Charity�registration�number�284387
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST ANNUAL�REPORT�AND�FINANCIAL�STATEMENTS FOR�THE�YEAR�ENDED�5�APRIL�2023
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
CONTENTS
| Page | |
|---|---|
| Legalandadministrativeinformation | 1 |
| Trustees'report | 2- 4 |
| StatementofTrustees'responsibilities | 5 |
| Independentauditor'sreport | 6- 9 |
| Statementoffinancialactivities | 10 |
| Statementoffinancialposition | 11 |
| Statementofcashflows | 12 |
| Notestotheaccounts | 13- 20 |
| Scheduleofinvestmentsandincome | 21- 30 |
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
LEGAL�AND�ADMINISTRATIVE�INFORMATION
| Trustees | MrsCSHeberPercy | |
|---|---|---|
| MsLJCousins | (Appointed18September | |
| 2023) | ||
| Charitynumber | 284387 | |
| Principaloffice/addressforappeals | RathbonesTrustCompanyLtd | |
| 8FinsburyCircus | ||
| London | ||
| EC2M7AZ | ||
| Auditor | KrestonReevesLLP | |
| 2ndFloor | ||
| 168ShoreditchHighStreet | ||
| London | ||
| E16RA | ||
| Bankers | LloydsBankPlc | |
| HighStreet | ||
| Moreton-in-Marsh | ||
| Gloucestershire | ||
| GL560AY | ||
| Legaladvisors | Currey&Co | |
| 33QueenAnneStreet | ||
| London | ||
| W1G9HY | ||
| Investmentmanagers | RathbonesInvestmentManagementLimited | |
| 8FinsburyCircus | ||
| London | ||
| EC2M7AZ |
- 1�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
TRUSTEES'�REPORT�
FOR�THE�YEAR�ENDED�5�APRIL�2023
The�Trustees�present�their�annual�report�and�financial�statements�for�the�year�ended�5�April�2023.
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�17 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�thirty�six�donations�totalling�£412,700�(£219,160 in� 2022), as�detailed�in�note�17 of�these�accounts.
Achievements�and�performance
During�the�year�the�charity's�total�income�increased�from�£291,722�to�£358,502.�Investment�income�has� increased�from�£291,675�to�£340,336.��Investment�income�from�UK�equities�has�reduced,�but�investment income� from�overseas�equities�increased�significantly.��In�addition,�the�charity�received�a�personal�donation�of�£15,834� from�the�trustee,�Charlotte�Heber�Percy.��The�charity�has�continued�its�support�of�various�charities,�increasing� donations�significantly�this�year�from�£291,160�to�£412,700�and�is�utilising�its�unrestricted�reserve�fund�brought� forward.
Financial�review�of�the�charity
Total�incoming�resources�were�£358,502�(£291,722�in�2022),�with�£424,740�(£231,220�in�2022)�being�committed� to�charitable�activities and�a�further�charge�of�£23,293�(£24,264�in�2022)�related�to�costs�of�raising�funds. Included�within�charitable�activities�are�£12,040�(£12,060�in�2022)�related�to�governance�costs,�The�total� movement�of�resources�in�the�year�also�include�the�realised�(loss)�in�the�year�£9,422�(loss £300,619�in�2022)� and�an�unrealised�(loss)�based�upon�the�market�value�of�the�investments�at�the�year�end�of�£421,904�(gain £738,161�in�2022),�resulting�in�net�outflow�of�resources�of�£520,857�(inflow�of�resources £473,780�in�2022).�
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.
- 2�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
TRUSTEES'�REPORT�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
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�60%�FTSE�100,�30%�FTSE�All�World�Ex-UK�and�10%�cash,�as� determined�by�Rathbones'�terms�of�business,�in�line�with�risk�strategy�5.
