Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B Charfty reglstratlon number 284387 (England and Wales) THE CHARLOTTE HEBER PERCY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST CONTENTS Page Legal and administrative information Trustees, rep¢Jrt Statement of Iruslee$' responsibilities Indep&ndenl auéilors report Statement of financial activities 10 Statement of financial position 11 Notes to the accoLJnts 12-19 Schedule of investrnenls and incorne 20-31
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C S Heber Percy Ms L J Cousins Charlty numbèr 284387 Principal office l address for appeals Rathbones Trust Company Limited 30 Gresharn Street London EC2V 7QN Auditor Kreston Reeves Audit LLP Statutory Auditor 37 St. Margaret's Street Canterbury Gf1 zru Bankers Lloyds Bank PIC High Street MOreton4nlarsh Gk>ucestershire GL56 OAY Legal advisors Currey & Co 33 Queen Anne Street London W1G9HY Invgstmont managors Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QN
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5APRIL 2025 The Iruslees present their annual report and fin8nci81 slalemenls for the year ended 5 Aprfl 2025. The accounts have been prepared in accordan with the a¢¢ounting policies set out in note 1 of the accounts and cornply wth the Charities Act 2011 and Accounting and Reporting by Charities.. Staterment of Recommended PracliGe applicable lo Gharilies preparing their accounts in aGcordance with the Financial Reporting Standard appIlble in thè UK and Rapublic of IrèlarKI IFRS 1021 (affèctivè 1 January 20191. Objectives and activitie5 The Chatlotte 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 inmme and, as far as may be necessary, the capital for or towards such charitable purposes and lo make donations lo such charitable bodies or institutions al such times and in such manner as the Trustees may, in their absolute discretion, think fit. Public benefit The Trustees hav& complied with the duty in section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charily Commission. The Trustees support a number of charitable organisations, as shown within note 18 to the financial statements. The Trustees believe all the donations rnade are for the benefit of the public. Grant making pollcles The Trustees. current pollcy Is to revlew all wrltten appeals re1Ve on a quartetly basÈ ané to conslder each 8ppeal on Its IndIdual rnerfls. Only successful applicants are nollfled of the Tnjstees, declsion. Donatlons 8r& made without any commitment to future funding. During the year under review, the Trustees resofved tD make donations lo twenty*ight institutions totaling £319,3891£324,500 in 20241, as detailed in note 18 of these accounts. Achievement5 and performance During the year the charills total income decreased from £293,098 10 £275,489. Investment income has decreased from £283.430 10 £274.669 due lo a de¢rease in in¢ome from overseas equities. The Charity has continued its support of various charities, decreasing donations this year from £324,500 to £319,389 and continuing lo ub'lise ils unrestricted reserve fund brought forward. Financial rgvigw of the charity Total incoming resources were £275,4691£293,098 in 20241, wilh £333,7091£335,300 in 20241 being committed to charitable activities and a further charge of £25,897 (£24,551 in 20241 related to costs of raising funds. Included within charitable activities are £14,320 (£10,800 in 20241 related to governance costs, The lolal movement of resources in the year also include the realised Ilossl in the year £188,306110ss £59,981 in 20241 and an unreallsed {lossl based upon the market value of the investments al the year end of £164,914 Ig81n £585,503 in 20241, resutting in net oulflow of resources of £437,357 (inflow of reSoUrS £458,769 in 20241. Reserves ThÈ Trusta8s havé a balant%d inv8stmant policy and pradominatèly usè incom8 to fund thair donations. Capital is used to make sizpable donalions although the Trustees largely refrain from doing SD in order to maintain Ihe capital of the Trust Fund.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Investment policy and perfom18nce The investment objective of the Charity is for s balance between longer4erm Ca1 growth and income, in wtth the agreed bespoke benchmark of 600/. FTSE 100, 300/. FTSE AJI World EX-UK and 100/0 cash, as etermined by Rathbones, terms of business, in Ilne wlth rlsk strategy S. Over the last 12 months, financial markets have been particularly volatile as geopolitics, Trump's tarrft agenda and shift in Europe's fiscal w)licy take ntre stage. Thus, over the last year, the total tUrn (net of fees) of the fund was -1.240/D. The personal benchmark gained by 3.3201.. The FTSE 100 rose by 5.58 % and the FTSE AII World Ex UK dedined 4.00Y.. It certainly paid off in 2024 to ignore the 'noise' and fo¢us on the 'signals'. The investment manager approached the year with a reasonable degree of optimism and it's fair to say that overall returns had outstripped their expectations as the investment manager headed into 2025. It seemed that the key factor for equity investors in 2025 would be the heatth of ihe US economy. As it continued to grow, equities made a good start to the year, until an onslaught of policy announcements from the INhile House sent US and global equities into retreat. Investors were wrongfooted and the expected bullish 'Trump Trade has not been borne out by events. The consensus view was that Americans would be getting tax cuts and d®ulalion lo sweeten the pill of tariffs. 