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2026-04-05-accounts

THE AURELIUS CHARITABLE TRUST

REGISTERED CHARITY NO. 271333

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2026

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2026

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 2026

Administrative information, governance and management

Trustees

Mr W J Wallis BA FCA (Appointed 22 December 1975) Mr P E Haynes FCA (Appointed 21 May 1990) 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 2026

(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 an 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.

Applications for donations during the year were received by the Trustees or put forward by the Advisors. The Trustees applied 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 continued 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:

£
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
2025/26 82,373

Details of donations made and committed are shown on page 11.

THE AURELIUS CHARITABLE TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2026

(continued)

Rathbones (incorporating Investec Wealth & Investment UK) continued to manage the investment portfolio and the Investment Management Agreement continued 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 continued to be charged to the capital fund together with other fees relating to the Capital Fund and the Charity.

Performance has been considered on a medium/long term basis in view of the endowed nature of the investment portfolio, quarterly reports were 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.

During the year, the Trustees considered the future of the Charity in view of their ages and the difficulty in recruiting new trustees, as well as how they could best ensure the furtherance of the Charity’s objects. They concluded that it would be in the best interests of the Charity to dissolve it and, as part of that process, to make a Gift, broadly equal in value to the Investment Portfolio, to another registered charity, also supported by our Founder, to hold and to use as a charitable fund in accordance with the terms of a written agreement. This Gift was made in March 2026 in the sum of £2,300,000 and it is anticipated that a further and final Gift of about £50,000 will be made in due course as part of the winding-up process of the Charity.

Financial Review and Reserves Policy

The financial statements for the year ended 5 April 2026 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:

2025/2026 2024/2025
£’000 £’000
Investment income 56 54
Transfer of capital to income 37 37
Management expenses (10) (9)
Donations paid & committed (82) (82)
Surplus carried to Income Fund 1 -

Investment income remained steady during the year, The value of the investment portfolio fluctuated during the year depending on varying international politics and international trade policies. Donations made and committed were very similar compared to the previous year but were again met in part by a transfer of realised capital gains to income.

One property investment remains in the portfolio as it cannot be realised for several months. A few further donations have been made since the year end from the funds available. Provision is made in the financial statements for any commitments made in respect of donations to be paid in subsequent months as shown on page 11..

P E Haynes …………P E Haynes W J Wallis …….……W J Wallis Trustees

11[th] June 2026

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 2026.

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: 11[th] June 2026

THE AURELIUS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2026

Pag Total Funds
e Accumulated Endowed Total Funds 2025
Income Fund Capital Fund 2026 £
£ £ £
Incomefrom
Investments 55,222 54,055 54,115
Bank and deposit interest 603 1,760 512
Total Income 8 55,815 55,815 54,627
Expenditureon
Raising funds 9/10 300 15,073 15,373 16,595
Charitable donations 11 82,373 82,373 82,130
Management expenses 10 9,396 5,438 14,834 10,032
Total expenditure 92,069 20,511 112,580 108,757
Net profit/(loss) on sale of investments 9 121,522 121,522 (12,600)
Net Surplus/ (Deficit) for the year (36,254) 101,011 64,757 (66,730)
Transfer from capital to income 37,500 (37,500) - -
Gains on revaluation of investments 525 525 23,238
Gift of Capital to another Charity - (2,300,000) (2,300,000) -
Net Movement in Funds 1,246 (2,235,964) (2,234,718) (43,492)
Reconciliation of funds
Fund balances brought forward 3,864 2,322,568 2,326,432 2,369,924
Fund balances carried forward 5,110 86,604 91,714 2,326,432

THE AURELIUS CHARITABLE TRUST

BALANCE SHEET

as at 5 April 2026

2026 2025
Page £ £ £ £
Investment assets:
Investments at market value 9 38,819 2,249,218
Rathbones –
Cash held on investment account 9 21,560 55,837
Total fixed assets 60,379 2,305,055
Current assets:
Bank balances 50,930 42,941
Debtors 1,178 -
Total current assets 52,108 42,941
Liabilities:
Amounts falling due within one
year:
Accrued expenses 13,773 7,064
Grants committed 7,000 14,500
20,773 21,564
Net current assets 31,335 21,377
Total net assets 91,714 2,326,432
The Funds of the charity:
Endowed Capital Fund 9 86,604 2,322,568
Accumulated Income Fund 8 5,110 3,864
Total Charity Funds 6 91,714 2,326,432

These accounts were approved and signed by the Trustees on 11[th] June 2026

P E Haynes

W J Wallis

THE AURELIUS CHARITABLE TRUST

ACCUMULATED INCOME FUND

for the year ended 5 April 2026

2026 2025
Page £ £
Investment income and interest 6 55,815 54,627
Direct charitable expenditure
Donations paid, committed and conditional 11 82,373 82,130
Management expenses 10 300 696
82,673 82,826
Other expenditure
Accountancy and review fees 10 9,396 8,586
Expenditure on Income Account 92,069 91,412
Transfer of Capital to Income 37,500
 37,500
Surplus for the year 1,246
 715
Opening balance 3,864
 3,149
Closing balance 7
 5,110
 3,864
Represented by:
Cash at bank 8,932
 10,928
Debtors 1,178
 -
Creditors (5,000)
 (7,064)
5,110
 3,864

