The Manifold Charitable Trust:
Annual report for the year ended 31 December 2023
Legal and administrative details
Registered charity number-
229501
Principal office:
87 Douglas Road, Esher. KT10 8BG
Bankers..
Covtts & Co.
440 Strand
London, WC2R OQS
Solicitors..
Stephenson Harwood LLP
One Finsbury Circus
London. EC2M 7SH
Independent auditor..
Crowe U.K. LLP
4th Floor
St James House
St James Square
Chellenham, GL50 3PR
Tnjslee..
The Manifold Trustee Company Limited (company number 009856951
Trustee's report
The Charity's Tnjslee submits the annual report and the audited financial ststements for The Manifold Charitsble
Trust for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial slalemenls and comply with the Charity's Trust Deed and Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191
(Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland and
the Charrties Act 2011.
Structure
overnance and mana
ement
Governlng Instrument
The Manifold Charitable Trust is govemed by its Trust Deed dated 9 August 1962 and was registered as a Charity in
England and Wales with the Charity Commission on 11 September 1963.
Appointment of Oireetors
The Trustee of the Charity is The Manrfold Tnjslee Company Limited lo)mpany no 009856951, aulhorised by the
Lord Chancellor to act as a Trust Corporation. R. H. Sykes, A. Harris. A. G. Wynn. B.E.E. Smith, W.A. Waldegrave
and M.J.P. Smith were directors for the whole of the year under review.
New Directors are briefed by the Chaimian and the Secretary and training needs are addressed as they arise. The
Directors are aware of the Govemance Code and they understand Iheif policies to be consistent with it.

The Manifold Charitable Trust
Year ended 31 December 2023
Organisational structure
The Manifold Charitable Trust is managed on a daY-t￿laY basis by the directors of the Trustee company with the
assistance of an administrator. Key management personnel, including directors of The Manifold Trustee Company
Limited, are recruited when the directors consider thal an appropriate candidate becomes available and whose
addition lo the Board would enhance Ihe governance and management of the Charity. Directors are appointed by
the Board as a whole. There is only one employee, Alison Durden, and she is also key management personnel. The
pay and remuneration of any member of stsff is sel by the Board as a whole.
Risk management
The principal risks faced by the Trust lie in the reduction in rental income, the perfomiance of investments and the
capacity of the Trustee to make effective grants. Variations in rental income are mitigated by the Trustee engaging
professionals lo ensure that the appropriate levels of rental income are achieved in a sustainable fashion.
Investments are predominantly split beNveen main investment funds managed by independent fund managers.
One fund is more cenlred on capital growth with a lower risk profile Ihan the other fund which is more focused on
equities. As such the Trust has diverse portfolios, managed by external fund managers and has made itself less al
risk to fluclualions in Ihe economy by virtue of this policy. The majority of grants are given over to Elon lo provide
bursaries and the Trustee is aware of the granl making policy of the Charily when awarding the balance of the grants.
The UK renial market and slate of the global economy. and the effect Ihis has on the Charity s investments, are the
two largest factors that are likely to affect the Charity's perfomance and position in the future.
After making enquiries, the Trustee has a reasonable expeclalion that the Charity has adequate resources lo continue
ils aclivilies for Ihe foreseeable fulure and there are no material uncertainties about the going cOn￿M assumption.
The Trustee has made no formal commitments lo making future grants lo any institution and there are sufficient liquid
assets to cover the running costs of the Charity for a minimum of a year.
Ob
ectlves
The purpose of the Charity is lo make grants to such charitsble causes as the Tnjstee sees fil. Grants are made only
lo other chanlies. Most of the Trust's income is designated lo bursanes al Elon College, lo Shollesbrooke Parochial
Church Council and lo the Amber Foundation which provides employment training for disadvantaged young people.
The Trustee seeks to maximise sustainable income and investment yields in order to achieve these aims and
objectives whilst keeping njnning costs lo a minimum. The cnleria that the Trustee uses lo assess success in the
reporting period are based upon realising SLrfficient income yields for it to meet its planned financial objectives.
Achlevements and erformance
Operatlonal perfomiance
During 2023 the Trust awarded 10 grants tolalling £369.587 apportioned roughly as follows..
For repairs lo churches and their contents
For education, research and the arts
For other causes
78
19
501 of these grants made were of £10.0￿ or less. and 50% of more than £10.000. by number.
Given that 900/0 of the grants awarded, by value, were paid out to Eton College and the Amber Foundation the Trustee
is satisfied that the objectives of the Charity have been meL
Investment perfomiance
Investment
owers and lic
The Trust Deed gives the Trustee the same powers of investment as those of an absolute owner. The investments
are managed by investment managers that are engaged by the Charity and their perfom)ance is monitored by the
directors of the Trustee Company. The Truslee has given due consideration lo the social, environmental and ethical
implications of its investment policy and is of the belief that third party investment by external investment managers
allows for sustainable financial retum whilst doing so in a responsible manner.

