THE CHARTERHOUSE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Regl$tered Charlty Number 210894 THE CHARTERHOUSE CIIAIUTABLE TRUST REGISTERED ADDRESS Bcl8r&%'¢ House 76 Buckingham Palace Road London SWIW9TQ TRUSTEES T S Phtri¢k WAduToit M K W¢idn¢r {appointed 28 Au8U5t 2020) L Vadlamfyni lappoinied 4 Mar¢h 20221 S P&ttni (resigned 28 August 2020) W F Trevelyan Thoma5 Ire518ned 4 Mar¢h 20221 SECRETARY Mslmwatso BANKERS The Royal Bank of Scotland ple Corporate Banking Offjce 5-10 Grcat Towcr Street London EC3P 3HX AUDITOR Deloitte LLP. statU￿ry Auditor Hill House, l Little NeM Streei London EC4A 3TR United Kingdom IIYVESTMENT MANAGER BNY Mellon Fund Mana8er3 Limited 160 Queen Victoria Street London EC4V 4LA IiYVESTMENT CUSTODIAN Bank of New York Mellon One Canada Squwe London E14 SAL PORTFOLIO MANAGEMENT AND RELATED SERVICES Newton Invc5tmeni Mgmagemcnt Limited ISO Quecn Victoria StTeel London EC4V 4LA THE CHARTERHOUSE CHAIUTABLE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 30 JUNE 2021 STrucTURE. GOVERNANCEAND MANAGEMEYT Con$lltstioll The CharteA]ouse Charitable Trust [the'Tn￿t'l. registered chArity nllmber 210894. was established on 5 February 1954 and 15 governed by a trust deed exe¢u¢ed on that dale by A Key5cr & Co. LiTnitrd for ihe purpose of benefiting charilies (the "Trusi D¢ed"}. The Trust ￿85 registered on l October 1962, in 2ccordance wilh The Charities Act 1960, and is recogrtised by HM Revenue & Cu5t0rn5 a$ having ¢haritable slatu3. The Trust, an unincorporated body. is gov¢mcd by the Charilies A¢t2011. Trustees The names ofihe Trust¢¢5 who wved during the ytar and up to the datc ot approval of thcsc Financial Sr8t¢ments are set out on page l. Recrultmenl t7nd Nppolnlmeni Truslees ThE appx)irttmeni of Trustees 1.8 govemed by ihc TTU5( Dccd daied 5 Febn]oiy 1954. Thc wwer ￿ appointTn]siees has been vested in Charterhouse Development C&pital Limited I"Charterhou5e"). which only non)ir)ai¢s 95 TJuslee5 peT50ns whom it dttms suitabl¢ and qualitied properly to perforrn the dulics tsf a Trus¢et. There must be a minimum of two Trusiees ond n more than four Trnstets, a eondition which was 5atiJfied durin8 the ycar undcr review. Post-y￿r ettd. on 4 Mulch 2022, Mr W F Trevelyan Thoma5 If5igncd as a Trus¢ee and on th¢ Jame day Ms L Vadlamani W8S •pw)inted. The Trus¢ reco8rtises ihJ¢ new and aU￿ent LnJstce5 should be awaTC of the Trun's chariiable PUTPOSC5, mode of operation. plans. policie5 and cosis. All Trus¢ecs Are proi'ided with & copy ofthe Trust Deed, & copy ol'r¢l¢vani policies and ihc minutC5 of all Truste¢s' meeLin8s. There is no forrnal Trnsiee irAining policy, but all Trustees air prolessionally qualified individuals who participa¢e in continuing prplrssional dev¢lopment in the course of their prvfessional duties. Oryinlstttlon The Trust's investment portfLilio has COnSiSicd solely of units in theNewlon Growth and Incume Fund for Charities I"Fund"I which are held in thc namc ol. the Tru.qt. The Trust is indirccily invested in a variety of difiereni securilies by virtuc of its interest in the Fund. The Fund is mtmag¢d by BNY Mellon Fund Mllnagrrs Limiied I'BNYM'I which is authorised and rcgulatcd by (he Financial Conducl Authority I'FCA"). BNYM has appDit)ted NeI￿)n (also FCA authorised and rcgulatrdl to PTovide non-ex¢lusiY¢ portlolio rnAna8ement and related advisory servicej lo BNYM. The Administrdtor of the Ne￿oft Gromryh and In￿me Fund for Charities is Thc Bank of New York Mellon. The Trustees arc ultirnat¢ly responsibl¢ for th¢ policies, activilies and a55cts of the Trust. They mttl fomially at lea$1 once a year and on an ad-ho¢ b&8is #s itquired lo discu&s and approvcgrgnts. The Trusrees 0180 r¢¢¢ive periodically a PT¢scn¢alif)n on ihc pErformanGc of the Fund by BNYM. The frusiees hold the Trust Fund and its income upon ¢nJst to apply the same for thc bcnclii of $ny organisation that has been 8ranled charitable status by the Ch8rity Commission. Grants