Registered Charity No: 1171955 THE CARTHUSIAN TRUST CIO REPORT AND ACCOUNTS YEAR ENDED 31 JULY 2022
THE CARTHUSIAN TRUST CIO OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 JULY 2022 BOARD OF TRUSTEES J A V Smith- Chairman J D Balkwill SABell C Davies F l Hickman CWDMacey I P Waller HONORARY SECRETARY D S Armitage BANKERS Lloyds Bank PIC 49 High Street Godalming Surrey GU7 IAT AUDITOR Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW SOLICITORS Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH INVESTMENT MANAGERS Newton Investment Management Limited The Bank of New York Mellori Centre 160 Queen Victoria Street London EC4V 4LA PRINCIPAL ADDRESS Charterhouse School Godalming Surrey GU7 2DF Page 1
THE CARTHUSIAN TRUST CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustees psent their Report and Accounts as a charitable incorporated organisation ICIOI for the year ended 31 July 2022. The financial statements comply with current statutory requirements. the charity's constitution and the Charities SORP FR5 102. Officers and professional adviserfs information set out on page I forni part of this report. STRucfuRE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Carthusian Trust CIO was established in March 2017 Iregistered number 11719551, after which the old Carthusian Trust la trust with registered charity number 3120551 ceased actTVities and transferred its assets to the new charitable incorporated organisation. The Carthusian Trust CIO is governed by a foundation model constitution. TRusfEES The Trustees who seNed during the year. and to the date of signing this report. were those listed on page l. New trustees are inducted into the workings of the charity by the Chairman and the Honorary Secretary. The Board meets on a regular basis and as required. The Constitution provides for the appointment of up to ten Trustees. The Trustees have developed a skills matrix to identify the skills required and to guide the recruitment of new trustees. Trustees are invited, using the matrix, to identify potential new trustees, who are considered by the Trustees and appointed if approved. Trustees automatically cease to hold office at the end of staggered periods of up to five years. OBJEcfivES, ACTIVITIES AND ACHIEVEMENTS The Carthusian Trust provides a permanent fund with charitable status to promote the active financial support of Charterhouse School by all those who have its interest at heart. The objerts are such charitable purposes connected with the School as the Trustees shall after consultation with the School Governing Body think fit, in particular: The provision of bursaries and scholarships to the pupils of the School,. and The financing of projects of a capital nature connected to the School. Bequests given to the Trust for specrfic purposes are held as "Restricted Funds" Both the income and Capital of Such fLFnds can be spent to achieve their individual objectives. All other gifts and bequests, "General Funds" are free reserves held to finance the activities of the Trust. Page 2
THE CARTHUSIAN TRUST CIO TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 The Trust is run on a day to day basis by the Honorary Secretary who is Charterhouse School's Director of Finance and Strategy. There is no charge for his seNices. During the year the Trust provided support to eleven12021 seven) Sir Robert Birley Scholars and awarded three12021 four) bursarie5 to Charterhouse pupils. The Trustees confirn) that they have complied with the duty in the Charities Act 2011 to have due regard to the Euidance issued by the Charity Commission on public benefit. The Trustees are aware and take account of the Charity Governance Code published in 2017 and revised in December 2020, which sets out the principles and recommended practice for Eood governance within the sector. FINANCIAL REVIEW During the year, the Tru5Ys income was £42,524 12021= £139,531). Grants and support costs amounted to £96,03712021'. £297,6091. There was an unrealised loss on investments of £61612021.. gain of £308,5561. The $vItIng reduction in funds for the year of £54,129 reducing the Trust'5 net assets to El,878,491 at the year-end. The charity had no fundraising activities quiring disclosure under S162A of the Charities Act 2011. GOING CONCERN The Trust has funds worth £1.88m12021 £1.93ml and normally allocates grants of £100-150k per year. A5 a result the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Should investment values fall significantly then the Trustees could reduce the grants appropriately. Accordingly, they adopt the going concern basis in preparing the financial statements. RESERVES At 31 July 2022 the total funds of the Trust amounted to £1,878,49112021'. EI,932,6201, restricted funds amounted to £1.015.956 12021.. £1,068,820 1 and designated funds were £35,146 12021.