## **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|



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## **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: 

- 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. 

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## **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. 

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## **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_ 

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## **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 

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## **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**|**£**|
|||£|£|£||
|**Income**from||||||
|Investments||55,222||54,055|54,115|
|Bank and deposit interest||603||1,760|512|
|**Total Income**|8|**55,815**||**55,815**|**54,627**|
|**Expenditure**on||||||
|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**|



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## **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_ 

- 7 - 



## **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<br>|37,500|
|**Surplus for the year**||**1,246**<br>|**715**|
|**Opening balance**||3,864<br>|3,149|
|**Closing balance**|7<br>|**5,110**<br>|**3,864**|
|**Represented by:**||||
|Cash at bank||8,932<br>|10,928|
|Debtors||1,178<br>|-|
|Creditors||(5,000)<br>|(7,064)|
|||**5,110**<br>|**3,864**|



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## **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**|



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## **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**|



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## **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**|
|||||
|||||



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## **THE AURELIUS CHARITABLE TRUST** 

## **ACCOUNTING POLICIES** 

## **for the year ended 5 April 2026** 

- 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 the investment and included in investment income. 

- 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. 

- 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 Capital Fund and the Charity. 

- 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 -