made by the Trust mu51 bc approvcd by the Tn]stees before such grants are made. Deci510D5 to Jn8ke grants are based on whethcr the r¢qu¢8t has Saiisfitd the 8uidclincs agreed by theTrustee5 for supporting ch&Titable or8anisation5 and are taken by amajority ofthe Trustees folloii'ing a detailcd review of thc proposals. Thc invc5tment objective of the TruBt is in line M'ith that of the Nethrtotb Grolslh 8nd Income Fund for ChaTlties which is tn a¢hieve long-tern) growth of thc Trust'8 assets in re81 temis, tO8eiher with maximi5ing reiums through income. The Truslees sre comfortable that the investmenl restri¢tions appli¢uble to the Newlon Growth and Incorne Fund for Charities are brO￿AlY in line with those adoptcd by thc Trus¢. Rlsk as8esJment Th¢ Tn15Lett% re8ularly consider the risk5 10 whi¢h the Trnst is exposed and curren(ly regaTd such risks as bcing restricted the safe8uardin8 of the Trusi'5 a55¢ts and thc etrectivt usc of donstions made. THE CHARTERHOUSE CHARITABLE TRUST TRusfEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021 Rl$k is5t￿ment (continued...) are theT In50far a5 hnvesimenis are concerned, the Trust's assets arc hcld in saf¢ cuskndy by The Bank of New York Mellon and managed by BNYM. Th¢ Truskcs receive re8uIgT assurances from BNYM Ihat it complie5 with thc rulcs vf rhe FCA. &5 wcll as qu#rteTly valuations of th¢ TNsl'5 invc5tment portfolio. InvesDnents are held in a 5pecialised Charitsble investment vehiclc which is requir¢d io obide by all relevant T¢Stri¢tion$. The Trustees are comfortable that the inVeS￿le￿I restriclions applicable to the Newlon Growth and Income Fund for Charilies are broadly in line ￿.1¢h those adoNed by the Trusl. The cash resource5 ofthe Trust are held by an authoriscd bank. The Royal Bank of Sc4)tland plc. All chcqucs drawn on that account nced to be signrd by any iwo Trustees in accordance with Ihe bank mandaie. Donalions are made only io oiher regislered charitie& the ¢onduct of which is 8ovcrned by charity lo￿. and whose accounts are duly aUdI￿d or Subject lo independeni examinAiion as appropriot¢. Effcctivc Us¥ of Donv41ion Prior Lo appiovin8 a donation. ll thorough due diligence pro¢¢ss is cari'ied ou¢ by thc Sccrctary of ihe Trusl. as well a5 the T￿s￿e$ thcmselvc&. This includes a background ¢h¢ck with the Charity Comrnission. analysis of the most recent fJnanciAI stsiernents and an &nti-money laundering screening of th¢ organisation. ils trusteeslmonag¢m¢nl and a￿1]lated entities. The due diligence results aye c8r¢lully considered by thc Trustees ai the fornial meetin8. M05t donBtions are rnBde On the condition of a progress report to be submittcd to thc Trus￿5 in due ￿urSe to allow monitoring of donAutsn5. Related pArtles Charterhousc is thc &dminisirAtor of th¢ Trust. Mr T S Patrick was & direetor ofcharterhouse Developmcnt Capiial Limited during ihe Ye￿ under TeVlCW. Mr T S Patrick and Mr W F Trevelyan Thornas were partners of Charietthou5e Capilal Partn¢rs LLP. an associa¢e tompAny olcharterhouse. None of the Tru5tcc.s bcncfit f1n8ncially from the ac(ivilie5 of ChAr¢erhous¢ or from the Trust itself. Posi-year end, on l April 2022, Mr W A du'foil and Ms M K Weidner becamc P￿therS ofchatlerhous¢ Capilal Partners. ACTIVITIES, SPECIFIC OWECTIVES AND RELEVAiYT POLICIES Cbirltable obleetlvts The Trust wa5 Sct up to makc grdhts and donations for general charitable purENlSCS And m8ke5 grÈnL8 only to other chariiablc or8gnisation5. Its rhari¢able objectives are to 8jvc suppori to a specific rharity where the di)nation could make A differentt. Thei'e is a greatei. foeus Io SUPPOTt Chariti￿ serving Ihe London borough5 on the City of London perimet￿.. with particular focu5 on providin8 OPPQrtunitie3 for those from o deprivcd or disadvaD&ged baLk8round. Pvblle btnellt The Trustees confirm that they referyed In the Charity Commission's general guidan¢¢ on public bencfit whcn reviewing the Trust's aims and objcclive5 and %cltin8 11$ 