The Manifold Charitable Trust
Year ended 31 December 2023
Investment erforman
The Trust's income comes mostly from ils commercial propety- The Truslee. on the advice of the Directors, revalued
the commercial propety lo £7,100,000 (from £6,350,000) in 2019. This valuation reflected market trends, the renewal
of the lease and the increased rent. The Trustee perfornis an annual review of the property for consideration of
impairment or increase in value.
The objective of the commercial property is for an income yield of b&￿een 6% and 81A> .
The income yield for the property for the year ended 31 December 2023 was 8°A and as such is in lin8 Wlth the
objective of the property.
The objective of the portfolio is for a lotsl relum of bebveen 2°A and 5%.
The total for the listed investments for the year ended 310ecember 2023 was 4% and as such was in line with the
objective of the portfolio.
Fundralsln
The Charity was not involved directly or indirectiy in any fund-raising for ils own benefit during 2023 and is unlikely
to undertake any fund-raising in the near future. The Charty had no fund raising activities requiring disclosure under
S162A of the Charities Act.
Flnanclal review
The financial slalemenls sel out the r￿Vernent of funds during the year to 31 Oecember 2023. The upturn in the
financial markets in 2023 had a positive effect on the UK stock market and the Trustee continues lo be minded lo
maintain reseryes al a level whereby grants can keep pace wilh inflation. Overall this caused the increase in the
Trust's funds, the nel movement in funds for the year being a surplus of £459,243 12022.. nel deficit of £371,518),
after gains on investment assets of £165,38212022'. losses of £479.4731.
Reserves
ollc
The closing funds and therefore financial position of the Charity as at 31 December 2023 were £13,678,83612022'.
£13,219,593). The lolal free reserves held at the year end were £774,651 12022.. £550,665).
The Twstee has made no fomal commitments to making future grants to any institution. While certain recipients
have been infomied of the Trust's fulure inlenlions. Ihese are expressly subject to the caveat that ifthe Trust's income
deteriorates, future grants will be reviewed. Although there is, therefore, no strict requirement to maintain reserves
sufficient lo meet grants for any particular period, the Tnjsl would wish lo maintain reserves sufficient for al least one
year of planned grants. The Trust's quoted investments are more than sufficient for this purpose. The Trustee plans
to reinvest any income in excess of expenditure. Such reinvestment will not be done in order to accumulate reserves,
but in order lo maintain and increase investment income so that over the long lem the amounts available for grants
may keep pace with inflation.
The designated funds shown in the notes to the financial stslements include grants offered on conditions yel lo be
fulfilled. They are more than covered by liquid assets and listed investments. These lotslled £1,250,000 12022..
£1,288,550) as al the year end and will be paid away over the next five years.
Publlc beneflt
The Charity uses the great majority of ils resources to support individu81 school pupils with their fees through a grant
to Elon College. Ordinarily over 75Vo ol the Charity's grants provide burs8ries lo enable boys whose families
otherwise would not be able to support the fees to be educated at Eton College.
The balance of the Charity's grants have, during the year. supported community and arts projects and architectural
conservation, especially of churches and their contents. The support of the arts and the restoration of significant
historic buildings advance community development. culture and heritage.

