## **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|
- 1 -
**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:
- 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:
- keeping proper accounting records;
- safeguarding the Trust’s assets; and
- taking reasonable steps for the prevention and detection of fraud.
- 2 -
## **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.||
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## **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_
- 4 -
## **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
- 5 -
## **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**
|**£**|
|||£||£||£||
|**Income**from||||||||
|Investments||63,133||||63,133|66,536|
|Bank and deposit interest||599
||||599|7|
|**Total Income**|8|63,732||||**63,732**
|**66,543**|
|**Expenditure**on||||||||
|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**|
- 6 -
## **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_
- 7 -
## **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**|
- 8 -
## **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.
- 9 -
## **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**|
- 10 -
## **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||
- 11 -
|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**
- 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.
- 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.
- 12 -