8rant-makin8 policy. The Tmst's aims and objectlVC5 fall within the various description5 01. charitablc purFK15es in the Charities Ac(2011. Grant &ppli¢arions for charitablc PU￿OSeS are ¢onsidered by thc Trustee5 who mllke comrnitments lo support a number of charities ¢a¢h year. During the year. grants hav¢ been am'arded the re8iStercd chariiies &8 per note 4 of the accounts and the bEnefi¢iaries are those of ihc rccipicnt charities. Grgllt m*klng pollcy The Tru51ces meeito reviewthe Trust's grant makin8 policy annuajly and ￿ discuss the Trust"S Strategy. Granis ore awarded only to r¢gi5tered ch3riiits. SuppDn is given for a specific Project or charity Mhere it is thou8hi that the dDDation WDuld make a diff¢ren¢e. The fnLStees also consider grants to tharitje5 in M'hich Ch8rtcrhousc staff or their immediatr larnilics hai'e a direct involvement. THE CHARTERHOUSE CHARrrABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2021 ACHIEVEMENTS AND PERFORMAFICE Charllable 4ctlvltle5 The Trustees were saiisfied that the charitable objectlVC5 las Doted under'fharitable objcclives". alx>vt} atjd the invL%iment objectii'r5 las noted undtr"Organi5ation", abovcl wcrc mei during th¢ year. The Trustees ¢vAluate all applications receiv¢(l anl following satisfactory due diligertce, made I grant12020.. ¥) totallin8 £5,107 12020.. £55.9221 durin8 the year. These were viewed to be in line with the Tn)si-'s 8cncral chari¢able aims athd objective5- namely, making donalions to specific Lharities wherc the Trustees feel the donation could makc a differ¢nLe. The Trustees Satisfied th¢mselves thot invesunent objectives se( were bein8 met by continuin8 to hold thc Tntsi's ￿sets in the Newton Grts￿h and Income Fund for Charilies. This 15 a fund designed speLifically for srnallcr ¢harilie4 which makes and hold5 invcslments broadly in line with the aims and rcstrictions adopled by th¢ Trust. FIP4ANCIAL REVIEW Resolts for the year Tht Trust's income fiyjrn investmtnL$ fnr the year ended 30 June 2021 Amnunred 10 £37.6091202D.. £52,525). Donoiions tolallin8 L3.50012020.. £3,5001 were received in the year. During ihe yeor und¥r iEview, the Twsi rnad¢ donatiun5 totallins £5,10712020.. £55.9221. The breakdown of these donation5 can bc 5ecn in note 4. Iiivesimeni us5Cts ore Tcvalued io their open market vsluc ot the end of the finan¢iol }'¢¥. The inve5tmcnt wrtfolio had, fyt 30 Jutte 2021. a mark¢i value of £2.091,89712020.. £1,816278). R¢g¢rv¢J Pollty Th¢ Truslee5 are cntitlcd, ai ihcir dis¢r¢tion, to distribute the income received on the Trust's Endowment Fund and any other ineome LO such ¢harities ￿ ihey see tit. They are piDhibi(ed by the TIw5t Deed from making any disiribution5 Out ol- the Endow'ment Fund. bchng a permanet)I fund. As al 30 June 2021, Ihc Trusl's fvnds consided of £2,091,897 in Ihe Endowmenl Fund12020.. £1.816,2781 gnd £98,627 in th¢ unre31ricted (unds12020.. £66.1251. The Trustees r￿.1¢W rc5ervcs as pan of each Trustee meciing and Lornp8re these with the Trusl's estlmated an(J Committed ruture expcndiivr¢. The Twyee5 consider currcnl rescTVCS moir than adequatc (o c£)ver the Trust's minimal administralivc expenses for the foreseeable fvNre. COV11￿19 ThiDu8hout the year, and follom'ing the balance sheet date. the COVID-19 pandemic h&% caused CXlcn5ivc economic di5niplion. The un¢w¢&iniies over the emergencc and spread of COVID-19 havc caused market i'olatility on s global scale. The TrusLees have assessed that Ihe Trust has sutfLtieni financial resources and is w¢ll-pla¢ed to manage thc associa¢ed risks of the COVTD-19 outbreak to the Trust and its Charl￿ble obj¢¢tiv¢s. The Trustees will ¢ontinu¢ to monilur thc situation ¢loscly. so a5 to a5CCrtain any polcnlial impACt on the Tn]5t. FUTURE PLAP4S Thc TNst aims lo Continue without 5igniticant change. The Ttust aims to carry on the activities meniioned in fi]ture year5 and for a rninimum of twelve months from ihe signing of the of the financial