11 was supposed lo unleash animal spirits and to provide support for equities and the dollar. However, il's been just the bttter stuff so far. Furthemiore, whereas tariffs were only expected to be a that that would wick be withdrawn on¢e reasonable ¢oncessions were offered, they have been much larger than expected and for now they appear to be stickier too. Over the period the investment manager has reduced diversifiers in favour of equty markets and continue to maintain exposure to fixed income markets taking advantage of the attractive yeld to rnaturtties on offer. The equity exposure is 840/., diversifiers are 50/D and fixed income is 10%. Cash Now represents less than 1¢1.. Within the equity exposure we have rllaintained the UK exposure, which is 42 %, and increased exposure to overseas markets which now represen15 420/.. The US equity exposure is 140/0, with 19¢/0 in global funds, which have a high exposure lo the US and which are invested in themes such as technology and funds which have a focus on income generation. The fijnd has 3.10 in Europe, 2.kn in Japan and 4.10 in Asia. To confimi, of the direct inveslmenls held only the SPDR S&P 500 ETF and Fidelity Global Dividend Fund exceeds S°/0 of the total portfolio value, being 6.1.10 and 6.3°/o respeclively. The funds continue to be well diversified across both geography and sector. generating both income and capital growth, in line with risk str8tegy S. Current income is forecast lo be some £278,411 per annum, which is a yield of 3.40/0. As the investment manager looks ahead to the rest of 2025 and beyond, it's important to bear in mlid the longer- temi resilience of stock markets. RenI sell-offs are no more pronounced than in 2018, 2020 and 2022, perK)ds of profound economic disruption. And trade policy is far from being the main driver of markets over the long-term. The risk of a financial crisis that takes years to recover from is very low. While the risk of a US recession has gone up, the investment manager still does not b8lleve SI'S more likely than not. Flnally, the Investment manager sees two pot8ntial catalysts for tuming rmore positive and adding to holdings in US and global equities. Firstly, a meaningful rollback of the announced tariffs that caused the selloff in the first place,. only the 'lhree Cs. can reverse the tariffs - the courts, Congress and the Big Cheese himself. Secondly, if the tarrffs reman in for, evidence that the sell-off has gone tOD far could be a buying opportunity. Risks Above and beyond the inherent market risk to which the Charitable Trust is exposed, the portfolio is well diversified, both on a sl{k and sectorial basis. The Charity invests predominantly in UK companies demonstrating strong dividend streams, in order to meet the income requ1mentS of the Trustees, where such companies are. on the whole, regarded lo be trading on reasonab valuations, given their future prospects. The Trustees have identified rnajor risks and believe that appropriate action has been taken to mitigatg these risks. The Trustees will Continue lo keep the adequ8cy of the systems in p18ce under review.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Structure, 9overn3nce 8nd man89ement The Iruslees who served during the year were= Mrs C S Heber Percy Ms L J Cousins The Charivs other advisors are noted on page 1. Organisation and dècision-making structura The Trustees meet on an ad hoc basis lo consider appli¢alions for funding and a full presentation is made at an Annual Meeting when the financial statements are also reviewed. Investment perforrnance and income levels are monitored half yearly at meetings with the Investment Managers. The Trustees do not con&der there will be material changes lo the level of grant rnaking in future years based upon the maintenance of the level of income reSoUS not being materially reduced. Appointment of new trustges The power of appointing new Truslees is vested in the settlor, Mrs Charfolte Heber-Percy. Trustee training The Trustees cOrSpond and m&et with their professional advisors regulady and the advisors are specifically instructed to appraise the Trustees of relevant technical and practi¢& Issues 8S they arise. Audltor Thè audit régistration of Kreston Raeves LLP w8S transferréd to Kréston RèS Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formalty appointed as auditor to Ihe charity on 6 October 2025. The Accounts The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available lo fulfil their obligations and the accounts Comp with current statutory requirements. The trustees. report was approved by the Board of Trustees. Ms L J Couslns Trustee Dated.. 08 December 2C>25112.'36 PM GMT
