**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;� 

- state�whether�applicable�accounting�standards�have�been�followed,�subject�to�any�material�departures�disclosed� and�explained�in�the�accounts;�and 

- 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: 

- 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** 

- Discussions�with�management�and�Trustees�and�assessment�of�known�or�suspected�instances�of�noncompliance�with�laws�and�regulations�and�fraud;�and 

- 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 

- 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 

- 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**<br>**Income**<br>Donationsandlegacies<br>**4**<br>Investments<br>**3**<br>Otherincome<br>**5**<br>**Totalincome**<br>**Expenditure**<br>Raisingfunds<br>**6**<br>Charitableactivities<br>**7**<br>**Totalresourcesexpended**<br>**Net(expenditure)/incomebeforeinvestmentgains**<br>Net(losses)/gainsoninvestments<br>**11**<br>**Netmovementinfunds**<br>Fundbalancesat6April2022<br>**Fundbalancesat5April2023**|**2023**<br>**£**<br>15,834<br>340,336<br>2,332<br>358,502<br>23,293<br>424,740<br>448,033<br>(89,531)<br>(431,326)<br>(520,857)<br>8,765,229<br>8,244,372|**2022**<br>**£**<br>-<br>291,675<br>47|
|---|---|---|
|||291,722|
|||24,264|
|||231,220|
|||255,484|
|||36,238<br>437,542|
|||473,780<br>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**<br>**Fixedassets**<br>Investments<br>**12**<br>**Currentassets**<br>Cashatbankandinhand<br>**Creditors:amountsfallingduewithin**<br>**oneyear**<br>**14**<br>Netcurrentassets<br>**Totalassetslesscurrentliabilities**<br>**Incomefunds**<br>Unrestrictedfunds|**2023**<br>**£**<br>**£**<br>8,095,422<br>184,648<br>(35,698)<br>148,950<br>8,244,372<br>8,244,372<br>8,244,372|**2022**<br>**£**<br>**£**<br>8,527,959<br>261,326<br>(24,056)<br>237,270<br>8,765,229<br>8,765,229<br>8,765,229|**2022**<br>**£**<br>**£**<br>8,527,959<br>261,326<br>(24,056)<br>237,270<br>8,765,229<br>8,765,229<br>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**<br>**Cashflowsfromoperatingactivities**<br>Cashabsorbedbyoperations<br>**15**<br>**Investingactivities**<br>Purchaseofinvestments<br>Proceedsondisposalofinvestments<br>Dividendincomeandbankinterestreceived<br>**Netcashgeneratedfrominvesting**<br>**activities**<br>**Netdecreaseincashandcashequivalents**<br>Cashandcashequivalentsatbeginningofyear<br>**Cashandcashequivalentsatendofyear**<br>**16**|**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>(420,557)<br>(243,577)<br>(307,952)<br>(1,213,604)<br>386,553<br>1,096,600<br>310,208<br>291,722<br>388,809<br>174,718<br>(31,748)<br>(68,859)<br>585,911<br>654,770<br>554,163<br>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<br>REITincome<br>Unittrustinterest<br>Foreignincome|**2023**<br>**£**<br>214,110<br>2,782<br>8,608<br>114,836<br>340,336|**2022**<br>**£**<br>231,371<br>3,063<br>6,036<br>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**<br>**Grantspayable**<br>AnimalWelfareandtheLocalEnvironment<br>Medical,CancerandHospices<br>InternationalCharities<br>LocalOrganisations<br>EducationandChildren<br>General<br>TheArtsandMuseums|**2023**<br>**£**<br>55,000<br>76,200<br>110,000<br>6,500<br>37,000<br>37,000<br>91,000<br>412,700|**2022**<br>**£**<br>45,000<br>34,000<br>20,000<br>3,000<br>22,000<br>57,000<br>38,160|
|---|---|---|
|||219,160|