siatemertts, subject to satisfactory fundin8 Arrangements. AUDITOR AND ACCOUNTS Audltor Deloitte LLP will fDntinuc to act as the Trust's auditor. THE CHARTERHOUSE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2021 AUDITOR AIYD ACCOUNTS {¢ontinued...I Golllg contern The TNst'5 business activities, iog¢ih¢r with the factors likely lo affelt lis ￿tyre development, perfotrnan¢e and position are set out above. The Trusi has wsitive net as5et5 of £2.190,52412020.. £1,882,403) as at 30 June 2021 which includes cash at bank and ¢Ash ltir investmenls 01£98,62712020: £66.1251. Th¢ market value of investments held by ihe Trust at year end i5 grcakT than hisloric cost. Donation% made by the Trust are tsnded by investment income a￿d donation5 received. Investment incom¢ received iotAll¢d £37.60912020.. £52,325) whilst grants of £S.10712020.. £55,922) were made. The Endowment funds (from which donations are noi paid) have increased by £275,619 in the ycar12020.. £105,843 decTe&se). Thc Trustees of the TNst can reduce ou¢goin8s by d¢¢r¢asinR future Commitments w donate if inve5Lment income de¢lin¢s. No indication5 CX15t which Tnay sug8¢31 that the Trustec5 would nced io cxercise such measures. The Trust does not have any moteTial annual donations that place a constructive ITability on Ihe Trust. The Trustees thercfore ¢on$ider the 80in8 concern b&sis for thc p￿PaTatIon of the financial staternents appropriAIe. TRUSTEES. RESPONSIBILITIES STA TEMENT The Tru5lees are rcsponsible for preparin8 the Tru5tces' rcwrt and financi81 slaiements ii) acci)rdatt¢e ivith applicable law nd Unitcd Kingdvm A¢¢ouniing Si8nd&rd5 {United Kingdom Generally A¢¢epted Accountin8 PTinciples in¢ludin8 FRS 102"The Findn¢ial Rew)rting Stsndard applicable in thc UK and Republic of Irclandl. The law applicable ¢0 chaTlties in En818nd and Wales requir¢5 the TNsice5 to prcpare accounts for ¢A¢h financial ycar NNhich give a true and fair view of the slate of iffairs of Ihe ¢hgrity and of the incorning rc50urrcs and applicalion of rcsourccs of ¢hc charity for that pcriod. In preparing these financisl statements the Trusie¢s are requir¢d (o.. selecl Suifable 8¢countin8 p)licie5 and thcn apply ihem consislenily. obs¢rvt the mahods and principlcs in the StatcmEni ol'Recommended Practice (Acwunring and R¢tM)rtin8 by Charities} Ithe"Chariiics SORP"): mokejvdgements and estima￿$ that ore reasonable 8nd prudent,. slate M'hcihcr appli¢abl¢ United Kingdom Accouiitin8 Standard5 have been followed 5ubjcct to any material dcpariurc5 disc105cd And explained in the financial 51atcrncnts' and prcpgrc the accounts on the goin8 concern basis unless it is ingppropriaie io presume that that charity M'ill continue in business. The Truslce5 Arc re$r￿nsible for keepin8 PTOPCT accounting re¢ord5 that disc105e with reasonable axuracy at 8ny (ime the financial position of thc charily attd enllble ihem to ensure thol (he accounts comply wilh the Chorilies Act 2011. Ihc Charity IA¢¢ounls and Reports) Regulations 2008 and Ihe provisions of ihc Trusi De¢d. Thty Are dlso responsible tor safcguarding thea isof thc charity and hthce for t&king r¢ason8ble sleps forthe PTevcntion andd¢tection of fraud and othel irrc8ulariti¢s. Toin Pairick TTU5ter 29 April 2022 ## **THE CHARTERHOUSE CHARITABLE TRUST** ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE CHARITABLE TRUST** ## **REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS** ## **Opinion** In our opinion the financial statements of The Charterhouse Charitable Trust (the ‘charity’): - give a true and fair view of the state of the charity’s affairs as at 30th June 2021 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and - have been prepared in accordance with the Charities Act 2011. We have audited the financial statements which comprise: - the statement of financial activities; - the balance sheet; and - the related notes 1 to 8. 