OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2021

INDEX

PAGE
Report of the Trustees 2 - 4
Independent Examiner’s report 5
Statement of fnancial activities 6
Balance sheet 7
Accumulated Income Fund 8
Capital Fund and Investment summary 9
Management expenses 10
Donations paid 11
Accounting policies 12

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021

Administrative information, governance and management

Trustees Mr P E Haynes FCA Mr W J Wallis BA FCA Honorary Secretary Mr W J Wallis, 5 Harestone Drive, Caterham, Surrey CR3 6HX Board of Advisors Prof. C C Dyer CBE, BA, PhD, FBA, FSA, FRHS Dr R Jackson BA, PhD Mr Peter Draper MA, FSA

Independent Examiner Mr D P Wheeler, FCCA Braidwood Wheeler and Co, Chartered Certified Accountants

Goodman House, 13a West Street, Reigate, Surrey, RH2 9BL

Investment Managers Investec Wealth & Investment Limited, 30 Gresham Street, London, EC2V 7QN

Bankers Kent, ME19 4JQ

Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Telephone Trustees: 01737 842186 / 01883 347763

Email: philip.haynes@tiscali.co.uk

The Trust is a registered charity operating in accordance with a Trust Deed dated 22 December 1975, under which the late Dr M F B Fitch established a Trust Fund. The trustees hold this Fund, both capital and income, for such exclusively charitable purposes as they may determine. The Trust Deed provided specifically for a power of accumulation, so as to add to the Capital of the Fund, for a period of 21 years from the date of its execution. This period ended on 21 December 1996.

Following the Settlor’s death, the Trustees have the power to appoint new and additional Trustees. The Trustees also appoint Advisors from time to time to provide informed comment on applications for donations.

The Trustees are required under the Trust Deed and the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust, and of its income and expenditure for that year.

In preparing the financial statements, the Trustees are required to:

The Trustees are also responsible for:

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021

(continued)

The Trustees have reviewed the risks that the charity might face and are satisfied that appropriate and effective procedures are in place to minimise any potential impact should any of those risks materialise. The Trustees regularly review the position. The principal risks concern investment performance and the Trust’s ability to continue to meet its objectives.

The Capital Fund represents a permanent endowment to which no further additions are expected and is represented by Stock Exchange investments which the Trustees expect to increase in value so as to more than match changes in real purchasing power and inflation in the long term whilst providing sufficient income to enable the Trustees to make those grants and donations they agree upon and which fall within the Trust’s objectives.

The Trust has no income other than the dividends and interest derived from its invested capital and deposited funds. The Trust Deed imposes no restrictions on the nature of investments in which the funds of the Trust may be invested.

Objectives, and activities for the public benefit

During the Settlor’s lifetime, the income of the Fund was distributed broadly to reflect his interests in the conservation of culture inherited from the past and the dissemination of knowledge, particularly in the humanities field. Since the Settlor’s death, in April 1994, the Trustees have continued to support these interests and it is their present intention to continue with this policy but whilst income is reduced due to the current economic conditions they are concentrating on physical conservation projects..

Applications for donations are received by the Trustees or put forward by the Advisors. The Trustees apply their discretion, with informed comment from their Advisors, as to which should be supported, generally in respect of specific projects. General administrative and/or operational costs are not felt to fall within these objectives and donations are only made to recognised charitable organisations. The Trustees have complied with the requirement to have due regard to public benefit guidance published by the Charity Commission but believe that all recipient charitable organisations meet the appropriate public benefit test. No donations are made to individuals.

The Trustees meet twice a year with the Advisors in order to identify and discuss the merits of a variety of projects which broadly accord with the objectives referred to above, donations being made as and when appropriate.

Achievements and performance

Total donations approved and paid or committed during the past ten years have been as follows:

£
2011/12 57,031
2012/13 73,312
2013/14 75,500
2014/15 100,546
2015/16 89,722
2016/17 81,247
2017/18 87,427
2018/19 91,165
2019/20 93,309
2020/21 65,702
Details of donations made & committed during the year are set out on page 11.

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021

(continued)

Investec Wealth & Investment Limited has been appointed by the trustees to manage the investment portfolio and an Investment Management Agreement has been agreed with them. Outline details are shown on page 9 setting out a broad analysis of the portfolio and its performance over the year. Portfolio management fees continue to be charged to the capital fund together with other fees relating to investments.

Performance is considered on a medium/long term basis in view of the endowed nature of the investment portfolio, quarterly reports are received and meetings with the fund managers held when considered necessary to review performance and the Trust’s future requirements.

The Trust Deed sets no restrictions on the investments which may be made and, after due consideration of all relevant issues, the Trustees have decided not to place any restrictions on the investments which may be made by the fund managers within the Discretionary Agreement entered into.