Over�the�last�12�months,�the�financial�markets�have�been�volatile�as�central�banks�attempted�to�curb�inflation�by� raising�interest�rates�at�an�unprecedented�pace.��This�in�turn�has�driven�equity�valuations�lower�impacting�growth� assets�in�particular.��Thus,�over�the�last�year,�the�total�return�of�the�fund�declined�by�-1.07%.�The�personal� benchmark�gained�by�2.27%.�The�FTSE�100�rose�by�4.46%�and�the�FTSE�All�World�Ex�UK�declined�by�-2.36%.�
Over�the�year,�bond�markets�saw�sharp�falls�as�interest�rates�rose�globally,�with�the�UK�Gilt�market�seeing�sharp� declines.�Globally,�growth�stocks�and�medium�and�smaller�sized�companies�saw�sharp�falls�and�Asian�markets� have�also�been�weak�due�to�the�slower�than�expected�recovery�from�Covid�in�China.��Over�the�year�the S&P�was� weak�given�the�selloff�in�technology�stocks�due�to�their�high�valuations.�The�FTSE�100�rose�given�its�large� exposure�to�companies�in�the�oil,�gas�and�mining�sectors,�which�benefited�from�the�energy�crisis�following�the� Ukraine�War.��Further,�having�seen�an�encouraging�recovery�in�markets�in�2023,�towards�the�end�of�March�there� was�a�significant�change�in�investor�sentiment�following�the�failure�of�Silicon�Valley�Bank�and�Credit�Suisse� reflecting�concerns�of�a�banking�crisis�and�wider�contagion.
Despite�market�volatility�the�investment�manager�has�retained�the�equity�exposure�at�around�85%�and�has� slightly�reduced�the�UK�weighting�to�45%�in�favour�of�overseas�markets.��The�US�equity�exposure�is�13%,�with� 19%�in�global�funds,�which�have�a�high�exposure�to�the�US�and�which�are�invested�in�themes�such�as�mining� and�technology.��There�is�3%�in�Japan�and�5%�in�Asia.��Fixed�income�exposure�is�2%�and�the�manager�reduced� alternative�investments�to�8%,�including�gold.��Cash�is�now�5%�of�the�portfolio.�
None�of�the�directly�held�investments�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,�in�line�with�risk� strategy�5.
Current�income�is�forecast�to�be�some�£286,040�per�annum,�which�is�a�yield�of�3.5%.�
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 (Deceased�6�June�2022) Ms�L�J�Cousins (Appointed�18�September�2023)
The�Charity's�other�advisors�are�noted�on�page�1.
- 3�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
TRUSTEES'�REPORT�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
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.
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.
Ms�L�J�Cousins
Trustee Dated:�13�February�2024
- 4�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
STATEMENT�OF�TRUSTEES'�RESPONSIBILITIES��
FOR�THE�YEAR�ENDED�5�APRIL�2023
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:
-
select�suitable�accounting�policies�and�then�apply�them�consistently;
-
observe�the�methods�and�principles�in�the�Charities�SORP;
-
make�judgements�and�estimates�that�are�reasonable�and�prudent;�
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state�whether�applicable�accounting�standards�have�been�followed,�subject�to�any�material�departures�disclosed� and�explained�in�the�accounts;�and
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prepare�the�accounts�on�the�going�concern�basis�unless�it�is�inappropriate�to�presume�that�the�charity�will�continue� in�operation.
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.
- 5�-
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�2023�which�comprise the�Statement�of�financial�activities,�the�Balance�Sheet,�the�Statement�of�cash� flows�and�the�related�notes,�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).
The�financial�statements�have�been�prepared�in�accordance�with��Accounting�and��Reporting�by�Charities�preparing� their�accounts�in�accordance�with�the�Financial�Reporting�Standards�applicable�in�the�UK�and�Republic�of�Ireland� (FRS�102)�in�preference�to�the�Accounting�and�Reporting�by�Charities:�Statement�of�Recommended�Practice�issued� on�1�April�2005�which�is�referred�to�in�the�extant�regulations�but�has�been�withdrawn.
This�has�been�done�in�order�for�the�accounts�to�provide�a�true�and�fair�view�in�accordance�with�the�Generally� Accepted�Accounting�Practice�effective�for�reporting�periods�beginning�on�or�after�1�January�2015.
In�our�opinion�the�financial�statements:
-
give�a�true�and�fair�view�of�the�state�of�the�charity's�affairs�as�at�5�April�2023 and� of�its�incoming�resources�and�application�of�resources�for�the�year�then�ended;
-
have�been�properly�prepared�in�accordance�with��United��Kingdom��Generally�� Accepted��Accounting Practice;�and
-
have�been�prepared�in�accordance�with�the�requirements�of�the�Charities�Act� 2011.
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�United�Kingdom,�including�the�Financial� Reporting�Council’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.
