity and Investec provtdes that the tr￿tee$
will review, at least annually, Investecs app)intment a5 investment manager for the Charity. The review
will take account of, amrmgst other things, Irwestec's ability to fulfil the tntstees, requirements,
Investment perfOrnia￿e, quality of service, fees and ternis, suitability, integrity and compliance with the
Investment policy. The investment wlicy document was LWated 26 June 2020.
As one of the trustee5 is a professional trustee. the Charity con5ider5 that the availability and level of
professional advice is not an issue. In addition, the Charity recently appointed IPS Capital to ￿n￿rtake a
structural ￿￿eW of the cu￿ent investment manager mandate, performance of the incumbent manager
and ongoTng M(￿1t0￿n9 of the ap￿Inted investment manager on a quarterly basis.
Stevens & Bolton Trustees Limited is ￿OllY owned by the members of Stevens & Bolton LLP I'LLP"). Only
members of the LLP are directors of Stevens & Bolton Trustees Limited. Where Stevens & Bolton Trustees
Limited is appointed to act a5 a trustee, it engages the LLP to undertake all work within the scope of the
engagement. Ik) separate fees are raised by Stevens & Bolton Trustee5 Limited where it acts as tnL%tee.
In accordance with clause 13.2 of the t￿￿t deed, wtherever financial fflatler5 are discussed by the
trustees that may have an impart on Stevens & e￿L[L￿1 Tru5tee5 Limited. the corporate trustee decla
its interest and declines to participate in the meeting.
ObJert5 and actlvltles
The Charitys objects are set (Njt at clause 3 of its tr￿t deed. The objects provfde for the following:
7he Trustees shall hold the copltal ond income of the Tn￿t Fund uwi tntst to or apply the
income. ond (if ond when the trustees in their discretion think fit) oll or ony part or wrts of the
¢7Pitol to or for such exclusively ctffaritoble objects or purp)ses in ary part of the world a5 the tnistees
may in their discretion think fit."
The aims of the Charity are to make grants and donation5 to other UK registered charities and exempt
charities. It is the belief of the trustees that thi5 vrill provide an adequate means of ensurin8 that funds
are used for their Tntended purposes and for wblic benefit.
The trustees are I￿king to SUp￿rt charftie5 which are particularty involved In education I training, the
advancement of health, the saving of lives. disability and arts i culture l science. The trustees CLll5ider
by making donations to other charities Girying out these al￿ will enable it to 5￿cifICallY target its
funds for those charities which they consider are carrying (Mjt worthwhile causes in the areas highlighted
but do not necessarily receive the funding rewired.
As noted at*we. the majority of the Charitys investments are hetd In a portfolio administered by Inve5tec.
A balance of cash is held at Coutts. The funds were placed with Investec on 26 February 2015 and the
portfolio is njn on a discretionary management basi5.
Whilst the Charity is happy to re￿1Ve unsolicited enqiriries from other UK ￿lStered charities and exempt
charities, it does not advertise the availability of fund5 to the public at large.
Achlevements and performance
During the year, the trustees made a further donation to 5upF￿ NatiC￿al Foundation for Youth Muslc
I'youth Music") (registered Charity number 10750321 foLlown8 on from their swport of thi5 charily in 2016
and 2018. The trustee5 have made this grant to Youth Music to support lif+changing music projects for
children and young people in challenglng circumstances.
Also during the year. the tnL4tees made a d￿atIon to ShakesFeare Sc1K￿L Foundaticffl (registered Chartty
number 11646761 to asslst working with thoLtsands of PUPTIS frMI every community, backgrrAmd and
school, giwng them the Confiden￿ to perform in prof￿]￿al theatres nationwide.

The Atherton Family Charitable Trust
Trustees. report for the year ended 31 December 2020
The Charity recently appointed IPS Capital LLP to undertake a stnKtural re￿￿￿ of the current investment
manager mandate, perfomiance of the incumbent manager aThJ ongoing monitoring of the appointed
investment Manager on a quarterly basis.
The trustees consider that the greatest factor which will impact ￿ the Charitls abllity to carry out its
objects and whTch is outside the Chariws control is an econ¢Jnic event which ca￿￿ a significant f all In
the value of the Charitys ￿rtfoLIo. With thè appointment of IP5 Capital to adwse the Charity on the
perforniance of its investments, the trustees are looking to en5￿￿ that the financial performance of the
Charity'5 assets are fit f(￿ purpose.
Financial rev?ew
For this financial pen.tsj the Charity has not received any external dI￿at1￿5. Ail income arising to the
trustees has derived from the Investec portfolio. The trustees vrill monitor on a quarterly basis the level of
expenditure required to enable the Charity to SLPP)rt its objects.
A5 at 31 December 2020 the total funds held for the Charity arnounted to £5,078,301 12019- £5,145,￿01.
This comprised an investment portfolio and cash. Income for the year was £120,721 12019: £136.9631.
During the year the Charity paid out governan￿ costs of £19,338 {2019: £12,258) and donations ol
£103,76012019= Enill.
Whllst the level of grants made by the Charity to date have bew relatively small, it is anticipated that the
level of cash reserves should be in the regTon of a equivalent to three months. average expendlture
and total reserves are held at a level to allow future grarbts to be made at the dlscretion of the trustees.
Plans for future period5
The trustees wll continue to identify worthwhile projects to support by way of grants to other UK
registered charitie5 which seek to prThTr￿te the same or similar charitable objects as those identified by
the Charity.
The trustee5 do not necessarily expect dc￿atiOnS to other charities to match Tncome received for each
year and the amount of donations ￿11 very much depeThJ on identifying the right charitie5.
The Charfty recogmises the importance of its purposes being for the ttnefit of the public. The trustees
believe that through the Charitys aims and objects in supporting those charitie5 which are carrying on
work in the areas already identifted, the Charity will continue to meet this duty.
The trustees will continue to closety monitor the perforniance of the Charity's investment portfolio with
the assistance of IPS Capital. In due course, it may decide to make some changes to the direction of the
portfolio. In addition, the tntstee5 are considering aFV)inting another non.professlonal trustee in the early
part of 20Z1.