The Manifold Charitable Trust
Year ended 31 December 2023
The Trustee confirms that reference has been made lo Ihe guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Tnjst's aims and objectives and in planning future activities and setting
the granl-making policy for the year.
Plans for the future
Since the death of Sir John Smith the Trust is, in accordance wilh his wishes as founder, allocating the major part of
ils grants lo education in the form of grants lo Eton College for the provision of bursaries, and plans lo continue lo
do so.
statement of Trustee's responsibility
The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with
applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Siandardsl.
The law applicable lo charities in England and Wales requires the Tnjstee lo prepare financial statements for each
financial year which give a Irue and fair view of the stsle of affairs of the Charity and of the incoming resources and
application of resources of the Charily for that period. In preparing these financial slatemenls, the Trustee is required
to..
select suitable accounting policies and then apply them consistently..
observe the methods and principles in the Charities SORP..
make judgements and eslimales thal are reasonable and prudent-
slate whether applicable accounting slandards have been lollowed, subject lo any material departures
disclosed and explained in the financial statements.,
prepare the financial sialemenis on the going concem basis unless il is inappropriate lo presume that
the Charity will contsnue in business.
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the
Charity's transactions, disclose with reasonable accuracy at any lime the financial position of the Charity and enable
the Trustee lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and
Reports) Regulations 2008 and the provisions of the Charity's conslitulion. The Trustee is also responsible for
safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of
fraud and other irregularrties.
Audltor
A resolution lo reappoint Crowe U.K. LLP as auditor lo the Charity for the year ending 31 December 2024 was
passed al the annual general meeting of the Trustee in June 2024.
Signed on behalf of the Trustee - The M8nrfold Trustee Company Limited
B. E. E. Smith - Director
Date 28th June 2024

The Manifold Charitable Trust
Year ended 31 December 2023
Independent Auditorfs report to the Trustee of The Manifold Charitable Trust
Oplnlon
We have audited the financial staterTbents of The Manrfold Charitable Trust for the year ended 31 Decernber 2023
which comprise the Statement of Financial Activities. Balance Sheet. Statement of Cash Flow and notes lo the
financial statements. including a summary of S￿nifIcant accounting policies. The financial reporting framework that
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled
Kingdom Generally Accepted Accounting Practs'cel.
In our opinion the financial statements-
give a true and fair view of the state of the Charitys affairs as al 31 December 2023 and of its incoming resources
and application of resources, including its income and expenditure for the year then ended-
have been properly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practs'ce., and
have been prepaied in accordance wrth th8 requirements of the Charities Act 2011.
Ba81s for oplnlon
We conducted our audit in accordance with Intemalional Standards on Audiling IUKI IISAS IUKII and applicabl8
law. Our responsibilities under those standards are further described in the Audilor's responsibilities for the audit of
the financial slalements section of our report. We are independent of the Charity in accordance with the ethical
requirements that are relevant lo our audit of the financial statements in Ihe UK. including the FRC'S Ethical
Standard, and we have fulfilled our other ethical r8sponsibililies in accordance with these requirements. W6 believe
that the audit evidence we have obtained is suificienl and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concem
In auditing the fin8nc181 statements. we have concluded that the Trustee's us8 of the golng concem b8sls of
accounting in the preparation of the financial stalaments 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 lo continue as a going
concern for a period of al least twelve months from when Ihe financial stslemenls are aulhorised for issue.
Our responsibilities and the responsibilrties of the Trustee with respect to going concem are described in the relevant
sections of this reF)Ort.
Othgr Inforniatlon
The Charity's Trustee is responsible for the other information. The other information comprises the information
included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on
the financial statements does not cover the other information and we do not express any fomi of assurance or
conclusion thereon.
In connection with our audit of the financial slalemenls. our responsibility is lo read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial stslemenls or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenltfy such material
inconsistencies or apparent material misstatements. we are required to detemine whether the￿ is a material
misslalemenl in the financial statements or a material misstslement of the other infom)alion. If, based on the work
we have performed, we conclude that there is a material misstatement of this other infomialion, we are required to
report that fact.
We have nothing lo report in this regard.