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 of Ireland” (United Kingdom Generally Accepted Accounting Practice). We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. 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 Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of 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 information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - 6 - ## **THE CHARTERHOUSE CHARITABLE TRUST** ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE** **CHARITABLE TRUST** (continued) ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or 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 section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We considered the nature of the charity’s industry and its control environment, and reviewed the charity’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory framework that the charity operates in, and identified the key laws and regulations that: - had a direct effect on the determination of material amounts and disclosures in the financial statements . These included the Trust Deed, Charities Act 2011 and Charities (Accounts and Reports) Regulations 2008; and - do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty . We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: - The risk that donations expenses are inaccurate or incomplete. In order to address this risk we reviewed the relevant key controls, obtained board approvals and donation letters, and agreed the payments to bank statements for all donations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. - 7 - THE CHARTERHOUSE CHAIUTABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRVSTEES OF THE CHARTERHOUSE CHARITABLE TRUST Icontinuedl Ext¢D¢ to which th¢ *udlt W*S ¢ODsidered c4p#ble of dttteting irregularlllts. lty¢ludlng fr8lld Icontinutd...) In addition to the aix)ve, our procedures to re5wnd to th¢ risks ideniified included rh¢ following.. rel'le￿ing financial statcmcni dis¢losures by testing to 5UPPOrting documentstion to aw5s ¢omplian¢e wilh provisions ofJElevant laws and i'egulations described as having a direct elTeci on the financial statements,. perfonning analytical procedures to identify any unusual or unexp¢a¢d relationship5 thai may indicate risks of moterial mi55tatcmcnt due tts fraud; enquiring of Tnanggement concerning a￿al and poiential litl8ation and claim& and instances of nOn￿OmPlIanc¢ with laws and regula¢ions,' ond readin8 sninlltes of meetin8s of th05c charged with 8ovemance$. Report OD otber kg•l and rezul8tory reqlllrElll*lIt$ Mltters on whlch we are requlrcd to r¢port by exception Und¢r the Charities IAcc(>unlS And Rew>rts} R¢8ulations 2008 wc are required ts) re￿rt in rcsrt of rhe following matters if, in our opinion.. the Inform￿lon given in ¢h¢ fjnancial sta￿ents is in¢onsiStent in Hny maieTial respecl with the truslccs. re￿rt. or sufficicnt a¢¢ovnling record5 have not bccn kcpl,. or the lindrtcial statements are not in agrc¢meni M'ith the accounting r￿ordS and relurns. or w¢ have not received all thc infomiaiion and explan81ions we require forour audil. We have nothing to report in rcspect of the5c maiters. Ult of our report This report is madc 501ely to ihe charity's ttW5ttt5. a5 & body, in accordancc with Part 4 of ihe Chai'ities IAceounlS and R¢portsl Re8ulation5 2008, Our &udit work ha5 becn undertaket).40 iha¢ we migh(5talc to the charity's tru5tee5 those matters we are required to s¢aie to them in an auditol 5 rcporl and for no oiher purpose. To the fullesL exlcni pcrmittcd by law, wc do not accept or ussurn¢ r¢sw>nsibility (o gnyonc other ihan the ¢h8rity and the chaTity'5 trUSte¢s &5 a bodyi for our audit work, for this report, or tor thc opinions we havc formed. Deloitte LLP Stathjtory Atsditor Londi)n. Unitrd Kin8dom 29 April 2022 Dcloit¢e LLP is eli8ible IOT appointment as auditor for the chai'ity by virtue of lis eli8ibilily for &ppointsn¢nt audit ora eompmy under section 1212 of the CompAnies Act 2006. THE CHARTERHOUSE CHARrrABLE TRUST STATEMENT OF FtNANCIAL ACTIVITIES Year ¢Ddod JO Junt 2021 iIDres¢ri¢ttd Fund¥ Ebdowment Funds To¢AI Fun Note tNCOME FROM: Invesbntnis Donalions- Gift it) Kind 37ffj09 3,501b 37,609 3,500 TOTAL INCOME 41,109 41,109 EXPETrIDITURE ON.. Raising tlmds. investment ]nana8cment C08ts Ctsaritsble activities and support Costs 111,4931 18,6071 18.61)71 TOTAL EXPENDJTURE (8.