THE AURELIUS CHARITABLE TRUST

ENDOWED CAPITAL FUND

for the year ended 5 April 2026

Page 2026 2025
£ £
Opening balance 2,322,568 2,366,775
Realised profits/(losses) on sales of investments 121,522 (12,600)
Unrealised gains on retained investment 525 23,238
2,444,615 2,377,413
Less:
Transfer of capital to income 37,500 37,500
Investment management fees 15,073 15,905
Professional fees 5,438 1,440
Gift of capital to another Charity 2,300,000 -
Closing balance 7 86,604 2,,322,568
Represented by:
Investment Portfolio 7 60,379 2,305,055
Creditors (15,773) (14,500)
Cash at bank 41,998 32,013
86,604 2,322,568
INVESTMENT PORTFOLIO SUMMARY
as at 5 April 2026
Structure of Portfolio 5 April 2026 5 April 2025
£ £
Fixed Interest Stocks & Funds - 292,441
UK & Overseas Equities & Funds - 1,738,832
Property, Infrastructure & Alternative Funds 38,819 207,848
Cash and money market instruments 21,560 65,934
Total 60,379 2,305,055
Historical Cost of Investments 59,854 2,251,386

THE AURELIUS CHARITABLE TRUST

MANAGEMENT EXPENSES

for the year ended 5 April 2026

Page 2026 2025
£ £
Management expenses chargeable to income
Philip Haynes FCA ( a trustee)
Accountancy and advisory services 8,396 7,722
Independent Examination Fee 1,000 864
8 9,396 8,586
Grant management expenses and bank charges 300 690
9,696 9,276
Management expenses chargeable to capital
Investment Management fees 15,073 15,905
Professional fees 5,438 1,440
9 20,511 17,345
Total management expenses 30,207 26,621

THE AURELIUS CHARITABLE TRUST

DONATIONS PAID & COMMITTED

for the year ended 5 April 2026

PAID: £
Greenwich Foundation for the ORNC–restoration of Chapel Doors & Fanlight Windows 4,000
English Heritage–re conservation of medieval window and statuary at Eltham Palace 4,000
Herefordshire VCH Trust–re work to complete history of Ledbury 5,000
William Morris Craft Fellowship Trust–re support for a Fellow Bursary 3,500
St Mark’s Church, Marske-by-the-Sea-re work to stabilise tower of the church 1,000
Stourbridge Glass Museum–re purchase of portable scanner to conserve archive 3,033
Hampshire Cultural Trust–re conservation of The Bullington Brooch & case security 3,000
St Wulfram’s Church, Grantham–re conservation of certain volumes in Trigge Library 3,000
Sheffield General Cemetery Trust-re urgent repairs at Worth Chapel 2,500
Society of Antiquaries of London–re publishing The Dictionary of British Chests to 1530 2,500
St Sampson’s Church, South Hill–re restoration of Bells 2,813
St Philip & St James Church, Milton–re stained glass window frame repairs 1,000
PCC Clare with Poslingford-re repairs to Parclose Screen 5,000
Royal Pavilion & Museums Trust, Brighton–re external conservation at Preston Manor 4, 000
Historic Suffolk–re conservation of artifacts for display at Little Hall, Lavenham 1,500
The College of Arms Trust-re conservation of heraldic documents 5,000
St Mary’s Church, Bridgewater–re conservation of two 19C memorial windows 2,000
Leicestershire Victoria C. History Trust–re completion of two‘shorts’on Loughborough 4,900
The National Trust–re Outdoor Visitor Centre at Mottistone on isle of Wight 2,000
SS Great Britain Trust–re conservation of historic objects for new display 5,000
National Museum of the Royal Navy–reframing 6 pictures for display in new exhibition 2,500
Lyric Hammersmith Theatre–re upgrading auditorium lighting 3,000
Wycombe Museum–re conservation and upgrading display of Chair Collection 3,500
Habitats & Heritage–re restoration of Mausoleum of Sir Joseph Bazalgette 2,000
St Mary the Virgin, Hemsby–re replacing underground drainage system to preserve walls 3,000
Return of unused Grant made in 2019 from Beeston & District Local History Society -873
£77,373
CONDITIONAL on raising necessary funds by 30th June 2026:
Traverse Theatre, Edinburgh–re digitisation of archive 2,000
Discover De Crypt–re restoration of Tudor wall paintings at St Mary de Crypt 2,500
£4,500
TOTAL PAID and COMMITTED for year: £82,373
CONDITIONAL in the previous year but now paid:
Salisbury Cathedral Library–re Descriptive Catalogue of Medieval Manuscripts 4,000
St Peter’s Church, Billingford, Norfolk–re preservation/conservation of West Window 4,000
Museum of the Order of St John–re urgent repairs to St John’s Gate, Clerkenwell 4,000
£12,000
CONDITIONAL in thepreviousyear on raising necessary funds by 30th June 2026:
Friends of Dunblane Cathedral–re repairs to Dean’s House & Cockburn House, Dunblane £2,500

THE AURELIUS CHARITABLE TRUST

ACCOUNTING POLICIES

for the year ended 5 April 2026