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2022-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2022

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 and committed 11
Accounting policies 12

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2022

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 Mr Peter Draper MA, FSA Dr Ken Emond MA, PhD (appointed during the year) Dr R Jackson BA, PhD (retired during the year)

Independent Examiner Mr D P Wheeler, FCCA Cheeld 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 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 2022

(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 funds 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.

The Investment Portfolio has been managed on a Total Return basis since 22[nd] April 2021 under which the Trustees may agree to transfer capital to income in order to maintain an acceptable level of donations commensurate with an appropriate increase in the value of the portfolio.

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 or confer 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:

£
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
2021/22 77,187

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 2022

(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 2022 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 Accumulated Income Account, set out on page 8, are as follows:

2021/202 2020/202
2 1
£’000 £’000
Investment income 66 73
Transfer of capital to income 10 -
Management expenses (7) (7)
Donations paid & committed (77) (66)
(Defcit) carried to Income Fund (8) (-)

Investment income decreased during the year, reflecting the lower level of dividends paid following the Coronavirus pandemic, the resultant reduced economic circumstances and

the change to a total return approach to investment. Donations made and committed increased as compared to the previous year but were met in part by a transfer of realised capital gains to income.

The Trustees believe that the structure of the portfolio and the total return approach to investment will continue to deliver an acceptable level of income and capital growth, enabling them to respond appropriately to the requests for relevant donations they receive. It is hoped that the portfolio will more than maintain its value in real terms whilst providing returns to gradually increase the support available for beneficiaries..

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

29[th] June 2022

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 2022.

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 and fair view’ which is not a matter considered as part of an independent examination.

  4. 5 -

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

Dated: 5[th] July 2 022

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2022

Accumula Total
Pa ted Endowed Total Funds
ge Income Capital Funds 2021
Fund Fund 2022 £
£ £ £
Incomefrom
Investments 66,536 66,536 72,522
Bank and deposit interest 7
 7 14
Total Income 8 66,543 66,54 72,53
3 6
Expenditureon
Raising funds 9/1 37 16,48 16,85
0 3 2 5 16,003
Charitable donations 77,18 77,18 65,70
11 7 7 2
Management expenses 6,75 6,75 6,57
10 6 6 0
Total expenditure 84,3 16,48 100,79 88,27
16 2 8 5
Net gains on sale of 49,26 49,26 58,08
investments 9 8 8 4
Net Income for the year (17,773 32,78 15,01 42,34
) 6 3 5
Transfer from capital to 10,00 (10,000 -
income 0 ) -
Gains on revaluation of 43,31 43,31 322
investments 9 0 0 815
Net Movement in Funds (7,773) 66,096 **58,323 ** 365,160
Reconciliation of funds
Fund balances brought 12,19 2,473,18 2,485,38 2,120,22
forward 2 8 0 0
Fund balances carried 4,4 2,539,2 2,543,7 2,485,3
forward 19 84 03 80

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2022

2022 2021
Pag
e £ £ £ £
Investment assets:
Investments at market value 9 2,447,264 2,395,260
Investec Wealth &
Investment Ltd – 9
Cash held on investment
account 79,797 64,129
Total fxed assets 2,527,061 2,459,389
Current assets:
Debtors:
Dividends & interest
receivable - 18,761
Bank balances 30,110 24,356
Total current assets 30,110 43,117
Liabilities:
Amounts falling due within
one year:
Accrued expenses 7,498 7,838
Grants committed 5,970
 9,288
13,468
 17,126
Net current assets 16,642 25,991
Total net assets
2,485,3
2,543,703 80
The Funds of the charity:
Endowed Capital Fund 9 2,539,284 2,473,188
Accumulated Income Fund 8 4,419 12,192
Total Charity Funds
6 2,543,703 2,485,380

These accounts were approved and signed by the Trustees on 29[th] June 2022

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2022

2022 2021
Page £ £
Investment income and interest 6 66,543 72.536
Direct charitable expenditure
Donations paid, committed and conditional 11 77,187 65,702
Management expenses 10 373 265
77,560 65,997
Other expenditure
Accountancy and review fees 10 6,756 6,570
Expenditure on Income Account 84,316 72,567
Transfer of Capital to Income 10 000 -
(Defcit) for the year (7,773
) ( 31)
Opening balance 12,192 12,223
Closing balance 4,41 12,19
7 9 2
Represented by:
Cash at bank 13,889 (2,685)
Debtors - 18,761
Creditors (9,470) (3,884)
12,19
4,419 2

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2022

Page 2022 2021
£ £
Opening balance 2,473,188 2,107,997
Realised gains on sales of portfolio 49,268 58,084
investments
Unrealised gains on portfolio investments 43,310 322,815
2,565,766 2,488,896
Less:
Transfer of capital to income 10,000 -
Investment management fees 16,482 15,708
Closing balance 7 2,539,284
2,473,188
Represented by:
Investment Portfolio 7 2,527,061 2,459,389
Creditors (3,998) (13,242
)
Cash at bank 16,221 27,04
1
2,473,1
2,539,284 88

