**Charity number: 294540** ## **THE CONSTANCE TRAVIS CHARITABLE TRUST** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **THE CONSTANCE TRAVIS CHARITABLE TRUST** |**CONTENTS**|| |---|---| ||Page| |**Reference and administrative details of the Trust, its Trustees and advisers**|1| |**Trustees' report**|2 - 6| |**Independent auditors' report on the financial statements**|7 - 10| |**Statement of financial activities**|11| |**Balance sheet**|12| |**Statement of cash flows**|13| |**Notes to the financial statements**|14 - 26| **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023** |**Trustees**|E R A Travis, Chair of trustees| |---|---| ||Mrs P J Travis| ||Mr M J Travis| ||Mrs L Law (appointed 11 January 2023)| |**Charity registered**
**number**
294540
**Principal office**
86 Drayton Gardens
London
SW10 9SB
**Independent auditors**
Larking Gowen LLP
Chartered Accountants
& Statutory Auditors
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE
**Bankers**
Lloyds Bank Private Banking Limited
25 Gresham Street
London
EC2V 7HN
**Solicitors**
HCR Hewitsons
Lancaster House
Nunns Mills Road
Northampton
NN1 5GE
**Financial advisors**
Brown Advisory
18 Hanover Square
London
W1S 1JY
Canaccord Genuity Wealth Management
9th Floor
88 Wood Street
London
United Kingdom
EC2V 7QR
Whitley Asset Management Limited
116 Princedale Road
London
W11 4NH|| Page 1 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023** The trustees present their annual report together with the audited financial statements for the year from 1 January 2023 to 31 December 2023. The trustees confirm that the Annual report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standards in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and activities** ## **a. Policies and objectives** The trustees’ policy is to sustain the value of the Trust’s endowment fund in real terms over the long term from which to generate an annual return to support local, national and international charities working in the area of medical care and research, environment protection, international aid, animal welfare, community projects, social mobility, education projects and arts outreach. The main objective of the trustees during the period under review was to distribute grants in line with the Trust’s policy. The trustees achieved this by responding to applications for grants from local, national, and international charities. The allocation of grants between different categories of charitable activity has remained similar to the previous year. A sum of 2% of the endowment’s average value over the previous 2 years is paid down each year for distribution as grants. This is generated from paid out dividends and interest which may be incremented through capital sales if required. In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Following a strategic review, the trustees have decided to make donations to fewer, larger national and international charities and to considerably reduce the number of charities the Trust has previously supported. The trustees regret that this means that they are unable to consider new unsolicited applications for the foreseeable future. Though the trustees may make grants with no formal application they may, if considered appropriate, invite organisations to submit a formal application. Factors such as nationality, ethnicity, gender, age, disability, sexual orientation and religion are not taken into account when considering whether a grant should be made. Financial circumstances will be relevant only in determining the amount of a grant which can be made. The trustees only consider applications from registered or exempt charities or registered community amateur sports clubs. They do not consider applications from private individuals. ## **b. Strategies for achieving objectives** The strategy for achieving the objectives is for the trustees to meet and assess applications from charities which are likely to contribute to the strategic policy and objectives of the Trust. Subsequently to distribute the Trust’s income through grants to the successful applicants. Each year the trustees support around 45 charities with major grants averaging £50,000 and a further 45 charities with smaller grants averaging £8,000. In recent years the trustees have granted £6 million to two named endowment funds within the Northamptonshire Community Foundation, the income from which is used to support registered charities and local charitable activities in Northamptonshire, the county where the Trust was founded. Page 2 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Achievements and performance** ## **a. Key performance indicators** The key performance indicators for the trustees are: 1. To maintain the endowment capital in real terms over the medium to long term. 2. To generate an annual return of 2% of the Trust’s endowment averaged over the previous two years from corporate dividends, interest payments and, if required, capital sales, for distribution to charitable activities. 