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2024-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2024

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 2024

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 (Retired July 2023) 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 Rathbones (Incorporating Investec Wealth & Investment (UK)) 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 2024

(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. Towards the end of the year, the portfolio structure was amended to show UK equities within global equities to give a better spread of overall investments.

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:

£
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
2023/24 78,269

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 2024

(continued)

During the year, Rathbones and Investec Wealth & Investment UK joined together and continue to manage the investment portfolio and the Investment Management Agreement continues broadly unchanged. 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 Capital Fund and the Charity..

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 2024 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:
2023/2024 2022/2023
£’000 £’000
Investment income 68 64
Transfer of capital to income 20 20
Management expenses (8) (7)
Donations paid & committed (78) (80)
Surplus/(Deficit) carried to Income Fund 2 (3)

Investment income increased slightly during the year, reflecting the improved level of dividends paid, the economic circumstances and the change to a total return approach to investment. Donations made and committed were broadly similar compared to the previous year but were again 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

THE AURELIUS CHARITABLE TRUST

24[th] May 2024

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 2024.

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: 24[th] May 2024

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2024

Pag Total Funds
e Accumulated Endowed Total Funds
 2023
Income Fund Capital Fund 2024
£
£ £ £
Incomefrom
Investments 66,804 66,804 63,133
Bank and deposit interest 1,464
 1,464 599
Total Income 8 68,268 68,268
 63,732
Expenditureon
Raising funds 9/10 685 15,438
 16,123
 15,703
Charitable donations 11 78,269 78,269
 79,800
Management expenses 10 7,080 2,210
 9,290
 7,095
Total expenditure 86,034 17,648
 103,682
 102,598
Net (loss) on sale of investments 9 (1,336) (1,336)
 (40,126)
Net (Deficit) for the year (17,766) (18,984)
 (36,750)
 (78,992)
Transfer from capital to income 20,000 (20,000) - -
Gains/(losses) on revaluation of
investments 9 108,550 108,550
 (166,587)
Net Movement in Funds 2,234 69,566 71,800 (245,579)
Reconciliation of funds
Fund balances brought forward 915 2,297,209
 2,298,124 2,543,703
Fund balances carried forward 3,149 2,366,775
 2,369,924
 2,298,124

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2024

2024 2023
Page £ £ £ £
Investment assets:
Investments at market value 9 2,267,997 2,239,323
Rathbones –
Cash held on investment account 9 68,797 28,790
Total fixed assets 2,336,794 2,268,113
Current assets:
Bank balances 51,274 55,255
Total current assets 51,274 55,255
Liabilities:
Amounts falling due within one
year:
Accrued expenses 9,144 8,244
Grants committed 9,000 17,000
18,144 25,244
Net current assets 33,130 30,111
Total net assets 2,369,924 2,298,124
The Funds of the charity:
Endowed Capital Fund 9 2,366,775 2,297,209
Accumulated Income Fund 8 3,149 915
Total Charity Funds 6 2,369,924 2,298,124

These accounts were approved and signed by the Trustees on 24[th] May 2024

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2024

2024 2023
Page £ £
Investment income and interest 6 68,268 63,732
Direct charitable expenditure
Donations paid, committed and conditional 11 78,269 79,800
Management expenses 10 685 341
78,954 80,141
Other expenditure
Accountancy and review fees 10 7,080 7,095
Expenditure on Income Account 86,034 87,236
Transfer of Capital to Income 20 000
 20,000
Surplus/(Deficit) for the year 2,234
 (3,504)
Opening balance 915
 4,419
Closing balance 7
 3,149
 915
Represented by:
Cash at bank 12,293
 9,159
Creditors (9,144)
 (8,244)
3,149
 915

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2024

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

Creditors

Cash at bank

 2024
2023
£
£
2,297,209
2,539,284
(1,336)
(40,126)
108,550
(166,587)
2,404,423
2,332,571
20,000
20,000
15,438
15,362
2,210
-
2,366,775
2,,297,209
2,336,794
2,268,113
(9,000)
(17,000)
38,981
46,096
2,366,775
2,297,209