- £44.6681. The Trust forecast5 £35,146 12021.. £41,925) of designated funds are allocated to scholarships over the next three years and at least £131.61312021.. £74,531) of restricted funds are allocated to bursaries in 2022123. Total free reserves, "General Funds" at 31 July 2022 amounted to £827.389 12021.. E819,1321. These reserves exceed current annual expenditure but the Trustees consider it necessary to hold sufficient reserves to enable the Trust to make capital grants for School projects, where required. and act as a consistent resource for bursary support. Page 3
THE CARTHUSIAN TRUST CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR 31 JULY 2022 RISK MANAGEMENT The Trustees are responsible for the management of the risks faced by the Trust. Risks are identified, and assessed and the necessary controls are established. A formal review of the Trust's risk manaBement process is undertaken on an annual basis. The key controls used by the Trust include-. Formal agendas for all meetings Clear authori50tion and approval leve15 of expenditure Regular review of investment perfom)ance by Trustees with investment expertise. The key risks identified are: l. Failure to Manage Funds Properly. It is important that the funds generate income at an appropriate risk level particularly in this time of economic uncertainty. Given the current situation, the Trustees did review their investment Strategy this year. Although 90% of the Trust's net assets are held in one investment. namely the Newton Growth and Income Fund for Charities which is managed by Newton Investment Management, the Trustees are satisfied that these are professional managed in an appropriate manner for the Trust. 2. Major incident/world disaster advsersely affects financial position. BREXIT. the Covid- 19 crisis and the Ukrainian Crisis have demonstrated that world events can have a significant adverse effect on the financial markets. This has been both regional and global and it is unclear how long it will take for markets to settle. As a result the Trustees have reviewed their portfolio to ensure there is appropriate diversification in term of liquidity, classification, and geographical location of the exposure. In addition they have tailored their support to pupils so that it can be managed in the near future. Through the risk management processes established for the Trust, the Trustees are satisfied that the major risks identified have been managed where possible. It is recognised that Systems tan only provide reasonable but not absolute assuran that major risks have been adequately managed. INVESTMENT PoVRs AND POLICY The Trustees, investment powers are governed by the Constitution and the Trustee Act 20CK) which permits the Trusvs funds to be invested in any investment subject to compliance with the statutory duty of care. The Trustees, policy is to provide sufficient funds to maintain its charitable expenditure and ensure the long term growth of its fijnd. A breakdown of the TrusV5 net assets 15 as follows= 2022 2022 2021 2021 Investment (Note 41 Cash deposits Net current assets Total Fund5 90 io 1.884 39 io 97 1.878 Icrf) 1.933 1¢ The investment represents 1,061,289 units in the Newton Growth and Income Fund for Charities managed by Newton Investment Management Limited. Their stated objertive for the fund is to Page 4
THE CARTHUSIAN TRUST CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 maximise total returns for charities in temis of capital growth and income from a portfolio of global equities and fixed interest securities. The invested fvnds of the Trust are pooled fof investment purposes and the investment return is allocated to each fund on a pro rata basis. The cash dep051ts represent deposits with CCLA Investment Management Limited, and a current account with Lloyds. FUTURE PLANS The Trust will continue its main objectives for the foreseeable future to provide bursaries to pupils at Charterhou5e School and also fund expenditure on School buildings and capital Projects,. thereby maintaining and enhancing acce55 to a Carthusian education and ensuring that the heritage and educational standards of the School a maintained. STATEMENT OF TRu¥fEES' RESPONSIBIUTIES The Trustees are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and fegulations. Charity law require5 the Trustees to prepare financial statement5 for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the Trustees must not approve the financial statements ¥Jnless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incominpjoutgoing resources for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent: prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 2(M)8 and the piovisions of the charity's tonstitution. They are also responsible for safe8uarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. By order of the Board JAVSmith Chairman 2¥ 2022 Page 5