The Manifold Charitable Trust
Year ended 31 December 2023
Matters on which we are required to report by exceplion
We have nothing lo report in respect of the following matters in relats'on to which the Charities (Accounts and Reports}
Regulations 2008 require us lo report to you rf, in our opinion=
the infomialion given in the financial ststemenls is inconsistent in any material respect with the Trustee
Report., or
sufficient accounting records have not been kept. or
the financial statements are not in agreement with the accounting records and retums.. or
we have not received all the information and explanations we required for our audit..
the Trustees were not entitled lo prepare the financial ststemenls in accordance with th8 small companies
regime and lake advantage of the small companies, exemptions in preparing the Trustees, report and from
the requirement to prepare a strategic report.
Re8ponslbllltles of the Trustee
AS explained more fully in the Stslement of Trustee's Responsibility set out on page 4. the Trustee 15 responsible for
the preparation of the financial stalernents and for being satisfied that they give a true and fair view. and for SLJch
intemal control as the Trustee determines is necessary to enable the preparatson of financial statements that ara frea
from material misstslemenl, whether due to fraud or e￿Or.
In preparing the financial stalemenls, the Trustee is responsible for assessing the Charity's ability lo continue as a
going concern, disclosing, as applicable, matters relaled lo going concern and using the going concem basis of
accounting unless the Trustee either intends to liquidate the Charity or lo cease operations, or have no realistic
alternative bul to do so.
Audltor's rèsponslbllltl•s for the audlt of tho flnanclal statemènts
We have been appointed as auditor under sKtion 144 of the Charities Ad 2011 and report in aC￿rdance with the
Act and re18vanl regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial stslements as a whole are free from
material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always delecl a material misstatement when it exists. Misstslemenls can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Details of the exlenl to which the audit was considered capable of dele¢ling irregularities. including fraud and non-
compliance with laws and regulations are sel out below.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website al.. www.frc.o
-ukJauditorsres
nsibilities. This descripts'on forms part of our
auditor's report.
Extent to which the audit was considergd capable of dglgding irregularities. including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed
the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, and
discussed these between our audit team members. We then designed and performed audit procedures responsive
to those risks, including obtaining audit evidence sufficient and appropriate to provide 8 basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing
on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in
the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and the
Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our
audit procedLJres on the related financial statement items.

The Manifold Charitable Trust
Year ended 31 December 2023
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which mighl be fundamentsl lo the Charity's ability lo operate or lo avoid a material
penalty. We also considered the opportunities and incentives thal may exist within the Charity for fraud.
Auditing standards limit the required audit procedures to idenlrfy non-compliance with these laws and regulations lo
enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, rf any.
We identified the greatest risk of material impact on the financial slalements from irregularities, including fraud, to be
the override of controls by management. Our audit procedures lo respond to these risks included enquiries of
management about their own identification and assessment of the risks of irregularities. sample testing on the posting
of journals, reviewing accounting eslimates for biases. reviewing regulatory correspondence including that with the
Charity Commission. reading minutes of meetings of those charged with govemance.
Owing lo the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some
material misslalemenls in the financial slalemenls. even though we have properly planned and performed our audit
in accordance with auditing stsndards. For example, the further removed non-compliance with laws and regulations
lirregularitiesl is from the events and transactions reflected in the fin8nci81 stalemenls, the less likely the inherently
limited procedures required by auditing stsndards would idenlfy it. In addition. as with any audit, there remained a
higher risk of non-delection of irregularities. as these may involve collusion, forgery. intentional omissions,
misrepresentations, or the override of inlemal eonlrols. We are not responsible for preventing non-compliance and
cannot be expected lo deleel non-eompliance with all laws and regulations.
These inherent limitations are particularfy significant in the case of misstatement resulting from fraud as this may
involve sophisticated schemes designed lo avoid detection. including deliberate failure lo record transactions,
collusion or the provision of intenlional misrepresentalions.
Use of our report
This report is made solely lo the Charity $ Trustee. a$ a body. in a¢¢ordan¢e with Part 4 of the Charities IAc¢ounl$
and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the Charity's Trustee
those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl
permitted by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's
Trustee as a body, for our audit work, for this report, or for the opinions we have fomied
UL ILP
Crowe U.K. LLP
Slalulory Auditor
4th Floor, Sl James House
Si James Square. Chellenham
Glouceslershire, GL50 3PR
Date.. 15 July 2024
Crow8 U.K. LLP Is 8ligible for appointmènt as an auditor of th& Chanty by virlu• of its èlig1￿.11ty for appointmènt 8S auditor of a
company under section 1212 of tho Companies Act 201K.

