## THE CHARTERHOUSE CHARITABLE TRUST
## ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Registered Charity Number 210894
THE CHARTERHOUSE CHARITABLE TRUST
|REGISTERED ADDRESS|Belgrave House|
|---|---|
||76 Buckingham Palace Road|
||London|
||SW1W 9TQ|
|TRUSTEES|T S Patrick|
||E J S Allen (appointed 5 October 2022)|
||W A du Toit (resigned 5 October 2022)|
||M K Weidner|
||L Vadlamani (appointed 4 March 2022)|
||W F Trevelyan Thomas (resigned 4 March 2022)|
|**SECRETARY**|Ms I M Watson|
|BANKERS|The Royal Bank of Scotland plc|
||Corporate Banking Office|
||5-10 Great Tower Street|
||London|
||EC3P 3HX|
|AUDITOR|Deloitte LLP, Statutory Auditor|
||2 New Street Square|
||London|
||EC4A 3BZ|
||United Kingdom|
|INVESTMENT MANAGER|BNY Mellon Fund Managers Limited|
||160 Queen Victoria Street|
||London|
||EC4V 4LA|
|INVESTMENT CUSTODIAN|Bank of New York Mellon|
||One Canada Square|
||London|
||E14 5AL|
|PORTFOLIO MANAGEMENT|Newton Investment Management Limited|
|AND RELATED SERVICES|150 Queen Victoria Street|
||London|
||EC4V 4LA|
- 1 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2022
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## Constitution
The Charterhouse Charitable Trust (the “Trust”), registered charity number 210894, was established on 5 February 1954 and is governed by a trust deed executed on that date by A Keyser & Co, Limited for the purpose of benefiting charities (the “Trust Deed”). The Trust was registered on 1 October 1962, in accordance with The Charities Act 1960, and is recognised by HM Revenue & Customs as having charitable status. The Trust, an unincorporated body, is governed by the Charities Act 2011.
## Trustees
The names of the Trustees who served during the year and up to the date of approval of these Financial Statements are set out on page 1.
## Recruitment and appointment of Trustees
The appointment of Trustees is governed by the Trust Deed dated 5 February 1954. The power to appoint Trustees has been vested in Charterhouse Development Capital Limited (“Charterhouse”), which only nominates as Trustees persons whom it deems suitable and qualified properly to perform the duties of a Trustee. There must be a minimum of two Trustees and no more than four Trustees, a condition which was satisfied during the year under review.
Post-year end, on 5 October 2022, Mr W A du Toit resigned as a Trustee and on the same day Mr E J S Allen was appointed.
## _**Induction and training**_
The Trust recognises that new and current trustees should be aware of the Trust’s charitable purposes, mode of operation, plans, policies and costs. All Trustees are provided with a copy of the Trust Deed, a copy of relevant policies and the minutes of all Trustees’ meetings. There is no formal Trustee training policy, but all Trustees are professionally qualified individuals who participate in continuing professional development in the course of their professional duties.
## Organisation
The Trust’s investment portfolio has consisted solely of units in the Newton Growth and Income Fund for Charities (“Fund”) which are held in the name of the Trust. The Trust is indirectly invested in a variety of different securities by virtue of its interest in the Fund. The Fund is managed by BNY Mellon Fund Managers Limited (“BNYM”) which is authorised and regulated by the Financial Conduct Authority (“FCA”). BNYM has appointed Newton (also FCA authorised and regulated) to provide non-exclusive portfolio management and related advisory services to BNYM.
The Administrator of the Newton Growth and Income Fund for Charities is The Bank of New York Mellon.
The Trustees are ultimately responsible for the policies, activities and assets of the Trust. They meet formally at least once a year and on an ad-hoc basis as required to discuss and approve grants. The Trustees also receive periodically a presentation on the performance of the Fund by BNYM.
The Trustees hold the Trust Fund and its income upon trust to apply the same for the benefit of any organisation that has been granted charitable status by the Charity Commission. Grants made by the Trust must be approved by the Trustees before such grants are made. Decisions to make grants are based on whether the request has satisfied the guidelines agreed by the Trustees for supporting charitable organisations and are taken by a majority of the Trustees following a detailed review of the proposals.
The investment objective of the Trust is in line with that of the Newton Growth and Income Fund for Charities which is to achieve long-term growth of the Trust’s assets in real terms, together with maximising returns through income. The Trustees are comfortable that the investment restrictions applicable to the Newton Growth and Income Fund for Charities are broadly in line with those adopted by the Trust.
