2024-04-05-accounts

The B. G. S. Cayzer Charitable Trust Registered Charity: 286063 Report and Flnanclal Statements Year ended 5 April 2024

The B. G. S. Cayzer Charitable Trust Contents Page Report of the trustees Independent ExamineT'S report StatemÈnt of Ilnancial activlties Balance sheet Statement of tash lows Nrtes ttsthe financial ststements

The B. G. S. Cayzer Charitsble Trust Report of the trustees The trustees present their annual report and the financlal statements of the charlty for the year ended 5 April 2024. The flnanclal ststements have been p￿Pared in accordance with the accounting policies Set out in note I to the accounts and comply wtth the chariws trust deed. the Charities Act 2011, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland publlshed on 2 Ortober 2019. Reference and admlnlstratl¥e Inforrnatio Address: Cayzer House 30 Buckingham Gate London SWIE 6NN Govemed by: Deed dated 22 November 1982 Tru5tees- Mary Baiabel Bucklev Arabella Mary Hunter Rtsseanna Neville Leslie Sonia Claire Barry Administrators.. The Cayzer Trust Company Ltd Cayzer House 30 Buckingham Gate London SWIE 6NN Solldtors: BD8 Pltman5 LLP One Bartholomew Close London ECIA 7BL Independent eKamlner'. 5J Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A ILS Strurt￿re. zovemance. and mana8ement The trust was established in rnemory of the late 8eTnard Gilbert Stancomb Cayzer by Deed dated 22 November 1982. The charity was re8lStered by the Charity Commlssloners for England and Wales on 23 December 1982 under charltv number 286(63. The trust does not actively fund-raise, and it is not the intentSon of the trustees to seek donatlons. The trustees seek to continue the phllanthropic work undertaken by 8ernard ca￿eT during hls lrfetime through the careful stewardship of the charitys existing resources. The trust deed provides for a mlnimum of two trvstee5. Were there to be a requirement for new trustees, these would be Identlfied and appointed by the remaining trustees. The current trustees are Mary Buckley, Arabella Hunter, and Roseanna Leslie (all appointed 5 April 2CO91. and Sonia Barry lappointed 11 July 20181.

The B. G. S. Cayzer Charltable Trust Report of the trustee5 (continued) Structure, govornanc•. Ind management Icontinuedl Th? tIU5tees regularly review the broad strategy and areas of activlty for the trust, including grant-makln8, investment. risk rnana8ernent, reserves. and performance. The financial affair5 of the charity are handled by the adrnini5trators at the dirertion of the trustees. The trustee5 annually review the risks facing the charSty, and, in implementing procedures to reduce those risk5 ssociated with investment mana8emeni, manage a diversified portfolioof stocks. The portfolioperformkncè is reviewed regularly bylhe trustees. Oblertlves and artl¥ltles for the publlc benèfrt Thetrust deed glves the trustees the power to apply the funds forthe beneflt of such charitable institution5 orcharltable purposes as the trustees shall from tlme to time in their absolute discretion think fit. The trustees, current policy is to support those tharitable institutions and charitable purposes which they believe were of partlcular interest to Bernard Cayzer and his familv. The trustees identify the projecls and organisations they wish to support and so do not consider unsol1c￿Èd appllcations from people or or8anisations. To preserve the trust's funds the trust also has a polity of not res￿nding to any such appllcations. The trustees, havlng regard to the Public Benefit Guidance published by ihe Charity Commission In accordance wlth section 17 of the Charities Act 2011, consider that the purpose and activities of the tharity satisfy the requiremenis of the publlc benefil tesi set out in section 4 of the same Act. Athlevemerrts al￿ performance Grnnts unddonrtions One of the trustees, objertlves is to allocate net income earned in the year to a variety of good causes. From time to time reserves are created to meet large projerts. The total of donations made orunctsnditionally pledged durin8the ye3r was £146,84212023 £220,112), and at the year-end. the total ut)distributed income balance was £762,84312023 £717,8611. a modest increase on the previous year. A total of 2412023 281 grants were made during the year. These grants were made to various dlfferent registered harities. with the usual areas of arts and culture, education and training, heritage and conservation. the envlronment, and medical research and treatment being supported. Grants made during the year included a substanttal donation of £67.842. to be paid over two years. to 5UPPOrt an apprenticeship at the Roy31 Botanic Garden5. Kew. Similarly. the trustees agreed to make a grant of £30.C￿, payable over three years, to Langholm Playcare. in order to support their chlldcare se￿￿5. Investnwnts At 5 April 2024. the investment In Caledonia Inve5tment5 PIC represented 24.7%12023-26.8%1 of thetotal marketvalue of all thetharii¢s fixed a55et investments and cash, and the investment in The CayzerTrust Company Limited represented 23.3%12023- 23.4%). A further 26.6%12023- 24.6%) relates to units in the ESK Fund, èn international equity fund. whlch is managed by Church House Investment Management. Charles Stanley Inve5trnent Management manages a discretitsnary investment portfoliowhlch accounts fora further 15.6%12023- 15.7%) of total fixed 35set investments and cash. Total gains on revaluation of investment assets during the year were £297.77312023-10sses of £156.0571. reflectlng the general market movement in the year, and the value of the indwidual investments at the year-end dales.