The Atherton Family Charitable Trust
Trustees. report for the year ended 31 December 2020
Trustee5' responsibllltles
The tnjstees are reS￿Sible for preparing the Tru5tees' reFQrt and the accounts in accordance wth
applicable law and regulations.
The law applicable to charitr.es in England and Wales requires the trustees to prepare accounts for each
financial year In accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and arvlicable regulations). Under that law the trustees must not approve the
accounts vnle5S they are satisfi.ed that they give a true and fair view of the state of affairs of the Charity
and of the incoming resources and applicatTon of resources of the Charity for that year.
In preparing the accoLnts, the trustees are required to:
- select suitable accounting policies and then apply them consistently"
- observe the methods and prlnclples in the Charities SORP-
- make judgements and estimate5 that are reasonable and prudent:
- state whether applicable accountFng standards have been followed. subject to any material departwes
disclosed and explalned in the acc(u)ts' and
prepare the accounts on the going C(￿tern basis unless It is Inatvropriate to presume that the Charity
will continue in operation.
The trustees are responslble for keeping adequate accounting records which are sufficient to show and
explaln the Charitys transattions and disclose with reasonable accuracy at any time the financial position
of the Charity and enable them to ensu￿ that the financial infom)ation complies With the Charitie5 Act
2011, the Charities (Accounts and Reports) Regulation5 2(￿ and the proVi￿OnS of the trust deed. They are
also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps fcr the
prevention and detection of fraud and other irregularities.
On behalf of the board of trustees
(o L.)
or Stevens & Bolton Trustees Limlted
Trustee
Date:

The Atherton Family Charitable Trust
Independent examiner's report to the trustees of The Atherton Famlly
Charitable Trust
I retxjrt to the tru5tee5 1)n my examinatfon of the accounts of The Athert￿ Family Charltable Trust for the
year ended 31 December 2020 which comprise the statement of finandal activities, the balance sheet and
the notes to the accounts, including a 5unwmary of significant Kcounting policies.
Respectfve responsibilities of tru5tee5 and examiner and basls of report
As the charity's t￿￿tee5, you are responsible for the preparation of the accounts in accordance with the
requirements of the Charitie5 Act 2011 I'the Act").
I report in respect of my examination of the charitys accounts carried out under section 145 of the Act and
in carwng out my examination I have followed all the applicable Directions given by the Charity
Commission under section 14515llbl of the Act.
Independent examlner's statement
I have completed my examination. I confirm that no material matter5 have come to my attentl¢M In
connection with the examination 4lvSn4 me cause to believe that in any material respect".
accounting record5 were rbot kept in respect of the charity as required by section 130 of the Act. or
2. the accounts do not accord with those records; or
3. the accounts do rM)t comply the applicable rewirements contsrnTn8 the form and content of
accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement
that the accounts give a true arKI fair view which is not a matter considered as part of an independent
examination.
I have no concems and have come across no other matters in connecti¢y) with the examination to which
attentlon should be drawn in this retw)rt In order to enable a proper understanding of the accounts trj be
reached.
Julie Mutton
Fellow of The Institute of Chartered Accountants in EngLand and Wale5
Smith & Williamson LLP
Accountants
Old Library Chambers
21 Chipper Lane
Sallsbury
Wiltshire
SPI 18G
Date- 21 May 2021

The Atherton Family Charitable Trust
Statement of flnanclal actfyltles for the year ended 31 December 2020
2020
2019
Note
Investment Income
Bank interest
120,717
136,926
37
Total income
120,721
136.963
Raising funds
Charitable activities . grants
Charitable activities - SUPPOrt costs
28.563
103.760
19.338
29.166
12,258
Total expenditure
151,661
41,424
Net {expendltureVlntome befi>re Ilossesygains on
Investments
130,940)
95,539
Net110ssesllgalns on Investments
135.8291
546.510
Net movement In funds
166.7691
642.049
Fund balances at 1 January 2020
5.145.070 4.503.021
Fund balances at 31 December 2020
5,078.301 5.145.070