## Risk assessment
The Trustees regularly consider the risks to which the Trust is exposed and currently regard such risks as being restricted to the safeguarding of the Trust's assets and the effective use of donations made.
- 2 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2022
## Risk assessment (continued…)
## Safeguarding the Trust’s assets
Insofar as investments are concerned, the Trust’s assets are held in safe custody by The Bank of New York Mellon and managed by BNYM. The Trustees receive regular assurances from BNYM that it complies with the rules of the FCA, as well as quarterly valuations of the Trust's investment portfolio. Investments are held in a specialised charitable investment vehicle which is required to abide by all relevant restrictions. The Trustees are comfortable that the investment restrictions applicable to the Newton Growth and Income Fund for Charities are broadly in line with those adopted by the Trust.
The cash resources of the Trust are held by an authorised bank, The Royal Bank of Scotland plc. All cheques drawn on that account need to be signed by any two Trustees in accordance with the bank mandate. Donations are made only to other registered charities, the conduct of which is governed by charity law and whose accounts are duly audited or subject to independent examination as appropriate.
## Effective Use of Donations
Prior to approving a donation, a thorough due diligence process is carried out by the Secretary of the Trust, as well as the Trustees themselves. This includes a background check with the Charity Commission, analysis of the most recent financial statements and an anti-money laundering screening of the organisation, its trustees/management and affiliated entities.
The due diligence results are carefully considered by the Trustees at the formal meeting. Most donations are made on the condition of a progress report to be submitted to the Trustees in due course to allow monitoring of donations.
## **Related parties**
Charterhouse is the administrator of the Trust. Mr T S Patrick was a director of Charterhouse Development Capital Limited during the year under review. Mr T S Patrick, Mr W F Trevelyan Thomas, Mr W A du Toit and Ms M K Weidner were members of Charterhouse Capital Partners LLP, an associate company of Charterhouse. None of the Trustees benefit financially from the activities of Charterhouse or from the Trust itself.
## **ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES**
## **Charitable objectives**
The Trust was set up to make grants and donations for general charitable purposes and makes grants only to other charitable organisations. Its charitable objectives are to give support to a specific charity where the donation could make a difference. There is a greater focus to support charities serving the London boroughs on the City of London perimeter, with particular focus on providing opportunities for those from a deprived or disadvantaged background.
## Public benefit
The Trustees confirm that they referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and setting its grant-making policy. The Trust’s aims and objectives fall within the various descriptions of charitable purposes in the Charities Act 2011. Grant applications for charitable purposes are considered by the Trustees who make commitments to support a number of charities each year. During the year, grants have been awarded to the registered charities as per note 4 of the accounts and the beneficiaries are those of the recipient charities.
## Grant making policy
The Trustees meet to review the Trust’s grant making policy annually and to discuss the Trust’s strategy. Grants are awarded only to registered charities. Support is given for a specific project or charity where it is thought that the donation would make a difference. The Trustees also consider grants to charities in which Charterhouse staff or their immediate families have a direct involvement.
- 3 -
THE CHARTERHOUSE CHARITABLE TRUST
## TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2022
## ACHIEVEMENTS AND PERFORMANCE
## Charitable activities
The Trustees were satisfied that the charitable objectives (as noted under “Charitable objectives”, above) and the investment objectives (as noted under “Organisation”, above) were met during the year.
The Trustees evaluate all applications received and, following satisfactory due diligence, made 12 grants (2021: 1) totalling £95,500 (2021: £5,107) during the year. These were viewed to be in line with the Trust’s general charitable aims and objectives - namely, making donations to specific charities where the Trustees feel the donation could make a difference.
The Trustees satisfied themselves that investment objectives set were being met by continuing to hold the Trust’s assets in the Newton Growth and Income Fund for Charities. This is a fund designed specifically for smaller charities, which makes and holds investments broadly in line with the aims and restrictions adopted by the Trust.
## FINANCIAL REVIEW
## Results for the year
The Trust’s income from investments for the year ended 30 June 2022 amounted to £47,533 (2021: £37,609). Donations totalling £4,000 (2021: £3,500) were received in the year. During the year under review, the Trust made donations totalling £95,500 (2021: £5,107). The breakdown of these donations can be seen in note 4.
Investment assets are revalued to their open market value at the end of the financial year. The investment portfolio had, at 30 June 2022, a market value of £2,052,656 (2021: £2,091,897).