The B. G. S. Cayzer Charitable Trust Report of the trustees {contlnued) Flnanclal review. Investment pollry. and restr¥*s The charitvs investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of investment. The trustees. investment policy is to preserve the real value of the tNst fund over the long temi. Theirusieesalmto maxlmlse thetotal In¥estment return. with a medSum level of rlsL wlthln theoblectivesof malntalnln8 Income while continuing to preserve the real value of the funds. The trustees have established the level of resetves needed to sustain the income required to meet its annual 8rant-makin8 objectives. The charity has no source of funding other than the trust fund and the inccThe generated from its portfolio of inve5trnent5. The income generated in the year was £201.83212023 - £567.3891, the exceptionally high figure in the prior year being the result of special dividends received from Caledonia Investments plcand The CayzerTrust Company Llmited inthat perlod. Future years are expected to be more in line wlth the figure forthe year ended S April 2024. It is not the charity's usual policy to Thake donations which. in any one year, would in aggregate exceed the income for that year and income brought forward from earlier years. Details ol the charitv's fixed assel investments are described in note 6 to the financial siatements. Ststemtnt oftNsteeg responsibilities The trustees are responsible for preparing a trustees. annual report and financlal statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Atcepted Accounting Practice). The law applicable to charities in England and Wale5 requires the charity trustees to prepare finaneial statements for each yearwhich give a true and fairview of the state of affairs of thecharity and of the incoming re50urce5 and application of resources ol the charity for that period. In preparing the financial statements, the trustees are reouired to.. select suitsble accgunting policies and then apply them Consistent￿.. observe the method5 and principles in the applicable Charities SORP; makejudgemenis and estimates that are reasonable and prudent,. State whether applicable accounting stand&rds have been followed. subject to any departures that must be disclosed and &xplained in the financièl statements- and prepare the financial statements on a 8olng concern basis unless Ir is inappropriate tcp presume that the charlty wlll continue in operation. The trustees are responsible for keeping proper accountinR records that disclose with reasonable accuracy at any tlme the tinancial p051tion of the charity and to enable them to en5uie thatthe financial 5taternerFts comply with the Charitie5 Art 2011. the applicable Charities (Account5 and Reports) Regulalions. and the provisions of the trust deed. They are also responsible foi safeguarding the assets of the charity and for tsking reasonable steps for the preventioTr and detection of fraud and other irregularitie> Approved by the trustees on i+ SEPt£drÉR IOLI and signed on thelr behalf by M B Buckley Trustee TnJ5tee

The B. G. S. Cayzer Charitable Trust

Independent Examiner’s report to the trustees of The B. G. S. Cayzer Charitable Trust (‘the Trust’)

I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2024.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S J WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS

2 October 2024

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The B. G. S. Cayier Charitable Trust Ststement ol financlal artl¥ltles foFthe¥eoTto5WI 2024 Expendable Ewnd•bl¢ U￿re￿rItted fvnd$ Tdial fufids n05 fvthd5 Intome vestrnent incorne 201*32 201￿32 567.389 567,389 Total￿rne 201032 201J32 567,389 567.389 ExpeThYituretsth tharltabk actNities 152,119 152.119 229.755 229.755 Costsof raisingfvDds 4,731 4,731 4647 4.847 Tt4ale¥4)EThllture IS6￿50 156.850 234,602 Netiain51 Ib55eslon in¥estrnents 91,126 186.447 277.573 1132,954) 135,4071 11643611 NetinC4￿1￿d et Th￿veMentInf￿ds 136.1( 186,447 322.555 299,8a3 135.4071 164.436 Re(oncilictioftoffvnL15 Totslfund5 browiht lorward 1566.380 3,598,884 6.16S,264 1366.547 3,634.29J 6.LW.838 Tirtal fvndsG4wrfEdloww4rO li 2,702,488 3,785,331 6.487,819 1%6.3 3,598,884 6.165.264 All irKome andtxpenditure isiTh ie5pe¢tof continuln8 athw1￿￿f0r the cwrentandthA prewou5￿Or. The notes on pase58 to 13fom) aD knte8ral partof these fifflan¢191 ststements.

