CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31st MARCH 2022
TRUSTEES ANNUAL REPORT FOR THE YEAR TO 31st MARCH 2022
CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST CHARITY NUMBER 268012
| TRUSTEES | ||
|---|---|---|
| P. Aiers | The Master of Charterhouse, appointed April 1st, 2022 | |
| Dr A. Peterken | The Headmaster of Charterhouse School | |
| A. Kenrick OBE | Resigned April 1st, 2022 | |
| J. Bell | ||
| R. Munns | ||
| G. Barling | Hon Treasurer the Old Carthusian Club | |
| P. Goodliffe | Hon Secretary | |
| Rev R. Lloyd | ||
| P. Mason | ||
| L. Wilson | ||
| W. McMullan | Hon Treasurer | |
| Address: | ||
| C/O The Foundation Office | ||
| Charterhouse | ||
| Godalimng | ||
| Surrey | ||
| GU7 2DX | ||
| Investment Managers : | ||
| Veritas Investment Partners (UK) Limited | ||
| Riverside House | ||
| 2a Southwark Bridge Road | ||
| London SE1 9HA | ||
| Bankers: | ||
| CAF Bank Ltd | ||
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent ME19 4JQ |
Page 1
CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST REPORT OF THE TRUSTEES
The Trustees present their report along with the financial statements of the charity for the year ended 31st March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1.
Structure, Governance and Management
The Charterhouse War Memorial Trust (the Trust ) was an unincorporated trust constituted by a trust deed dated 27th June 1974 in order to receive the surplus of the funds collected to erect a war memorial to those who lost their lives in the two world wars. By a written resolution of the trustees of the former charity known as the Charterhouse Tercentenary Fund ( CTF ) (charity no 268012-1) with effect from 31st March 2015 the assets of the CTF were transferred to the Trust to be applied pursuant to the terms of a Scheme of the Charity Commission dated 12th June 2014, under which the property of the CTF is to be administered as part of the property and in accordance with the Trust. The CTF was set up by a trust deed dated 1st April 1912 in order to commemorate the 300th Anniversary of the Foundation of Charterhouse. The sum of £5,378.11s 6d was subscribed.
The Trustees of the Trust (Trustees) shall not be less than nine and a maximum of ten in number of whom three shall be Ex-Officio namely:
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The Master of Charterhouse for the time being in London
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The Headmaster of the School
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The Treasurer of the Old Carthusian Club
The Trustees meet not less than once a year or at such other intervals when there are requests for grants to be considered. The administration, processing and handling of applications prior to consideration by the Trustees is delegated to the Hon Secretary.
Trustees are either Ex-Officio or elected following a recruitment process managed by the Hon Secretary using Carthusian alumni. Due regard is given for the expertise the trust may, from time to time, need as part of its cohort of trustees. Shortlisted potential trustees are invited to submit a brief resume and put themselves forward for election where the present trustees vote for their preferred candidates. Elected trustees may put themselves forward for re-election every three years.
Objectives
The Trustees make grants in furtherance of charitable purposes beneficial to Charterhouse School of Godalming in the county of Surrey or to past or present pupils of the School.
Activities
No new grant applications were considered or awarded during the year (2021: one application awarded). The Trustees initiated a review of the charity's investment manager.
Financial Review
The net movement in funds in the year was an increase of of £170k (2021: £199k) primarily due to gains on investment assets. At year end net assets and reserves stood at £1,446k (2021: £1,276k) including cash of £110k (2021: £121k). Grant commitments at year end were £nil (2021: £52k) and £55k has been committed since the year end.
Page 2
CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST REPORT OF THE TRUSTEES (continued)
Grant Making Policy
Assistance has been focused on assisting pupils of the School by making grants towards school fees. The circumstances may be, for example, redundancy, business failure, serious illness or death of the main income earner of their family, and the grant assists the pupil in remaining in the school when otherwise he/she may have to leave prior to a natural break in his/her education.