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE CARTHUSIAN TRUST CIO Opinion We have audited the financial statements of The Carthusian Trust CIO I'the charity) for the year ended 31 July 2022 which comprise the Statement of Financial Activities. the Balance Sheet and note5 to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic Df Ireland Iunited Kingdom Generally Accepted Accountin8 Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitys affairs as at 31 July 2022 and of its income and expenditure. fof the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Actountin8 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. 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 trustee's 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 at least twelve 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. Other infomiation The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 Page 6
INDEPENDENT AUDITOWS REPORTTO THE TRUSTEES OF THE CARTHUSIAN TRUST CIO {CONTINUED) 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 req4Jired 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 this 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 in relation to which the Charities (Accounts and Reports) Regulations 2(X18 requires us to report to you if, in our opinion-. the information given in the financial statements is inconsistent in any material respect with the trustees, report- or sufficient and proper accounting records have not been kept by the charity,. or the financial statements are not in agreement with the accounting record5 and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustee5 As explained more fully in the trustee< responsibilities statement set out on page 5 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 Chaflty's ability to continue as a goin8 concern, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs 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 Acts 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 auditorfs 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 IUKI will always detect a material misstatement when it exists. Mi5Statements 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. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.or auditor5re5 onsibilities. This description forms part of our auditorfs report. Page 7
INDEPENDE AUDITOIYS REPORT TOTHE TRUSTEES OF THE CARTHUSIAN TRUST CIO {CONTINUED) Extent to which the audit was considered capable of detecting irregularitie5, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statement5 from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, includin8 obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Art 2011 together with the Charities SORP IFRS10212019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation IGDPRI- Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspertion of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial Statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management, and the Trustees about their own identification and assessment of the risks of irregularities. sample testing on the posting of journals, reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, the is an unavoidable risk that we may not have detected some material misstatement5 in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it. In addition, a5 Wlth any audit. there remained a higher risk of non-detection of irregularities, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detett non-compliance with all laws and regulations. Page 8
INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF THE CARTHUSIAN TRUST CIO {CONTINUED) Use ofour report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Report51 Regulations 2008. Our audit work ha5 been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charitls trustees as a body. for our audit work, for this report, or for the opinions we have fom)e¢J. Crowe U.K. LLP Statutory Auditor London Date 30 January 2023 Crowe U.K. LLP 15 eligiblefor aPpOlent asavditor of thetharity byvirtueof itselgibiitylor apptyrttsnentasauditor of a company undef section 1212 ofihe CompanSArt 2(. Page 9