3. To make grants to specific charities in line with the Trust’s policy. The Trust’s investment income for the year excluding capital sales was £2,715,821 _(2022: £2,223,433)_ . The trustees made grants and commitments during the year of £2,792,000 _(2022: £2,709,500)_ to support the charitable sectors as set out in note 5 to the accounts. ## **b. Investment policy and performance** The main form of financial risk faced by the Trust is that of volatility in equity and bond markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities within particular sectors or sub sector. The Trust manages investment risk by retaining expert advisors and by operating an investment policy that provides diversification of holdings and is aimed at providing a balance between capital growth and income generation. The trustees are conscious of the need to protect and enhance the capital and income of the Trust. The Trustees keep the Trust’s investment policy under constant review, maintaining a regular dialogue with it's investment managers. The trustees have also agreed with the Trust's investment managers an ethical investment policy for the Trust, reflecting their wish to avoid investment in companies involved in certain activities including, amongst others, the manufacture of arms and nuclear weapons, the tobacco industry, and the extraction of fossil fuels and mining. The policy also reflects the trustees' desire to minimise any investments in companies which are involved in the testing of products on animals, only investing in companies employing animal testing for the development of medecines or because it is mandatory by law and the companies have a clear published policy on animal welfare and a public commitment to the reduction and eventual replacement of such testing. This policy does not apply to companies that undertake animal testing to provide medical products and services. The policy also requires that where the Trust invests in companies conducting activities which involve the depletion of the natural environment, these companies will address in their accounts the issue of sustainability and will be actively pursuing best practices to maintain and improve the long term future of the resources they consume. During the year the capital value of the Trust’s endowment increased from £155,363,624 to £169,700,794. Financial markets recovered some of the previous year’s steep fall after the United States economy in particular showed resilience in the face of the increased interest rates which had been implemented to reduce inflation. Page 3 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** The trustees have a policy of donating an amount of grants to selected charities each year similar to the total value of the target return the Trust receives (as set out under key performance indicators), while retaining some cash reserves to smooth over any unevenness in the timing of grants. Although the trustees have the power to distribute the expendable endowment, the investment of capital is the only source of future revenue and so the fund is invested with the directive to the investment managers that the endowment should maintain its value in real terms over the long term. At the end of the financial period, total funds were £169,700,794 _(2022: £155,363,624)._ All funds are unrestricted. ## **c. Fundraising** As detailed above, the Trust's only continuing source of return is from investments. No fundraising activities are carried out. ## **d. Principal risks and uncertainties** As outlined in the investment policy section above the main financial risks include the significant loss of value of the Trust’s investment portfolio’s capital and income. ## **Structure, governance and management** ## **a. Constitution** The Constance Travis Charitable Trust is a registered charity, number 294540, and is constituted under a Trust deed dated 22 May 1986. The principal object of the Trust is to apply its funds for the benefit of such charitable institutions or the furtherance of such charitable purposes in such a manner as the trustees think fit. ## **b. Methods of appointment or election of trustees** The management of the Trust is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed. Page 4 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** ## **Structure, governance and management (continued)** ## **c. Organisational structure and decision-making policies** As a grant making Trust, the Trust operates with four trustees and one part time administrative manager. The Chair of the trustees together with the administrative manager handles all correspondence relating to grants. The trustees meet as a board on a regular basis, normally 6 times a year to discuss matters of policy and to