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2021-04-05-accounts

Charity Registration No. 284387

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the accounts 12 - 18
Schedule of investments and income 19 - 29

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs C S Heber Percy Mrs J A S Prest Charity number 284387 Registered office / address for appeals Rathbone Trust Company Ltd 8 Finsbury Circus London EC2M 7AZ Auditor Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE Bankers Lloyds Bank Plc High Street Moreton-in-Marsh Gloucestershire GL56 0AY Legal advisors Currey & Co 33 Queen Anne Street London W1G 9HY Investment managers Rathbones Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their annual report and financial statements for the year ended 5 April 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charities Act 2011 and Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019).

Objectives and activities

The Charlotte Heber-Percy Charitable Trust was created by Deed dated 1st July 1981. The Trustees shall hold the capital and the income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may, in their absolute discretion, think fit.

Public Benefit

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The Trustees support a number of charitable organisations, as shown within note 18 to the financial statements. The Trustees believe all the donations made are for the benefit of the public.

Grant Making Policies

The Trustees' current policy is to review all written appeals received on a quarterly basis and to consider each appeal on its individual merits. Only successful applicants are notified of the Trustees' decision. Donations are made without any commitment to future funding.

During the year under review, the Trustees resolved to make twenty nine donations totalling £286,150 (£254,748 in 2020), as detailed in note 18 of these accounts.

Financial Review of the Charity

Total incoming resources were £263,863 (£294,971 in 2020), with £286,150 (£254,748 in 2020) being committed to charitable donations and £21,910 (£22,019 in 2020) relating to costs of generating funds and £6,065 (£5,880 in 2020) relating to governance costs, resulting in net outgoing resources of £50,262 (incoming £12,324 in 2020).

The total movement of resources in the year also includes the realised gain in the year of £136,690 (loss of £82,306 in 2020) and an unrealised gain based upon the market value of the investments at the year end of £1,735,646 (loss of £1,501,438 in 2020). The overall movement of resources in the year showed an increase of £1,822,074 (decrease of £1,571,420 in 2020).

Reserves

The Trustees have a balanced investment policy and predominately use income to fund their donations. Capital is used to make sizeable donations although the Trustees largely refrain from doing so in order to maintain the capital of the Trust Fund.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Investment Policy and Performance

The investment objective of the Charity is for a balance between longer-term capital growth and income, in line with the agreed bespoke benchmark of 70% FTSE All Share and 30% FTSE UK Gilts, as determined by Rathbones' terms of business, in line with risk strategy 5.

Over the last 12 months, there has been a sharp recovery of the markets following the impacts of Covid, supported by the unprecedented monetary stimulus from central banks. Thus, over the last year, the total return was 34.51%. The personal benchmark rose by 18.82%. The FTSE All Share, rose 30.11% and the UK gilt market fell by -7.54%.

As the year progressed there was positive news regarding the development of vaccines, the Democrat victory in the US election and a resolution of Brexit which resulted in markets finishing the year on a strong note. These positive developments have led to hopes for a quicker economic recovery. Also, since the last quarter of 2020 we had seen a recovery in more value and cyclical companies. This reflects hopes for effective vaccine deployment and uptake, and thus some optimism that the economic recovery will continue. Economic data has also been improving, which is positive for earnings growth for companies across the world.

Over the year we saw the market recover sharply and so we increased the equity exposure to around 87% and slightly increased the UK weighting to 52%. The direct US equity exposure is now 11%, increasing exposure to quality growth investments, as well as there being 16% in global funds, which have a high exposure to the US market. We also reduced the fixed income exposure which is now 3%, re-investing the proceeds into alternative investments now being 4% of the portfolio. Such investments aim to generate inflation plus returns whilst being less volatile than equity markets. Cash is 6% of the portfolio.

To confirm, of the direct investments held none exceed 5% of the total portfolio value. The funds continue to be well diversified across both geography and sector, generating both income and capital growth, inline with risk strategy 5.

Current income is forecast to be some £281,934 per annum, which is a yield of 3.5%. Since we last wrote, many companies have started to reinstate dividends and at the time of writing, dividends being distributed are recovering faster than we had predicted.

