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2023-04-05-accounts

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

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.

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.

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

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:

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�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:

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.

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:

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:

THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST

INDEPENDENT�AUDITOR'S�REPORT�(CONTINUED) TO�THE�TRUSTEES�OF�THE�CHARLOTTE�HEBER�PERCY�CHARITABLE�TRUST

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:

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.

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.

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.

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

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

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.

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

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

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

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.

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).

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

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

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