- 6�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
INDEPENDENT�AUDITOR'S�REPORT�(CONTINUED)
TO�THE�TRUSTEES�OF�THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
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�requires�us�to�report�to�you�if,�in�our�opinion:
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the�information�given�in�the�Trustees'�report�is�inconsistent�in�any�material�respect�with�the�financial� statements;�or
-
sufficient�accounting�records�have�not�been�kept;�or
-
the�financial�statements�are�not�in�agreement�with�the�accounting�records;�or
-
we�have�not�received�all�the�information�and�explanations�we�require�for�our�audit.
Responsibilities�of�Trustees
As�explained�more�fully�in�the��Trustees'�responsibilities�statement,�set�out�on�page�5,�the�Trustees�are�responsible� for�the�preparation�of�financial�statements�which�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�liquidate�the�charity�or�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:
Capability�of�the�audit�in�detecting�irregularities,�including�fraud
The�objectives�of�our�audit�are�to�identify�and�assess�the�risks�of�material�misstatement�of�the�financial�statements� due�to�fraud�or�error;�to�obtain�sufficient�appropriate�audit�evidence�regarding�the�assessed�risks�of�material� misstatement�due�to�fraud�or�error;�and�to�respond�appropriately�to�those�risks.
Based�on�our�understanding�of�the�charity�and�the�charitable�sector�generally,�and�through�discussion�with�the� trustees�and�other�management�(as�required�by�auditing�standards),�we�identified�that�the�principal�risks�of�noncompliance�with�laws�and�regulations�related�to�those�laws�and�regulations�that�have�a�direct�impact on�the� preparation�of�the�financial�statements�such�as�the�Charity�SORP�2019�and�other�charity�legislation. We� communicated�identified�laws�and�regulations�throughout�our�team�and�remained�alert�to�any�indications�of�noncompliance�throughout�the�audit.�We�evaluated�Trustees'�and�management’s�incentives�and�opportunities�for� fraudulent�manipulation�of�the�financial�statements�(including�the�risk�of�override�of�controls)�and determined�that� the�principal�risks�related�to�fraudulently�or�erroneously�amending�income�and�expenditure�levels.�Audit�procedures� performed�by�the�engagement�team�included:
- 7�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
INDEPENDENT�AUDITOR'S�REPORT�(CONTINUED) TO�THE�TRUSTEES�OF�THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
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Discussions�with�management�and�Trustees�and�assessment�of�known�or�suspected�instances�of�noncompliance�with�laws�and�regulations�and�fraud;�and
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Performing�analytical�procedures�to�identify�any�unusual�or�unexpected�relationships,�including�related� party transactions,�that�may�indicate�risks�of�material�misstatement�due�to�fraud;�and
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Confirmation�of�related�parties�with�management,�and�review�of�transactions�throughout�the�period�to� identify�any�previously�undisclosed�transactions�with�related�parties�outside�the�normal�course�of�business;� and
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Review�of�significant�and�unusual�transactions�and�evaluation�of�the�underlying�financial�rationale� supporting�the�transactions.
Because�of�the�inherent�limitations�of�an�audit,�there�is�a�risk�that�we�will�not�detect�all�irregularities,�including�those� leading�to�a�material�misstatement�in�the�financial�statements�or�non-compliance�with�regulation.�This�risk�increases� the�more�that�compliance�with�a�law�or�regulation�is�removed�from�the�events�and�transactions�reflected�in�the� financial�statements,�as�we�will�be�less�likely�to�become�aware�of�instances�of�non-compliance.�The�risk�is�also� greater�regarding�irregularities�occurring�due�to�fraud�rather�than�error,�as�fraud�involves�intentional�concealment,� forgery,�collusion,�omission�or�misrepresentation.�
As�part�of�an�audit�in�accordance�with�ISAs�(UK),�we�exercise�professional�judgement�and�maintain�professional� scepticism�throughout�the�audit.�We�also:
-
Identify�and�assess�the�risks�of�material�misstatement�of�the�financial�statements,�whether�due�to fraud�or� error,�design�and�perform�audit�procedures�responsive�to�those�risks,�and�obtain�audit�evidence�that sufficient�and�appropriate�to�provide�a��basis�for�our�opinion.�The�risk�of�not�detecting�a�material misstatement�resulting�from�fraud�is�higher�than�for�one�resulting�from�error,�as�fraud�may�involve�collusion,� forgery,�intentional�omissions,�misrepresentations,�or�the�override�of�internal�control.