The Trust invites applications for grants by ensuring that knowledge of the Trust is disseminated widely via the Director of Finance of Charterhouse School, the Headmaster and housemasters as well as including details in applicable School publications. Applicants will normally approach the Director of Finance or the housemaster of the House of the relevant pupil, who will then approach the Trustees.
The Trustees require for grants a financial statement from all applicants. An assessment is made by the Trustees of the financial circumstances of the applicant to determine in their judgment if those circumstances are such as to render financial assistance necessary. References will be noted but the need of the pupil is more important than academic ability when assessing the merits of a request.
Public Benefit
The Trustees have given due regard to the Charity Commission's general guidance on public benefit and, in particular, supplementary guidance on the relief of poverty (or financial hardship) and the advancement of education, when exercising any powers or duties to which the guidance is relevant. The benefits given by the Trust have been grants to relieve financial hardship specifically by assisting pupils at Charterhouse School to continue their education in circumstances which may otherwise have resulted in their removal from the School prior to a natural break in their education. The Trustees are of the view that the benefits are clear; are related to the aims of the Trust; are not detrimental and that no harm results. It is considered that the discharge of the Trust's aim during the year to 31st March 2022, taking into account guidance and relatively limited resources available, satisfy the public benefit test.
Investment Policy
The investment manager is required to produce a balance of income and long term capital growth. For the purposes of monitoring the performance the manager would be considered to be 'constrained by income'.
Reserves Policy
The volume of applications for grants varies from year to year and does not correlate with an economic cycle. The size of grants made has had to increase enormously to make the same impact as it did even a decade ago. There have been many years when grants exceeded income generated in that year. The Trustees are therefore happy to allow reserves to increase to fund future grants and also to have funds available to help with sudden crises.
Page 3
CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST REPORT OF THE TRUSTEES (continued)
Statement of Trustee's responsibilities
Charity law requires the Trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the Trust and its financial activities for the year. In preparing those financial statements the Trustees are required to:
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Select suitable accounting standards;
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Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements or recommended practice have been followed, subject to any departures disclosed and explained in financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in operational existence.
The Trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,
Independent Examiner
The Trustees have asked P.D. Crabbe to continue undertaking the independent examination of the Trust.
Signed on behalf of the Trustees
………………………………….
P.G.Goodliffe
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST
I report on the accounts of the Trust for the year ended 31st March 2022, which are set out on pages 6 to 9.
Respective responsibilities of trustees and examiner
The charity's Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and an independent examination is needed.
It is my responsibility to
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Examine the accounts under section 145 of the 2011 Act;
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To follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) of the 2011 Act; and
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State whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts and explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view by the accounts.
Independent examiner's statement
In the course of my examination no matters have come to my attention, which give me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that:
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Proper accounting records are kept (in accordance with section 130 of the 2011 Act); and
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Accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act
or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
………………………………………
P.D.Crabbe
Page 5
THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2022
INCOMING RESOURCES
| Resources from generated funds Note Income from investments 7 Total incoming resources Charitable activities Grants of assistance 6 Cost of generating funds Investment management and custody fees Bank charges Governance cost Legal fees Examiner fees Total resources expended Net incoming resources OTHER RECOGNISED GAINS OR LOSSES Realised and unrealised gains (losses) on investment assets NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD RESOURCES EXPENDED |
2022 £ 25,737 25,737 (15,000) 8,739 95 8,834 - 500 500 (5,666) 31,403 138,869 170,272 1,275,630 1,445,902 |
2021 £ 27,964 27,964 15,842 8,895 69 8,964 390 500 890 25,696 2,268 196,317 198,585 1,077,045 1,275,630 |
|---|---|---|
Page 6
THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST BALANCE SHEET
31st MARCH 2022
| Note FIXED ASSETS Investments 4 CURRENT ASSETS Cash at bank CAF Accrued income CREDITORS Amounts falling due with in one year 5 NET CURRENT ASSETS NET ASSETS REPRESENTED BY Endowment funds Retained income |
2022 £ 1,334,675 110,487 1,240 111,727 500 111,227 1,445,902 1,162,060 283,842 1,445,902 |
2021 £ 1,207,115 120,524 120,524 52,009 68,515 1,275,630 1,023,191 252,439 1,275,630 |
|---|---|---|
Signed on behalf of the trustees
P. Aiers
Dr A. Peterken
Dated 2022
Page 7
THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st MARCH 2022
1. Accounting policies
In preparing the financial statements the following accounting policies have been complied with:
a) The accounts have been prepared under the historical cost convention with the exception that the investments are stated at market value. The accounts are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Charities Act 2011.