THE CARTHUSIAN TRUST CIO STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 JULY Z022 General Desiated Restricted Total Total Notes Fund5 2022 Funds 2022 Funds 2022 Funds 2022 Funds 2Q21 Income from Donations and legacies 152 2,261 2,413 101,887 Investments 14,862 22,443 40,111 37,644 Total Income 14.862 2,958 24,704 42,524 139,531 Expenditure on Charituble ¢7Ctivity Grants 12.070 79,531 91.601 293,423 Support costs 4,436 4,436 4,186 Total Expenditure 4,436 12,070 79,531 96.037 297,609 Net incomellexpendtturel before investrnent gains 10,426 {9,1121 (54,827} {53,513) {158,078J Net gains/llossl on investments {2,169} {410) 1,963 16161 308,556 Net incomellexpendtturel for the year 8.257 19.5221 {52.864) 154,1291 150,478 TOTAL FUNDS BROUGHT FORWARD 819.132 44.668 I.[.820 1.932.620 1,782.142 TOTAL FUNDS CARRIED FORWARD 827.389 35.146 1.015.956 1.878.491 1,932,620 The notes on pages 12 to 18 form part of these financial staternents. Page 10
THE CARTHUSIAN TRUST CIO BALANCE SHE AS AT 31 JULY 2022 Notes 2022 2021 FIXED ASSETS Investments 1,683.204 1,883,820 CURRENT ASSETS Debtors 11.472 13,982 Cash at bank 189.319 38,982 200,791 52,964 LIABILITIES Creditors: amounts falling due within one year 15,504) (4,164) NET CURRENT ASSErs 195.287 48,800 NET ASS5 1.878.491 1,932.620 TOTAL FUNDS General funds 827,389 819,132 Designated funds 35,146 44.668 Restricted funds 1.015.956 1,068,820 io 1.878.491 1,932,620 The financial statements were approved by the Board and authorised for issue on 24 November 2022 and signed on its behalf by.. JAVSmith Chairman The notes on pages 12 to 18 fomi part of these financial statements. Page11
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOUNTS YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES Charity Information The Carthusian Trust is a charitable incorporated organisation ICIOI registered with the Charity Commission in England & Wales. registration number 1171955. The principal address IS Charterhouse School, Godalmin& Surrey, GU7 2DX. b) Basis of preparation The financial statements have been prepared in accordance with the Charities SORP IFR51021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. the Charities Act and UK Generallv Accepted Accounting Practite. The financial statement5 have been prepared to gNe a 'true and fai¢ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 issued on 16 JUFV 2014 rather than the Accounting and Reporting by Charities. The trustees have considered the financial position of the Trust and its future budgets and confirm that it will remain a going concern. The Trust is exempt from providing a cash flow statement under FR5102 due to the Trust being a small entity. The Trust meets the definition of a public benefit entity under FRSIO2. DonatSons and legacles Donation and legacy income is included as and when there is adequate probability of receipt and the amount can be measured reliably. d) Expenditure Grant expenditure is accounted for on an accruals ba515. Expenditure is allocated to expense headings on a direct cost basis except for central costs, which a apportioned on the basis of an estimate of time Spent on the relevant function. Page 12
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIE5 (Continued) Investment income Investment income is accounted for in the year in which the charity is entitled to receipt. Fund accounting Restrirted funds represent monies that have been given to the Trust for specific purposes. Designated funds are monies set aside bythe Trustees for specific purposes but which form part of the charitws unrestricted reserves. These funds comprise the Capital Fund. The General fund represents the working capital of the Trust. It is not restricted by covenants or donorfs triteria and is managed by the Trustees. g) Financial instruments The Carthusian Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors. Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with 8ain5 and 1055es being recognised within income and expenditure. At the balance sheet date, the Trust investment assets at fair value through income and expenditure of £1,683,20412021= £1.883,8201. h) Critical accounting judgements and key sources of estimation uncertainty In the view of the Trustees. no assumptions cor)cerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Page 13
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 JULY 2022 SUPPORT COSTS General Designated Total Total Fund5 Funds 2022 2021 Audit Fee lincluding irrecoverable VATI 4.4(Xl 4.164 Bank Charges 36 36 22 4,436 4,436 4,186 Trustees received neither remuneration nor reimbursed expenses in the current or prior year. DISTRIBUTION OF GRANTS General Designated Funds Funds Restricted Funds Total 2022 Total 2021 Carthusian Trust Bursaries 79,531 79,531 82,844 Birley Scholarship5 12,070 12,070 8,880 Other 201,699 12,070 79,531 91,601 293,423 INVEsfMENTS 2022 2021 Market Value at l August 2021 1,883,820 1,625,264 Disposal I200,0) (s0.0() Net GainsllLossl (Unrealised (616) 308,556 Mart(et Value at 31 July 2022 1,683.204 1.883,820 All investments are held with Newton Investment Management Limited in a Global Growth and Income Fund for charities DEBTORS 2022 2021 Accrued income 11.472 13.982 CREDITORS: amounts falling due Wlthin one year Accruals 5,51YI 4,164 Page 14
