Charity Registration No. 1197205
THE ERNEST KLEINWORT CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 MARCH 2024
BUSINESS
ADVISORS
& ACCOVNTANT5
One Bell Lane
Lewes
East Sussex
BN7 IIU

THE ERNEST KLEINWORT CHARITABLE TRUST
CONTENTS
Page
Company information
Trustees, report
Statement of Tru5tees' responsibilities
Independent auditOf'5 report
9-12
Statement of fi'nancial activities
13
Balance sheet
14
Statement of cash flows
15
Notes to the h"nancial statements
16-26

THE ERNEST KLEINWORT CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A Kleinwort
M Kleinwort
R Kleinwort 8t
B Mayhew OBE
E Limerick
C Grieves
M Tyndall Ichairmanl
A Dickman
N Glover
Charlty number
Registered office
1197205
One Bell Lane
Lewes
East Sussex
BN7 IIU
Director
S Case
Grants Officer
A Murrell
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 IJU
Bankers
Barclays PIC
I Church Road
Burgess Hill
West Sussex
RH15 9BD
Solicitors
Gaby Hardwicke
33 The Avenue
Ea5tbourne
East Sussex
BN213YD

THE ERNEST KLEINWORT CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Investment advisors
Meridiem Investment Management
Riverside House
2a Southwark Bridge Road
London
SEI 9HA
Partners Capital LLP
5th Floor
5 Young Street
London
W8 5EH
Caienove Capital
l London Wall Place
London
EC2Y SAU

THE ERNEsf KLEINWORT CHARITABLE TRusr
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024. The Trust
celebrated its 60, anniveTSary in March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note I to the
financial statements and Comply with the Trust's Settlement Deed dated 12 March 1963, the Charities Act 2011
and Accounting and Repothng by Charities.. Statement of Recommended Pracdce applicable to thariti
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK Republic
of Ireland IFRS 1021 leffective l January 20191"
Objecti¥es and artlvitles
The aim of the Trust is to provide resource5 for charitable activitie5. The Trust's objettives are to PTrJmote and
support such purposes recognised by the law of England and Wales as charitable, as the Trustees shall frorn
time to time select. It is, therefore, exclusively, a grant making Trust, with no direct operating activity of it5 own.
Public Benefit
The Trustees have ensured that all activities throughout the period have been in the interest of public benefit.
The Trustees confirm that they have referred to the Buidance contained in the Charity Commission's pneral
guidance on public benefit when-
reviewing the Trust's aims and objectives, and
in planning future activities, and
settling the grant makinB policy for the year.
Grant MakinB Polivi
Support is principally given to charities operating to address the needs of people in the county of Sussex, and
charities working in the fields of wildlife and environmental conservatr'on Inational and Internationall. A small
amount of funding is made available for reproductive health work linternationall where there 15 a ccmnection
with cOnse￿a￿On. The Trustees, current policy is still in accordan￿ with the original wishes of the founders.
All applications must be made by registered charities or exempt organisations. All applicants must apply on-line
via the Trust's website and provide a copy of their most recent financial statements. The Tru5tee5 airn to follow
the Trust's guidelines carefully,. funding will be conSide￿d for start-up costs for a new project within an
established Ofganisation, core costs or a specific project Icapital expenditure or assistance with njnning costs).
In some cases, the Trustees will consider providing unrestricted funding. Trustees will consider one applicats'on
from an applicant within 12 months.
During the year, Trustees reviewed the number of applications received, the maximum amount available, and
3n applicant's prospects of sutcess, for each type of grant Ismall, Medium & Largel. A5 a result of this review,
the maximum amount for a Small Grant was increased from £3,C￿0 to £10,000, and applications for Srnal
Grant5 were considered by two Trustees IPY one Trustee) to whom power has been delegated by the full board
of Trustees. Applications for Medium Grants continued to be considered quarterly, by not less than two
Trustees to whom power has been delegated by the Trustees. Maximum donations for Medium Grants were
increased to £20,000. The decision5 to award small and Medium Grants continue to be reviewed and ratified at
full Trustee board meetings. held twice a year. Applications for Large Grants of £20,001 and above were
considered by the full board of Trustees at the twice-yearly board meetings.