The Manifold Charitable Trust
Year ended 31 December 2023
Statement of Financial Activities for the year ended 31 December 2023
Unre$tri¢ted funds
N(Aes
2023
2022
INCOME FROM
Investments
686 827
645 405
TOTAL INCOME
EXPENDITURE ON
Ralslng funds
10,404
12,030
Charltabl• actSvltl•s
525 420
TOTAL EXPENDITURE
Net galn81110881 on Snv•stm&nl8
10
N•t Incom•ll•xp•ndltur•l and n•t mov•m•nt In
funds
4S9,243
(371.518)
Fund balance brought lorward at 1 January
13 219593
73591 111
Fund balanc• earrl•d forward at 310•e•mbor
The notes on pages 11 to 17 fomi part of these financial statements.

The Manifold Charitable Trust
Year ended 31 December 2023
Balance sheet as at 31 December 2023
Notes
2023
2022
Fixed assets
Investment properties
Freehold property
7.100.000
7. 100.000
Other Investments
Listed investments
10
5 804 185
5 568 928
12,904,185
12.668.928
Current assets
Cash at bank
856.466
517.797
other debtors- dividend income
30.999
45,916
Other debtors- rental income
Total ¢urr•nt assots
Tl
Credltors: amounts falling due within one year
11
167 814
Not curront assèts
774 651
Net assets
Fund8
Tol81 funds
21
The financial statements on pages 8 to 17 were approved by the directors of The Manifold Trustee Company
Limited, Trustee of The Manrfold Charitable Trust on-. 28th June 2024
B.E.E. Smith - Director
The notes on pages 11 to 17 fomi part of these financial statements.

The Manifold Charitable Trust
Year ended 31 December 2023
Cash flow statement for the year ended 31 December 2023
2023
2022
Net cash used In operatlng actlvltles
Cash flovts from Snvestlng a¢tlvStles:
Dividends, interest and rents from investments
Net cash provided by investing activities
{348.1581
(692, 131)
645 405
645 405
Change In cash and cash equivalents Sn the reporting period
338.669
(46. 726)
Cash and cash equivalents at the beginning of Iho reporting period
517 797
564 523
Cash and cash equivalents at the end of the reporting period
Reconciliatlon of net Incorne lo net cash flow from operating actlvltles
2023
2022
Not Intomèlld•flcltl for th• r•portlng p•rlod1os th• Statom•nt of
Financlal Activitl8sl
Adjustments for:
(Gainsllloss on investments
Additions to investments
459,243
(3TI,518)
(165,3821
12,906,587)
2,836,712
{686,8271
14,917
479,473
Disposal of investments
Dividends, interest and rents from investments
Decreasellincreasel in debtors
Increaselldecreasel in creditors
(645,405)
(100,976J
Net cash used In operatlng actlvltles
Analysis of cash and cash oquivalgnls
2023
2022
Cash in hand
Totsl cash and cash equivalents
The notes on pages 1110 17 fomi part of these financial stalements.
10