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOU?5 (CONTINUED) YEAR ENDED 31 JULY 2022 GENERAL FUNDS At Investment At l August Income Expenditure ILossl 31 Julv 2021 2022 Income Fund 819,132 14.862 14.4361 12,1691 827,389 GENERAL FUNDS (COMPARA TIVE) At Investment IGainl 31 July l August Incorne Expenditure 2020 2021 Income Fund 740,805 13.929 f45.007J 109,405 819,132 DESIGNATED FUNDS At Investment At l August Income Expenditure (Lossl 31 July 2021 2022 Capital Fund 44,668 2,958 112.0701 14101 35,146 DE51GNA TED FUNDS (COMPARA TIVE) At Investment Gain At 31 July 2021 l August 2020 Income Expenditure Capital Fund 30.164 2,731 18,8801 20.653 44.668 The Capital Fund above provides SUPPOrt for scholarships. 2022 2021 Future expenditure of Designated funds= Year One 16.365 12,070 YearTwo 18.090 17,424 Year Three 691 15,174 Pa8e15
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOUNTS (CONTINVEDI YEAR ENDED 31 JULY 2022 RESTRicfED FUNDS 2022 At l August Income 2021 Investment Gain / ILossl At 31July 2022 Expenditure Robert Birley Memorial Fund Hodgsonites Fund Verites Fund Hoban Fund Tiller Fund Dighton Fund Giffard Fund ILx7,1 36.664 57,273 11.865 802,560 19,295 41,163 loo,000 32,195 58.061 12,252 750,789 21,496 41,163 15,QXII 1771 11301 1631 2,233 918 450 20,527 2,201 174,5311 1,068,820 24,704 179.5311 1,963 1,015.956 RESTRICTED FUNDS ICOMPARA TIVEJ At l August Income 2020 Investment At 31 July 2021 Expenditvre Gain Robert Birley Memorial Fund Hodgsonites Fund Verites Fund Hoban Fund Tiller Fund Dighton Fund Giffard Fund Patork Fund Icv.(xx) 100,ooo 33.953 49,917 26.587 682.205 18,170 41.163 159.178 {1.699J 3,862 6,536 3,189 164,911 36,664 57,273 11,865 802,560 19.295 41,163 820 402 19.976 1,125 (18,313) (64.532) (159,178J 1.011.173 122,871 {243,722J 178,498 1,068,820 The Robert Birley Memorial Fund provides support for scholarships. The Hodgsonites Fund provides 5UPPOrt to pupils and activity within the House. The Verites Fund provides support to pupi15 and activity within the House. The Hoban Fund will assist a sixth form pupil whose parents are in unforeseen financial need, in recognition of the help Michael Hoban Ifornier pupill received while at School. The Tiller Fund provides bursary support to pupils. The Dighton Fund supports the Ben Travers Theatre. The Giffard Fund supports the upkeep and fabric of the Memorial Chapel. Page 16
THE CARTHUSIAN TRUST CIO NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 JULY 2022 10. TOTAL FUNDS 2022 General Funds Designated Restritted Funds Funds Total Investments 674,639 127.353 881,212 1,683,204 Net current assets / Iliabilitiesl 152.750 192,2071 134,744 195,287 827.389 35.146 1.015,956 1.878.491 TOTAI FUNDS 2021 {COMPARA TIVEJ General Funds Designated Restricted Funds Funds Total Investments 676.808 127,763 1,079.249 1,883,820 Net current assets I Iliabilitiesl 142,324 183.0951 110,4291 48,800 819,132 44.668 1.068.820 1.932.620 11. RELATED PARfi TRANSACllONS One of the Trustees. C W D Macey, is a Governor of Charterhouse School. During the period, the Trust has provided funds of £86.60112021.. £91,724) to Charterhou5e School in relation to bursaries and scholarships. At the year end, no amounts were due to or from the School. Page 17
THE CARTHUSIAN TRUST CIO NOTES TO THE AccouTrrrs ICONTINUEDI YEAR ENDED 31 JULY 2022 12. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES General Designated Re5trirted Total Total Funds Funds Funds Funds Funds Notes 2021 2021 2021 2021 2020 Income from Donations and legacies 500 202 101.185 101,887 1.499 Investments 13,429 2.529 21.686 37,644 39,267 Total Incorne 13,929 2.731 122,871 139,531 40,766 Expenditure on Charitable artivity Grants 40.821 243,722 293.423 93,442 Support costs 4.186 4,186 4,087 Total Expenditure 45.W7 8,880 243.722 297.609 97,529 Net (expenditure) before investment gains 131,078) 16,149) {120.851) {158,078) {56,763J Net gainslllossl on investments 109.405 20.653 178.498 308,556 1171.909) Net income/lexpenditure) for the year 78,327 14.504 57,647 150,478 1228,672) TOTAL FUNDS BROUGHT FORWARD 740,805 30.164 1,011,173 1,782,142 2,010,814 TOTAL FUNDS CARRIED FORWARD 819.132 44,668 1,068.820 1,932,620 1,782,142 Page 18