The B. G. S. Cayzer Charitable Trust Balance Sheet At S￿1 2024 ExpendJblE Eyndab Total 2QZ4 Tthl zo fund5 funds FIMeda55•ts Investrnents Othei 2.18L872 3,760 5.942.516 Z102,059 3,574,197 5 67&256 2.181.872 3,76D,644 S,941516 1103,959 3.574,197 5,678.156 Debtors tslllw wlthinone year C¥5h at bank and in hand 453 622,rKJi 4sa 24fi87 567.262 24.687 591,549 622,454 24.687 647.141 567,262 24,687 591,549 Credit0tsta￿Wthewth1￿m•y￿ 166.8381 166.B381 (613411 1613411 555,616 24,687 $80.303 503,921 24687 528.608 io 135.OLXII 135.LWI 141,5001 [41,5￿j 2.702,488 3.785331 6.487.819 2566.380 3,S94884 6,J65,264 Thofund5Oft￿tb¥rl¢￿. Expendable efidowme Unrestricted 3,785,331 3.785.331 1.702.4188 3.598.884 3598,884 2J66,380 li 2.702.488 Z566.38Q 2,702J88 3,785,331 6A87.819 1566.350 3.598.8B4 6,165,2 Approved tyth9trl￿t￿5on..................................... . $18rted ortthelr beha¢f bv M B Buckley Trustee 1£] Lu,, RN Lèsllè The nDte5on paies8to 13 form an InieEral partof these flnancla15tat4mwts.

The B. G. S. Cayzer Charftable Trust Ststement of cash flow5 ltyrthyeartoSAprll 1014 Total lunds Total funds 1letu5hu5edinryeratin¥aC￿S￿¥es 12 I￿7.9531 Ild4,5911 thshllo¥Jsfrom kNestlngardblbe$ Interest and dl¥ldeDds Proceed51rom sale ol investnieiits Purchase of irbvestmÈnts 201.379 119.604 1108,2911 567,389 95.474 N•tLAshprtyAded bylnv•stlw4¢¥vlll 212,692 Y4.183 Chiwln¢4shattdush4qur￿lEnI5in th•y••r 54,719 399,592 Cathand cash eguth￿￿tsbrOUSkI f￿ward 591,949 191357 Cg¥h and ta5heqw￿ents¢thea￿lW¥r4 13 646,688 591949 The r￿Or$ pages 8t0 13 form an integral partof these finanaal statements.

The B. G. S. Cayzer Charitable Trust Notes to the financial statements for the ytarto S Aprfl 2024 countlnKpolkl•s 5ummaryof sianifitant account1￿ poll¢les and key ¥¢countingestlmate5 The principal accounting policles applied In the preparailon of these fSnanci31 statements are set oth below. These policies have been consistently applied to all the years presented. unless otherwise stated. Ba%$ of preparatlon The financial statements have been prepared under the hlstorlcal cost convention. with items rectsgntsed at cost or tran5actÈon value unless otherwise stated in the relevant notes lo these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practlce.. Accountln8 and Reporting by CharSties preparing their accounts in atcordance with the Financial ReportinB Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 issued on 2 October 2019 and the Charities Act 2011. The trust constit￿e5 a public benefit entity as defined by FRS 102. Gotng concem The trustees consider that there zre no material uncertainties about the trust'5 abllity to continue as a going concem, and that there are no key assumptions that affect items in the atcounts. Funds strutture The charity has an expendable endowment fund. The trust deed allows thi5 fund to be spent as income or retained as capital at the trustees, distretion. Income arising from the expendable endowment Is unrestricted. Unre5trided lunds comprise atcumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. lftcome re¢oBnlllon All Income is recognised once the Iharity has entitlement to the Income. it is probable that the income will be received, and the amount can be measured reliably. ONSdends and other income from Investments are recogni5ed in the financial statements when the tharlty is entitled to the income. Income from cash deposit5 is included on an accrua15 basls. Ex￿ndIture recognition Liabilities are recogni5ed as expendlture as soon as there Is a legal or constfuctive obligation committlFI8 the charity to that expenditure, it is probable that settlement will be required. and the amount of the obli8ation can be measured rellably. Grants are charged to the Statement of financial activities when pald orwhen a constructive obligation exlsts, no￿￿(h$tandIng that they may be paid in future accounting periods. Other expenditure 15 included in the accounts on an accruals basis. Iriecoverable VAT has been chaiEed against the relevant expènditure. Investment5 Investments are a fom) of basic financial instrurnent and are initially recognised at their transaction value. Subsequentty, investments are valued at at theor fair value at the balance sheet date, usin8 the closing market price for listed investments, and using market price where available, or the trustees. valuation based on dealin8 prlces or other information available as appropriate for unlisted Investments. The Statement of financial actiwties indudes the net 8ain5 and Ios5e5 arising on revaluation and disposalsihroughout the year. Credltors Creditors are recognised onceihe charity has a present obligation resuhlngfrom a past event that It 15 probable will result in the the transfer of lunds to a third party. and the arnount due to settle the obligation can be measured or estimated reliablv.