THE ERNEST KLEINWORT CHARITABLE TRUST
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENOED 31 MARCH2024
The Trustees keep themselves up to date with charity law. and during the year they received updates specilic to
their role from specialist advisors. Their involvement in the held of charitable activity supported by the Trust, as
well as their experience of other charities. means that they bring an informed eye to their work.
The Trustees ensure that the Trust benelits from high-quality investment, fi.nancial and legal advice.
Achievements and performance
The Trustees set the budget for grant giving by reference to a total return investment policy, with an agreed
target return of UK CPI plus 4%. If this is achieved this will enable them to make grants at the appropriate level,
while preserving the real value of the endowment.
In the year ending March 2023, the Trustees held higher levels of cash in the current account than is usual.
extraction from the investment was therefore paused from April 2023 until October 2023. Total extraction from
investment Trn the year was £1,311,645. Extractt'on levels are reviewed at least annually, unless there is a fall in
the value of the portfolio of more than IO%, ir) which case the extractr'on levels would be reviewed soot)er.
As a result of market volatility in previous years. and to preserve grant making, the Trustee5 CO￿nUe to
maintain an additional cash buffer equivalent to one year's grant making. held in a non-discretionary account.
These funds are held in additr.on to funds held in a current accouni for daily transattion purposes a)d reviewed
on an annual basis.
In the 2023 2024 financial year the Trustees agreed a btsdget of £2,000,OOD of grant giving and £172,165 in
operats.onal costs. In ihe previous financial year the Trustees also made funds available to help charities meet
rising costs of living. During the period the Trustees made donations totalling - £1,954,409 1£1.738,890 in
20231, which included additr'onal cost of living awards of £61,1001£16,700 in 20231.
Large donations, such as £IOO,000 to Tusk Trust, £IOO,000 to the World Wide Fund for Nature and £87,850 to
Martlets Hospice are made because of a close and often lon8-Standing relationship between the individual
charities and one or more Trustees.
Year Endin8
2024
2023
Number of applications received
Number of applications within
guidelines
Number of applications supported
340
323
298
290
204160%)
184157%)
Fundraising Note
The Trust does not fundraise PLtblicly. nevertheless it is mindful of the code issued by the Fundraising Regulator.

THE ERNEST KLEINWORT CHARITABLE TRUST
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH2024
Investment Policy
Under the terms of the constitution, there are no restrictions on the Trust's power to invest. The overall
investment poliry of the Trust is to achieve a total return of UK CPI + 4% per annum, so allowing tfre target level
of grant making while preserving the real value of the Trust's endowment.
The Trust does not have a relationship with any other charity or organisation which might inhibit it from
pur5uin8 Its own charitable objectives.
The Trustees are sati51ied with the financial positr.on of the Trust and confirm that they have adequate assets
available to fullil their obligations. The Trustees review their policy guidelines on a ￿gular basis.
It is the Trustees, policy to reserve a certain level of cash, partly to offset a possible fall in investment income.
and partly to enable them to continue their policy of responding without delay to appeals for signifrant
support where appropriate, the timing of which is unpredictable.
The Trustees agreed and signed an updated Investment Policy Statement dated November 2023 to reflect these
changes.
Investment Performance
The financial Statements show the investments at market value. The gainlllossl on dlsposals of Investments Is
based on their opening market value and resulted in a realised 1055 of £143,808 for the year ended 3 1 March
202412023 loss: £563,7901 . At the year end ihe unrealised net gain amounted to £8.087.84512023 Ioss..
£1,294.6271. The total return of the investment portFolio during the year was Il%, after all managenEnt
expense$12023.' _2.4%1.
During the year, the Trustees agreed to add an allocation to private credit within their investmert strurture and
increase their allocatr.on to listed private equitv.
Flnan¢ial review
The accounts cover all the activlkn'es of the Trust and have been prepared on an accruals basis. They are
Presented in a format that reflects the split of funds between income lunrestrsctedl and capital (expendable
endowmentl. £1,261.534 was transferred from ihe capital account to the income account to reflect thf
drawdown of the endowment fund during the year. The accounts show a balance of unspent unre5trictedfunds
of £3,170,119 compared with £2,739,653 in 2023.
The majority of the Trust's income was derived from stock market investments and cash deposits, trtalling
£1,272,740. The Trust committed to charitable donations of £1,954,409, so that, on an income basis there wa5
net operations deficit of £681,669 (compared with £1.092,571 in 20231 in the period. Support costs totalled
£149,399 (compared with £130,540 in 20231. Investment Management fees totalled £390,124 compared wtth
£388,333 in 2023. Net expenditure before investments and exchange gains and losses was £831,068 l¢ompared
with £1,223,111 in 20231.

THE ERNEST KLEINWORT CHARITABLE TRUST
TRU￿EE5, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Reserves Policy & Review
Total reserves as at 31 March 2024 were £77,566,916, represented by vnrestricted funds of £3,170,119 and
expendable endowment funds of £74,396,797.
The Trustees consider that whereas an operational charity would need to consider the need to keep their
services active for a period of tt'me in the event of severe financial difficutty, the Trust is a grant making trust. As
a minimum of 66% of the Tru5t'5 funds were held in investments accessible on short notr"ce, they were satish'ed
that the Trust had 5uffi"cient liquidity and reserves to contt'nue as a going ctsncern for the foreseeable future.
Risk Management
The Trustees are aware of the major strategic, business and operational risks to which the charity is exposed,
and these are reviewed regularly. The Trustees are satislied that adequate procedures are in place to mitigate
exposure to these risks. although it is recognised that systems Can only provide reasonable, not ab501ute,
assurance. They have identified the followin8 risk5'.

