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
MOreton4n￿larsh
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
appIl￿ble 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 re￿1Ve￿ on a quartetly basÈ ané to conslder each
8ppeal on Its Ind￿Idual 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 reSoUr￿S £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 Ca￿￿1 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&regulalion 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 th￿at 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. Re￿nI 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 requ1￿mentS 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
reSoU￿S 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 cOr￿Spond 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 R￿è￿S 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 pos￿0￿ 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
appIl￿tIon 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 Un￿rtaIntieS ￿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 appa￿1 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 in￿ntiveS 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 kn￿th appropriate personnel to gain further inslght Into the control systsms
implemenled, and Ihe risk of irregularity., and
Performing anatytical pro￿ureS 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 i￿egu￿rItieS occurring due to fraud rather than e￿Or, 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 e￿idenCe obtained, whether a material uncertainty exists related to events or conditions that
rNay cast Signif￿an1 doubt on the charity's ability lo continue as a going (x)n￿m. 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 balan￿S 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
c￿ditorS 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 0x￿nd&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 re￿iptS 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,
ex￿p1 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, Call￿r 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 a￿rUed 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 D￿ember
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 waI￿r 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 balan￿S 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-