The Atherton Family Charitable Trust
Balance sheet as at 31 December 2020
2020
2019
Flxed assets
Investment5
4.747,717
4.778,096
Current assets
Cash at bank and in hand
338,116
376.570
Credltors: amounts falling due wlthln
one year
17,532)
19,5961
Net current assets
330.584
366,974
Net assets
5,078,301
5.145,070
Income funds
Unrestricted funds
5.078,301
5.145.070
5.078,301
5,145,070
The accounts were approved ty the Trustees on .......... .
& Bolton Trustees Limfted
Trustee

The Atherton Family Charitable Trust
Notes to the accounts for the year ended 31 December 2020
Accounting pollcles
1.1 General Informatlon
The Atherton Family Charitable Tntst is an unincorporated trust. constituted under a charitable tr
deed on 28 January 2014. It is registered WTth the Charity Commission in England & Wales INO.
11560551. The address of the principal Offi￿ is Steven5 & Bolton LLP, Wey House, Famham Road,
Guildford. Surrey, GU14YD.
1.2 Basis of preparation
The accounts have been prepared under the historical cost convention, as modified to include the
revaluation of certain assets.
The accounts have been prepared in accordance wlth Accounting and Reporting by Charltles:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance
with the Financial ￿pOrtIng Standard atplicable in the UK and Republic of Ireland IFRS 1021
(effective 1 January 20191.
The trustee5 confirni that the charity is a wbiic bwefit entity as defined by FRS 102.
The accounts are prepared on the going concern basis", there are no material uncertainties about the
charity5 ability to continue as a going concern.
1.3 Income
Investment income is credited to the statement of financlal activitie5 in the period in which Tt is
receivable.
1.4 Expenditure
Liabilities are recognised as expenditure as SO￿ a5 there is a legal or con5tructiYe obligation
committing the charity to the expenditu￿. Ail expenditure is accounted for on an accruals basis and
has been classified under the headings that aggregate all costs related to the category.
The cost5 Of raising funds c¢)nsist of investment management fees.
Grants payable are payments made to third parties in furtherance of the chaiitable object5 of the
charity. The grants a￿ accounted for where the tnjstees have agreed to pay the grant withrjjt
condition and the recipient has a rea9)nable expectation that they will receive a grant.
Support costs consist of costs not directly attributable to direct charitable activitie5 or raising funds
but whlch are in respect of the general administration of the charity and overall management of the
funds.
1.5 Investments
Fixed asset investments are ststed at market value. The statement of financial activitie5 includes the
net gains and losses arising on revaluati￿￿ and dispJsaLs throughtxrt the year.
Realised and unreali5ed gains or losses are recognised in the statement of financial actTVtties. Realised
gains or losses are the differen￿ between disposal prrteed5 and the opening market value lor original
cost if purchased in the yearl. Unrealtsed gains or losses are the difference between the market value
at the year end and the r4)ening market value lor original cost if purchased in the year).
1.6 Fund accountlne
Unrestrirted funds are available for use at the discretTon of the trustees in furtheran￿ of the ga)eral
objects of the charity and which have not been designated for other puryN)ses.

The Atherton Family Charltable Trust
Notes to the accounts for the year ended 31 December 2020
Expendlture
Z020
2019
Raising funds:
Investment management fees
28.563
29.166
Charltable activities- grants
Grants payable Isee rnte 31
103.760
Charltable actlvltles- support Costs
Governance costs
Legal and administratlon fee5
Accountancy fees
Independent examinerfs fee5
15,558
2.580
1.21)0
7,098
3.960
I,2￿)
151.661
41,424
Grants payable
2020
2019
National Foundation for Youth Music
Shakespeare School Foundati(
53.760
50,0(KI
103,760
Related partie5
Stevens & BOltC￿ LLP provide legal athce to the trustees. Stevens & Bolton Twstees Limited is whdly
owned by the members of Stevens & Bolton LLP. Total fees paid to Stevens & Bolton LLP during the
year were £15.55812019- £7.0981.
The trustees did not receive any rem￿eratiOn or reirnbursement for expenses during the year {2019:
£nill.
Employees
There were no employees during the year12019: n(￿e).

The Atherton Family Charitable Trust
Notes to the accounts for the year ended 31 December 2020
Fixed asset Investments
2020
2019
Market value at 1 January 2020
Disposals at opening b￿k value
Acquisitions at C05t
Change in value in the year
4,778.096 4.244,936
1918.091) 1871,9911
923.411
943,704
135,699)
461,447
Market value at 31 December 2020
4,747.717 4,778,096
Analysls of Investments by category of holding
Fixed interest
Equities and other
1,110,708 1,351,385
3.637.009 3,426,711
4.747,717 4,778,096
Analysi5 of investments by I￿ation
Investments held in the UK
Investments held outside the UK
2.994.869 2,993,203
1,752.848 1,784.893
4,747,717 4.778,fTr6
Book cost at 31 December 2020
4.083,831 4,090,961
Cre(Mtors: am￿nts fall1￿ due wlthin one year
2020
2019
Accruals and other c￿litorS
7,532
9.596
7,532
9,596
10-