The B. G. S. Cayzer Charitable Trust Notes to the financlal statements (continued) forthe yearto 5 Aprll 2024 l Taxat5on The trust is a re8lStered charity and is thus exemptfrom taxation of Sts Income and gains fallln8 wlthin Sectlon 532 of the Incom Taxes Act 2(KJ7 tcp the extent that they are applied to its charitable oblectlves. No tax tharges have arisen in the charity. 2024 2023 Investment intome UK listed investments UK unlisted investments Non-UK listed Investments Interest and PID Income 63,425 114,978 9.549 13,880 201.832 406,571 6.419 567.389 2023 Expendlture on chailtable artlvllles Gronts to institution5 Isee belowl Arts and culture Educatlon and traiDine Heritage, conservation, and the envimnment Medical research. tieètment, and care Relief of poverty General 13,6Cx) 35.5C 69.742 16.7SO 2,500 8,750 146,842 83,OOQ 65.000 45.750 20,362 220,112 Governance costs Accounts preparation and adminlstration fee Independent examination /audit fee Legal & professional fees Bank charges and foreign exchange losses 3.646 1,614 3.510 120 13 9,643 17 5,277 Total expeTrdlture on charitable a¢tlvttles 152.119 229,7SS 2024 2023 Rèdplents of Instltutlonal 8rants O￿T £2,000: Centre Stage Comrnunity Theatre Charlie Waller Trust Feathers A5SOCiatioTr Future Hope Harnp5hire Medical Fund Langholm Community Centre Langholm Playcare Little Awel Theatre Mission to Seafarers Muckle Toon Media Queen Elizabeth'5 Foundation foi Disabled People RH5 Rosemoor Peter Buckley Learnlng Centre Royal Botanic Garden% Kew Corned down 5.000 2,500 5.000 13.362 30,000 5,000 2.5CQ 12.(kX) iO.LTr 67.842 122.842 110,362

The B. G. S. Cayzer Charltable Trust Notes to the financlal statements (continued) forthe year to 5 Aprll 2024 4. Expendltur¢ on charStable artlvtties Icontinuedl 2024 2023 Redplent5 of Instltuilonal8rants over £2W IcontiNedl: 8rought down Salisbury Cathedral Songbird SuThNal Spinal Injuries Association Sporting Start St. Michael'5 Hospice The Buccleuch Centre The Little Angel Theatre The Rediweld Foundation The Royal Hospital Chelsea The Stevenson Trust Westerkirk Parish Trust other ￿an1$ under £2.(*XI 122.842 110,362 50.000 20,0 3.600 5.LXIO 4,000 2,0(10 8,750 220,112 6.000 9,400 146,842 All grants in the perfod were made to re815tered LIK tharf(ies. 2024 2023 Costs olg¢n•ratln8 fund5 Investment management fees 4,731 4,847 Fixed assets- Investments 2024 movement in fixed asset Ib)vegtments: Llst•d Investments Un115ted In¥ertments Totsl 2024 Unrestrltted funds Opening market value brought forward Additions Disposal proceeds Add net reali5ed and unrealised gains 1,771,349 108,291 1119.6041 76.912 330.710 2,102,059 108,291 1119,6041 91,126 14,214 Closing market value 1.836,948 344.924 2,181,872 Expendable endowmentfunds Opening rnarket value brought forward Addition5 Disposal proceeds Add net unreali5ed gains 2,435,089 1.139.108 3.574,197 137.483 48,964 186,447 aosing market value 2,572,572 1.188.072 3,760,644 Total marketvalues at 5 AprS12024 4,409,520 1,532,996 5.942,516 10