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5APRIL 2025 The trustees are spOnSible for preparing the Tru8tee8' Report and the a(oUnt$ in accordance wih applcAble law and United Kingdom Accounting Standard5 {Uniled Kingdom Generally Accepted Accounting Practice). The law applIC8b to charltiès In England & Wales requlres the truste8S to preparè fflnandal statements for each financial year in accordance with United Kingdom Generally Accepted Accounbng Praclice Iunited Kingdom Accounting Standards and applicable lawl. The Iruslees musl 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 in(x)me and expenditure, of the charity for that period. In preparing these accounts, the trustees are required to.. select sLJ1tab accounting policies and then apply them consistentty., - observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures discbsed and explained in the accounts., and prepare the accounts on the going concern basis unless il is inappropriate lo presume that the tharity rill continue in Dperation. The trustees are restx)nsible for keeping suffi'cient acLounting records that disclose with reasonable accuracy at any time the financial pos0 of the charity and enable them lo ensure that the accounts comply with Ihe 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 he for tsking reasonable steps for the prevention and detection of fraud and other Irregularities. The law applicable lo charities in England and Wales requires the Iruslees to prepare financial stslements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resour¢es and appIltIon of resources of the tharily lor that year. In preparing these financial slalements. the trustees are required lo.. select suitable accounting policies and then apply them consistently., - observe the melhods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., $18te whether applicable accounting standards have been followed, subject lo any material departures discbsed and explained in the finanaal stalements., and prepare the financial slalemenls on the going concem basis Un$$ il is inappropriate lo presume that the charity will continue in operation. The trustees are resrK)nsible for keeping sufficient accounting records that disclose with reasonable accuracy at any tima thè financial posilion of th8 tharity and ènablè thèm to ènsura that the financial statam8nts comply with th8 Charities Act 2011. the Charity (Accounts and Reportsl RegulatDns 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.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B 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 financi81 slalemenls of The Chadotle Heber Percy Charitable Trust Ilhe 'charity'l for the year ended 5 April 2025 which Comprise the Ststement ol financial activities, the Balance Sheet and notes to the financial statèmènts, induding significant a(rounting poliriès. Thè finaneial raporting framèwork that has baén applièd in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 7he Financial Reporting Standard applicable in the UK and Republic of Ireland Iunrted Kingdom Generally Accepted AGcouriling Practice). In our opbnlon the finan¢lal slalements-. gwe a true and fair view of the state of the charity's affairs as at 5 April 2025 and of ils incoming resources and application of resources. including incorne and expenditure, for the year then ended,. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Prsclice., and have been prepared in accordance with the requirernents of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilities under those standards are ftjrther described in the auditor responsibilities for the audit of th8 lirJanGial stalgmgnts $6Gtion of our report. W8 arg independent of the charity In acwrdance with the &thical requirenients that are relevant to our audit of ihe financial statements In Ihe United KingdDni, Induding the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wilh 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 audtting the financial stalemenls, we have concluded that the trustees, use of the going concem basis of ac¢ounling in the preparation of the financial slalements is appropriate. Based on the work we have perfomied, we have not identified any material UnrtaIntieS lating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a p&ri(xJ 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 concem 8re described in the relevant sections of this rewrt. Other infomation The other infom)ation comprises the information included in the trustee's annual report, other than the financial siatements and our auditoffs report thereon. The trustees arg rosponsible for Iho other information. Our opinion on the finanGial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. CAJr responsibility is lo read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financi31 statomonts or our knowledgo obtsined in the Urse of tho audit, or otherwise appeals lo be materially mi55taled. If we identify such