THE ERNEST KLEINWORT CHARITABLE TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Risk Identified
Action taken to mitigate the risk
Investments do not deliver sufficient returnldrop in
alue
The Trustees have appointed Asset Risk Consultants
IUKI Ltd to report and advise on the performance of
the investment managers. Advice is provided to
formally constituted Investment Sub-committee of
Trustees which meets twice per year. Investment
managers are provided with an Investment Policy
Statement sethn8 out the Investment Objertives of
the charity, which is regularly reviewed.
The Trustees have divided the investment of the
endowment equally between three investment
managers to provide resilience against poor
performance and to optimise the return from the
ndowment.
he Trustee5 have implemented an extraction policy
th
with effert from 30 September 2018 based on a
total return5 approaeh to provide stability in grant
making and reflect their general aim of maintaining
he real value of the endowment.
In 2022 the Trustees agreed to maintain the rate of
extraction at an absolute value to protect grant
makin8 from market volatility,. part way through the
vear extraction was moved from the investment
funds to the cash buffer fund held in the non-
discretionary account as a re5uIi of market
conditions.
pplicants do not demonstrate sufficient financial
need for the funds applied for. Applicants are
nancially insecure and donated funds are put at
risk.
The Trustees employ a Director to conduct a robust
review of all grant application5 before passing them
n to the relevant Trustees for a decision. The
review includes scrutiny of the applicant charity, its
role, governance, financial position and operations,
and where necessary a meeting or visit often with
EKCT Trustees present.
pplications are divided into categories and
rustees with specific skills, experience and interest
in each area review applications before makin8
recommendation5 to the relevant meeting of
rustees.
Funds are not applied as Trustees intended.
11 applicants are required to report back on the
expenditure of funds.

THE ERNEST KLEINWORT CHARITABLE TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH2024
Trustee risks are not sufficiently identtfiedlmanaged.
The Trustees have adopted a conflict-of-interest
policy and maintain a Register of Interests both of
which are reviewed regularlv.
The Chairman manages any potential conflicts of
Interest thai occur,. during the year a review of
disclosable interests was undertaken.
All Trustees have signed Automatic Disqualification
Declarabons.
The Trustees have adopted a comprehensive set of
governance, tinance and employment policies
which are reviewed annually. During the year
Trustees adopted a Document Signing Policy to
ensure clarity and compliance when executing
documents in the name of the Charitv.
Regulatory non-compliance
Going Concern
The Trustees are of the opinion that the Trust ha5 adequaie resource5 to continue in operational existence for
the foreseeable future and there are no material uncertaintr.es regarding the Trust's ability to do so.
Plans for the Future
The Trust is managed with a view to it being able to contirbue it5 acts"vities for the futLsre.
structure. goveinat)ce and management
The Trust is a grant making charitable trust governed by constitution dated 17 DecerNber 2021 las amended 31
January 20241 and has been registered with the Charity Commission since 17 December 2021.
Prior to this, the activsties of the Trv5t were conducted by the Ernest Kleinwort Charitable Trust (registered
charity number 2296651. The assets of this charity were transferred to the CIO on l April 2022, and the charity
was removed from the Charity Commission Re8lSter of Charities in May 2022.
The Trustees who served during the year and up to the date of 51gnalure of the fi.nancial statement5 were..
T Chandos Ichairmanl
A Kleinwort
M Kleinwort
R Kleinwort Bt
B Mayhew OBE
E Limerick
C Grieves
M Tyndall (Chairman)
A DickmaT)
N Glover
IResigned 7 November 20231
(Appointed 16 May 20241
(Appointed 7 November 20231
(Appointed 7 November 20231
(Appointed 8 October 20241

THÉ ÉRNEsf KLEIP4I4ThT CHIRITA8LE TAU5r
TRUSTEES. REPORY ICONT114UEDI
FOII IHE YEAREIIDED31 AIAftC112024
Trustees are undv the wms ol the c(*SillUlkn wNth wxamer#Jed on 31 January 2024 to inctea5e
the mèxknum TnJ¥t¢es Ir¢yn e*ht to t*
The Trust 15 rnanayd by the Tru#tts. ap￿￿01ed L¥￿eT fv term5 Ot the ronstitu¢ion dalty
dminlstratton bt¢w d*ah Vlith bv the th'rertor •NI Grants (ffter.
niirini rhv ￿ar. c￿IrMaTI Tom Chandtx oltsred a% Tr￿%1•* and Ch•lrmon. Th• Tvil$t￿%
*xpre$5*d their ￿Nderable 6r•ritude lor m•rry ye•rs off s•ThKe Torn Chandos had 8lVen to the Trust. ar
for tt* SI￿￿￿￿[ Ir￿ th•nys lh￿ bten m*Jed￿l hLStlrre 45 Ch•knw.
Mark Tyndall was apwnttd (h*vm*Tr and Tru5tee.' Mark 15 fr￿ffide[ and sen￿r partr*er of Artemis
Investment MJn*¢ernent LLP and a Trustee of Tusk Tn￿1. *hd syih.cèrt ￿￿*$1ment m•nKemenr.
leadershlp and £oTrwvatson eVrIe￿e tothe t￿r￿
Professor Amy DlcknTraN Ilso appolnt*d boArd ol Trustees ¢*Jrlr4 wr. Prolessar DKkm•n Is iht
KI￿￿n StrnK)r Resewch Fellow In F*k4 Cofistrv•thon arKI Professor ol Wihllil¢ Con5erv*r*on 41 OXI￿d
UnWr51ty. She bnn¢5 subst•n)•l l*•dtryhip •nd crybsvvaml io the t￿rd of Trysiees.
•A•ny ot the Trusttei strNY w the bo•rrt ot unre14ted d￿rIt￿. a•d EO the Trum ¢on%lthr•b
knowl•dp gf the Charitab￿ world In yneral. •nd thé tausés wtrKh the Tfusi s￿l￿yt% In yrthevL4r.
Tht frustees dIs¢l￿ th¢ stru¢tur¢ 01 the bowd. futuit TnJ%tee •pwintments •nd It￿ed
¢ty*rn•nce wtters. *knssiMs •rtonrn.
•y M•MpmMt P•norrnl
7ht Trustees consklu the board ol Trvsiees crjnprix the key man•¢ement perScffj￿I of the Trust in char8e of
dlreethry •nd toNir¢411nL runnlna and operallry Trust on I d•y lo day b￿$. JJI Trust*ts their knme
Irt•ty. t>•t•lls ol stsff e&Denses •hd relltod p*ty •re dlKh)sed kn ￿￿te$ 8 ••d 21 ￿ the •¢￿U￿t5.
The Tr￿t￿, rtwt W•S tr4 the ol Tnrt
M Tyndall ICh•lmb*n
Truste*
Dated..

