OpenCharities

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

2023-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2023

INDEX

PAGE
Report of the Trustees 2 - 4
Independent Examiner’s report 5
Statement of financial 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 2023

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, FSA Independent Examiner Mr D P Wheeler, FCCA Cheeld Wheeler and Co, Chartered Certified Accountants Redhill Chambers, 2d High Street, Redhill, Surrey, RH1 1RJ 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 2023

(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 even though the value of the portfolio may decrease as well as increase.

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:

£
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
2022/23 79,800
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 2023

(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 the portfolio.

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 2023 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:

ain items in the Accumulated Income Account, set out on page 8, are as follows:
2022/2023 2021/2022
£’000 £’000
Investment income 64 66
Transfer of capital to income 20 10
Management expenses (7) (7)
Donations paid & committed (80) (77)
(Deficit) carried to Income Fund (3) (8)

Investment income decreased slightly during the year, reflecting the lower level of dividends paid following the 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

5[th] July 2023

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 2023.

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.

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 Redhill Chambers 2d High Street Redhill Surrey RH1 1RJ

Dated: 6[th] July 2023

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2023

Pag Total Funds Total Funds
e Accumulated Endowed Total Funds
 2022
Income Fund Capital Fund 2023
 £
£ £ £
Incomefrom
Investments 63,133 63,133 66,536
Bank and deposit interest 599
 599 7
Total Income 8 63,732 63,732
 66,543
Expenditureon
Raising funds 9/10 341 15,362 15,703
 16,855
Charitable donations 11 79,800 79,800
 77,187
Management expenses 10 7,095 7,095
 6,756
Total expenditure 87,236 15,362 102,598
 100,798
Net (loss)/gain on sale of investments 9 (40,126) (40,126)
 49,268
Net (Deficit)/Income for the year (23,504) (55,488) (78,992)
 15,013
Transfer from capital to income 20,000 (20,000) -
 -
(Losses)/Gains on revaluation of
investments 9 (166,587) (166,587)
 43,310
Net Movement in Funds (3,504) (242,075) (245,579) 58,323
Reconciliation of funds
Fund balances brought forward 4,419 2,539,284 2,543,703 2,485,380
Fund balances carried forward 915 2,297,209 2,298,124
 2,543,703

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2023

2023 2022
Page £ £ £ £
Investment assets:
Investments at market value 9 2,239,323 2,447,264
Investec Wealth & Investment Ltd –
Cash held on investment account 9 28,790 79,797
Total fixed assets 2,268,113 2,527,061
Current assets:
Bank balances 55,255 30,110
Total current assets 55,255 30,110
Liabilities:
Amounts falling due within one
year:
Accrued expenses 8,244 7,498
Grants committed 17,000 5,970
25,244 13,468
Net current assets 30,011 16,642
Total net assets 2,298,124 2,543,703
The Funds of the charity:
Endowed Capital Fund 9 2,297,209 2,539,284
Accumulated Income Fund 8 915 4,419
Total Charity Funds 6 2,298,124 2,543,703

These accounts were approved and signed by the Trustees on 5[th] July 2023

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2023

2023 2022
Page £ £
Investment income and interest 6 63,732 66,543
Direct charitable expenditure
Donations paid, committed and conditional 11 79,800 77,187
Management expenses 10 341 373
80,141 77,560
Other expenditure
Accountancy and review fees 10 7,095 6,756
Expenditure on Income Account 87,236 84,316
Transfer of Capital to Income 20 000
 10,000
(Deficit) for the year (3,504)
 (7,773)
Opening balance 4,419
 12,192
Closing balance 7
 915
 4,419
Represented by:
Cash at bank 9,159
 13,889
Creditors (8,244)
 (9,470)
915
 4,419

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2023

Page
Opening balance
Realised (losses)/gains on sales of portfolio
investments
Unrealised (losses)/gains on portfolio investments
Less:
Transfer of capital to income
Investment management fees
Closing balance
7
Represented by:
Investment Portfolio
7

