Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST** **ANNUAL REPORT AND ACCOUNTS** **FOR THE YEAR ENDED 31st MARCH 2024** Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **TRUSTEES ANNUAL REPORT FOR THE YEAR TO 31st MARCH 2024** ## **CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST CHARITY NUMBER 268012** ## TRUSTEES P. Aiers The Master of Charterhouse Dr A. Peterken The Head of Charterhouse School J. Bell R. Munns Resigned April 25th, 2023 G. Barling Resigned May 10th, 2024 I. Bhattacharyya The Treasurer of the Old Carthusian Club Appointed May 10th, 2024 S. Cooke Rev R. Lloyd Resigned April 25th, 2023 P. Mason Hon Secretary W. McMullan Hon Treasurer P. Goodliffe Resigned April 25th, 2023 C. Dawkins Appointed April 25th, 2023 A. Motion Appointed April 25th, 2023 Address: 3 The Footpath London SW15 5AW 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 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **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 2024. 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: 1. The Master of Charterhouse for the time being in London 2. The Headmaster of the School 3. 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** One new grant application was considered and awarded during the year (2023: no applications awarded). ## **Financial Review** The net movement in funds in the year was an increase of £79k (2023: decrease of £82k) primarily due to gains on investment assets which were offset by grant commitments exceeding investment income. At year end net assets and reserves stood at £1,443k (2023: £1,364k) including cash of £139k (2023: £138k). Grant commitments at year end were £60k (2023: £55k) and £nil (2023: £33k) has been committed since the year end. Page 2 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **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 2024, 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 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **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: - Select suitable accounting standards; - Make judgments and estimates that are reasonable and prudent; - State whether applicable accounting standards and statements or recommended practice have been - followed, subject to any departures disclosed and explained in financial statements; and - 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 Sandison Lang to undertake the independent examination of the Trust. Signed on behalf of the Trustees …………………………………. P.Mason Page 4 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **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 2024, which are set out on pages 6 to 9. ## **Independent examiner's report to the trustees of Charterhouse War Memorial and Tercentenary Trust** I report to the charity trustees on my examination of the accounts of Charterhouse War Memorial and Tercentenary Trust for the year ended 31st March 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the prepartaion of the accounts in accordance with the requirements of the Charities Act 2011 ('The Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have follwed all applicable directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed by examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any materal respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and contact of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Francine Hamilton ACCA Sandison Lang 2 St Mary's Road Tonbridge Kent TN9 2LB ….............................................. 16 September 2024 Page 5 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024** ## **INCOMING RESOURCES** |Resources from generated funds
**Note**
Income from investments
7
Interest receivable
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/(outgoing) 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**|**2024**
**£**
28,380
294
28,674
32,623
8,761
60
8,821
-
360
360
41,804
(13,130)
92,461
79,331
1,364,137
1,443,468|**2023**
**£**
27,845
183
28,028
54,631
9,025
72
9,097
-
260
260
63,988
(35,960)
(45,805)
(81,765)
1,445,902
1,364,137| |---|---|---| Page 6 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST BALANCE SHEET 31st MARCH 2024** |**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|**2024**
**£**
1,363,450
138,835
1,482
140,317
60,299
80,018
1,443,468
1,208,716
234,752
1,443,468|**2023**
**£**
1,280,224
137,571
1,333
138,904
54,991
83,913
1,364,137
1,116,255
247,882
1,364,137| |---|---|---| Signed on behalf of the trustees P. Mason W. McMullan Dated 10/17/2024 2024 Page 7 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024** ## _**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. b) Investment income is reported when received or accrued by the investment manager. - c) Gift Aid reclaimable on donations is included with the amount received. - 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. - e) Other expenditure is included in the accounts on an accrual basis. Irrecoverable VAT is charged as incurred. - f) Quoted investments have been valued at market value at the balance sheet date. g) Unrealised and realised investment gains and losses are shown net in the financial statements. - 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 ( 2023 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
10,000 United Kingdom Inflation-Linked Gilt
5,000 Phoenix Group Holdings Plc
30,680.639 Royal London Short Term Money Market Fund
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/ (loss) on revaluation
Market value as at year-end|**Cost**
**Price**
**£**
**£**
142,102
2.246
349,134
172.740
193,654
1.526
203,333
1.291
14,146
1.458
36,102
5.526
30,000
1.983
4,067
5,775
978,312
**2024**
**£**
1,280,224
29,146
(38,574)
193
92,461
1,363,450|**Market**
**value**
**£**
256,561
542,975
260,792
220,623
14,581
27,630
30,446
4,067
5,775
1,363,450
**2023**
**£**
1,334,675
30,088
(51,820)
13,086
(45,805)
1,280,224| |---|---|---| Page 8 Docusign Envelope ID: 95A9EDF9-4134-4286-9F5E-CD15965CF99A ## **THE CHARTERHOUSE WAR MEMORIAL AND TERCENTENARY TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31st MARCH 2024** |**_5. Creditors_**
Case 6
Case 7
Case 8
Examiner's fees
**_6. Grants of Assistance_**
Case 6
Case 7
Case 8
**_7. Income from Investments_**
European Bank for Reconstruction & Development
Currency interest and foreign exchange gains
United Kingdom Inflation-Linked Gilt
Royal London Short Term Money Market Fund
Atrato Onsite Energy Plc
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|**2024**
**£**
14,275
13,041
32,623
360
60,299
**2024**
**£**
32,623
32,623
**2024**
**£**
326
395
18
651
-
1,300
-
6,993
8,090
5,440
123
5,044
28,380|**2023**
**£**
28,549
26,082
360
54,991
**2023**
**£**
28,549
26,082
54,631
**2023**
**£**
265
238
-
-
555
2,540
660
4,977
7,054
4,531
164
6,861
27,845| |---|---|---| ## _**8. Related Party Transactions**_ There were no transactions with related parties during the year (2023: none). ## _**9. Events Subsequent to the Reporting Date**_ At the Trustee meeting held on 13 May 2024 no new grant applications were approved. Page 9