THE ERNEST KLEINWORT CHARITABLE TRUST
STATEMETrIT OF TRUSTEES. RESPONSIBIl￿lEs
FOR THE YEAR ENDED 31 MARCH2024
The Trustees are responsible lor preparing the Trustees, Report and the finoncial statements in accordance with
opplicable law and United Kingdom Accounttng Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to ¢haritie5 in England and Wale5 requires the Tr￿SteeS to prepare h"nancial 5taternent5 for each
h"n3ncial year which give a true and fair view ol the state of affairs ol the Trust and tsl the Inco￿Ang resources ènd
application of resources of the Trust fof that year.
In preparing these linaDcial staternents, the Trustees are required to..
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP..
make jud8ements and esttmates that are reasonable and prudent.
stète whether applicable accountin8 Standards have been followed, subject to any material departyres disclosed
and emplained In the h-nancial statements,- and
prepare the financi31 statements On the 8oing concern basis unles5 it Is inoppropriate to presume that Ihe chafiry
will continue in operatton.
The Trustees are responsible for keeping suflicient accountTng records that disclose with reasonable accuracy at
any brne the hnanrial posinon of rhe Trust and enable them to ensure that the financial 5tatement5 comply with
the Chartnes Act 2011, the Charity (Accotsnrs and Reports) Regulatton$ 2008 and the provisions of the tfU5t deed.
They are dlso responsible for 5afegu4rdinE the assets of the Trust and hence for taking reasonable steps for the
prevenknon and detection of fraud and other Irregularitses.

THE ERNEST KLEINWORT CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE ERNEST KLEINWORT CHARITABLE TRUST
Opinion
We have audited the financial statements of The Ernest Kleinwort Charitable Trust Ithe 'Trust'l for the year enLfed
31 March 2024 which comprise the statement of fi"nantial activities, the balance sheet, the staternent of cash
flows and notes to the financial statements, includin8 significant accounting policies. The financial reporting
frdmework that has been applied in their ￿￿paratt.0n is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The FinGnciol Reporting 5tandLird L7ppIKoble in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources, for the year then ended..
have been properly prepa￿d in accordance with United Kingdom Generally Accepted Accountin8 Practio,.
and
have been prepared accordance with the requirements of the Charitie5 Act 2011.
Basls for oplnlon
We conducled our audit In accordance with International Standards on Audikn"ng IUKI IISAS IUKII and applitable
law. Our re5ponsibilitie5 under those standards a￿ further described in the Auditor's responsibilities fvr the audit
of thefi"nancial stotements section of our report. We are independent of the Trust in accordance with the ethical
requirements that are relevant to our audit of the linancial statements in the UK, including the FRC'S Ethical
Standard, and we have futhlled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtained is suffi.cient and appropriate to provide a basis for our opinion.
Conduslons relatln8 to going concern
We have nothing to report in respect of the following mattets in relation to which the ISAS IUKI rquire us to
report to you where..
the Tru5tees' use of the going concern basis of accountr.ng in the preparation of the financial statements is
not appropriate; or
the Trustees have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the Trust's ability to conkn'nue to adopt the going concern basis of accounting for
a period of at least twelve months from the date when the financial Statements are authorlsed for issue.
Other InformatSon
The other information comprises the Information included in the annual report other than the financial
statements and our auditols report thereon. The Trustee5 are responsible for the other information contained
within the annual report. Our opinion on the financial statements does not cover the other informat¥)n and we
do not express any form of assurance conclusion the￿On. Our responsibility is to ￿ad the other infrjrmation and,
in doing so, consider whether the other information is materially inconsistent with the financial ststements or our
knowledge obtairied in the course of the audit, or otherwise appears to be materially mi5Stated. If we identify
such material inconsistencies or apparent material misstatements, we are required to determine whether this
glves rise to a material misstatement in the financlal statements themselves. If, based on the work we have
performed, we conclude that there 15 a material mi5Statement of this other information, we are required to report
that fact.
We have nothin8 to report In this regard.