## Reserves Policy
The Trustees are entitled, at their discretion, to distribute the income received on the Trust’s Endowment Fund and any other income to such charities as they see fit. They are prohibited by the Trust Deed from making any distributions out of the Endowment Fund, being a permanent fund. As at 30 June 2022, the Trust’s funds consisted of £2,052,656 in the Endowment Fund (2021: £2,091,897) and £50,660 in the unrestricted funds (2021: £98,627).
The Trustees review reserves as part of each Trustee meeting and compare these with the Trust’s estimated and committed future expenditure. The Trustees consider current reserves more than adequate to cover the Trust’s minimal administrative expenses for the foreseeable future.
## FUTURE PLANS
The Trust aims to continue without significant change. The Trust aims to carry on the activities mentioned in future years and for a minimum of twelve months from the signing of the financial statements, subject to satisfactory funding arrangements.
## AUDITOR AND ACCOUNTS
## Auditor
Deloitte LLP will continue to act as the Trust’s auditor.
- 4 -
Docusign Envelope ID.. FB548DD644D947D9-8D33-507653CFDAAE
THE CHARTERHOUSE CHARITABLE TRUST
TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 21)22
AUDITOR AND ACCOUNTS (coniinued...)
Going concern
The Trllst's business activities, togeiher with the factors likely lo affect lis fuiure development, perfomance and posiiion are
set oui above. The Trusi has positiile net assets of£2.103,316 (20?1= £2,190,524) as ai 30 June 2022 which includes cash ai
bank and cash for invesimenis of £50.660(21= £98,627). The market value of investmenis held by the Trusi at year end is
greaier ihan hisioric cost. Donations made by the Trust are funded by investmeni income and donations received. Invesimeni
income received iotalled £47,533 (21= £37,609) whilst grants of £95500(21= £5,107I ere made. The Endowment
funds (from which donations are not paid) have (kneased by £39241 in ihe year (21.. £275,619 increase).
The Trustees of the Trust can reduce oulgoings by decreasing fuiure commilrnents to donate if investment income declines.
No indications exisi ,hich may suggest that ihe Tjustees would need to exercise such measures. The Trust doc5 not have
any material annual donations thai place a constrllclive liabiliry on the Trust. The Trusiees therefore consider ihe going
concern basis for the preparation of the financial statements appropriate.
TRUSTEES, RESPONSIBILITIES STATEMETrIT
The Trustees are responsible for preparing ihe Tmstees. repori and financial staiements in accordance with applicable law
and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Principles including FRS
102 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland).
The law applicable to charities in England and Wales requires the Trustees io prepare accounts for each financial year which
give a trne and fair viewr of the siale of affairs of the charity and of the incoming resources and application of resources of
the charity for that period. In preparing these financial sraiemenis ihe Trustees are required to.-
select suitable accouniing policies and then apply them consistently;
observe the methods and principles in the Statement of Recommended Practice (Accouniing and Rep)ning by
Chariliesl Ithe'charities SORP");
make judgemenis and estimates that are reasonable and pNdent.'
SLqte whether applicable United Kingdom Accounting Siandards have been followal subjeci io any rnalerial
departures disclosed and explained in ihe financial statements; and
prepare the accounts on the going concern basis unless li is inappropriate to presume that that charity will
continue in business.
The Trnstees are res]x)nsible for keeping proper accounting records that disclose with reasonable accuracy at any time the
financial p)silion of the charity and enablc them to ensure that the accounts comply wilh the Charities Aci 2011. Ihe Chariiy
(Accollnls and Reports) Regulaiions 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding
the assets of ihe charity and hence fortaking reasonable sieps for the preijention and detection of fraud and other irregularitics.
Do¢uS*n•d by..
C2Q327T3E4S14B3
Tom Patiick
Tiustee
26 April 2023
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 2022 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) and Statements of Recommended Practice (SORP) “Policy and Code of Practice”.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
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 FRC’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 donation and grant expenses are inaccurate or incomplete. In order to address this risk we assessed the design and implementation of 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 -
Docusign Envelope ID.. FB548DD644D947D9-8D33-507653CFDAAE
THE CHARTERHOUSE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CIL4RTERHOUSE CIL4RITABLE
TRUST (continued)
Extent to which the audit iTras considered capable of detecting irregularitie5, including fraud (continued...)