Risks

Above and beyond the inherent market risk to which the Charitable Trust is exposed, the portfolio is well diversified, both on a stock and sectorial basis. The Charity invests predominantly in UK companies demonstrating strong dividend streams, in order to meet the income requirements of the Trustees, where such companies are, on the whole, regarded to be trading on reasonable valuations, given their future prospects.

The Trustees have identified major risks and believe that appropriate action has been taken to mitigate these risks. The Trustees will continue to keep the adequacy of the systems in place under review.

Structure, governance and management

The Trustees who served during the year were:

Mrs C S Heber Percy Mrs J A S Prest

The charity's other advisors are noted on page 1.

Organisation and Decision-Making Structure

The Trustees meet on an ad hoc basis to consider applications for funding and a full presentation is made at an Annual Meeting when the financial statements are also reviewed. Investment performance and income levels are monitored half yearly at meetings with the Investment Managers. The Trustees do not consider there will be material changes to the level of grant making in future years based upon the maintenance of the level of income resources not being materially reduced.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

Appointment of new trustees

The power of appointing new Trustees is vested in the settlor, Mrs Charlotte Heber-Percy.

Trustee training

The Trustees correspond and meet with their professional advisors regularly and the advisors are specifically instructed to appraise the Trustees of relevant technical and practice issues as they arise.

The Accounts

The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations and the accounts comply with current statutory requirements.

The Trustees' report was approved by the Board of Trustees.

Mrs C S Heber Percy Trustee Dated: 20 December 2022

Mrs J A S Prest Trustee Dated:20 December 2022

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2021

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

Opinion

We have audited the financial statements of The Charlotte Heber Percy Charitable Trust (the ‘Charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

............................................................................ Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London

Date: ............................

WC2N 4BE

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2021

Notes
Income
Returned donations
3
Investments
4
Other income
5
Total income
Expenditure
Charitable activities
6
Net (expenditure) / income before investment gains/(losses)
Net gains/(losses) on investments
10
Net movement in funds
Fund balances at 6 April 2020
Fund balances at 5 April 2021		 2021
2020
£
£
6,000
-
255,004
288,296
2,859
6,675
263,863
294,971
314,125
282,647
(50,262)
12,324
1,872,336
(1,583,744)
1,822,074
(1,571,420)
6,469,375
8,040,795
8,291,449
6,469,375

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2021

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
£
8,110,264
2,312
193,334
195,646
(14,461)
181,185
8,291,449
8,291,449
8,291,449		 2020
£
£
6,255,584
8,933
217,834
226,767
(12,976)
213,791
6,469,375
6,469,375
6,469,375		 2020
£
£
6,255,584
8,933
217,834
226,767
(12,976)
213,791
6,469,375
6,469,375
6,469,375
6,469,375
6,469,375
6,469,375

The accounts were approved by the Trustees on 20 December 2022

Mrs C S Heber Percy Trustee

Mrs J A S Prest Trustee

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021

2021 2020
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 14 (306,640) (279,254)
Investing activities
Purchase of investments (1,640,629) (1,655,097)
Proceeds on disposal of investments 1,558,507 1,557,032
Dividend income and bank interest received 264,484 289,388
Net cash generated from investing
activities 182,362 191,323
Net decrease in cash and cash equivalents (124,278) (87,931)
Cash and cash equivalents at beginning of year 779,048 866,979
Cash and cash equivalents at end of year 15 654,770 779,048

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: 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 (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: 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 (FRS 102) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1.2 Going concern

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

1.5 Debtors

Debtors are receivable at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

1.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Trust does not acquire put options, derivatives or other complex financial instruments.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Returned Grants

Returned grants represent grants made in previous years which have not been claimed by the donnee. The sum of £6,000 is represented by amounts relating to grants originally allocated to People Potential Possibilities £1,000 and Emmaus Oxford £5,000.