THE ERNEST KLEINWORT CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORTICONTINUEOI
TOTHETRUSTEESOF THE ERNEST KLEINWORTCHARITABLE TRUST
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 IAccounts and
Reports) Regulations 2Th)8 requi￿ us to report to you if, in our opinion..
the information given in the fi.nancial statements is inconsi5tenl in any Material respect with the Trustees,
report.. or
suffi.cient accountr'ng records have not been kept.. or
the financial statements are not in agreement with the accounting records,. or
we have not received all the information and explanatr.ons we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees, responsibilities, 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 linancial statements, the
TfUStee5 are responsible for assessing the Trust'5 ability to continue as a going concern, disclosing, a5 applicable,
matter5 related to going concern and using the going concern basis of accountr'ng unless the Trustees either
intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under sectr'on 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulatt'ons made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the tinancial 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 IUKI will always detect a material misstatement when it exists. Misstatements arise
from fiaud or error and are Considered material if, individually or in the a8gTe8ate, they could re￿onablY be
expected to influence ihe economic decision5 of users taken on the basi5 of these financial statemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our
procedures are Capable of detecting irregularities, intludlng fraud, is dei8iled below.
Emtent to which the audit was considered capable of detecting irregularities, induding fraud
The objectives of our audit, in respect to fiaud, are.. to identify and assess the risks of materia misstatement ot
the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the a55essed risks
of material mi5Statement due to fraud, through designing and implementing appropriate responses,. and to
respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility
for the prevention and detection of fraud rests with both those charged with Eovernance of the entity and its
management.
10-

THE ERNEST KLEINWORT CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT {CONTINUEDI
TO THE TRUSTEES OF THE ERNE5f KLEINWORT CHARITABLE TRUST
Our approach was as follows..
We identified areas of laws and regulations that could reasonably be expected to have a material effect
on the financial statements from our general commercial and sector experience, and through discusslon
with the directors and other management las required by auditing standards), and di5CU55ed with the
directors and other management the policie5 and procedures regarding compliance with laws and
regulations,.
We considered the legal and regulatory frameworks direttly applicable to the financial statements
reporting framework IFRS 102 and the Companies Act 20061 and the relevant tax compliance re6ulatt'on5
in the UK,.
We considered the nature of the industry, the control environment and business performance, including
the key drivers for management's remuneration;
We communicated identified laws and regulations throughout our team and remaine(l alert to an¥
indications of non-compliance throughout the audit,.
We consiilered the procedures and controls that the company has established to address risks identlied.
or that otherwise Prevent. deter and detect fraud,. and how senior management monitors those
progrdmmes and controls.
Based on this undeTStanding we designed our audit procedures to identify non-compliance with such laws and
regulations. Where the risk was considered to be higher, we performed audit procedures to address each
identified fraud risk. These procedures included: testing manual journals,. revlewlng the financial statement
disclosures and testing to supporting documentation,. performing analytical procedures,. and enquiring of
management, and were designed to provide reasonable assurance that the financial statements were fr& from
fraud or error.
Owing to the Inherent limbtations of an audit, there is an unavoidable risk that we may not have deterted some
material misstatements 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 anil
regLtlations lirregularitiesl is from the events and transathons reflected in the fi'nancial statements, the le55 likely
the inherently limite(I procedures required by auditing 5tandard5 would identify it. The risk is also greater
regarding irregularitr'es occurring due to fraud rather than error, as fraud involves intentional c0￿ealment,
forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and
cannot be expected to detect non-compliance with all laws and regulations.
A ftjrther description of our ￿SponSIbilItieS is available on the Flnanclal Reporting Councll's website at.. https.'l/
www.frc.org.uklauditorsrespon5ibilitr.es. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statement5 in accordance with
"Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities p￿Paring
their accounts in accordance with the Financial Repo￿ng Standard applicable in the UK and Republic of Ireland
IFRS 1021" las amended) in prefe￿nce to the Accounting and Repothng by Charities.. Statement of Recommended
Practice issued on l April 2005 which is referred to in the extant regulation5 but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current
Generally Accepted Accounting Practice.
11

THE ERNEST KLEINWORT CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT ICONTINUEDI
TO THE TRUSTEES OF THE ERNEST KLEINWORT CHARITABLE TRUST
Use of ovr report
Thi5 report 15 made solely to the charity's Trustees. as a body, in accordarice with part 4 of the Charlties (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 auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the charity and
Ihe charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed.
David Martin FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
Offi"ce: Lewe5
Date..
TC Group is eliEible for appointment as auditor of the Trust by virtue of it5 eligibility for appointment as auditor of
a company under of section 1212 of the Companies Act 2006
12-