INVESTMENT PORTFOLIO SUMMARY as at 5 April 2022

5 April 5 April
Structure of Portfolio Actual Agreed 2022 2021
Ranges Ranges £ £
Fixed Interest Stocks & Funds 11.47% 10-25% 289,793 306,901
UK Equities & Funds 36.21% 20-50% 915,037 1,304,009
32.97% 20-50% 833,25
International Equities & Funds 7 387,928
Property, Infrastructure & Alternative 16.19% 5-15% 409,17 396,42
Funds 7 2
Cash and money market instruments 3.16% 0-10% 79,797 64,129
Total

2,527,061 2,459,389

Historical Cost of Investments

2,190,407 2,094,434

The agreed ranges and benchmarks were agreed with Investec Wealth & Investment Ltd to apply from 22 April 2021 when the portfolio moved to a total return approach.

THE AURELIUS CHARITABLE TRUST

MANAGEMENT EXPENSES

for the year ended 5 April 2022

Page 2022 2021
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 6,050 5,876
Independent Examination Fee 706 694
8 6,756 6,570
Grant management expenses and bank charges 373 295
7,129 6,865
Management expenses chargeable to capital
Investment Management fees 16,482 15,708
9 16,482 15,708
Total management expenses 23,611 22,573

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2022

----- Start of picture text -----
PAID: £
University of Hertfordshire Press - re Managing for Posterity: The Norfolk
Gentry and their Estates c, 1450 – 1700 by Elizabeth Griffiths, edited by 1,684
Professor Jane Whittle
Bournemouth University - re archaeological research project at Maiden 2,500
Castle
St Ives Archive – re re-cataloguing and repair project 1,000
Durham School - re Biography of Charles Robert Malden, Naval Surveyor 2,735
English Heritage - re conservation and research into painting of Sir John 4,000
Griffin of Audley End House
Severn Valley Railway Charitable Trust - re essential repairs to Bridgnorth 3,000
Station buildings
The Brunel Museum - re conservation of Engine House of Thames Tunnel 3,000
Hampshire Cultural Trust - re Bursledon Windmill Sails 2,000
Art UK (Public Catalogue Foundation) - re Photography of Public Sculpture 3,000
The Fenland Black Oak Project (CIO) - re discovery & use of rare black oak
hardwood for 13m long table to be gifted to Nation 4,000
Manchester Museum – re purchase of Medieval Musan Plaque 4,000
RNLI – re digitisation of art collection 1,128
The British Academy – in recognition of the service of Dr Jackson as an 1,000
Adviser to the Trust
St Peter’s Church, Ealing – re restoration of altar rails 2,500
Royal Air Force Benevolent Fund - re Podcast for 80 [th] Anniversary of the 1,500
Battle of Britain
Royal Albert Memorial Museum Development Trust – re conservation of 4,000
four paintings
Venice in Peril Fund - re conservation of 18 [th] C. Wellhead by Cabianca next 4,000
to the Frari
Royal Museums Greenwich – re conservation of tapestry The Burning of 5,000
the Royal James
Church of All Saints, Graveney, Kent – re conservation of Clamped Oak 2,316
Chest c. 1256 - 88
Manchester City Galleries Trust – re restoration of Master & Pupil by Jacob 2,950
de Greyn 11
St Mary at the Elms Church, Ipswich – re repairs to 15th C. St Mary’s 4,000
Cottage
Shakespeare Birthplace Trust – re conservation of Town Hall statue of 3,500
Shakespeare
Community of Resurrection, Mirfield – re library conservation equipment 2,000
Swandro-Orkney Coastal Archaeological Trust – re geophysical survey and 3,500
excavation of a Viking Boat
Painshill Park Trust – re repairs to historic Waterwheel 2,904
£71,21
7
CONDITIONAL on raising necessary funds by 31 [st] December 2022:
St James the Great, Idridgehay, Derby – re repairs to church spire 2,000
Ironbridge Gorge Museum Trust - re conservation project at Blists Hill 3,970
Victorian Town
£5,97
----- End of picture text -----

----- Start of picture text -----
0
TOTAL: £77,18
7
CONDITIONAL last year but now paid:
Nautical Archaeological Society – re conservation of material from The
London, a Cromwell era ship £3,00
0
COMMITTED last year and now paid:
Jane Austin’s House Museum – re urgent & essential roof repairs to £5,00
conserve museum contents 0
Leicestershire VCH Trust – re illustrations for book Peasants making £1,28
history by Prof C C Dyer 8
----- End of picture text -----

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2022

page 10.