The Manifold Charitable Trust
Year ended 31 December 2023
Notes to the financial statements for the year ended 31 December 2023
Principal accounting policies
1.1 Charity information
The Manifold Charitable Trust is registered as an unincorporated charity with the Charity Commission, England and
Wales Iregislered no. 229501 }- The address of ils principal and regislered office is 51 Hanover Gardens, London,
SE11 5TN.
1.2 Basis of preparation
The financial statements have been prepared in accordance with Accounling and Reporting by Charities.. Statement
of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS
10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 and the Charities
Act2011.
The financial statements have been prepared under historical cost convention with the exception of investments
which are included al market value.
The Manifold Charitable Trust meets the definition of a public benefit entity under FRS 102.
1.3 Going concern
After making enquiries, the Trustee has a reasonable eXpeCta￿On that the Charity has adequate resources lo continue
ils activities for the foreseeable future and there are no material uncertainties about Ihe going concern assumption.
Accordingly, the going concern basis continues lo be adopted in preparing the financial statements as outlined in the
Sialemenl of Trustee's responsibility.
1.4 Investment Income
Investment income is accounted for in the year in which il is receivable. Rental income is accounted for in advance
on the dale il falls due.
1.5 Grants payable
Grants payable have been recognised in the financial stslements when the Charity has formally approved the
application for grant monies, at a Directors, Meeting and this has been communicated lo the third paty.
1.6 Debtors
Other debtors are recognised al the settlement amount after impaimients.
1.7 Cash and cash equlvalents
Cash is represented by cash in hand and deposits with financial inslitutsons.
1.8 Credltors
Creditors are recognised where the Charity has 8 present oblig8tion resurting from 8 past event that will probably
result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated
reliably. Creditors are normally recognised al their settlement amount after allowing for any trade discounts due.

The Manifold Charitable Trust
Year ended 31 December 2023
1.9 Fund accounting
General funds are unrestricted fvjnds whith are available for use al the discretion of the Trustee in furtherance of the
general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise
unreslricled funds that have been set aside by Ihe Trustee for pa￿'CUlar purposes. The aim and use of each
designated fund is sel out in the notes to the financial stslemenls.
1.10 Investment property
This is accounted for al market valu8. The Truste8 performs an annual review of the property for consideration of
impairment or increase in value. In 2023 a desktop review was undertaken by the directors of the Trustee. This
included a consideration of the mart(et trends and other available data, including the renewal of the lease on the
property and the increased rent.
1.11 Unlt trust Investments
Investments shown are accounted for al market value as at the Balance Sheet date.
Gains or losses arising on the revaluation of inveslments are credited or charged lo the Statement of Financial
Aclivilies.
1.12 Penslon costs
The cost of any pension would be charged to Ihe Stalemenl of Financial Activities and would be disclosed in Note 8
to the financial slalemenls if applicable.
1.13 Resources expended
Resources expended are split belween expenditure on raising funds and charitable activit￿s. It is clear into which
category the various items of direct expenditure fall and indirect expendilure is split on the basis of staff lime spent
on the vanous tasks. Govemance costs contsin ihose costs associated with conslilulional and slatulory
requirements.
1.14 Taxatlon
As a registered Charity, the entity is entitled lo taxation exemptions on all its income and gains. property applied for
ils charitable purposes.
1.15 Flnanclal Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised al transaction value and subsequently measured at their
settlement value.
1.16 Slgnlflcant estlmates and judgements
In the preparation of these financial slalements management has not been required to make signifi'cant judgements
or estimates other than the current valuation of the property taking into account market trends and other available
data.
2. Analysls of Incomlng resources
2023
2022
Income from investrn8nts
Rental income
550,000 550,000
133.261
95,405
Dividends
Bank interest
12

The Manifold Charitable Trust
Year ended 31 December 2023
Analysis of resources expended
Grants
and
donations
Staff Insurancel
costs
repairs
on rental
property professional
fees
Audit.
Bank
accountancy charges
& office
costs
Total
2023
Total
2022
Expenditure
on gengrating incomg
Generating
rental income
Investment
management
(1.317)
12,045
10,728
11,323
1439}
115
(3241
T07
Sub40ts1
1.756
12,045
115
12.030
Expendlture on
charitablg a¢tlvltle$
Grants
awarded
369.587 12.635)
366,952 $16,665
- Governan¢e
15.610
15,610
8,755
Sub4otal
369,587
2,635
15.610
382 562 525.420
TOTAL
369.587
4,391
12.045
15,610
115 392,966 537.450
Support costs tolalled £23,37912022'. £23,842) and included staff, office and govemance costs.
4. Statement of Funds
Designated funds of the Charity include grants offered on condits'ons yet to be fulfilled. A transfer has been made to
the designated fund to reflect the increased commitments made in the year. They are more than Covered by liquid
assets and listed inveslmenls. Funds designated lo Eton bursaries and other such relevant grants are ring fenced as
although they are not committed lo as al 31 December 2023 they will be in the future.
Ngt
(expgnditurg11
incomg
At31
December
2023
At l January
2023
Invgstmgnt
gains
Transfgrs
Designated funds
Grants committed
1,288,550
{286,587
248,037
1.250,000
UnroStri¢ted funds
General fund
11931043
165382
12428 836
21
13