THE ERNEST KLEINWORT CHARITABLE TrUST
STATEMEKf OF FINANCIAL ACTivrriES
FOR THE YEAR ENDED 31 MARCH 2024
Unrettrirted Endowment
lunds
hjnds
2024
2024
Total Unrestrlrted Endowment
funds
lunds
2023
2023
Total
2024
2023
Intomè from:
Investments
1,272.740
1,272.740
646,319
646,319
Toial incorne
1,272.740
1,272.740
646,319
646,319
ENpendlture on..
Raising funds
Charirable activities
390,124
390,124
2,103.808
388.333
388,333
1.869,430
2,103,808
1.869.430
Total txpendltuie
2.103,808
390.124 2.493,932
1.869,430
388,333 2,257,763
Net Kainslllossesl on
investments
7.944,037 7.944,037
11,858,417) 11,858.4171
Net Incomellexpendltstyl
1831.0681 7.553,913 6.722.845
11.223,1111 12.246,7501 13,469.8611
Transfers between
funds
1,261.534 11,261.5341
2,433,795 12,433,795)
other Teco8nised fdins
and Iosse5'.
Other losses
li
1157,3071 1157,3071
140.7701
140,7701
Net mo¥Èment In
lunds
430,466 6,135,072 6.565,538
1.210.684 14,721,315) 13,510.6311
RecoD¢lllatlon of fund5:
Fund balances at l April 2023
2.739,653 68.261.725 71,001.378
1.528.969 72,983.040 74.512,LXJ9
Fund balances at 31 March
2024
3,170,119 74,396.797 77,566,916
2,739,653 68,261,725 71.CXJI.378
The statement of linanci81 a¢tivitie5 ircludes all gains and 105ses reco8nised in the year. All I￿orne and
expenditure dèrive from contynuing activities.
13-

THE ERNESTKLEINWORTCMARITA8LE TRL
BAiANts SHEÉT
ASAT3J AIARCHZ021
2023
Flxqd •ss•ts
Investments
76.050,788
69.702,0
CurT￿t *s*•¢s
Debtor5
C•5h •t bjrtk afld ir* hw
16.997
1.472.04?
1.448.L
1,559.039
1.520,E46
Crn(Mtovs'. •mourt• du• *ithln4)
42,9111
1121.3241
1.516.128
1.299,282
ro￿ •$￿ts l•M curv•nt l￿bIlItI•5
77,566.916
?I,Wl.378
Th• ofth•Tfus1
Endowment fund5
UnrestrKttd lund5
74,396.797
3.170,119
68,261,725
2,739.653
17
77.566.916
71,1)JI.378
141
Th* I￿4n(l•l sl*t•ments w*rt apwuled ￿th*T￿*¢e$ on......
Tyrtrfall le￿Irman1
14.

THE ERNEST KLEINWORT CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flows from operating activities
Cash absorbed by operations
20
12,672,500)
I2,270,9￿)
Investing artivitles
Purchase of investments
Proceeds from disposal of investment5
Investment income received
113,992,765)
15,300,314
1,272,740
115,783,429)
14.892,197
646.319
Net cash 8enerdted fromllu5ed in}
investing activities
2,580,289
1244,9131
Net cash used in financing activitles
Net decrease In cash and cash equivalents
192,2111
12,515,813)
Cash and cash equbvalents at beginning of year
5,255,872
7,771,685
Cash and Cash equlvalents at end of year
5,163,661
5,255,872
Relating to..
Cash at bank and in hand
Short term deposlts included in current
asset investments
Bank overdrafts included In creditors
payable within one year
1,472,042
1,448,050
3,691,619
3,979,415
1171,5931
15-

THE ERNEST KLEINWORT CHARifA8LE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH2024
Accounting policies
Charity information
The Ernest Kleinwort Charitable Trust was a registered charity governed by a constitution dated 17
December 2021 las amended 31 january 20241. The charity registered as a CIO on 17 December 2021 with
funds being transferred from the original Trust on 25 May 2022, at which time the original Trust was
removed from the Register.
1.1 Accounting convention
The fi'nancial statements have been prepared in accordance with ihe Trust's governing document. t
Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland~ I'FRS 102.1 and the Charities SORP Accounting and Repothng by Charities.. Statement ol
Recommended Practr'ce applicable to charities preparing their account5 in accordance with the Financkil
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I january 20191. The
Trust 15 a Public Benefit Enb'ty as dehned by FRS 102.
The financial statements have departed from the Charikn'es IAccounts and Reports) Regtjlations 2￿8 only to
the extent required to provide a true and fair view. This departure has involved following the Statement of
Recommended Praclice for charitie5 applying FRS 102 rather than the version of the Statement ol
Recommended Practtce which is referred io in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling. which is the functional currency of the Trust. Monetary
amounts in these fi.nancial 5tatemeniS are rounded to the nearest £.
The hnancial statements have been prepared under the historical cosi convention, modilied to include
certain financial instruments at fair value. The principal accountr.ng policie5 adopted are set out below.
1.2 Going concern
At the time of approving the h'nancial statements, the Trustees have a ￿asOnable expectatt'on that the Trust
has adequate resources to contr'nue in operational existence for the foreseeable future. Thus the Trustees
continue to adopt the going concern basis of accountr.ng in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable
objectr"ves.
Endowment funds are subject to specific conditions by donor5 that the capital must be maintained by the
Trust.
1.4 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met.
the amounts can be measured reliably. and it is probable that income will be received.
16-