Creditors

Cash at bank

 2023
2022
£
£
2,539,284
2,473,188
(40,126)
49,268
(166,587)
43,310
2,332,571
2,565,766
20,000
10,000
15,362
16,482
2,297,209
2,539,284
2,268,113
2,527,061
(17,000)
(3,998)
46,096
16,221
2,297,209
2,539,284

INVESTMENT PORTFOLIO SUMMARY as at 5 April 2023

Structure of Portfolio Actual Agreed 5 April 2023 5 April 2022
Ranges Ranges £ £
Fixed Interest Stocks & Funds 13.14% 10-25% 298,002 289,793
UK Equities & Funds 32.54% 20-50% 738,202 915,037
International Equities & Funds 37.75% 20-50% 856,187 833,257
Property, Infrastructure & Alternative Funds 15.30% 5-15% 346,932 409,177
Cash and money market instruments 1.27% 0-10% 28,790 79,797
Total 2,268,113 2,527,061
Historical Cost of Investments 2,139,616 2,190,407

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 2023

Page 2023 2022
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 6,315 6,050
Independent Examination Fee 780 706
8 7,095 6,756
Grant management expenses and bank charges 341 373
7,436 7,129
Management expenses chargeable to capital
Investment Management fees 15,362 16,482
9 15,362 16,482
Total management expenses 23,798 23,611

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2023

PAID: £
St Mary’s Church, Poslingford, Sudbury - re conservation of 13C.
Clamped Chest		 1,000
St Paul’s Cathedral – reWren Library project 1,200
Ashmolean Museum – re conservationof theAlanSorrell Archive 3,500
Durham Cathedral Schools Foundation – re publication of_Arma_
_Scotica _byEilean& John Malden		 2,000
York Archaeological Trust – reArchaeology on Prescriptionproject 3,000
Wilts & Berks Canal Trust – re Pewsham Dry Dock Restoration
project		 2,000
The Leighton Library – re restoration of the Leighton Library
Cartouche		 2,000
The Institute of Conservation – re funding of accreditation fees for
low-paid students		 1,500
SelbyAbbey– re Update ofConservation Plan 2,500
DisabilityArts Cymru– re archive conservationproject 2,500
TheNational Theatre– re _Preservica _ArchiveAccessProject 2,500
Bath Preservation Trust – repairstoBeckford’sTower 2,000
St. Wulfram’s Church, Grantham – re conservation work and
display cabinet in TheTriggeLibrary		 3,600
Grange-over-Sands Methodist Church – re re-installation of
heritagewindows		 1,000
Oxfordshire VCH Trust – re support for two remaining volumes in
Series		 4,000
Textile Conservation Foundation – re conservation equipment for
KelvinCentre		 4,000
Royal Pavilion & Museums Trust – re funding for conservation
equipment		 4,000
William Morris Craft Fellowship Trust – re specialist conservation
education		 3,000
National Trust for Scotland – re conservation of Rennie Mackintosh
Gates at Hill House, Glasgow		 3,500
The College of Arms– re conservationof volumesin itsLibrary 5,000
Castle Bromwich Historic Gardens – re restoration work on Music
Room		 4,000
TheBritish Academy– re Opening UpTheBritish Academy 5,000
£62,8
00
CONDITIONAL on raising necessary funds by 31st December
2023:
Society
for
the
Protection
of
Ancient
Buildings
Now Paid		 4,00
0
Sufolk
Building
Preservation
Trust
Now Paid		 3,000
St
Mary’s
Church,
Hemsby
Now Paid		 4,00
0
Exeter Phoenix 2,500
TraverseTheatreEdinburgh 3,500
£17,0
00
TOTAL: £79,800
CONDITIONAL last year but now paid:
StJamesthe Great,Idridgehay,Derby– rerepairsto churchspire 2,000
Ironbridge Gorge Museum Trust - re conservation project at Blists
Hill Victorian Town		 3,970
£5,970

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2023