The B. G. S. Cayzer Charitable Trust Notes to the flnanclal statements (contlnued) for theyear to S Aprll 2024 Flxed assets- Inv•stm•nts Icontlnued) 2023 movement in fixed asset lmiÈstmen￿. Llsted Investments Unllsted investments Total 2023 Vnrestrlcted funds Opening market value brought forward Additions Disposal proceeds Add net reali5ed and unrealised11ossèsI 18alns .1.891.765 118.680 195.4741 f143,622J 320,(M2 2,211,807 118,680 195,4741 1132.9541 10.668 aosing market value 2,771,349 330,710 2.102,059 Ellpèndable endowment funds Opening rnarket value brought forward Addition5 Disposal proceeds Add nef unrealised11055e5118ains 2,507,241 1.102,363 3,609.604 172.152) 36,745 135,4071 Closing market value 2,435.089 1,139,108 3,574,197 Total market Values at 5 Aprll 2023 4,206,438 1,469.818 5,676,256 sled Investments Unllsted Investmeb)ts Totsl In¥e5tmenls at fzrvalue tomprlsed: UK securities Non-UK securrties 4,088,371 321,149 1.532,996 5,621.367 321,149 4.409.520 1,532,996 5,942,S16 Materlal investments at 5 Aprll 2024 Mark lue of total ifi¥estments 27.4% 29.5% 25.8% Caledonia Investments Pl SVS Church House ESK Fund The Cay2er Trust Company Limited 1.630.0(X) 1.753.319 1.532.996 Flxed assets. other A pair of silver tandlestlcks byjohn Green, previously on loan toThe Bath Preservation Trust, were donated to The Bath Preseryation Trust in ihe year, and are intluded grants under £2.1)00 in Note 4 above. 2024 2023 Debtors lalling due wlthln one year Accruèd Income 453

The B. G. S. Cayzer Charitable Trust Notes to the financial statements (continued) forthe yeorto S April 2024 2024 2023 Creditors falllng due wiohin one yeai Accruals Grants payable 6,417 60,421 10,841 52.5(X) 66,838 63.341 2024 2023 10. Creditors lalllni due after one year Grants payable 35,000 41,500 Unrestrirted fvnds General fund Undlstrlbuted Income fund Expendable endowment fund Total funds 11. The fund5 of th• ch•rlty Balance at 6 April 2023 In¢omlng resources Resources expended Net movement on investment assets 1,848,S19 717.861 201,832 1156,8501 3,598,884 6.165,264 201,832 1156,8501 277,573 91,126 186.447 Balance at 5 April 2024 1,939,645 762.843 3,785,331 6,487,819 Unrestrirted fvnds General fund Undktributtd Ibxome fund E¥pendable endowment fund Total funds Balance at 6 April 2022 Incoming resources Resources expended Net movement on InvestmeTrt as5et5 1,981,473 38S,074 567.389 (234.6021 3.634.291 6,000.838 567,389 1234,602) 1168.361) 1132,954) 135,407) Balance at 5 Aprll 2023 1,848,519 717,861 3.598,884 6.165.264 12. Rtcondllatlon of net movement in funds to net cash fflowfrom operating acUvltlÈs 2024 Z023 Net movement in funds Deduct investment income shown in investin8 actiwties (Dedud galnsl l add losses on investment5 (Decrease) l increase in ¢￿dItorS Non-cash donations 322,555 1201,8321 1277,5731 13.0031 1,900 164,426 (567,3891 168.361 90,Qii Net cash used in operating activities 1157,9531 1144.5911 12

The B. G. S. Cayzer Charltable Trust Notes to the financlal ststements (continued) forthe year to 5 Aprll 2024 2024 1023 13. Reconclllailon of net debt Cash balan¢es ai 6 Aprll Cash flows forthe Year 591,949 54,739 192,357 399.592 Cash balances at S Aprll 646,688 591,949 14. Employee5 The trust did not have any employees during the Current ￿ prior year. 15. fransactlons with trustees or connetted person5 Trustees received Teimbur5ement of expenses totalling £nll12023- £nlll duriTh8 the accounting period. No trustees recelved remuneration for their service a5 trustees. An admini5tratlon fee of £3,64612023- £3,5101 is payable to a company of which R N Leslie and S C Barry are directois. 13