THE ERNEST KLEINWORT CHARITABLE TRusr
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2Q24
Accounting policies
Icontinuedl
Interest on fun(ls held on deposit is included when receivable and the amount can be measured reliably by
the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are
recognised once the dividend has been declared and notificats'on has been received of the dividend due. This
Is normally upon notification by our investment managers of the dividend yield of the investment portfolios.
Income tax recoverable in relation to investment income 15 recognised at the time investment income Is
receivable.
1.5 Empenditure
Liabilitr"e5 are recognised as expenditure as soon as there is a legal or constructive obligation committing the
charity to that expenditure, it is probable that settlement will be required and the amount of the obligation
can be measured reliably.
All expendtture is accounted for on an accruals basis and ha5 been included under expense categories that
a8greg3te all costs for allocation to activities. Where costs cannot be dirertly attributed lo partcular
activities they have been allocated on a basis consistent with the use of the resources.
Grants payable are charged in the year when the offer is made except in those cases Whe￿ the offu is
conditional, such 8fdnt5 bein8 recognised as expenditure when the conditions artaching are fulfilled. Grants
offered subject to conditions which have not been met at the year end a￿ noted as a commltment, but not
accrued as expenditure.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excludin8 transaction cost5, and are
subsequently rneasu￿d at fair value at each reporting date. Change5 in fair value are recognised in net
incomellexpenditurel for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-terni liquid
investments with original maturities of three months or less, and bank overdraft5.
1.8 Financial instruments
The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instrument5 Issues, of FRS 102 to all of its financial instruments.
Flnancial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the
contractual provisions of the instrument.
Financial assets and liabilib'es are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to Set off the recognised arrount5 and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
17-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued)
Bosicfinoncial t75sets
Basic financial a55ets, which include debtors and cash and bank balances. are initially measured
transacb'on price including transacb'on cosls and are subsequently carried at amorhsed cost using the
effective interest method unless the arrangement constitutes a financing transaction. where the transactt'on
is measured at the present value of the future receipts discounted at a market rate of interest. Financial
assets classilied as receivable within one year afe not amortised.
Bqsicfinanciul liobilities
Basic linancial liabilities, including Creditors and bank loans are initially recognised at transaction price unless
the arrangement constt'tutes a financing transaction, where the debt instrument is measured at the p￿sent
value of the future payment5 discounted at a market rate of interest. Financial liabilities classified as payable
within one year awe not amortTrsed.
Debt instrument5 are subseouently carried al amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been aCqUi￿d in the ordTrnary course of
operations from suppliers. Amounts payable are classifi.ed as current liabilities if payment is due within one
year or less. If not. they a￿ presented as non-current liabilities. Trade creditor5 are recognised initially at
transaction price and subsequently measured at amortised Cost Using the effectr.ve interest method.
Oereco9nition olfint7ncial liabilities
Finan¢4al liabilitr.es are derecognised when the Trust's contractual obligation5 expire or are discharged or
cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the ewnpl(Tryee's service5 are
received.
Termination benefits are recognised immediately a5 an expense when the Trust is demonstrably committed
to terminate the employrnent of an employee or to provide termination beneliis.
1.10 Foreign exchange
Tran53cbons in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the
date5 of the transactions. At each reporting end date, monetary assets and liatJilities that are denominated
in foreien currencies are retranslated at the rates prevailing on the ￿pothng end date. Gains and 1055es
arising on translation in the pertod are included in profit or loss.
18-

THE ERNEsf KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Income from investments
Unre5tritted Unrestricted
funds
fund5
2024
2023
Income from UK listed securities
Interest receivable
1,272,733
646,319
1,272,740
646,319
Raising tund5
Endowment Endowment
funds
funds
genernl
general
2024
2023
Investment management
390,124
388,333
390,124
388,333
Charltable artivities
Charitable Charitable
Expendlture Expenditure
2024
2023
G￿nt funding of activities15ee note 51
1,954,409 1,738,890
Share of support cost5 (see note 61
Share of governance costs Isee note 61
133,197
16,202
106,383
24,157
2,103,808 1,869,430
19-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Grants payable
Charitable
Charitable
Expenditure Expenditure
2024
2023
Grants to instilutrons
1,954,409 1,738,890
Support tast5
Support Governance
costs
costs
2024
Support Governance
cost5
osts
2023
Staff costs
Miscellaneous support costs
Payroll costs
IT Project
Other
Audit fees
Legal and professional
Bank fees
ACF Membership
Trustees indemnity insurance
117,741
247
117,741
247
99,323
238
99,323
238
496
496
633
3.346
2,843
633
3,346
2,843
13,613
4,926
304
6.675
8.038
6,675
8.038
7,398
4,619
488
3,281
416
7,398
4.619
488
3,281
416
13,613
4,926
304
3.157
2,157
3,157
2.157
133,197
16,202
149,399
106,383
24,157
130.540
Analysed between
Charitable activities
133,197
16,202
149,399
106,383
24,157
130.540
Govemance costs includes payments to the auditors of £11.76012023- £10,890) for audit fees.
Trustees
None of the Trustees lor any persons connected with them) received any remuneration during the year, but
one Trustee wa5 reimbursed a total of £412 travelling expenses Ino amounts for 20231.
-20-

