## **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|



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**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: 

- select suitable accounting policies and apply them consistently; 

- make reasonable and prudent judgements and estimates, and 

- apply the going concern basis unless it is not appropriate to do so. 

The Trustees are also responsible for: 

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- keeping proper accounting records; 

- 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 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: 

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||£|
|---|---|
|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 

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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. 

- 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**|**£**|
|||£|£||£||
|**Income**from|||||||
|Investments||66,536|||66,536|72,522|
|Bank and deposit interest||7<br>|||7|14|
|**Total Income**|8|6**6,543**|||**66,54**|**72,53**|
|||||**3**||**6**|
|**Expenditure**on|||||||
|Raising funds|9/1|37|16,48||16,85||
||0|3|2|5||16,003|



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|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**|



- 7 - 



## **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<br>||9,288||
|||**13,468**<br>||**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 

- 8 - 



_P E Haynes_ 

_W J Wallis_ 

- 9 - 



## **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**||



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## **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**|||||||



- 11 - 



**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. 

- 12 - 



## **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**|



- 13 - 



## **THE AURELIUS CHARITABLE TRUST** 

## **DONATIONS PAID & COMMITTED** 

## **for the year ended 5 April 2022** 


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


- 14 - 




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


## **THE AURELIUS CHARITABLE TRUST** 

## **ACCOUNTING POLICIES** 

## **for the year ended 5 April 2022** 

- 1 The charity is a public benefit entity and, as a charity, is exempt from taxation. 

- 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)). The trustees believe the trust is a going concern. 

- 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            The investment portfolio is managed on a total return basis and transfers may be made from capital to income to bring income up to an acceptable level. 

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

- 15 - 



- 9           Expenses incurred are reimbursed to trustees. Professional fees payable to one trustee are disclosed on 

page 10. 

- 10         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. 

- 16 -