material incon5iSten¢ies or appa1 material misstatements, we are required to determine whether this gives rise to a material misstatement in financial statements th?mselv?s. If. based on the work we have rformed. we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B 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 lo report In respect of the following mallers in rel8b.on lo whid) the Ch8rities (Accounts and Reports) Regulations 2008 requirgs us to report to you if, in our opinion.. thè information givan in thè Trustèès, report is inconsistènt in any material rèspéct with tha financial statements,. or sufficient accounting records have not been kepl-, or the financial slalemenls are not in agreernenl with the accounting records- or we have not received all the inforTnation and explanations we require for our audit. Responsibilitie5 of trustees As explained more fLJlly in the trustees, responsibilities statemenl, set out on page 5, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair wew, 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, dis¢losing, as applicable, mallers related lo going ¢on¢ern and using the going concem basis of 8c¢ounling unless the Tmsl*s either intend lo liquidate the charity or lo cease operations, or have no realisti¢ alternative bul lo do so. Audltorf$ re$pon$lbllltles for the audlt of the flnanclal slatemenls We have been appointed as auditor under section 144 of th8 Chari118s Act 2011 and r8port in accordanc8 th the Act and relevant regulations ma¢Je or having effect thereunder. Our objactivas ar8 to obtain reasonab assuranc8 about whèthèr thè finanaal stslaments as a Who arè frèè from material misstatement, whether due to fraud or error, and to issue an auditorfs 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 IUKI wll always delecl a material mi5ststement when il exists. Mi5slatemenls arise from fraud or error and are consdered material if, individually or in the aggregate. they could reasonably be expected lo influen the eennomic decisions of Ljsers taken on the ba%s of these finanaal statements. Irregularities, including fraud, are instances of non-00mplian with laws and gUlatiOns. We design procedures in line with our responsibilities, outlined above, to detect material misstatemenis in respect of irregularfcies, including fraud. The extent to which our procedures are Capab of detecting irregularities, including fraud is detailed below.. Capability of the audil in delecling irregularities, including fraud Based on our understanding of the chsrity and the sector as a whole, and Ihrough diseussi¢J) with the trustees and other management las required by auditing slandardsl, we identified that principal risks of nonv cornpliance with laws and regLJlalions related lo anli-bribery. We considered the exlenl lo which non•compliance might have a material effect on the financial stalemenls. We also considered those laws and regulations that have a direct impact Dn the preparation of the finanaal statements such as the Charity SORP IFRS 1021 Second Edition (released October 20191 arKJ other relevant charity legislation. We communicated idenlrfied laws and regulations throughout our team 8nd remained alert to any indications of non-compliancs throughout the 8udit. We evaluated Trustees. and managements inntiveS and oppOrtUn@S for fraudulent manipLJlation of the financial statements (including thè risk of ovérridè of controls) and détèrminèd that thè principal risks rdatèd to posting inappropriatè journal entries to increase revenue or redu expenditure and management bias in acCoun'ng estimates. Audit Pr(edureS performed by the engagement team induded..
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE CHARLOTTE HEBER PERCY CHARITABLE TRUST Di8cussrons fjth management and 8sses8menl of known or suspected instances of non- compliancE with laws and regulation5 and fraud, and review of the reports made by management., and Assessment of identified fraud risks,. and Conducting interviews knth appropriate personnel to gain further inslght Into the control systsms implemenled, and Ihe risk of irregularity., and Performing anatytical proureS to idenlrfy any unusual or unexpected rdationships, including related party transadions, that may indicate risks of material misstatement due to fraud., and Confirmation of related parties wlh management, and review ol transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business., and Review of corporate governance arrangements.. and Review of significant and unLJsual trdnsadions and evaluation of the undertying financial rationale supporting the Iransa¢tions. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misslalement in the financial slalements or non-o)mpliance with regulation. This risk increases the MO that Complian with a law or regulation is MOVed from the evenis and transactions reflected in the financi81 slatemènts, as WÈ will be lèss likèly to bècome aware of instancès of non-compliance. Thè risk is also greater regarding iegurItieS occurring due to fraud rather than eOr, as fraud involves intentional concealment, forgery, collLJsion, omission or misrepresenlalion. As part of an audit in acwrdance with ISAS IUKI, we exercise professional judgement and rnaintain professional scepticism throughout the audit. We also". Identify and assess the risks of m8terial misststemènl of the financial statements, whether due to fraud or etroi, design and perform audit procedures iesponsive to those risks, and obtsin audit evidence that 15 sufficient and apprDpriate to provide a basis for our opinion. The risk of not detecting a material isstst¢menl re5ulling from fraud is higher than foi one resulting from error. as fraud may invofve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. bul not for the purpose of expressing an opinion of the effectiveness of the charity's inlemal control. Evaluatè th& appropriateness of 8ceounting policias usèd and th8 rèasonableness of 8ccounting èstimatès and related disck)sures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eidenCe obtained, whether a material uncertainty exists related to events or conditions that rNay cast Signifan1 doubt on the charity's ability lo continue as a going (x)nm. If we conclude that a rN8teri81 uncertainty exists, we 8re required to draw attention in our audilorfs report to the related disclosures in the financial slalemen¢s or, if suth disclosures are inadequale, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditols report. However, future events or eondbllons may cause the charity lo cease lo conllnue as a golng concern. Evaluate tho overall presentslion, structurg and (X)nl&nl of the financial statements, including the disclosures, and whether the financial statements represent the undedwng Iransactions and events in a rnanner that achieves fair presentation lie. gives a true and fair view). We wmmunicate with those charged with g0veMan regarding, among other matters, the planned scope and liming of the audit and significant audttr findings. including any sgnificant deficiencies in internal control that we identify during our audit.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE CHARLOTTE HEBER PERCY CHARITABLE TRUST Use ofour report This report is made solely lo the ch8rily's trustees, as a body, In accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertakon so thal we might stste to the charitls truste?s thosè mattèrs wa arè rèquirèd to stata tr) thèm in an auditols raport and for no othèr purposa. To thé fLJllèst èxtènt permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a b(xJy, for our audit work, for this retx)rt, or for the opinions we have formed. Date: 9 December 2025 Kreston Reeves Audit LLP (Statutory Auditor) 37 St. Margaret's Street cante)rY CT12TU Kreslon Reeves Audit LLP is eligible for appointment as auditor of the ¢harily by virlue of ils eligibility for appointment as auditor of a company under sectDn 1212 of the Companies Act 2006.
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2025 Unre$tri¢ted Unrestricted funds funds 2025 2024 Notes Income Investments Other income 274,669 800 283,430 9,668 Totsl incomo 275,469 293,098 Expenditure Raising funds 25,897 24,551 Charitable activities 333,709 335,300 Total rgsources oxpgndgd 359,606 359,851 Net lexpenditurel before investment Oos$esl I gains Net Ilossesl I gains on inve51menls {84,1371 1353,2201 166,7531 525,522 10 Net movement in funds 1437,3571 458,769 Fund balanS at 6 April 2024 8,703,141 8,244,372 Fund balancès at S April 2025 8,265,784 8,703,141 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing activities. 10-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2025 2025 2024 Notes Fixed assets Investments 13 8,187,007 8,581,090 Currant 8SSats Debtors Cash at bank and in hand 14 12,341 97,615 12,437 137,035 109.956 149,472 Creditors: amounts falling dua within one year 15 131,1791 127,4211 Net current assels 78,777 122,051 Total assets less current Ilabllltlos 8,265,784 8,703,141 Income funds Unrestrlcted funds 8,265,784 8,703,141 8,265,784 8,703,141 The a¢¢ounls were approved by the Trustees on 08 December 2025 | 12'.36 PM GMT aGE0wE&EF4W... Ms L J Cousins Trustee 11
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2025 Accountin9 poIici•s Charlty Informatlon The Chadotte Heber P8rcy Charitable Tru8t is an unincDrporat8d charity cre8ted by 8 trust deed and is 8 registered charity, number 284387. 1.1 Accountlng convèntlon The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities.. ststemenl of Recommended Practice applicable to charth.es preparing their accounts in accordance with the Financial Reporting Standard appli(zble in the UK and Republic of Ireland IFRS 1021 (Second Edilionl, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as il applies from 1 January 2019. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the exient required to provide a 'true and fair view.. This departure has invthed following 'Accounling and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Second Edilionl'rather than the Accounting and Reporting by Charities.. Stslemenl of Recommendgd Practice effectivg fr(xn 1 April 2005 which has since been withdrawn. 