-
Obtain�an�understanding�of�internal�control�relevant�to�the�audit�in�order�to�design�audit�procedures�that are� appropriate�in�the�circumstances,�but�not�for�the�purpose�of�expressing�an�opinion�of�the�effectiveness�of� the�charity's�internal�control.
-
Evaluate�the�appropriateness�of�accounting�policies�used�and�the�reasonableness�of�accounting estimates� and�related�disclosures�made�by�the�Trustees.
-
Conclude�on�the�appropriateness�of�the�Trustees'�use�of�the�going�concern�basis�of�accounting�and, based� on�the�audit�evidence�obtained,�whether�a�material�uncertainty�exists�related�to�events�or�conditions�that� may�cast�significant�doubt�on�the�charity's�ability�to�continue�as�a�going�concern.�If�we�conclude�that�a� material�uncertainty�exists,�we�are�required�to�draw�attention�in�our�Auditor's�report�to�the�related� disclosures�in�the�financial�statements�or,�if�such�disclosures�are�inadequate,�to�modify�our�opinion.�Our� conclusions�are�based�on�the�audit�evidence�obtained�up�to�the�date�of�our�Auditor's�report.�However,� future�events�or�conditions�may�cause�the�charity�to�cease�to�continue�as�a�going�concern.
-
Evaluate�the�overall�presentation,��structure�and�content�of�the�financial�statements,��including�the disclosures,�and�whether�the�financial�statements�represent�the�underlying�transactions�and�events�in�a� manner�that�achieves�fair�presentation.
We�communicate�with�those�charged�with�governance�regarding,�among�other�matters,�the�planned�scope�and� timing�of�the�audit�and�significant�audit�findings,�including�any�significant�deficiencies�in�internal�control�that�we� identify�during�our�audit.
- 8�-
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�auditor's 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.
Date:�13�February�2024
Kreston�Reeves�LLP
Chartered�Accountants
Statutory�Auditor London 168�Shoreditch�High�Street London E1�6RA
Kreston�Reeves�LLP�are�eligible�to�act�as�auditors�in�terms�of�section�1212�of�the�Companies�Act�2006.
- 9�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
STATEMENT�OF�FINANCIAL�ACTIVITIES� INCLUDING�INCOME�AND�EXPENDITURE�ACCOUNT
FOR�THE�YEAR�ENDED�5�APRIL�2023
| Notes Income Donationsandlegacies 4 Investments 3 Otherincome 5 Totalincome Expenditure Raisingfunds 6 Charitableactivities 7 Totalresourcesexpended Net(expenditure)/incomebeforeinvestmentgains Net(losses)/gainsoninvestments 11 Netmovementinfunds Fundbalancesat6April2022 Fundbalancesat5April2023 |
2023 £ 15,834 340,336 2,332 358,502 23,293 424,740 448,033 (89,531) (431,326) (520,857) 8,765,229 8,244,372 |
2022 £ - 291,675 47 |
|---|---|---|
| 291,722 | ||
| 24,264 | ||
| 231,220 | ||
| 255,484 | ||
| 36,238 437,542 |
||
| 473,780 8,291,449 |
||
| 8,765,229 |
The�statement�of�financial�activities�includes�all�gains�and�losses�recognised�in�the�year.
The�statement�of�financial�activities�includes�all�gains�and�losses�recognised�in�the�year.�All�income�and� expenditure�derive�from�continuing�activities.