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b) Investment income is reported when received or accrued by the investment manager.
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c) Gift Aid reclaimable on donations is included with the amount received.
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d) Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid whichever is the earlier.
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e) Other expenditure is included in the accounts on an accrual basis. Irrecoverable VAT is charged as incurred.
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f) Quoted investments have been valued at market value at the balance sheet date.
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g) Unrealised and realised investment gains and losses are shown net in the financial statements.
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h) The Trustees consider there are no material uncertainties about the charity's ability to continue as a going concern.
2. Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3. Trustees
None of the trustees were paid any remuneration or expenses by the charity in the year ( 2021 none)
4. Investments
| 4. Investments Units held 114,245.4810 Mellon Investments Funds ICVC - BNY Mellon Global Income Fund 3,143.3059 Protea Fund - Veritas High Equity (INC) 170,888.146 TB Evenlode Global Income 170,919.531 Trojan Global Income Fund 200 Franco-Nevada Corp. 5,000 Phoenix Group Holdings Plc 30,000 Home Reit PLC 12,996 Atrato Onsite Energy PLC Cash held within the investment portfolio - Capital Cash held within the investment portfolio - Income Movement in Investments Market value brought forward Additions to investments at cost Disposals at carrying value Cash released from or used in investments Net gain on revaluation Market value as at year-end |
Cost Price £ £ 142,102 2.089 349,134 153.720 193,654 1.425 203,333 1.343 20,022 121.360 36,102 6.140 32,713 1.240 13,001 1.125 26,822 5,998 1,022,881 2022 £ 1,207,115 81,816 (35,000) (58,125) 138,869 1,334,675 |
Market value £ 238,693 483,189 243,550 229,630 24,272 30,700 37,200 14,621 26,822 5,998 1,334,675 2021 £ 1,020,417 522,720 (520,489) (11,850) 196,317 1,207,115 |
|---|---|---|
Page 8
THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st MARCH 2022
| 5. Creditors Case 3 Case 4 Case 5 Examiner's fees 6. Grants of Assistance Case 2 Withdrawn Case 3 Withdrawn Case 5 7. Income from Investments Henderson - Global Equity Income Fund Invesco Perpetual - Global Equity Income Fund Intermediate Capital Group - 6.25% Currency interest and foreign exchange gains London Stock Exchange - 4.75% Phoenix Life - Variable 7.25% Phoenix Group Holdings Plc Home Reit PLC TB Evenlode Global Mellon Inv Fnd - BNY Mellon Global Inc Fund Protea Fund - Veritas High Equity (INC) Franco-Nevada Corp Trojan Global Inc Fund |
2022 £ - - - 500 500 2022 £ - (15,000) - (15,000) 2022 £ - - - 36 1,662 - 2,445 335 5,082 5,855 4,257 102 5,963 25,737 |
2021 £ 15,000 19,050 17,459 500 52,009 2021 £ (6,500) - 22,342 15,842 2021 £ 3,824 2,506 1,094 - 1,663 2,538 - - 3,015 5,215 4,519 28 3,562 27,964 |
|---|---|---|
8. Related Party Transactions
There were no transactions with related parties during the year (2021: none).
9. Events Subsequent to the Reporting Date
At the Trustee meeting held on 26 April 2022 two new grant applications were approved with a financial commitment of £54,631.
Page 9