THE ERNEST KLEINWORT C14ARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEOI
FOR THE YEAR ENDED 31 MARCH2024
Ernployees
The average monthly number of employees during the year was..
2024
Number
2023
Number
Finance and administration
Employment costs
2024
2023
Wages and Salaries
Social security cost5
Other pension costs
103,727
6,804
7,210
87,474
5,058
6,791
117,741
99,323
The number of employees whose annual remuneration was more than
£60,orx) is as follows..
2024
Number
2023
Number
In the band £70,001- £80,000
Gain5 and losses on investments
Endowment Endowment
funds
funds
2024
2023
Gains/llosses1 arising on:
Revaluation of investments
Sale of investments
8,087,845
1143,8081
11,294,6271
1563,7901
7,944,037
11,858,417)
10 Taxation
The charity is exempt from taxation on its activitie5 because all its income is applied for charitable purposes.
21

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
11 Other gain5 and lossès
Endowment Endowment
funds
funds
2024
2023
Gains/llossesl upon-.
Foreign exchange
157,307
40,770
12 Fimed asset investments
Listed
investments
Cash in
portfolio
Total
Cost or valuation
At l April 2023
Addition5
Valuatr'on changes
Transfer to cash
Disposals
65,722,681
13,992.765
7,916.390
3,979,415
69.702.096
13.992.765
7.916.390
1287,7951
115.272,6681
1287,7951
115,272,668)
At 31 March 2024
72,359,168
3,691,620
76,050,788
Carrying arnount
At 31 March 2024
72,359,168
3.691,620
76,050.788
At 31 March 2023
65,722,681
3,979,415
69.702,096
13 Debtors
2024
2023
Amounts falling due within one year..
p￿paYments arid accrued income
86,997
72,556
-22-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONnNUEDI
FOR THE YEAR ENDED 31 MARCH 2024
14 Loans and overdraft5
2024
2023
Bank overdraft5
171,593
Payable within one year
171,593
15 Creditors: amounts falling due within one year
2024
2023
Notes
Bank overdrafts
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
14
171,593
55
30,864
7.922
10,890
55
23,805
9.251
9.800
42,911
221.324
-23-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL ￿ATEmENTs ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
16 Endowment funds
Endowment funds represent assets which must be held permanently by the Trust. Income arising on tl
endowment funds can be used in accordance with the ob3ects of the Trust and 15 included as Un￿St￿l￿ed
income. Any capital gains or losse5 arising on the assets form part of the fund.
At l Aprll 2023
Resources
empended
Transfers
Gains and At 31 March
1055es
2024
Permanent endowments
68.261,725
1390,1241 11,261,5341
7,786.730
74,396,797
Prevlous year:
At l April 2022
Resources
expended
Transfers
Gains and At 31 March
losses
2023
Permanent endowments
72,983,040
1388,3331 12,433.7951 11.899,1871 68,261,725
17 Unrestricled fund5
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which a
not sijbject to specilic conditions by donors and @rantors as to how they may be used.
At l April 2023
Incoming
resources
Resources
expended
Transfers At al March
2024
General funds
2,739,653
1,272,740
12.103,8081
1,261,534
3,170,119
Previous year:
At l April 2022
Incoming
resources
Resovrces
empended
Transfers At 31 March
2023
General funds
1,528,969
646,319
11.869,4301
2,433,795
2.739.653
-24-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENT5 ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
18 Analysis of net assets between funds
Unrestrlcted Endowment
funds
funds
2024
2024
Total
2024
At 31 March 2024:
Investment5
76,050,788
11,653,991)
76,050,788
1,516,128
Current assetsllliabilitiesl
3,170,119
3,170,119
74,396,797 77,566,916
Unrestricted Endowment
funds
funds
2023
2023
Total
2023
At 31 March 2023:
Investments
Current assetsllliabilitiesl
69,702.096
11,440,371)
69.702.096
1,299,282
2,739,653
2,739,653
68,261,725
71,001,378
19 Related party trnn5Ortions
Two of the Trustees are also Trustees of the Tusk Trust to whom donations totalling £IOO,000 12021-
£IOO,O(M)I were made during the linancial year. The Trustee5 were not involved in the decision to make
those donations.
One of the Trustees is an Ambassador of WWF UK to whom a donation of £ILKJ,00012023.' £ILKJ,CK)01 was
made during the financial year. The Trustee was not involved in the decision to make the donation.
-25-

THE ERNEST KLEINWORT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED}
FOR THE YEAR EAIDED 31 MARCH 2024
20 Cash Eenerated from operations
2024
2023
Surplus/ldeficitl for the year
6,722,845
13,469,861)
Adjustments for:
Investment income recognised in statement of linancial activities
Foreign exchange differences
Loss on disposal of investmenls
Fair value gains and1055e5 on investments
11,272,740)
1157.3071
143,808
18,087,845)
1646,3191
140.7701
563.790
1,294.627
Movements in working capital..
Ilncreasel/decrea5e in debtors
IDecreasel/increa5e In creditors
114.4411
16.8201
4,719
22,914
Cash absorbed by operation5
12,672,500) 12,270,900)
21 Analysis of changes in net funds
The Trust had no material debt during the year.
26-