consider applications for grants. They also meet with the Trust's investment managers on a regular basis. The administrative procedures are written up and reviewed annually. ## **d. Policies adopted for the induction and training of trustees** The Chair of the trustees is responsible for the induction of any new trustee. This includes the explanation of a trustee’s responsibilities, the governing document, investment policy, grant making strategy, administrative procedures and the history and philosophical approach of the Trust. ## **e. Pay policy for senior staff** The Trust does not employ any staff. ## **f. Related party relationships** There are no relationships between trustees and other parties connected to the Trust. ## **g. Trustees' indemnities** There are no third-party indemnity provisions in place. ## **Plans for future periods** The trustees plan to continue making awards to registered and exempt charities and registered community amateur sports clubs operating within the charitable categories that the trustees feel it is appropriate to support. Page 5 THE CONSTANCE TRAVIS CHARITABLE TRUST TRLISTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statoment of Trusteos. rosponslbllltles The trustees are respX)n￿b1e for preparing the tnJslees' reFQrt and the finanaal statements in accordance with applicable law arKI United kn"ngdom Accounting Stsndarts (United Kin9kn Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the tTUStees to prepare financial statements for each finanual yeai which give a true and fair view of the slate of affairs of the Trusl and of ils incoming reSoUr￿S and application of resour￿$, including ils InC￿e and expenditure, for that period. In preparing these financial stslements, the trustees are required to-. select suitable accounting polioes and then aFoly them congslenlly,. observe the methods and prinaples of the Charitses SORP IFRS 102)., make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards {FRS 102) have teen fOll￿Ved, subject to any material dep8rtLtres disclosed and explained in the financi81 slalemenls," prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Trust will continue in busrness. The trustees are respon￿ble for keeping adequate ￿)untIng records Ihal are suffioent lo show and explain the Trust's transactions and disclose wlh reasonable *curacy at any lime the financial posltion of the Trust and enable them to ensure that the financial statements compty wlh the Charities Act 2011. the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Tnjst deed. They are also responsble for safeguarding the assets of the Trust and hen￿ for takj'ng reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniation to auditors Each of the persons who afe trustees at the time wthen this tnjstees, report is approved has confirnied that.. so far as that trustee is a%%ere, there is no relevant audit infom)ation of which the Trust'5 auditors are unaware, and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and lo establish that the thanty's 8￿jrtOrS are aware of th81 infomialion. Approved by Ofder of the members of the board of trustees and signed on Iheir behalf by.. E RA Travis {Chair of Irusleesl Date." 15 May 2024 Page 6 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **Opinion** We have audited the financial statements of The Constance Travis Charitable Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. ## In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 7 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Page 8 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST (CONTINUED)** ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Due to the field in which the Charity operates, we have identified the following areas as those most likely to have a material impact on the financial statements: GDPR; serious incident reporting and compliance with the Charities Act 2011. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud; - Reviewing financial statement disclosures and testing to supporting documentation to assess the compliance with applicable laws and regulations; - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 9 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CONSTANCE TRAVIS CHARITABLE TRUST (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Larking Gowen LLP** Chartered Accountants & Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE 22 May 2024 Larking Gowen LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 10 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |**Note**
**Income and endowments from:**
Donations and legacies
2
Investments
3
**Total income and endowments**
**Expenditure on:**
Raising funds
4
Charitable activities
7
**Total expenditure**
**Net (expenditure)/income before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
**Net (expenditure)/income**
Transfers between funds
14