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

4 Investments

UK dividend income
REIT income
Fixed interest
Unit trust interest
Foreign income
Accrued income
5
Other income
Bank interest
Accrued income charge
6
Charitable activities
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
7
Grants payable
Animal Welfare and the Local Environment
Medical, Cancer and Hospices
International Charities
Local Organisations
Education and Children
General Charitable Organisations
The Arts and Museums		 2021
£
215,257
2,432
7,350
6,435
32,463
(8,933)
255,004
2021
£
65
2,794
2,859
2021
£
286,150
21,910
6,065
314,125
2021
£
67,000
80,000
5,000
6,000
2,000
106,000
20,150
286,150		 2020
£
225,527
2,328
23,535
-
38,713
(1,807)
288,296
2020
£
1,092
5,583
6,675
2020
£
254,748
22,019
5,880
282,647
2020
£
86,000
14,000
-
4,000
35,000
90,300
25,448
254,748

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

8
Support costs
Investment management fees
Bank charges
Auditor fees
Prior years under provision of auditor
fees
Trust management fee		 Support
costs
Governance
costs
£
£
21,910
-
-
41
-
2,904
-
120
-
3,000
21,910
6,065		 2021
£
21,910
41
2,904
120
3,000
27,975		 2020 Basis of
allocation
£
22,019
60 Governance
2,700 Governance
120
Governance
3,000 Governance
27,899

9 Employees

There were no employees during the year, or the previous year.

10 Net gains/(losses) on investments

Unrealised gain/(loss) on investments
Gain/(loss) on sale of investments		 2021
2020
£
£
1,735,646
(1,501,438)
136,690
(82,306)
1,872,336
(1,583,744)

11 Fixed asset investments

Listed
investments
£
Market value
At 5 April 2020
5,694,370
Additions
1,640,629
Unrealised profit
1,735,646
Realised gain
136,690
Cash available to invest
-
Disposals
(1,558,507)
At 5 April 2021
7,648,828		 Cash in
portfolio
Total
£
£
561,214
6,255,584
-
1,640,629
-
1,735,646
-
136,690
(99,778)
(99,778)
-
(1,558,507)
461,436
8,110,264

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

11 Fixed asset investments (Continued)
2021 2020
£ £
Listed investments 7,648,828 5,694,370
Cash in investment portfolio 461,436 561,214
8,110,264 6,255,584
Historic cost of investments 5,714,542 5,459,381
12 Debtors: amounts falling due within one year
2021 2020
£ £
Other debtors 2,312 -
Prepayments and accrued income - 8,933
2,312 8,933
13 Creditors: amounts falling due within one year
2021 2020
£ £
Investment management fees 5,737 4,276
Auditor fees 5,724 2,700
Trust management fee 3,000 -
Donation cheques not cleared - 6,000
14,461 12,976
14 Cash generated from operations
2021 2020
£ £
Surplus/(deficit) for the year 1,822,074 (1,571,420)
Adjustments for:
Investment income recognised in statement of financial activities (257,863) (287,581)
(Gain)/loss on disposal of investments (136,690) 82,306
Fair value gains and losses on investments (1,735,646) 1,501,438
Movements in working capital:
Increase/(decrease) in creditors 1,485 (3,997)
Cash absorbed by operations (306,640) (279,254)

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

15
Cash and cash equivalents
Cash at bank and in hand
Cash available to invest		 2021
£
193,334
461,436
654,770		 2020
£
217,834
561,214
779,048

16 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, reimbursed expenses or benefits from the Charity during the year, or previous year.

17 Analysis of changes in net funds

The Charity had no debt during the year.

18 Donations made during the year

Addington Fund
AIPFF Access Sports
British Horse Society
Canine Partners for Independence
Contented Dementia Trust
Dementia UK
Emmaus Oxford
Garsington Opera
Gift Grenada
Gloucestershire Arthritis Trust
Guiting Music Festival
Hands Up Foundation
Horatio's Garden
Kate's Nursing Home
Klosters Music Festival
Royal Opera House
St Peter's Church
Swell Church of England Primary School
The Friends of Aphrodisias Trust
The Fire Fighter's Charity
The Gloucestershire Society
The Healthworker Support Foundation
The Hunt Servant's Fund
The Nelson Trust
Carried forward		 2021
£
10,000
15,000
55,000
10,000
5,000
10,000
10,000
5,000
5,000
10,000
1,000
10,000
30,000
5,000
4,150
10,000
1,000
10,000
6,000
2,000
5,000
5,000
2,000
5,000
231,150