In addition to ihc ab0c, our proccdurcs to respond io the risks idLnlified included the following..
reviewing financial staiement disclosures by testing to supponing documenialion to assess compliance with
provisions of relevani lawls and regulations described as having a direci effect on the financial slaiements;
perfom)ing analytical procedures io identify any unusual or unexpected relaiionships that may indicate risks of
material misstdtcmcnt duc to fraud:
enquiring of management concerning actual and potential litigation and claims. and insthnces of non-compliance
with laws and regulations- and
reading minuies of meetings of those charged with governances.
Report on other legal and regulatory requiretnents
Matters on whl¢h we are requlred to report by exceptlon
Under the Charities (Accounis and Reports) Regulaiions 2008 we are required lo report in respect of the following matters
if. in our opinion..
Ihe infom)aiion given in the financial SteMentS is inconsistent in any material respect wilh the trustees, report: or
sufficient accouniing records have noi been kept- or
the financial slaiements are noi in agreement with the accounting records and returns: or
wc have not rcceived all ihe intorniation and explanations we require lor our audit.
We have nothing to report in respect of these matiers.
Use of our report
This report is made solely to the charity's trustees. as a body, in accordance w'ith Part 4 of the Charities (Accounts and
ReporLs) Regulations 2008. Our audit work has been undertaken so ihai we mighi slate to the chariiy's irusiees those matters
we are required io slate lo ihem in an audiior's report and for no other purpose. To ihe fllllest extent pemiitled by law. w'e do
not accept or &ssume resp)n8ibiliiy to anyone other ihan the charity and ihe charity's trustees as a body, for our audit work,
for this report, or for ihe opinions w'e have fornied.
Delctjje LLP
Deloiite LLP
Siatulory Auditor
London, United Kingdom
26 April 2023
Deloitte LLP is eligible for appointment as auditor for the chariry by vinue of its eligibility for appointment as audit of a
company under seciion 1212 of the Companies Act 2(K)6.
THE CHARTERHOUSE CHARITABLE TRUST
## STATEMENT OF FINANCIAL ACTIVITIES
|Notes
INCOME FROM:
Investments
2
Donations - Gift in Kind
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds - investment management costs
6
Charitable activities and support costs
4
TOTAL EXPENDITURE
Net expenditure before investment losses
Net losses on investments
6
Net expenditure for the year
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Fund balances brought forward
Fund balances carried forward|Year ended 30 June 2022
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
47,533
-
47,533
4,000
-
4,000
51,533
-
51,533
-
(12,938)
(12,938)
(99,500)
-
(99,500)
(99,500)
(12,938)
(112,438)
(47,967)
(12,938)
(60,905)
-
(26,303)
(26,303)
(47,967)
(39,241)
(87,208)
(47,967)
(39,241)
(87,208)
98,627
2,091,897
2,190,524
50,660
2,052,656
2,103,316|Year ended 30 June 2022
Unrestricted
Endowment
Total
Funds
Funds
Funds
£
£
£
47,533
-
47,533
4,000
-
4,000
51,533
-
51,533
-
(12,938)
(12,938)
(99,500)
-
(99,500)
(99,500)
(12,938)
(112,438)
(47,967)
(12,938)
(60,905)
-
(26,303)
(26,303)
(47,967)
(39,241)
(87,208)
(47,967)
(39,241)
(87,208)
98,627
2,091,897
2,190,524
50,660
2,052,656
2,103,316|
|---|---|---|
|||51,533|
|||(12,938)
(99,500)|
|||(112,438)|
|||(60,905)
(26,303)|
|||(87,208)|
||||
|||(87,208)|
|||2,190,524|
|||2,103,316|
The income and resources and net movement in funds arise from continuing operations.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 15 form an integral part of these financial statements.
- 9 -
THE CHARTERHOUSE CHARITABLE TRUST
## STATEMENT OF FINANCIAL ACTIVITIES
Year ended 30 June 2021
|Notes
INCOME FROM:
Investments
2
Donations - Gift in Kind
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds - investment management costs
6
Charitable activities and support costs
4
TOTAL EXPENDITURE
Net income / (expenditure) before investment losses
Net gains on investments
6
Net income for the year
Transfer between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Fund balances brought forward
Fund balances carried forward|Unrestricted
Funds
£
37,609
3,500
41,109
-
(8,607)
(8,607)
32,502
-
32,502
-
32,502
66,125
98,627|Endowment
Funds
£
-
-
-
(11,493)
-
(11,493)
(11,493)
287,112
275,619
-
275,619
1,816,278
2,091,897|Total
Funds
£
37,609
3,500|
|---|---|---|---|
||||41,109|
||||(11,493)
(8,607)|
||||(20,100)|
||||21,009
287,112|
||||308,121|
||||-|
||||308,121|
||||1,882,403|
||||2,190,524|
The notes on pages 12 to 15 form an integral part of these financial statements.