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**-**
**2,715,821**
**2,715,821**
**-**
**2,821,457**
**2,821,457**
**(105,636)**
**-**
**(105,636)**
**105,636**
**-**
**-**
**-**
**-**|**Endowment**
**funds**
**2023**
**£**
**950,400**
**-**
**950,400**
**388,594**
**-**
**388,594**
**561,806**
**13,881,000**
**14,442,806**
**(105,636)**
**14,337,170**
**155,363,624**
**14,337,170**
**169,700,794**|**Total**
**funds**
**2023**
**£**
**950,400**
**2,715,821**
**3,666,221**
**388,594**
**2,821,457**
**3,210,051**
**456,170**
**13,881,000**
**14,337,170**
**-**
**14,337,170**
**155,363,624**
**14,337,170**
**169,700,794**|_Total_
_funds_
_2022_
_£_
_-_
_2,223,433_
_2,223,433_
_355,028_
_2,729,351_
_3,084,379_
_(860,946)_
_(32,292,882)_
_(33,153,828)_
_-_
_(33,153,828)_
_188,517,452_
_(33,153,828)_
_155,363,624_| |---|---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 26 form part of these financial statements. Page 11 THE CONSTANCE TRAVIS CHAR￿ABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assots Investments 10 16S.025.184 t49,434,860 165.025.184 149.434,860 Currenl assots Debtors Cash at bank and in hand 11 17 25.657 4,736.404 131,883 6. 745,651 762.061 6,877,534 Credrtor5". amounts falling due wthin or year 12 (86.451 (948. 7TQ) Net current assets 4.675.610 5.928,764 Total assets less Current liabllltles 169.700,794 155,363, 624 Total net assats 169.700,794 155.363,624 Charity funds Endowment funds 14 169.700.794 t55,363,624 Unrestricted funds 14 Total funds 169,700,794 155,363,624 The finanryal slalements were approved and authorised for issue by the Trustees and signed on their behalf by. E R A Travis (Chair of trusleesl Dale." 15 May 2024 The notes on wes 14 10 26 fomi part of these financial slatements. Page 12 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Proceeds from sale of investments
Purchase of investments
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 14 to 26 form part of these financial statements|**2023**
**£**
**(307,400)**
**30,416,616**
**(32,118,463)**
**(1,701,847)**
**-**
**(2,009,247)**
**6,745,651**
**4,736,404**|_2022_
_£_
_(175,215)_
_22,205,870_
_(21,784,790)_
**421,080**
**-**
**245,865**
_6,499,786_
_6,745,651_| |---|---|---| Page 13 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Constance Travis Charitable Trust meets the definition of a public benefit entity under FRS 102. ## **1.2 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. The endowment funds held by the charity are expendable and, as such, can be spent as income or retained as capital at the trustees' discretion. The income arising from the expendable endowment is unrestricted. Gains and losses on investments are allocated to their fund or origin. ## **1.3 Income** All income, including investment income, is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated shares are recognised at the market valuation of the share on the date which the donation was made. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 14 **THE CONSTANCE TRAVIS CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1. Accounting policies (continued)** ## **1.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable headings. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **1.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **1.6 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. ## **1.7 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.8 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 15 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1. Accounting policies (continued)** ## **1.9 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. ## **1.10 Financial instruments** The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2. Income from donations and legacies** ||**Endowment**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2023**|**2023**|_2022_| ||**£**|**£**|_£_| |Donations|950,400|**950,400**|_-_| ## **3. Investment income** |**Unrestricted**
**funds**
**2023**
**£**
Managed portfolio listed securitites
2,509,019
Interest on cash balances with broker
102,145
Interest on cash at bank
104,657
2,715,821
_Total 2022_
_2,223,433_|**Total**
**funds**
**2023**
**£**
**2,509,019**
**102,145**
**104,657**
**2,715,821**
_2,223,433_|_Total_
_funds_
_2022_
_£_
_2,196,526_
_8,304_
_18,603_| |---|---|---| |||_2,223,433_| |||| Page 16 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **4. Investment management costs** |Investment management fees
_Total 2022_|**Endowment**
**funds**
**2023**
**£**
388,594
_355,028_|**Total**
**funds**
**2023**
**£**
**388,594**
_355,028_|_Total_
_funds_
_2022_
_£_
_355,028_| |---|---|---|---| ||||| Investment management fees set out above exclude management fees deducted from various managed funds within the charity's investment portfolio. The total fees charged in the year amounted to £1,020,939 _(2022 - £1,030,957)_ . Page 17 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **5. Analysis of grants** |**Grants to**