(Aln 111,493) Not Incomc Ilcxpendllurtl before inve¥tm¢nt lTrJy 32,502 111,493) 21.009 287,112 287.112 In¢ome for tht ytthv 32,J02 27S6J9 3•8.121 Tr8mfer beTh¥een iijnds NET MOVEMEf4T IN FUNDS 32.$)2 275,619 30&J21 RECONCILIATJON OF FUNDS Fund b￿anCeS bro￿8h¢ fonvtrd 66.125 A016378 IJ82,403 Fttnd b•l*ntes c•rrl¢d forward 98h27 2.091097 1190A24 The income 8nd resources and nct tnovcment in fvnds arise from ¢ontinuing operations. The Ststement of Financial Activities includes all 8ains and1055¢s recognised in the ye&r. The Thot&8 on pages 12 ￿ 15 fomi an int¢gro1 p8rt of these f￿an(la7 statcments. THE CHARTERHOUSE CHARITABLE TRUST STATEMENT OF FINANCIAL A￿1VITIEs Yt•rendul 30 Junt 2020 UDrt$iritl¢d Fund5 Emdopnjtnt Fundi Totkl Funds NottJ INCOME FROM: Inv¢sthith)Is Donaiions Donations. Gift in Kind 52,525 52.525 3,$•0 TOTAL INCOME EXPENDTTUIiE ON: Raising funds- investment monagemenl w51 ariiable aclivilies and support wsts 159,4641 159,4611 TOTAL EXPENDITURE 159,4641 111,184) 170,648) Nti exptndlillre btfore Invutm¢nl loJJeJ 13,4391 111,1841 114,623) 194thS91 1946591 Net cxptndlture for the y￿r 13,439) {105l431 1109J821 Tr￿￿fer bctween fijnds 14ET MOVEMENT IN FUNDS 13,439) 11058431 11093821 RECOYCILIATION OF FUNDS Fund baiancts bTOU8ht rotiv￿d 69.564 1,922,121 1,991,685 Fund bAlances ¢Arried foThard 66,125 1,816378 1082,4•3 The notes on page5 12 to 15 forrn an integrAI part of these financial Statements. 10- THE CIIARTERHOUSE CHARITABLE TRUST BALANCE SHEET 30JTANe 3121 30 June 2020 Not Jhveslmtnt 4sstts Investsnents 2ml,897 1,816,278 I,iVJJ,897 l.8l6278 Currtml ijsets Ctsh al bat 9&627 66,125 2,190J24 1,882,403 FuTJds Endo*Theni Unreythcted l.L191097 98,627 .816278 66,125 2,190J24 1.882.403 These fi ¥ial Stotements were approi'ed by the Trustees on 29 April 2022 aThd si8ncd on their i*half by.. Tom Patrick Trustee The schedules aJ)d notes on pages 12 to IS forni an intcgral part of these fin4n¢ial stst¢ments. THE CHARTERHOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS ACCOUNTING POLICIES Cbgrit*ble statDs The ch￿'LerhOUsC ChaTi¢ableTrus¢ a wblit benefit entity.. is ineory)oraled in En8latsd and Wales as a Charity limited by guarantcc rjot having a share capitsl. There are curKntJy four Trusiecs ￿h<> Are also the member5 of the Charity, Each mcmber has undertaken to contribute to the assets in the eveni of winding up 8 sum not exceeding £10. The charity 15 a regiswed ¢harity. The regisiered office 15 given OD page B&s1s of ¥et•untlng The actounis Itinanci81 staicmenlS} have been prepAred underthe historical cost convention as modilie4 by fjnancial instruments recognised at faLT I'alue. The financial srAtements have been prep&red in a¢tordante with the Staiement of Recommended Practict.. AttounitnB and Rtporting by Charities {SORP 2019) applicable to eharitie5 preparing their account5 in accordan¢¢ with the Financial Reportin8 Standard applicable in the IJK and Republic of Ireland IFRS 1021 and the FiiianeiAI Reporiing Standard applicable in the Unilcd Kingdom and Republic of Irel￿d IFRS 1021 and the Charities Aci 2011. Golng Confern The Trus¢¢cs hav¢ a rea50nablc expcclation thai the ¢hariry h95 adequate resources to eontinuc foi the loreseeable future. As ouilined in thc Reserves Pulicy. the T￿sIteS consider current re5ern'cs MOTC th&n ad¢quat¢ (o ¢ov¢r the Tn]sl'sexpenditure forthe forE5eeablc fvlure, including al a minimum twclvc months from the.8i8nin8of this rcp)rt. Thc unccrtainiies over thc ¢mei'8ence and spread of COVID-1g have caused markeL volotility on a ¥lobal Scale. The Trusiees hove asscssed