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

18 Donations made during the year (Continued)
2021
£
Brought forward 231,150
The Poppy Factory 10,000
The Royal Scots Dragoon Guards Regimental Trust 20,000
The Silver Line Helpline 10,000
THRIVE 10,000
Willow Trust 5,000
286,150

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Aberforth Smaller Companies Trust
Ordinary 1p
25,000 373,000 4,000 52,264 (7,416) 2,738
(21,420) 21,000 291,900 6,063
Admiral Group
Ordinary GBP0.001
3,000 91,710 3,000 71,539 (20,171) 672
1,908
2,637
813
1,380
AstraZeneca
Ordinary US $0.25 Stock
1,150 82,478 450 36,325 1,037
46,541 1,600 165,344 2,325
Baillie Gifford
Japanese Fd B Inc
15,000 273,150 (23,100) 15,000 250,050 2,610
Barclays
Ordinary 25p
120,000 220,800 2,400
(44,400) 120,000 176,400 4,800
BHP
Ordinary NPV
10,600 81,665 232,572 10,600 314,237 11,912

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
BHP Group Plc
Ordinary USD0.50
10,600 219,208 10,600 81,665 (137,543) 15,304
Blackrock World Mining Trust
Ordinary GBP0.05
21,000 120,120 1,743
945
1,155
39,900 21,000 160,020 1,155
BP
Ordinary US$0.25
30,000 86,940 7,500 22,955 1,392
1,482
1,539
33,693 37,500 143,588 1,560
British American Tobacco
Ordinary 25p
3,000 81,465 1,617
1,617
1,617
15,390 3,000 96,855 1,617

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Capita Financial Managers
Trojan Global Income S GBP Dis
329,139 392,531 3,766
2,584
2,814
53,782 329,139 446,313 2,376
Clinigen Group Plc
Ordinary GBP0.001
9,400 75,012 9,400 53,890 (21,122) 202
CRH
Ordinary IEP0.32
2,500 91,972 2,500 81,923 (10,049) 310
Diageo
Ordinary 28.935185p
2,900 87,203 811
28,203 2,900 115,406 1,293
Diversified Energy Company Plc
Ordinary GBP0.01
Changed from Diversified Gas & Oil Plc Ordinary GBP0.01 on 07/05/2021
127,595 144,182 3,084
3,143
3,243
10,591 127,595 154,773 3,480

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Edgewood L Select
US Select Growth I Z USd Acc
1,100 314,411 28,389 1,100 342,800
Experian plc
Ordinary USD0.10 shares
3,900 99,294 920
16,029 3,900 115,323 456
Fil Investment Services(Uk)limited
Global Dividend W Inc Nav
200,000 417,000 3,667
2,700
2,700
17,600 200,000 434,600 2,700
Fonix Mobile Plc
Ordinary GBP0.001
45,000 81,331 1,589
(12,706) 45,000 68,625 900
Glencore Plc
Ordinary USD0.01
35,000 99,978 1,475
1,015
80,902 35,000 180,880 1,523

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Gore Street Energy Storage Fund Plc
Ordinary GBP0.01
75,000 81,563 41,611 44,803 750
1,500
4,588 116,611 130,954 2,332
Greencoat UK Wind PLC
Ordinary 1p shares
92,000 119,048 1,651
1,651
1,651
24,012 92,000 143,060 1,651
Intermediate Capital Group Plc
Ordinary GBP0.2625
20,000 379,300 7,800
(18,200) 20,000 361,100 3,740
Jackson Financial Inc
USD0.01 Cls A Common Stock WI
350 6,841 350 6,770 (71)
Jupiter Unit Trust Managers
Strategic Bond Z Inc
149,978 98,580 915
1,120
915
(5,609) 149,978 92,971 852