- 10�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
STATEMENT�OF�FINANCIAL�POSITION�
AS�AT�5�APRIL�2023
| Notes Fixedassets Investments 12 Currentassets Cashatbankandinhand Creditors:amountsfallingduewithin oneyear 14 Netcurrentassets Totalassetslesscurrentliabilities Incomefunds Unrestrictedfunds |
2023 £ £ 8,095,422 184,648 (35,698) 148,950 8,244,372 8,244,372 8,244,372 |
2022 £ £ 8,527,959 261,326 (24,056) 237,270 8,765,229 8,765,229 8,765,229 |
2022 £ £ 8,527,959 261,326 (24,056) 237,270 8,765,229 8,765,229 8,765,229 |
|---|---|---|---|
| 8,765,229 | |||
| 8,765,229 | |||
| 8,765,229 |
The�accounts�were�approved�by�the�Trustees�on�13�February�2024
Ms�L�J�Cousins
Trustee
- 11�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
STATEMENT�OF�CASH�FLOWS�
FOR�THE�YEAR�ENDED�5�APRIL�2023
| Notes Cashflowsfromoperatingactivities Cashabsorbedbyoperations 15 Investingactivities Purchaseofinvestments Proceedsondisposalofinvestments Dividendincomeandbankinterestreceived Netcashgeneratedfrominvesting activities Netdecreaseincashandcashequivalents Cashandcashequivalentsatbeginningofyear Cashandcashequivalentsatendofyear 16 |
2023 2022 £ £ £ £ (420,557) (243,577) (307,952) (1,213,604) 386,553 1,096,600 310,208 291,722 388,809 174,718 (31,748) (68,859) 585,911 654,770 554,163 585,911 |
|---|---|
- 12�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�
FOR�THE�YEAR�ENDED�5�APRIL�2023
1 Accounting�policies
Charity�information
The�Charlotte�Heber�Percy�Charitable�Trust�is�a�INSERT�CONSTITUTIONAL�DETAIL.
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. Foreign�income�is� included�after�deduction�of�irrecoverable�foreign�tax.
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.
- 13�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
1 Accounting�policies
(Continued)
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.
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 Investments
| UKdividendincome REITincome Unittrustinterest Foreignincome |
2023 £ 214,110 2,782 8,608 114,836 340,336 |
2022 £ 231,371 3,063 6,036 51,205 |
|---|---|---|
| 291,675 |
- 14�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED)
FOR�THE�YEAR�ENDED�5�APRIL�2023
4 Income�from�donations�and�legacies
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Donationsandgifts | 15,834 | - | ||
| 5 | Otherincome | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Bankinterest | 2,332 | 47 | ||
| 6 | Raisingfunds | |||
| **Unrestricted ** | Unrestricted | |||
| funds | funds | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Investmentmanagement fees | 23,293 | 24,264 | ||
| 23,293 | 24,264 | |||
| 7 | Charitableactivities | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Grantfundingofactivities(seenote8) | 412,700 | 219,160 | ||
| Shareofgovernancecosts(seenote9) | 12,040 | 12,060 | ||
| 424,740 | 231,220 |
- 15�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
| 8 Grantspayable AnimalWelfareandtheLocalEnvironment Medical,CancerandHospices InternationalCharities LocalOrganisations EducationandChildren General TheArtsandMuseums |
2023 £ 55,000 76,200 110,000 6,500 37,000 37,000 91,000 412,700 |
2022 £ 45,000 34,000 20,000 3,000 22,000 57,000 38,160 |
|---|---|---|
| 219,160 |
9 Support�costs
| Bankcharges Auditorfees Trustmanagementfee |
Support costs Governance costs £ £ - 40 - 9,000 - 3,000 - 12,040 |
2023 £ 40 9,000 3,000 12,040 |
2022 Basisof allocation £ 60 Governance 9,000 Governance 3,000 Governance 12,060 |
|---|---|---|---|
10 Employees
There�were�no�employees�during�the�year,�or�the�previous�year.