Financial Review and Reserves Policy

The financial statements for the year ended 5 April 2021 are set out on pages 6 to 12. As indicated in the Accounting Policies on page 12, the financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities (“Charities SORP (FRS 102)”).

The main items in the Income Account, set out on page 8, are as follows:

2020/202 2019/202
1 0
£’000 £’000
Investment income 73 94
Management expenses (7) (7)
Donations paid (66) (93)
(Defcit) carried to Income Fund - (6)

Investment income decreased during the year, reflecting the dividend restrictions necessitated by the Coronavirus pandemic in Spring 2020. Donations made decreased as compared to previous years but reflected the investment income anticipated for the year .

The Trustees’ believe that the structure of the portfolio will continue to deliver an acceptable level of income, despite the continuing effects of the economic slowdown on dividends receivable, enabling them to respond appropriately to the requests for relevant donations they receive. It is anticipated that the value of the underlying investments will gradually increase in value to regain the losses previously experienced and subsequently to grow at least in line with general inflation over a period of years.

Taking one year with another, the Trustees expect to distribute net income arising, after management expenses, whilst retaining sufficient funds to meet any non-binding indicative support they may have given. Provision is made in the financial statements for any binding commitments made in respect of donations to be paid in subsequent years.

P E Haynes …………P E Haynes W J Wallis …….……W J Wallis Trustees

25[th] June 2021

THE AURELIUS CHARITABLE TRUST

Independent examiner’s report to the trustees of The Aurelius Charitable Trust

I report to the trustees on my examination of the accounts of the Aurelius Charitable Trust for the year ended 5[th] April 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation 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 as required under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act.

Independent examiner’s statement

I have completed my 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 material respect:

  1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. That accounts do not accord with those records; or

  3. That accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than the requirement that the accounts give a ‘true

  4. 5 -

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.

David Wheeler - Independent Examiner

David Wheeler FCCA Braidwood Wheeler & Co Chartered Certified Accountants Goodman House 13a West Street Reigate Surrey RH2 9BL

Dated: 28[th] June 2021

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2021

Accumula Total
Pa ted Endowed Total Funds
ge Income Capital Funds 2020
Fund Fund 2021 £
£ £ £
Incomefrom
Investments 72,522 72,522 94,508
Bank and deposit interest 14
 14 113
Total Income 8 72,536 72,53 94,62
6 1
Expenditureon
Raising funds 9/1 29 15,70 16,00
- 6 -
0 5 8 3 17,130
Charitable donations 65,70 65,70 93,03
11 2 2 9
Management expenses 6,57 6,57 6,55
10 0 0 8
Total expenditure 72,5 15,70 88,27 116,72
67 8 5 7
Net gains/(losses) on sale of
investments 58,08 58,08 (36,65
9 4 4 9)
Net Income/(Expenditure)
for the year 42,37 42,34 (58,7
(31) 6 5 65)
Gains/(Losses)/on revaluation
of investments 322,81 322,81 (407,69
9 5 5 0)
Net Movement in Funds (31) 365,191 **365,160 ** (466,255)
Reconciliation of funds
Fund balances brought 12,22 2,107,99 2,120,22 2,586,47
forward 3 7 0 5
Fund balances carried 12,1 2,473,1 2,485,3 2,120,2
forward 92 88 80 20

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2021

2021 2020
Pag
e £ £ £ £
Investment assets:
Investments at market value 9 2,395,260 1,978,185
Investec Wealth &
Investment – 9
Cash held on investment
account 64,129 115,432
Total fxed assets 2,459,389 2,093,617
Current assets:
Debtors:
Dividends & interest
receivable 18,761 18,154
Bank balances 24,356 18,780
Total current assets 43,117 36,934
Liabilities:
Accrued expenses 7,838 10,331
Grants committed 9,288
 -
17,126
 10,331
Net current assets 25,991 26,603
Total net assets
2,120,2
2,485,380 20
The Funds of the charity:
Endowed Capital Fund 9 2,473,188 2,107,997
Accumulated Income Fund 8 12,192 12,223
Total Charity Funds
6 2,485,380 2,120,220

These accounts were approved and signed by the Trustees on 25[th] June 2021

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2021

2021 2020
Page £ £
Investment income and interest 6 72,536 94,621
Direct charitable expenditure
Donations paid, committed and conditional 11 65,702 93,039
Management expenses 10 295 907
65,997 93,946
Other expenditure
Accountancy and review fees 10 6,570 6,558
Expenditure on Income Account 72,567 100,504
(Defcit) for the year (31)
)		 (5,883
Opening balance 12,223 18,106
Closing balance 12,19 12,22
7 2 3
Represented by:
Cash at bank (2,685) 669
Debtors 18,761 18,154
Creditors (3,884) (6,600)
12,22
12,192 3