1.2 Going concern Tha Trust&6s consider therè are no materk?l Uncertaint about tha Charity's abilty to continu& as a going concern. The rewew of our financial position, reserves levels and futurè plans gives Trustees confidence the charity ramains a going concern for thè forèsaèabla futurè. 1.3 Charitable funds Unrestricted funds are available for use at the disuetion of the Iruslees in fiJrtheKan of their charitable objectives. 1.4 Incoming resourcos Investment income is accounted for on an aoxuals basis in the period lo which il relates. Foreign income is included after deduclion of irrecoverable foreign tax. 1.5 Dobtors 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 wilh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Creditors cditorS are rocognisad where the ¢harty has a prosonl obligation resulting from a past ovenl that will probab result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors are normally recognised at Iheir settlement amount after allowing for any discounts due. 1.8 Rgsourcas 0xnd&d Management and administration costs wmprise those costs incurred in rur)ning the ¢harity. They have been apportioned on the basis of time spent between charitable activities, cost of raising ftjnds and governance costs. 12-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Accounting policies (Continued) Governance costs consist of those costs assoclated wllh the overall wnnbng of the charlty and meetlng statutory and rè9ulalory raquirements. Grants are included in the financial statements when approved by the Trustees and noltfied to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject lo conditions that have not been met at the year end are noted as a comrnitment but not accrued as expenditure. 1.9 Flnanclal Instrumènts Basic financial assets, which indude trade and other receivables and cash and bank balances, are inf(ially measured at transaction price including transaction costs and are subsequently carried at amorh.sed cost using the effective interest rnelhod unless the arrangernent constilules a financing transaction, where the transaction is measured at the present value of the futLJre reiptS discounted at a market rate of interest. Other financial assets, including investrnenls in equty instrum&nts which are not subsidi8ries, 8ssociales or joint ventures, are inth.ally measured al fair value, which is normally the transaction price. Such 8ss&ts are subsequently carried at fair value and the changes in fair value are recK)gnised in net incomellexpendilurel, exp1 Ihal inveslmenls in equity instruments that are nDI PLJblicty traded and whose fair vakjes cannot be measured reliably are measured al cost less impairment. The Trust does not acquire put options, derfvatfves or other complex financlal Instruments. 1.10 Invastmènts Fixed assets investments represent listed investrnents which are slated al market valuation, where market value represents the mid market value on the last trading day before Ihe year end. Any unrealised or realised gains arising from investments are 8ocounted lor in the Statement of Financial Adivities. Crftlcal a¢¢ountlng estlmates and ludgements 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 associaled assumptions ar2 based on historical experience and other factors that are considered lo be relevanl. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales a recognised in the period in which the estimate is revised where the revision affects (nly that period, or In the period of the revision and future peiiods where the revision affects both current and future poriods. 13-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Inv•stm•nt incom• Unrestrl¢led Unrestrlcted funds funds 2025 2024 UK dividend income REIT income Unit trust interest Foreign income Foreign tax deducted UK fixed interest 191,572 5,088 8,417 37.446 18681 33.014 185,315 3,010 10,256 65.376 14,3141 23.787 274,669 283,430 Other income 2025 2024 Bank interest Ac¢rued income charge I (allowan} 896 196} 5.115 4,553 800 9,668 Raising funds 2025 2024 Investment management fees 25,897 24,551 25,897 24,551 Charitable activities 2025 2024 Grant funding of activities Isee note 71 Share of govemance costs {see note 81 319,389 14,320 324,500 10.800 333,709 335.300 14-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 Grants payabl• Unr•stricted Unrèslricted funds funds 2025 2024 Animal Wetrare and the Local Environment Medical, Callr and Hospices International Charities Local Organisalions Education and Children General TheArts and Museums 59,000 140,500 5,000 28,000 20,000 44,000 22,889 75,000 113,000 10,000 15.000 28,500 38,000 45,000 319,389 324,500 Support costs Support Governance costs costs 2025 2024 Basis of allocatlon Bank chaiges Auditor fèes Trust management fee 40 11,880 2,400 40 11,880 2,400 60 Governance 7,740 Governance 3,000 Governance 14,320 14,320 10,800 Employees There were no employees during the year, or the previous year. 10 Net (losses) I galns on