**Institutions**
**2023**
**Total**
**funds**
**2023**
**£**
**£**
Grants made to institutions
2,792,000
**2,792,000**
_Total 2022_
_2,709,500_
_2,709,500_
The Trust has made grants to institutions within the following sectors during the year:|_Total_
_funds_
_2022_
_£_
_2,709,500_| |---|---| ||| |**Name of sector**
Medical/health/sickness
Relief of poverty
Accommodation/housing
Arts/culture
Animal welfare
Economic/community/development/employment
Education/training
Disability support
Overseas aid/famine relief
Religious activities
Sport/recreation
Environment/conservation/heritage|**2023**
**£**
**709,000**
**114,000**
**100,000**
**193,000**
**225,000**
**176,000**
**155,000**
**82,000**
**565,000**
**32,000**
**75,000**
**366,000**
**2,792,000**|_2022_
_£_
_688,000_
_112,000_
_110,000_
_128,000_
_217,000_
_168,000_
_169,000_
_73,000_
_550,000_
_64,500_
_61,000_
_369,000_| |---|---|---| |||| |||_2,709,500_| Page 18 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **6. Analysis of grants of £20,000 and over made to institutions** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |**Name of institution**||| |All Saints Church, Northampton|**22,000**|_22,000_| |Alzheimer's Society|**-**|_50,000_| |Big Issue|**50,000**|_50,000_| |Blue Marine Foundation|**50,000**|_50,000_| |British Red Cross|**200,000**|_200,000_| |Compassion in World Farming|**50,000**|_50,000_| |Coram Beanstalk|**50,000**|_50,000_| |CPRE|**-**|_50,000_| |Crisis|**50,000**|_50,000_| |Cure Parkinsons Trust|**50,000**|_50,000_| |Deafblind UK|**60,000**|_50,000_| |Dyslexia Teaching Centre Trust|**20,000**|_-_| |Global Canopy|**50,000**|_50,000_| |Kettering Art Centre|**-**|_25,000_| |Macmillan Cancer Support|**50,000**|_50,000_| |Maggie's Cancer Caring Centres|**-**|_50,000_| |Marie Curie Cancer Care|**50,000**|_50,000_| |Marine Conservation Society|**50,000**|_50,000_| |Medecins Sans Frontieres (UK)|**50,000**|_100,000_| |Mental Health Foundation|**60,000**|_50,000_| |MIND|**60,000**|_50,000_| |Motor Neurone Disease Association|**50,000**|_50,000_| |National Theatre|**50,000**|_50,000_| |Northamptonshire Age UK|**100,000**|_50,000_| |Northamptonshire Association of Youth Clubs|**50,000**|_50,000_| |NMPAT|**50,000**|_50,000_| |Outward Bound Trust|**50,000**|_50,000_| |PDSA|**50,000**|_50,000_| |Prince's Trust|**50,000**|_50,000_| |Prisoners' Education Trust|**50,000**|_50,000_| |Prostate Cancer UK|**60,000**|_50,000_| |Queen Elizabeth Foundation|**50,000**|_50,000_| |Royal Academy of Music|**60,000**|_-_| |Royal Botanic Gardens, Kew|**60,000**|_-_| |Royal Opera House|**22,000**|_22,000_| |Samaritans|**50,000**|_50,000_| |Shelter|**50,000**|_50,000_| |Stroke Association|**50,000**|_50,000_| Page 19 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** |The Beds, Cambs Northants Wildlife Trust|**-**|_50,000_| |---|---|---| |The Sutton Trust|**50,000**|_50,000_| |Towcestrians Ltd|**25,000**|_-_| |University College London Cancer Institute|**104,000**|_50,000_| |UNHCR|**100,000**|_100,000_| |UNICEF|**150,000**|_150,000_| |United Reform Church|**-**|_20,000_| |Water Aid|**50,000**|_50,000_| |Whitley Fund for Nature|**50,000**|_50,000_| |Wildlife Trust,Beds,Cambs.Northants|**50,000**|_-_| |Woodland Trust|**-**|_50,000_| |World Land Trust|**50,000**|_50,000_| |Zoological Society of London|**50,000**|_50,000_| ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Grants made to institutions
2,792,000
Expenditure on governance
29,457
2,821,457
_Total 2022_
_2,729,351_|**Total**
**2023**
**£**
**2,792,000**
**29,457**
**2,821,457**
_2,729,351_|_Total_
_2022_
_£_
_2,709,500_
_19,851_| |---|---|---| |||_2,729,351_| |||| Page 20 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **8. Analysis of expenditure by activities** |Grants made to institutions
Expenditure on governance
_Total 2022_|**Grant**
**funding of**
**activities**
**2023**
**£**
2,792,000
-
2,792,000
_2,709,500_|**Support**
**costs**
**2023**
**£**
-
29,457
29,457
_19,851_|**Total**
**funds**
**2023**
**£**
**2,792,000**
**29,457**
**2,821,457**
_2,729,351_|_Total_
_funds_
_2022_
_£_
_2,709,500_
_19,851_| |---|---|---|---|---| |||||_2,729,351_| |||||| ## **Analysis of support costs** |Auditors' remuneration
Accountancy services
Secretarial services
_Total 2022_|**Activities**
**2023**
**£**
10,440
6,960
12,057
29,457
_19,851_|**Total**
**funds**
**2023**
**£**
**10,440**
**6,960**
**12,057**
**29,457**
_19,851_|_Total_
_funds_
_2022_
_£_
_9,274_
_6,182_
_4,395_| |---|---|---|---| ||||_19,851_| ||||| ## **9. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 December 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . Page 21 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **10. Fixed asset investments** |**Valuation**
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Listed**
