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2025-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2025

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 2025

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 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. In 2024 a Supplementary Deed was signed under which, broadly, only matters set out in the Settlor’s Letter of Wishes may be agreed, in line with the policies followed by the Trustees since the death of the Settlor in 1994.

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 2025

(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:

£
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
2024/25 82,130
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 2025

(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 2025 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:

2024/2025 2023/2024
£’000 £’000
Investment income 54 68
Transfer of capital to income 37 20
Management expenses (9) (8)
Donations paid & committed (82) (78)
Surplus carried to Income Fund - 2
2

Investment income decreased during the year, reflecting the economic circumstances and the changes to the approach to overseas investment. The value of the investment portfolio was affected by the changes in international trade policies late in the year. 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

21[st] August. 2025

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 2025.

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: 21[st] August 2025

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2025

Pag Total Funds Total Funds
e Accumulated Endowed Total Funds
 2024
Income Fund Capital Fund 2025
 £
£ £ £
Incomefrom
Investments 54,115 54,115 66,804
Bank and deposit interest 512
 512 1,464
Total Income 8 54,627 54,627
 68,268
Expenditureon
Raising funds 9/10 690 15,905 16,595
 16,123
Charitable donations 11 82,130 82,130
 78,269
Management expenses 10 8,592 1,440 10,032
 9,290
Total expenditure 91,412 17,345 108,757
 103,682
Net (loss) on sale of investments 9 (12,600) (12,600)
 (1,336)
Net (Deficit) for the year (36,785) (29,945) (66,730)
 (36,750)
Transfer from capital to income 37,500 (37,500) -
 -
Gains on revaluation of investments 23,238 23,238
 108,550
Net Movement in Funds 715
(44,207)		 (43,492) 71,800
Reconciliation of funds
Fund balances brought forward 3,149 2,366,775 2,369,924 2,298,124
Fund balances carried forward 3,864 2,322,568 2,326,432
 2,369,924

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2025

2025 2024
Page £ £ £ £
Investment assets:
Investments at market value 9 2,249,218 2,267,997
Rathbones –
Cash held on investment account 9 55,837 68,797
Total fixed assets 2,305,055 2,336,794
Current assets:
Bank balances 42,941 51,274
Total current assets 42,941 51,274
Liabilities:
Amounts falling due within one
year:
Accrued expenses 7,064 9,144
Grants committed 14,500 9,000
21,564 18,144
Net current assets 21,377 33,130
Total net assets 2,326,432 2,369,924
The Funds of the charity:
Endowed Capital Fund 9 2,322,568 2,366,775
Accumulated Income Fund 8 3,864 3,149
Total Charity Funds 6 2,326,432 2,369,924

These accounts were approved and signed by the Trustees on 21[st] August 2025

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2025

2025 2024
Page £ £
Investment income and interest 6 54,627 68,268
Direct charitable expenditure
Donations paid, committed and conditional 11 82,130 78,269
Management expenses 10 696 685
82,826 78,954
Other expenditure
Accountancy and review fees 10 8,586 7,080
Expenditure on Income Account 91,412 86,034
Transfer of Capital to Income 37,500
 20,000
Surplus for the year 715
 2,234
Opening balance 3,149
 915
Closing balance 7
 3,864
 3,149
Represented by:
Cash at bank 10,928
 12,293
Creditors (7,064)
 (9,144)
3,864
 3,149

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2025

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

 2025
2024
£
£
2,366,775
2,297,209
(12,600)
(1,336)
23,238 108,550
2,377,413
2,404,423
37,500
20,000
15,905
15,438
1,440
2,210
2,322,568
2,,366,775
2,305,055
2,336,794
(14,500)
(9,000)
32,013
38,981
2,322,568
2,366,775

INVESTMENT PORTFOLIO SUMMARY as at 5 April 2025

Structure of Portfolio 5 April 2025 5 April 2024
£ £
Fixed Interest Stocks & Funds 292,441 275,120
UK & Overseas Equities & Funds 1,738,832
1,757,835
Property, Infrastructure & Alternative Funds 207,848 235,042
Cash and money market instruments 65,934 68,797
Total 2,305,055 2,336,794
Historical Cost of Investments 2,251,386 2,159,979

.

THE AURELIUS CHARITABLE TRUST

MANAGEMENT EXPENSES

for the year ended 5 April 2025

Page 2025 2024
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 7,722 6,250
Independent Examination Fee 864 830
8 8,586 7,080
Grant management expenses and bank charges 696 685
9,276 7,765
Management expenses chargeable to capital
Investment Management fees 15,905 15,438
Professional fees 1,440 2,210
9 17,345 17,648
Total management expenses 26,621 23,413

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2025

PAID: £ £
Royal Voluntary Service-re providing accessible research space at Banbury Centre 3,000
The Merchants House (Marlborough) Trust–re completion of essential roof repairs 2,000
St Mary’s Church, Jackfield, Shropshire–re restoration of organ 1,000
Sir Joseph Banks Archive Project–re internet publication of Georgian correspondence 2,000
Wilton’s Music Hall Trust-re essential repairs to historic building 3,000
Lichfield Cathedral–re installation of new environmental Data Loggers 4,750
St Georges Hospital Charity–re conservation of Art & Heritage Collection 3,000
Gainsborough’s House–re conservation of rare 18thC. dress 2,080
Royal Museums Greenwich–re conservation of Napoleonic Era Uniform 2,500
The British Academy–re numismatic project for medieval coins 3,000
Devon & Cornwall Record Society–re illustrations for publication 750
All Saints Foulden PCC–re urgent repair work to 14thC. Porch 3,000
Ditchley Park–re conservation of historic velvet curtains in The Velvet Room 2,000
Winchester Cathedral–re upholstery conservation of Queen Mary Chair 2,500
St Peter’s Church, Forncett, Norwich–re match funding for essential repairs 3,000
Historic Suffolk–re urgent repairs to Thelnetham Windmill 2,500
Leighton Library, Dunblane–urgent conservation of rare books 4,000
Oxford Playhouse–replacement of pit lift drive and control system for‘Raise the Stage’ 4,000
Swandro-Orkney Coastal Archaeological Trust–support for_Racing against Time and Tide_ 2,500
Friends of Pevensey Mint House–Seed-corn funding for Condition Report and Survey 2,000
SS Great Britain Trust–re Condition Survey of Original Ruder and Iron Main Yard 4,550
Emery Walker Trust–re UV filter window protection for conservation of contents 2,000
The RAMM Development Trust–re conservation of paintings 3,000
Shire Hall (Dorchester) Trust–re conservation of main door 2,500
Royal Museums Greenwich – re conservation of the frame of JMW Turner’s painting of the
‘Battle of Trafalgar’in time for Turner 250thAnniversary
3,000
£67,630
CONDITIONAL on raising necessary funds by 31st December 2025:
Salisbury Cathedral Library–re Descriptive Catalogue of Medieval Manuscripts 4,000
Museum of the Order of St John–re urgent repairs to St John’s Gate, Clerkenwell 4,000
Friends of Dunblane Cathedral–re repairs to Dean’s House & Cockburn House, Dunblane 2,500
St Peter’s Church, Billingford, Norfolk–re preservation/conservation of West Window 4,000
£14,500
TOTAL PAID and COMMITTED for year: £82,130
CONDITIONAL inpreviousyear but nowpaid:
The Ironbridge Gorge Museum Trust–re conservation/digitalisation of Glass Negatives 4,000
Habitats and Heritage Charity–re Grove Gardens Chapel, Richmond Old Burial Ground 5,000
£9,000

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2025