thai the Tru31 sufficieni rJnanci￿ resources and is well-plaLed to Tnana8C thc a5sucia*d risks of the COVTD-19 outbreak 10 thc Trust and i¢S ¢haritable objectives. Tlic pcrforrnance ol. Ihc inire¥imenr portfolicTr fDllrJwin8 the balance Shed datc, iialued at £2,248,992 ￿ 1¢ 31 DecembcT 2021* gives further as3urBnee her¢. AccordinBIy* ihcy con(inue ￿ 4dopt the goin8 concern basis in Preparlng the ￿POrt of the TN5tees and finaneial stalemcnts. Ineome Bank tntrrest is accounted for on an accn]als basis. In¢ome from investm￿lS in equitlCS, ui)ii trusts And fixed in*res¢ securities is aLcoun(ed for on a rccrivable baJi3. Gills in kind are Tecognised in donotions. Expendlture Expenses. ￿hleh r¢late to dire¢¢ ¢hari¢8bl¢ expendilure and adminisiration and M￿aseMent rte5. arc accuunlcd for on an accTuaJ5 basis. Inv¢stmcnt adminisirarion and man&8crnent fees ate chorged o8ainst endowment fundk Flied i$$et Inve5trnents Financial 855ets are recognised when the Charity b¢¢ome5 a party to (he contractual provisions ofthe instrument. Financial assets which qualTfy as basic financial instruments a5 laTd oul in FRS 102 paragraph 11.8, including investment5 in non-puilablt ordinary shares. Financial assds ar¢ dereco8nised whcn and only wh¢n181 the contTg¢tual ri8ht to the cash flows from (he financial a55ei expire or ar¢ settled. {b) the Charity tran5ters to another party substantially all of the risks and rewards of owiership of the fjnancial asset, or Icl the Charity, despiie h&ving rctwned sorne, but not all, signifi¢Anl risks and rel￿ardS of owiership, ha5 transfcrrcd control orth¢ 35sei Lo another party. Inve5tmcnts aTC a form of bnsic fin&ncial instn]ment and aTe Inltially recognised at their transaction iialue and subsequenily rneasured ai their fAir value as ar the Balance Sheet datE using the closing quoted market wice. Th stst¢Tneni of finw)¢ial adivitie5 includes thc net 8ain5 and losses arisin8 on reiraluation and di5P)5a15 throughout the year. The Trusi does not acquire put options. derivatives or oth¢r compl¢x fjnancial instrumenis. TILE CHARTERHOUSE CHAR￿ABl￿ TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) ACCOUNTING POLICIES {continuedl Critital gttountiAg judgernents key of estimation uncertalnty In the application of the Group's a¢¢ouniing policies. ￿,hICh are described in note I, the TTUStee5 are requircd to make judg¢rnenl5. es¢imate$ and &8sumplions aboutthe carryin8 amount5 of assets and liabilities that arc not readily apparent trom othcr sour¢es. Th¢ ¢5timates and &550ciated assumpiions ar¢ based on historical expericncc Other factors that are ¢ODsider¢d io b¢ rol¢vant. Actual results ¥llay differ from these estimates. The estima*s 8nd underlyin8 a&sumption5 are revitwed ort an onBoin8 basis. Revi5ion5 to accounling estimate8 are r¢¢ogtsised in the period in which the estimate is revised il'the revision affects only thai period or in the period of the revision and fiLDJre period5 if the revision aff¢¢ts both current and futUTe periL)ds. The Trnsiees do not ￿nsider ihert are ally critical judgements or source5 of C￿lMation uncertainty requiring disclosure bryond the accounting policie5 listed above., Fund *ccouDtlng Thc Endowmeni Fund represents the capital funds of th¢Trusi and cannot be used to rnakc charitable dondtionj and Unrestricted funds repTcseni donAtions recesved, inveslmenL inLome from IisLed inv¢stments and ￿nk dcposil interesl gnd are available for 8cncral chariubl¢ purrs)ses of the Trust at ihc discretion nf the TTUStecs. Gtant expendlturc Grat)is made durin8 the fing￿la[ year are reflecied in the Stst¢m¢nt of Financial Activilies. Liabilities for fvturc commiiments ore only reneLled in thc Balance SheeL to the extent that thc Trusttts make an un¢onditional commiiment. CAJh flow The Trusl mects the dcfinition of a small charity under the FRS 102. The Tru$¢ has applied an excmption in tsking the deeisiott not to prepare o Cash Flow Ststement. INVESTMEIYT INCOME Year endEd30 June 2021 Year cnded JOJune 2020 iTnr¢stricted Fund Unresiricicd Funds Total Funds Incon* from inircsimcni Bank depos11 interest 37.598 37,598 52,323 202 52,3 37.6￿9 37.