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Lloyds Banking Group
Ordinary 10p
240,000 131,109 (19,965) 240,000 111,144
Londonmetric Property Plc
Ordinary GBP0.10
35,000 76,440 735
788
35
770
20,440 35,000 96,880 770
M&G Securities Limited
Global Macro Bond J GBP Dis Unhedged
150,000 158,520 150,000 152,733 (5,787)
M&g Securities Ltd
Global Macro Bond Pp GBP Dis
167,026 152,733 478
498
591
1,131 167,026 153,864 666
Melrose Industries Plc
Ordinary GBP 48/7p
45,000 78,098 15,000 26,118 60,000 105,899 1,683 338
Melrose Industries Plc
Ordinary GBP0.076190476
54,000 96,326 (29,933) 54,000 66,393 405

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Melrose Industries Plc
B2 Shares
60,000 9,573 60,000 9,000 (573)
Mercantile Investment Tst Plc(The)
Ordinary GBP0.025
80,000 204,800 2,120
1,080
1,080
(28,800) 80,000 176,000 1,080
Micro Focus International Plc
Ordinary GBP0.10
15,000 83,700 4,000 20,945 19,000 85,380 (19,265)
Muzinich Funds
Global Tactical Cred Inc Fdr Hgd Inc Nav
1,100 112,255 1,702
(6,149) 1,100 106,106 1,806
Persimmon
Ordinary 10p
4,000 120,960 4,400
(32,480) 4,000 88,480 5,000
Phoenix Group Holdings Plc
Ordinary GBP0.10
23,221 165,519 5,596
(20,666) 23,221 144,853 5,596

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Plus500 Limited
Ordinary ILS0.01 (Di)
10,000 141,150 1,650
3,117
950 10,000 142,100 3,499
Polar Capital Hldgs Plc
Ordinary GBP0.025
20,000 140,200 20,000 112,214 (27,986) 6,200
2,800
Prudential
Ordinary 5p
14,000 217,210 1,079
6,841
(58,520) 14,000 158,690 545
Reckitt Benckiser Group
Ordinary 10p
1,200 77,964 1,219
(6,468) 1,200 71,496 876
Relx Plc
GBP0.1444
10,000 183,500 3,340
61,000 10,000 244,500 1,430

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
Rio Tinto
Ordinary 10p(Registered)
4,450 243,860 9,873
2,971
12,052
28,480 4,450 272,340 5,930
Royal Dutch Shell
'B' Shares EUR0.07
16,000 213,664 16,000 167,793 (45,871) 1,962
2,781
2,890
Schroder Unit Trusts
Asian Income L Inc
457,036 365,858 6,513
1,142 457,036 367,000 7,038
Shell Plc
Ordinary EUR0.07
Changed from Shell plc EUR0.07 Ord Shs on 25/01/2022
16,000 167,793 171,567 16,000 339,360 2,925
SPDR Trust
S&P US Dividend Aristocrats
6,000 281,819 1,703
1,551
1,502
44,500 6,000 326,319 1,917

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Disposals Realised Unrealised Holding Holding Market Value Gross Income
6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021
£ £ £ £ £ £ £ £
SSGA SPDR ETFS Europe I plc
S&O 500 ETF (GBP)
1,000 289,405 871
866
897
57,975 1,000 347,380 940
T Bailey Fund Services Ltd
Evenlode Global Income F GBP Dis
250,000 322,375 2,138
1,765
1,765
31,250 250,000 353,625 1,767
Tesco plc
6.333333p Ordinary Shares
39,473 89,979 2,349
18,453 39,473 108,432 1,263
Veritas Funds Plc
Asian Sterling D GBP Eur
100 104,285 (10,295) 100 93,990
Vodafone Group
Ordinary US$0.2095238
90,000 120,294 90,000 115,528 (4,766)

THE CHARLOTTE HEBER PERCY CHARITABLE TRUST

INVESTMENT SCHEDULE

FOR THE YEAR ENDED 5 APRIL 2021

Holding Market Value Additions Disposals Realised Unrealised Holding Market Value Gross Income 6 April 2020 6 April 2020 Quantity Cost Quantity Proceeds Profit/(loss) Profit/(loss) 5 April 2021 5 April 2021 £ £ £ £ £ £ £ £ Wisdomtree Metal Securities Ltd Physical Gold 1,800 243,114 6,112 1,800 249,226 TOTAL: 7,648,828 1,213,603 1,096,598 (300,620) 738,164 8,203,377 291,676