Investments 2025 2024 Unrealised IIDSSI I gain Dn investments Realised Ib5sI on sale of investrnents 1164,9141 1188,3061 585,503 159,9811 1353,2201 525,522 15-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 11 Trust••s Linda Cousins la trustee) was aLso a director of Rathbones Trust Company Limited up to 31 December 2024. Rathbones Trust Company Limited charged trust management fees during the year of £2,40012024.. £3,0001- As al the year end, the oulslanding balance due to Ralhbones Trust Company was £14,40012024.. £12,OC(>I. Rathbonès Invèstmènt Managémént racèivéd invéstmènt managémènt faès during tha yaar of £25,89712024'. £24,551). As al the year end, the outstsnding balance due lo R8lhbones Investment Management was £6,09912024'. £6,421). Mrs C S Heber Percy who is a ITuslee, personal paid the charills tru51 management fees of £10.800 in the year. As at 5 April 2025 £10,800 is repayable to Mrs C S Heber Percy. Other than thè aLx)ve, no Trustees re¢eived any remuneration, reimbursed expenses or benefits from the charity during the year. Rathbones Investment Management and Rathbones Trust Company are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by Ralhtx)nes Investment Management al their standard terms as offered to other charities. Ralhbones Trust Company are not obliged to appoint or relain Ralhbones Investment Management as investment managers bul do so on the basis that the terms and performance have been salisfaclory when compared lo akernalive providers of investment managemenL The matter is monitored and kept under review lo ensure that Ihe charity receives appropriale and cost effective Investment management setvlces. 12 Taxatlon The charity is exempl from laxalion on ils activities because all of ils income and gains are appli&J for chaiilable purpose5. 13 Flxed asset Investments List•d investments Cash in portfolio Total Market valu At 5 April 2024 Additions Unrealised Ilossl Realised Ibssl Net rnovem8nt in cash Dlsposals 8.549.056 2,174,841 1164,9141 1188,3061 32,034 8,581.090 2,174,841 1164,9141 1188,3061 35,000 12,250,704 35,000 12,250,704} At 5 April 2025 8,119,973 67,034 8,187,007 2025 2024 Listed investments Cash in investment portfolio 8,119,973 67,034 8,549,056 32,034 8,187,007 8,581,090 16-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 14 D•btors'. amounts f811in9 du• within on• y08r 2025 2024 Prepayments and arUed income 12.341 12,437 15 Creditors.. amounts falling due within one year 2025 2024 Other creditors Acuuals and deferred income 10,800 20,379 27.421 31,179 27,421 16 Cash and cash equlvalents 2025 2024 Cash at bank and in hand Net movement in cash 97,615 67,034 137,035 32,034 164,649 169,069 17 Ralated party transactlons Rathbones Trust Company Limited (whom Lind8 Cousins, a trustee, was 81s0 a director of until 31 Dember 20241 received fees for Iheir servi¢es during the year which are detailed in note 11 01 these accounts. 17-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 18 Donations made during the year 2025 2024 AIPFF Access Sports Alzheimerfs Society Barn Owl Trust Bourton-On-The-Waler Scout Group British Horse Society Brooke Animal Hospital Canine Partners for Independence Charlie waIr Fund Chipping Camden Music Festival Community Amateur Sports Club Cojacaru Foundalion CounlrysideAlliance Criminon UK Cystic Fibrosis Trust Farms for Cily Children Foundation De L'Art Chore Frlends of Aphrodlslas Gift Grenada Guiling Music Festival Hands Up Foundation Help for Her$ Horalio's Garden Kate's Nursing Home Margaret Pyke Trust Music at Stow Festival Noble Caledonian Charitable Trusl North Cotswold Food Parochial Church & Council Royal Opera House Sarn Pilcher Trust Songbird Survival St Michael's Oddington Stow Rugby Club st Pel&rfs Church The Glou¢estershir8 Society The Gloucestershire Arthritis Trust The Gloucestershire CDmmunily Foundation The Hunt Servant's Fund The Nelson Trust THRIVE Upper Slaughter Village Hall Venice in Pèril Willow Trust Zimbabwe A National Emergency 30.000 30,000 1,000 30,000 3,0(NJ 60,000 7,000 3.000 1,OOD 5,000 5.000 10,000 30,000 3,000 5,000 20,000 5,000 3,000 10,000 4,889 7,000 6,000 7,000 5,000 8,000 5,0(K) 5,000 500 50,000 5,000 30,000 3.000 2,000 6,000 100,000 2,000 6.500 5,000 7,000 5,000 5,000 1,0(K) 5,000 10,000 2,000 2,500 3,0(K) 5.000 10,000 500 20,000 10,000 10,000 5,000 10.000 5,000 5,000 5,000 319.389 324.500 18-
Docusign Envelope ID.. 3F067209-5BB8451F-9C4B-22D61E59B39B THE CHARLOTTE HEBER PERCY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 19 Unrostrict8d funds The unrestri¢ted funds of the charity Comprise the unexpended balanS 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 sel aside out of unrestricted funds by the trustees for specific purposes. At 6 April 2024 Incoming resources Resources expended Gains and 1055e5 At 5 April 2025 General funds 8,703,141 275,469 1359,606) 1353,220} 8,265,784 Previous year.. At 6 April 2023 Incoming Resources resources expended Gains and losse5 At S April 2024 General funds 8,244,372 293,098 1359,8511 525,522 8,703,141 19-