INVESTMENT PORTFOLIO SUMMARY as at 5 April 2024

Structure of Portfolio Actual
Ranges		 Agreed
Ranges		 5 April 2024
£		 5 April 2023
£
Fixed Interest Stocks & Funds 11.77% 10-25% 275,120 298,002
UK Equities & Funds 11.15% 20-50% 260,545 738,202
Overseas Equities & Funds 64.07% 20-50% 1,497,290 856,187
Property, Infrastructure & Alternative Funds 10.06% 5-15% 235,042 346,932
Cash and money market instruments 2.95% 0-10% 68,797 28,790
Total 2,336,794 2,268,113
Historical Cost of Investments 2,159,979 2,139,616

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. These will be updated as at 6[th] April 2024. Since 27[th] February 2024 Uk and Overseas Equities have been regarded as a single Fund for Benchmark purposes.

THE AURELIUS CHARITABLE TRUST

MANAGEMENT EXPENSES

for the year ended 5 April 2024

Page 2024 2023
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 6,250 6,315
Independent Examination Fee 830 780
8 7,080 7,095
Grant management expenses and bank charges 685 341
7,765 7,436
Management expenses chargeable to capital
Investment Management fees 15,438 15,362
Professional fees 2,210 -
9 17,648 15,362
Total management expenses 25,413 22,798

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2024

PAID: £ £
The Thomas BrasseySociety– re statue of Thomas Brasseyoutside Chester Staton 4,000
The DitchleyFoundaton – re conservaton of 18thC. velvet wall coverings at DitchleyPark 2,000
St Fagan’s Natonal Museum of History– represervaton of last survivingvineryin Wales 4,000
WorthingTheatres & Museum Trust – re conservaton of a Bronze Age crematon Urn 2,992
Leicestershire Victoria CountyHistoryTrust – re Volume on town of Loughborough 4,710
Department for ContnuingEducaton,Oxford – reprocurement of two illustratons 300
PaisleyMuseum – re conservaton of 1883 Telescope used within Transit House 4,800
Painshill Park Trust – re rethatchingof early18thC. Hermitage 3,000
Meldreth PCC – re conservaton of 12th-centuryfoliage capitals 500
Leicestershire Victoria CountyHistoryTrust – re Loughborough ‘short’ history 500
Llandaf Cathedral – re interpretatonpanel for 4 heads ofgargoyles 744
Chiltern Open Air Museum – re repairs to long-case clock at Haddenham Crof Cotage 2,298
St. Margaret’s Church,Rainham – re Crypt Heritage Project 3,500
Friends of the Cromford Canal – re enablingwork for restoraton of canal 2,000
Universityof Hertordshire Press – re_‘Landscapes & Producers in Medieval England’_ 1,850
The Calvert Trust - re replacement of Waterwheel Door at Calvert Exmoor 2,300
CanterburyChrist Church University– re Historical Atlas of Canterbury 5,000
English Heritage – re repairs to historic Bathhouse at Kenwood 3,500
Minehead Museum – re book tellingstoryof Minehead’s Mules in the Fist World War 500
The Dugdale Society-re ‘The Civil War Loss Accountsfor Warwickshire 1640 – 1646’ 5,000
St Ethelbert’s Church,Larling,Norfolk – re roof, guter & wall repairs 4,000
The Folkestone Leas Lif Company– re restoraton of Grade II* clif funicular railway 4,000
The Bowes Museum – re conservaton of !8thC. Silver Swan 4,000
Bournemouth University– re conservaton of marblegrave slabs from 1275 Wreck 4,275
designermakers CIO – facilitaton of workshops and courses in design and craf skills 3,000
£72,769
CONDITIONAL on raising necessary funds by 31st December 2024:
The Ironbridge Gorge Museum Trust – re conservaton/digitalisaton of Glass Negatves 4,000
Habitats and Heritage Charity– re Grove Gardens Chapel,Richmond Old Burial Ground 5,000
£9,000
CONDITIONAL on raising necessary funds by 31st December 2023:
Traverse Theatre,Edinburgh -3,500
Now cancelled as project not contnuing = reduced commitment -£3,500
TOTAL PAID and COMMITTED foryear: £78,269
CONDITIONAL lastyear but nowpaid:
Societyfor the Protecton of Ancient Buildings 4,000
Sufolk BuildingPreservaton Trust 3,000
Exeter Phoenix 2,500
St Mary’s Church,Hemsby 4,000
£13,500

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2024