**investments**
**£**
**149,434,860**
**32,118,463**
**(30,416,616)**
**13,888,477**| |---|---| ||**165,025,184**| ||**165,025,184**| ||_149,434,860_| The historical cost of fixed asset investments at 31 December 2023 is £130,940,696 _(2022: £125,633,864)_ . ## **Non-UK investments** Listed investments include non-UK investments with a market value at the year end of £123,192,482 _(2022: £112,141,924)_ and an historical cost of £97,158,527 _(2022: £96,007,274)_ . ## **Cash** Cash held within the investment portfolio is £2,174,178 _(2022: £1,607,156)_ . ## **11. Debtors** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Accrued interest|**25,657**|_131,883_| Page 22 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **12. Creditors: Amounts falling due within one year** |Accruals and deferred income
Grant commitments|**2023**
**£**
**86,451**
**-**
**86,451**|_2022_
_£_
_89,770_
_859,000_| |---|---|---| |||| |||_948,770_| ## **13. Financial instruments** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |**Financial assets**||| |Financial assets measured at fair value through income and expenditure|**165,025,184**|_149,445,542_| Financial assets measured at fair value through income and expenditure comprise fixed asset investments. Page 23 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **14. Statement of funds** ## **Statement of funds - current year** |||||||**Balance at**| |---|---|---|---|---|---|---| ||**Balance at 1**|||||**31**| ||**January**|||**Transfers**|**Gains/**|**December**| ||**2023**|**Income**|**Expenditure**|**in/out**|**(Losses)**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Unrestricted**||||||| |**funds**||||||| |General Funds|**-**|**2,715,821**|**(2,821,457)**|**105,636**|**-**|**-**| |**Endowment**||||||| |**funds**||||||| |Endowment||||||| |Funds|**155,363,624**|**950,400**|**(388,594)**|**(105,636)**|**13,881,000**|**169,700,794**| |**Total of funds**|**155,363,624**|**3,666,221**|**(3,210,051)**|**-**|**13,881,000**|**169,700,794**| |**Statement of funds - prior year**||||||| |||||||_Balance at_| ||_Balance at_|||||_31_| ||_1 January_|||_Transfers_|_Gains/_|_December_| ||_2022_|_Income_|_Expenditure_|_in/out_|_(Losses)_|_2022_| ||_£_|_£_|_£_|_£_|_£_|_£_| |**Unrestricted**||||||| |**funds**||||||| |General Funds|_-_|_2,223,433_|_(2,729,351)_|_505,918_|_-_|_-_| |**Endowment**||||||| |**funds**||||||| |Endowment||||||| |Funds|_188,517,452_|_-_|_(355,028)_|_(505,918)_|_(32,292,882)_|_155,363,624_| |**Total of funds**|_188,517,452_|_2,223,433_|_(3,084,379)_|_-_|_(32,292,882)_|_155,363,624_| ## **Transfers** The transfer of £105,636 from the endowment fund to the general fund _(2022: £505,918)_ reflects the amount required to eliminate the deficit on general funds. The endowment is expendable and the transfer consistent with the policy of total investment return approved with investment managers. Page 24 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **15. Analysis of net assets between funds** |**Analysis of net assets between funds - current year**
**Unrestricted**
**funds**
**2023**
**Endowment**
**funds**
**2023**
**£**
**£**
Fixed asset investments
-
165,025,184
Current assets
86,451
4,675,610
Creditors due within one year
(86,451)
-
**Total**
-
169,700,794
**Analysis of net assets between funds - prior year**
_Unrestricted_
_funds_
_2022_
_Endowment_
_funds_
_2022_
_£_
_£_
Fixed asset investments
_-_
_149,434,860_
Current assets
_948,770_
_5,928,764_
Creditors due within one year
_(948,770)_
_-_
**Total**
_-_
_155,363,624_
**16.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2023**
**£**
Net income/expenditure for the year (as per Statement of Financial
Activities)
**14,337,170**
**Adjustments for:**
(Gains)/losses on investments
**(13,888,477)**
Decrease/(increase) in debtors
**106,226**
(Decrease)/increase in creditors
**(862,319)**
**Net cash used in operating activities**
**(307,400)**|**Total**
**funds**
**2023**
**£**
**165,025,184**
**4,762,061**
**(86,451)**
**169,700,794**
_Total_
_funds_
_2022_
_£_
_149,434,860_
_6,877,534_
_(948,770)_
_155,363,624_
_2022_
_£_
_(33,153,828)_
_32,276,442_
_(98,633)_
_800,804_
_(175,215)_| |---|---| Page 25 **THE CONSTANCE TRAVIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **17. Analysis of cash and cash equivalents** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Cash in hand|**4,736,404**|_6,745,651_| ## **18. Analysis of changes in net debt** ||**At 1**||**At 31**| |---|---|---|---| ||**January**||**December**| ||**2023**|**Cash flows**|**2023**| ||**£**|**£**|**£**| |Cash at bank and in hand|**6,745,651**|**(2,009,247)**|**4,736,404**| ## **19. Related party transactions** During the year shares valued at £950,400 _(2022: £Nil)_ at the date of the transaction were donated to the Charity by a trustee. There are no outstanding balances owing between related parties at 31 December 2023 _(2022: £Nil)_ . Page 26