(Al) 52.525 52,525 RELATED PARTY TRANSACTIONS During the year under TCVICW. neither the Trustees nor any party relatcd to th¢Tn received any remuncr&tion or reimbursemenl OC expcn5e5 frtlm The ChArterhou5e Charitable Trusi. There Are no persons cmployed by thc Charitable TIu5t. The audit fee of £3,50012020 £3.5001 15 borne by Chart¢rhous¢ Developmeni Capilal Lirnit¢d, This has bcen recogniscd as a gift in kind and includcd withio donRtion5. Ther¢ wcrc nu othcr relaled party transaction5. THE CEL4RTERHOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) CHARITABLE ACTIVITIES AND SUPPORT COSTS Yur Ended 30 June 202J Number OJ Chority Meetin85 Industy Fut)d {MIF) Ch&rlty'spurpos¢ Providing financial a5SiS(Ance during times of crisis like disaster, m¢dical illn￿, or an emergency 5,107 Suppfyrt Cost$ Governot)¢e costs- Audit & Admin Total Donations Made and Support Costs Y¢•r Ended 30 J•ne 2020 Number of Chortty Lynda Jackson Macmi118n Centrc Ch&rlty spNrpose Supporling lamilies in the li8ht a8ain5t cancrT. s.000 Au5traliAtt Red Cros5 To support and cmFower people and ¢ommunitie5 in times ot vulnerability. ltslian hospital. Donation made to support eftons in relation to Covid-19 10.000 Operdalc Di BErBamo Pap Giovanni XXIII 4,711 The Hygiene Bank To brin8 cvmrnunities iogeiher to tllckle hy8Lene povcrty, by providin8 essen¢iAI producls ncedcd to leel ¢lean, ¢onfident, and he8lthy. To support a nationwide network of fgod banks, providin8 emergen¢y for>d and suppori to people lo¢ked in powerty Italian hospital. Donation made t4) supwrt effcrt% in relation to Covid-19 10.000 The Trnssell Trust io,000 Policlinico di MilAno 4,711 Si Mungo's Moih¢rs 2 Moth¢r5 To end homclessness and help r¢build live5 Bolstering Afi'ican h¢alth¢aiE 5yslems, whilc dclivcring empowerment opportunitics for women 10,000 1.500 Support Colts Governance costs- Audit & Admin Total Donation5 Made and Suppvrt Costs 14- THE CHARTERHOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) TAXA TION As o charity, the Trust is exempt from lax on income and 8ains falling withirh part 10 of the Income Tax Act 2010 or scction 256 of the Taxation ofchargeable Gains Act 1992 to the extent (hat the income is applied to lis charithle objects. No tax ch￿8¢$ have arisen in the Trust. INVESTMENTS 30 Jint 2021 30 Junt 21120 Total Totlll Market value at commencemet)i of year Additions lat eost) Disposa15 Proceeds Nei realised gain5 on investments Managernenl fees Unrcaliscd goinslllosse5) on investsnent a55Ct5 MArke¢ value 01 end of year 1016,278 1,922,121 111.493) 287,112 {11.184) 194.6591 2,091,897 1,816.278 Historical ¢oJt 1,276,434 1,276,434 The above investsnents have been revalucd &t 30 Junc 2021 b￿ed on ih¢iT mllrket bid price ai that d4k. 30 2021 30 June 2020 In the Unlted Klngdorn In the United Kingdom Tot*1 Total Llsied equiiies Markel value #i end of ye4r 2,091.897 2.091,897 2,091,897 2,091,897 1.816,278 1,816,278 1016,278 1,816.278 The TNst's investmen( portfolio 15 invested in the Newton QroThth and Income Futtd for Charities. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS 30 2021 30 hjne 2020 Uhrtsiybcitd Fyhd$ EpdowThtnl Fmndi Unitstri¢trd Funds Endowment Funds TotAI 'ro¢al Investment assets Current 8s5cts 2.091,897 2,091.897 98,627 1.816278 1.816.278 66,125 98,627 66.125 Total fund5 98.627 2.091,897 2,190.324 66.125 ,816,278 1,882.403 In acrordanc¢ with the Trust Deed. the Endowrnet)t Fund is a pernian¢nt fund. The income g¢n¢rated frorn the Endowment Fund is av&ilable for the benefit of Charities. POST BALANCE SHEET EVENTS Post year-cnd donations totalling £25,000, which were approved by the Trusrees during the financial year, were paid following the Completion i)f the reqllisite beneficiaTie5 and trustres screenin8.