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2021

Page 2021 2020
£ £
Opening balance 2,107,997 2,568,369
Realised gains/(losses) on sales of (3
portfolio investments 58,084 6,659)
Unrealised (losses)/gains on portfolio 322,815 (407,490)
investments
2,488,896 2,124,220
Less:
Investment management fees 15,708 16,223
Closing balance 7 2,473,188
2,107,997
Represented by:
Investment Portfolio 7 2,459,389 2,093,617
Creditors (13,242 (3,731
) )
Cash at bank 27,041 18,11
1
2,107,9
2,473,188 97

INVESTMENT PORTFOLIO SUMMARY as at 5 April 2021

5 April 5 April
Structure of Portfolio Actual Agreed 2021 2020
Ranges Ranges £ £
Fixed Interest Stocks & Funds 12.48% 10-25% 306,901 324,741
UK Equities & Funds 53.02% 50-70% 1,304,009 1,019,377
15.77% 5-20% 387,92
International Equities & Funds 8 258,098
Property, Infrastructure & Alternative 16.12% 5-23% 396,42 375,96
Funds 2 9
2.61% 0-10%
Cash and money market instruments 64,129 115,432

Total

2,459,389 2,093,617

Historical Cost of Investments

2,094,434 2,128,374

The agreed ranges and benchmarks were agreed with Investec Wealth & Investment Ltd to apply from 21 August 2020.

THE AURELIUS CHARITABLE TRUST

MANAGEMENT EXPENSES

for the year ended 5 April 2021

Page 2021 2020
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 5,876 5,890
Independent Examination Fee 694 668
8 6,570 6,558
Grant management expenses including bank charges 295 907
6,865 7,465
Management expenses chargeable to capital
Investment Management fees 15,708 16,223
9 15,708 16,223
Total management expenses 22,573 23,688

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2021

----- Start of picture text -----
PAID: £
Exeter Cathedral – re Three Medieval Doors Project 4,156
Ashmolean Museum – re conservation of 100 woodblock prints One 3,000
Hundred Views of New Tokyo
Licoricia of Winchester Statue Appeal – re Bronze Statue of 13 [th] C. Jewess 1,000
Licoricia of Winchester
Thomas Plume’s Library – re restoration of library 2,500
West Somerset Railway Association – re restoration of a 1924 Small Prairie 3,500
4561 steam locomotive
Devon & Cornwall Record Society – re publication of The Exeter cloth 3,000
dispatch book 1763-5
West Dean College – re funding for conservation equipment 2,995
City of Wells Almshouses – re restoration of Medieval Screen in Chapel 2,000
Norfolk & Norwich Archaeological Society – re Fransham monograph 1,364
illustrations
Lapal Canal Trust – re restoration of Dudley No 2 Canal 2,000
Cornwall Archaeological Society – re book entitled Ancient & High Crosses 1,000
of Cornwall
Ruralia (Dutch charity) – re Ruralia X111 Publication on seasonal 1,000
Settlements
University of Hertfordshire Press – re book by Maggie Kilbey Music-making 2,035
in the Hertfordshire Parish 1760 - 1870
National Museum of the Royal Navy – re acquisition of 10 unique Armada 5,000
Maps at auction
Minehead Museum – re digitisation of images of Minehead 2,000
The Wasps Trust – re restoration of Victorian Ironwork in former school in
B listed Midmills Building for The Inverness Creative Academy 3,500
British Museum – re publication of the Ceramics from the Red Sea Ports of
Myos Hormos and Berenike 2,500
RNLI – re archive cataloguing project 2,500
Museum of Leathercraft – re conservation of Kite Collection of fur clothing 1,500
& accessories
St James the Great, Dauntsey, Wilts PCC – re repair & refurbishment of 2,500
historic windows & glass
Blandford Forum Parish Church – re repair & restoration of church roof 1,500
Suffolk Building Preservation Trust – re repair & redecoration of exterior of 2,000
Little Hall, Lavenham
St John’s Hospital Trust, Canterbury – re conservation work on 3 medieval 3,864
chests at the alms house
£56,41
4
COMMITTED:
Jane Austin’s House Museum – re urgent & essential roof repairs to 5,000
conserve museum contents
University of Leicester – re illustrations for book Peasants making history 1,288
by Prof C C Dyer
£6,28
8
CONDITIONAL:
----- End of picture text -----

----- Start of picture text -----
Nautical Archaeological Society – re conservation of material from The
London, a Cromwell era ship £3,00
0
TOTAL: £65,70
2
----- End of picture text -----

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2021

interest falling due for payment within the accounting period.