## **9 Support�costs** 

|Bankcharges<br>Auditorfees<br>Trustmanagementfee|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>-<br>40<br>-<br>9,000<br>-<br>3,000<br>-<br>12,040|**2023**<br>**£**<br>40<br>9,000<br>3,000<br>12,040|**2022 Basisof**<br>**allocation**<br>**£**<br>60 Governance<br>9,000 Governance<br>3,000 Governance<br>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**<br>**investments**<br>**£**<br>**Marketvalue**<br>At5April2022<br>8,203,374<br>Additions<br>340,412<br>Unrealised(loss)<br>(421,904)<br>Realised(loss)<br>(9,422)<br>Netmovementincash<br>-<br>Disposals<br>(386,553)<br>At5April2023<br>7,725,907|**Cashin**<br>**portfolio**<br>**£**<br>324,585<br>-<br>-<br>-<br>44,930<br>-<br>369,515|**Total**<br>**£**<br>8,527,959<br>340,412<br>(421,904)<br>(9,422)<br>44,930<br>(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<br>Cashininvestmentportfolio|**2023**<br>**£**<br>7,725,907<br>369,515<br>8,095,422|**2022**<br>**£**<br>8,203,374<br>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**<br>**Creditors:amountsfallingduewithinoneyear**<br>Accrualsanddeferredincome<br>**15**<br>**Cashgeneratedfromoperations**<br>(Deficit)/surpusfortheyear<br>Adjustmentsfor:<br>Investmentincomerecognisedinstatementoffinancialactivities<br>Lossondisposalofinvestments<br>Fairvaluegainsandlossesoninvestments<br>Movementsinworkingcapital:<br>(Increase)/decreaseindebtors<br>Increaseincreditors<br>**Cashabsorbedbyoperations**<br>**16**<br>**Cashandcashequivalents**<br>Cashatbankandinhand<br>Netmovementincash|**2023**<br>**2022**<br>**£**<br>**£**<br>35,698<br>24,056<br>35,698<br>24,056<br>**2023**<br>**2022**<br>**£**<br>**£**<br>(520,857)<br>473,780<br>(342,668)<br>(291,722)<br>9,422<br>300,619<br>421,904<br>(738,161)<br>-<br>2,312<br>11,642<br>9,595<br>(420,557)<br>(243,577)<br>**2023**<br>**2022**<br>**£**<br>**£**<br>184,648<br>261,326<br>369,515<br>324,585<br>554,163<br>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<br>BarnTheatre<br>BritishHorseSociety<br>BrookeAnimalHospital<br>BrookeHorseSociety<br>CaninePartnersforIndependence<br>ChippingCamdenMusicFestival<br>CojacaruFoundation<br>DisasterEmergencyFund(Ukraine)<br>Eloise&KatyMemorialTrust<br>EmmausOxford<br>FarmsforCityChildren<br>FoundationDeL'ArtChore<br>FriendsofAphrodisias<br>GarsingtonOpera<br>GiftGrenada<br>GuitingMusicFestival<br>HandsUpFoundation<br>Horatio'sGarden<br>LongboroughFestivalOpera<br>MarieCurie<br>NationalBrainAppeal<br>NauntonDovecoteTrust<br>NorthCotswoldFood<br>RacingWelfare<br>RotaryClubofNorthNotswolds(forUkraine)<br>RoyalAcedemyofMusic<br>RoyalBalletSchool<br>RoyalOperaHouse<br>RoyalTrinityHospice<br>SongbirdSurvival<br>TheGloucestershireSociety<br>TheGloucestershireArthritisTrust<br>TheHuntServant'sFund<br>THRIVE<br>UpperSlaughterVillageHall|**2023**<br>**£**<br>25,000<br>1,000<br>30,000<br>5,000<br>5,000<br>5,000<br>5,000<br>50,000<br>50,000<br>5,000<br>5,000<br>10,000<br>5,000<br>7,000<br>2,000<br>10,000<br>5,000<br>20,000<br>50,000<br>3,000<br>1,000<br>200<br>2,000<br>2,500<br>5,000<br>50,000<br>5,000<br>10,000<br>5,000<br>5,000<br>5,000<br>10,000<br>5,000<br>2,000<br>5,000<br>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<br>**Previousyear:**<br>Generalfunds|**At6April**<br>**2022**<br><br>**£**<br>8,765,229<br>**At6April**<br>**2021**<br><br>**£**<br>8,291,449|**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Gainsand**<br>**losses**<br>**£**<br>**£**<br>**£**<br>358,502<br>(448,033)<br>(431,326)<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Gainsand**<br>**losses**<br>**£**<br>**£**<br>**£**<br>291,722<br>(255,484)<br>437,542|**At5April**<br>**2023**<br>**£**<br>8,244,372|
|---|---|---|---|
||||**At5April**<br>**2022**<br>**£**<br>8,765,229|



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