11 Net�(losses)�/�gains�on�investments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Unrealised(loss)/gainoninvestments | (421,904) | 738,161 |
| Realised(loss)/gainonsaleofinvestments | (9,422) | (300,619) |
| (431,326) | 437,542 |
- 16�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
12 Fixed�asset�investments
| Listed investments £ Marketvalue At5April2022 8,203,374 Additions 340,412 Unrealised(loss) (421,904) Realised(loss) (9,422) Netmovementincash - Disposals (386,553) At5April2023 7,725,907 |
Cashin portfolio £ 324,585 - - - 44,930 - 369,515 |
Total £ 8,527,959 340,412 (421,904) (9,422) 44,930 (386,553) |
|---|---|---|
| 8,095,422 |
Investments�representing�more�than�5%�of�the�portfolios�total�market�value:
| Investment | UnitsMarketValue%of | UnitsMarketValue%of | TotalMarket |
|---|---|---|---|
| £ | Value | ||
| CapitaFinancialMangersTrojanGlobal | 329,139 | 419,916 | 5.44% |
| FilInvestmentGlobalWIncNav | 200,000 | 445,800 | 5.77% |
| SSGASPDREFTS | 1,250 | 408,617 | 5.29% |
| Listedinvestments Cashininvestmentportfolio |
2023 £ 7,725,907 369,515 8,095,422 |
2022 £ 8,203,374 324,585 |
|---|---|---|
| 8,527,959 |
13 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�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED)
FOR�THE�YEAR�ENDED�5�APRIL�2023
| 14 Creditors:amountsfallingduewithinoneyear Accrualsanddeferredincome 15 Cashgeneratedfromoperations (Deficit)/surpusfortheyear Adjustmentsfor: Investmentincomerecognisedinstatementoffinancialactivities Lossondisposalofinvestments Fairvaluegainsandlossesoninvestments Movementsinworkingcapital: (Increase)/decreaseindebtors Increaseincreditors Cashabsorbedbyoperations 16 Cashandcashequivalents Cashatbankandinhand Netmovementincash |
2023 2022 £ £ 35,698 24,056 35,698 24,056 2023 2022 £ £ (520,857) 473,780 (342,668) (291,722) 9,422 300,619 421,904 (738,161) - 2,312 11,642 9,595 (420,557) (243,577) 2023 2022 £ £ 184,648 261,326 369,515 324,585 554,163 585,911 |
|---|---|
17 Taxation
The�charity�is�exempt�from�tax�on�income�and�gains�falling�within�section�532 of�the�Income�Taxes�Act�2007 or� section�256 of�the�Taxation of�Chargeable�Gains�Act�1992�to�the�extent�that�these�are�applied�to�its�charitable� objects.
18 Related�party�transactions
On�the�8�February�2023�Charlotte�Heber�Percy�(a�Trustee)�made�a�personal�donation�of�£15,834�to�the� charity.��There�were�no�other�disclosable�related�party�transactions�during�the�year�(2022 - none).
- 18�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
19 Donations�made�during�the�year
| AIPFFAccessSports BarnTheatre BritishHorseSociety BrookeAnimalHospital BrookeHorseSociety CaninePartnersforIndependence ChippingCamdenMusicFestival CojacaruFoundation DisasterEmergencyFund(Ukraine) Eloise&KatyMemorialTrust EmmausOxford FarmsforCityChildren FoundationDeL'ArtChore FriendsofAphrodisias GarsingtonOpera GiftGrenada GuitingMusicFestival HandsUpFoundation Horatio'sGarden LongboroughFestivalOpera MarieCurie NationalBrainAppeal NauntonDovecoteTrust NorthCotswoldFood RacingWelfare RotaryClubofNorthNotswolds(forUkraine) RoyalAcedemyofMusic RoyalBalletSchool RoyalOperaHouse RoyalTrinityHospice SongbirdSurvival TheGloucestershireSociety TheGloucestershireArthritisTrust TheHuntServant'sFund THRIVE UpperSlaughterVillageHall |
2023 £ 25,000 1,000 30,000 5,000 5,000 5,000 5,000 50,000 50,000 5,000 5,000 10,000 5,000 7,000 2,000 10,000 5,000 20,000 50,000 3,000 1,000 200 2,000 2,500 5,000 50,000 5,000 10,000 5,000 5,000 5,000 10,000 5,000 2,000 5,000 2,000 |
|---|---|
| 412,700 |
- 19�-
THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST
NOTES�TO�THE��FINANCIAL�STATEMENTS�(CONTINUED) FOR�THE�YEAR�ENDED�5�APRIL�2023
20 Unrestricted�funds
The�unrestricted�funds�of�the�charity�comprise�the�unexpended�balances�of�donations�and�grants which�are� not�subject�to�specific�conditions�by�donors and�grantors as�to�how�they�may�be�used.�These include� designated�funds�which�have�been�set�aside�out�of�unrestricted�funds�by�the�trustees�for�specific�purposes.
| Generalfunds Previousyear: Generalfunds |
At6April 2022 £ 8,765,229 At6April 2021 £ 8,291,449 |
Incoming resources Resources expended Gainsand losses £ £ £ 358,502 (448,033) (431,326) Incoming resources Resources expended Gainsand losses £ £ £ 291,722 (255,484) 437,542 |
At5April 2023 £ 8,244,372 |
|---|---|---|---|
| At5April 2022 £ 8,765,229 |
- 20�-
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