- 10 -
Docusign Envelope ID.. FB548DD644D947D9-8D33-507653CFDAAE
THE CHARTERHOUSE CHARITABLE TRUST
BALAF4CE SHEET
30 June 21)22
30 June 21
Notes
Ini'estment assets
Invegttnents
2,051656
2,091,897
2,052,656
2,091,897
Current assets
Cash at bank
50ffj60
98,627
Net assets
2,1113J16
2,190,524
Funds
Eiidoivrnent
Ulliestticted
2,052ffj56
50ffj60
2,091,897
98.627
2,1113J16
2,190,524
These Financial Ststements were approved by lh¢ TJust¢¢s ffl 26 April 2023 and signed on their b¢half by..
DoBuSlgn•J ty.
Tom Patrick
Trustee
Thc schedules and notcs on pages 12 to 15 forni an integral part of these financial statements.
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS
## 1 ACCOUNTING POLICIES
## Charitable status
The Charterhouse Charitable Trust, a public benefit entity, is incorporated in England and Wales as a Charity limited by guarantee not having a share capital. There are currently four Trustees who are also the members of the Charity. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £10. The charity is a registered charity. The registered office is given on page 1.
## Basis of accounting
The accounts (financial statements) have been prepared under the historical cost convention as modified by financial instruments recognised at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## Going Concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. As outlined in the Reserves Policy, the Trustees consider current reserves more than adequate to cover the Trust’s expenditure for the foreseeable future, including at a minimum twelve months from the signing of this report. The performance of the investment portfolio following the balance sheet date, valued at £2,155,962 as at 31 March 2023, provides further assurance here.
Accordingly, they continue to adopt the going concern basis in preparing the report of the Trustees and financial statements.
## Income
Bank interest is accounted for on an accruals basis. Income from investments in equities, unit trusts and fixed interest securities is accounted for on a receivable basis. Gifts in kind are recognised in donations.
## Expenditure
Expenses, which relate to direct charitable expenditure and administration and management fees, are accounted for on an accruals basis. Investment administration and management fees are charged against endowment funds.
## Fixed asset investments
Financial assets are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial assets which qualify as basic financial instruments as laid out in FRS 102 paragraph 11.8, including investments in non-puttable ordinary shares.
Financial assets are derecognised when and only when (a) the contractual right to the cash flows from the financial asset expire or are settled, (b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
- 12 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 1 ACCOUNTING POLICIES (continued)
## Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.’
## **Fund accounting**
The Endowment Fund represents the capital funds of the Trust and cannot be used to make charitable donations and grants.
Unrestricted funds represent donations received, investment income from listed investments and bank deposit interest and are available for general charitable purposes of the Trust at the discretion of the Trustees.
## Grant expenditure
Grants made during the financial year are reflected in the Statement of Financial Activities. Liabilities for future commitments are only reflected in the Balance Sheet to the extent that the Trustees make an unconditional commitment.
## Cash flow
The Trust meets the definition of a small charity under the FRS 102. The Trust has applied an exemption in taking the decision not to prepare a Cash Flow Statement.
## 2 INVESTMENT INCOME
|**Investment income**
Income from investment
Bank deposit interest|**Unrestricted**
**Funds**
**£**
47,515
18
47,533
**Year ended 30**|**Total**
**Funds**
**£**
47,515
18
47,533
**June 2022**|Unrestricted
Funds
Total
Funds
£
£
37,598
37,598
11
11
37,609
37,609
Year ended 30 June 2021|
|---|---|---|---|
## 3 RELATED PARTY TRANSACTIONS
During the year under review, neither the Trustees nor any party related to them received any remuneration or reimbursement of expenses from The Charterhouse Charitable Trust. There are no persons employed by the Charitable Trust. The audit fee of £4,000 (2021 £3,500) is borne by Charterhouse Development Capital Limited. This has been recognised as a gift in kind and included within donations. There were no other related party transactions.
