## **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|



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## **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: 

- select suitable accounting policies and apply them consistently; and 

- make reasonable and prudent judgements and estimates. 

The Trustees are also responsible for: 

- keeping proper accounting records; 

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- safeguarding the Trust’s assets; and 

- taking reasonable steps for the prevention and detection of fraud. 

## **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: 

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||£|
|---|---|
|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)|



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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 

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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**|**£**|
|||£|£||£||
|**Income**from|||||||
|Investments||72,522|||72,522|94,508|
|Bank and deposit interest||14<br>|||14|113|
|**Total Income**|8|**72,536**|||**72,53**|**94,62**|
|||||**6**||**1**|
|**Expenditure**on|||||||
|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**|



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## **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<br>|||-|
|||**17,126**<br>||**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 

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_P E Haynes_ 

_W J Wallis_ 

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## **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)**|<br>**)**|**(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**||



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## **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|



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**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. 

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## **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**|



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## **THE AURELIUS CHARITABLE TRUST** 

## **DONATIONS PAID & COMMITTED** 

## **for the year ended 5 April 2021** 


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


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


## **THE AURELIUS CHARITABLE TRUST** 

## **ACCOUNTING POLICIES** 

## **for the year ended 5 April 2021** 

- 1 The charity is a public benefit entity. 

- 2           The accounts have been prepared in accordance with The 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 (Charities SORP (FRS 102)). 

- 3            Income from the investment portfolio is accounted for by reference to the payment date of dividends and 

interest falling due for payment within the accounting period. 

- 4 Interest  on  bank  accounts  and  cash  held  within  the  investment  portfolios  is accounted for on a receipts basis, interest being credited on a quarterly basis. 

- 5 All income is accounted for gross. Dividends declared on accumulation shares are added to the cost of investment. 

- 6 The portfolio of investments is shown at market value, with unrealised surpluses or deficits being disclosed in the Statement of Financial Activities. Realised surpluses and deficits are also shown in the Statement of Financial Activities. All investment surpluses and deficits are credited to the Capital Fund. Interest accrued on fixed interest securities at the valuation date is not included in the financial statements 

- 7 Investment portfolio management fees are charged to the Capital Fund together with other professional fees relating to the investment portfolio. 

- 8            Expenses incurred are reimbursed to trustees. Professional fees payable to one trustee are disclosed on page 10. 

- 9           The Trust does not meet the definition of a ‘larger charity’ as set out in the Charities SORP (FRS 102) so is not required to prepare a Cash Flow Statement. 

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