The Manifold Charitable Trust
Year ended 31 December 2023
Net
(expenditurey
income
At 1 January
2022
Investment At 31 December
(loss)
2022
Transfers
Designated funds
Grants committed
1,495, 170
(454,608)
247,988
1,288,550
Unrestricted funds
General fund
12 095 941
247 988
479 473
11931043
47
47
5. Net assets by fund
Fixed asset
investments
Net
current
assets
Totsl
2023
Designated
funds
1.250.000
1.250.000
Unrestricted
funds
11654185
774 651
12 428 836
Fixed asset Net ¢urffjnt
investments
assets
Tot81
2022
Designated
funds
7,288,550
7,288,550
Unrestricted
funds
17 380378
550 665
17 931043
14

The Manifold Charitable Trust
Year ended 31 December 2023
Grants made
Total grants of £369,587 were made during the year. Grants of £286.587 were given over to Elon College to provide
bursaries. £45,000 to the Amber Foundation to provide employment training for disadvantaged yOLJng people and
£13,000 was donated to Shottesbr(KJke Church to contribute to rnnning costs. The Trustee considered that none of
the remaining grants that were made were material.
Auditorfs remuneration
2023
2022
Fees paid lo the auditor- in respect of audit services
Fees paid lo the auditor- in respect of other services
800
550
Employee's remunerntlon and expenses
2023
2022
Salaries
Social security costs
(4.391)
4,996
100
Staff costs for 2023 lotslled £7,333. During the year 8 historic accnjal of £11,724 relating to employee's
remuneration was released which gives rise lo the negative figure in this year's statement of financial activities.
The directors of the Trustee company received no remuneration. expenses or beneffts in kind12022.' nill. No
employee received more than £60,000 in either financial year.
During the year, pension banefils were accnJing lo no employees12022'. none}. and no former employees {2022:
none).
The average number of employees dunng the year was 1 {2022'. 11 and they are key personnel.
Freehold Investment property
2023
2022
Market value at 1 January and 31 December
7,100.000
T, 100,000
10.
Listed investments
2023
2022
Market value al 1 January
Additions
5.568,928
2.906,587
{2.836.712)
165 382
6,048,401
Disposals
Gainsl{lossl on investments
Market valug at 31 D9￿Mbor
479 473
Historical cost at 31 December
4 918 080
All these investments are listed and held in the United Kingdom.

The Manifold Charitable Trust
Year ended 31 December 2023
11.
Creditors: amounts falling duo within one year
2023
2022
VAT
28,552
73,671
1,34t
Other creditors - grants- see below
Accnjals and deferred income
other creditors movomont
2023
2022
Balance as at 1 January
Grants awarded during the year
Total grants paid during the year
Balance as at 31 December
369,587
295 916
513,608
513 608
12. Related party transactlons
There were no related paty transactions in either year.
13.
uitlmate controlllng party
The Trustee company manages the Charity in accordance with the Tnjst Oeed. By virtue of their control of the
composition of the board of directors of the Trustee company. the shareholders represent the ultimate controlling
party of The Manifold Charitsble Trust.
16

The Manifold Charitable Trust
Year ended 31 December 2023
14.
Financial instruments
2023
2022
Flnan¢S8l assets
Financial assets measured at fair value
5 804 185
5 568 928
Financial assets measured at fair value comprise of listed investments.
15. Operating leases
The future minimum lease payments lo be received under non-cancellable operaling leases were as follows..
2023
2022
Not later than one year
275 000
On 20 May 2020 the lease was renewed for five years from December 2019.
17