- 13 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 4 CHARITABLE ACTIVITIES AND SUPPORT COSTS
## **Year Ended 30 June 2022**
|**_Charity_**
**_Charity's purpose_**
Right to Play
To empower vulnerable children to overcome the effects of
war, poverty and disease through play
The National Society for the
Prevention of Cruelty to
Children
To help children who have been abused to rebuild their lives,
protect those at risk, and find the best ways of preventing
abuse from ever happening
Charlie Waller Memorial
Trust
Equip young people to look after their mental wellbeing
Half Moon Young People's
Theatre
To bring the arts into the community, particularly with a view
to engaging with young people who would otherwise be
excluded
Street Doctors
Change the lives of high-risk young people by giving them the
skills they need to deliver life-saving first aid
Young Minds Trust
To improve the emotional wellbeing and mental health of
children and young people
DEC Ukraine Humanitarian
Appeal
Donation made to support efforts in relation to conflict in
Ukraine
The Access Project
To aid disadvantaged children with entrance to top
universities
Leybourne Grange Riding
Centre for The Disabled
To provide riding lessons as well as grooming sessions for
both disabled and able-bodied people
The Trussell Trust
To support a nationwide network of food banks, providing
emergency food and support to people locked in poverty
Live Unlimited
To help and support looked after children and young care
leavers so that they can take control of their lives and unleash
their potential
**Support Costs**
Governance costs–Audit & Admin
Total Donations Made and Support Costs
**Year Ended 30 June 2021**
**_Charity_**
**_Charity's purpose_**
Meetings Industry Fund
(MIF)
Providing financial assistance during times of crisis like a
disaster, medical illness, or an emergency
**Support Costs**
Governance costs–Audit & Admin
Total Donations Made and Support Costs|**_£_**
**_Number of_**
**_donations_**
10,000
1
500
1
10,000
2
5,000
1
10,000
1
5,000
1
35,000
1
5,000
1
5,000
1
5,000
1
5,000
1|
|---|---|
||95,500
12|
||4,000
99,500
**_£_**
**_Number of_**
**_donations_**
5,107
1|
||5,107
1|
||3,500
8,607|
- 14 -
THE CHARTERHOUSE CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS (continued)
## 5 TAXATION
As a charity, the Trust is exempt from tax on income and gains falling within part 10 of the Income Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that the income is applied to its charitable objects. No tax charges have arisen in the Trust.
## 6 INVESTMENTS
|INVESTMENTS|||
|---|---|---|
|Market value at commencement of year
Additions (at cost)
Disposals proceeds
Net realised gains on investments
Management fees
Unrealised (losses)/gains on investment assets
Market value at end of year
Historical cost|30 June 2022
Total
£
2,091,897
-
-
-
(12,938)
(26,303)|30 June 2021
Total
£
1,816,278
-
-
-
(11,493)
287,112|
||2,052,656|2,091,897|
||1,276,434|1,276,434|
The above investments have been revalued at 30 June 2022 based on their market bid price at that date.
|Listed equities
Market value at end of year|30
In the United
Kingdom
£
2,052,656
2,052,656|June 2022
30 June 2021
Total
In the United
Kingdom
Total
£
£
£
2,052,656
2,091,897
2,091,897
2,052,656
2,091,897
2,091,897|June 2022
30 June 2021
Total
In the United
Kingdom
Total
£
£
£
2,052,656
2,091,897
2,091,897
2,052,656
2,091,897
2,091,897|
|---|---|---|---|
||||2,091,897|
The Trust’s investment portfolio is invested in the Newton Growth and Income Fund for Charities.
## 7 ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS
|Investment assets
Current assets
Total funds|30 June 2022
Unrestricted
Funds
Endowment
Funds
£
£
-
2,052,656
50,660
-
50,660
2,052,656|Total
£
2,052,656
50,660
2,103,316|30 June 2021
Unrestricted
Funds
Endowment
Funds
£
£
-
2,091,897
98,627
-
98,627
2,091,897|Total
£
2,091,897
98,627|
|---|---|---|---|---|
|||||2,190,524|
In accordance with the Trust Deed, the Endowment Fund is a permanent fund. The income generated from the Endowment Fund is available for the benefit of charities.
## 8 POST BALANCE SHEET EVENTS
Post year-end donations totalling £27,140, which were approved by the Trustees during the financial year, were paid following the completion of the requisite beneficiaries and trustees screening.
The investment portfolio following the balance sheet date is valued at £2,155,962 as at 31 March 2023.
- 15 -