The Cecil Charity Trustees, report and unaudited financial statements Charity number 306248 31 March 2022 The Cecil Charity Trustee5' report unaudt¢ed financial staiem¢ni$ 31 M8rch 2022 Trustees, report and unaudited financial statements Contents Trustees and advisers Trustees, report Statement of Trust¢es' responsibilfiiies Independent examiner's report Statement of finaneial a¢tivities Balance sheet Notes to lh¢ financial 8talements 8-10 rhe Cecil Chitrity TNst¢¢s' ]rport othd un&￿Illed financi￿ stsiements 31 Mor¢h 2022 Trustees and advisers Trustees The following were Trustees during the year. Lord Rockley Lady Rockley Mrs Brian Wizard {resigned 18th M￿h 2022) Mrs Coreen McMe¢k¢n Mrs Claire House-Nomian Mrs Hannah Khanna (appointed 18th March 2022) Charity address Lytrh¢rt Heath Poole Dorset BH166AE Charity Registration Number 306248 Investment managers Cazenove Capital London Wall Place London EC2Y SAU ludependent examiner Mrs J A Mutton FCA Evelyn Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshir¢ SPI IBG 77tÈ Ce¢il Clwlty Trust¢¢s' rer￿ utla￿lI¢ed firwieial 5tstements 31 March 2022 Trustees, report The Trustees present their annual reTX)rt and unaudited financial slaternents for lh¢ year ended 31 March 2022. The financial sthtements comply with the Charity's Act 2011 atKI A¢couniing and Reporting by Charities". Sthiement of Recommended Practice, applicable to charities preparing their ac¢ounts in accordance with the Financia] Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Structureg goverDance and mAn&gemellt The operations of the charity are governed by an Indenture dated i orfi May 1907 as Yaried by Schemes dated 20th Sepfrmber 1912, 6th January 1948 and 28th Ociober 1971. Under the tern75 of th¢ Indentur¢, Ihe power of appointing new Trustees is vested in the surviving or continuing Trustees. Objectives and activitiey The objective of the charity is to award scholarships or grants to beneficiaries under th¢ age of 25, living within a ten mile radius of the Lytchett Matravers Parish Church. attending educational establishrnents. Th¢ Trustees receive numerous gRnl application lettejs throughout the year, which ar¢ considered by the Trust¢es ￿ their meetings. The Truste¢s discuss the merils of the applications and after thking account of the funds available, grants are approved. The Trustees tend to make grants to appropriate beneficiaries of £2.970 (2021.. £2,970). Th¢s¢ are paid io the beneficiaries over a ihree year period in 9 instalmenis. The Trustees may also make one off grdnts io individuals in ¢xceptional circumstances io enable them to further their edu¢alion. Publle benefit The Trusiees have ¢onsider¢d ihe guidance pr()vided by the ChariÉy Commission with regard to meeiing the publi¢ ben¢fit objective. On revi¢wing their activiti¢5, the Trustees believe thai The Cecil Charity is acting for the benefit of the publi¢. Achievements performance During the year income was £32,382 (2021.. £31,895) with charÉtsb2e donations totalling £14,530 of which £12,280 were grants made directly to some 18 individuals (2021..£26,282, ofwhich £18, 782 10 23 individuals). The Charity suppotts a musi¢ ￿holarship programm¢ with Lytchett Minsier School to provid¢ up to £4,IKK) per annum io fund 25 musi¢ lessons every year for 10 students showing musical aptitude (or up to 20 if lessons are shared). FillAn¢l41 revlew The Charity Continues to manage its resources carefully, retaÈning a proportion of lis net incomiTrg resour¢es each y¢ar. The overall financial position ofthe Charity is gecured by the value of ihe Ir[v￿trnent portfolio. The￿ are no r¢strictions on the Charity's power io invest. The ov¢rall investment policy is to adopt a medium risk inv¢siment strdt¢gy based on producing a balance of income and capital growth over the medium terni. The funds are held in th¢ Cazenove Capithl Charity Mulii-Assei Fund which is a long-temi investment fund with a diversified strategy inv¢sling in equities, bonds, property and alternalive assets. The portfolio has perfornied well during the year yielding 7.40/0 although values have reduced since the year end in the cutrent inflationary and uncertain environment. The total fitnds held at 31 MaKh 2022 were £885,566 Q021.. £843.235). The Trustees continue to inv¢st the capitsl of the Charity in a￿OrdanCe with ihe Indeniur< making granis out of income arisin8. The Cecil Charity Trnstees, report and unfyudit¢d financial slaiemeDts 31 MAT¢h 2022 Charity's ￿Sets Aequisitions and disposa]s of fixed asset investm¢tlls during the year are recorded on pag¢ 9. Reserve$ It is the Trustees, aim to distribute substantially all the annual income after payment of any expenses. Surplus income is retain¢d in cash or reinvested. The Trustees review on a regular b&4is lh¢ level of income reserves that they consid¢r appropriate. Risk f*¢tor4 The Trustees hav¢ a55essed th¢ risks to the Fund's assets and are satisfied that sutTi¢i¢ni ¢onlrols are in place and this will be subject ro regular review. Trustees, and employees. remunerAtion And expenses During the year the Trustees received no remun¢rntton (202J.. £nil). The Charity has no employees (2021.. 0￿). Th¢ Cg¢il Charity Trustees. report and utkaudited financial 518temMIs 31 M8r¢h 2022 Statement of Trustees, responsibilities The Trustees are responsibl¢ for preparing the Trustees, Report and the financid statements in accordanc¢ with applieable law and regulation5. The law applicable to charities in England and Wales reqUI￿S ihe rrustees to prepare financial staiements for each financial year in accordance with United Kingdom Genernlly Accepted Accounting Pra¢lice (United Kingdom Accouniing Standard5 and applicable regulations). Under that law the trustees must tKJI approve the financial staiem¢nls unless Ih¢y are satisfied that they give alrue and fair view of the stale of affairs of the charity and of the incoming resources and appli¢aliott of resources of the charity for ihat year. In p￿parIng th¢se financial statements, the trU￿ee$ are requir¢d to: sele¢t suitable ￿cOUntIng policies and then apply ihein consistently: observe th¢ methods and principles in the Charities SORP. make judgments and accounting estimal¢s thai are reasonable and prudent; slate whether applicable accounting standards have been followed, subjed to any material departures dis¢losed and explained in the financial stal¢ments.' and prepare the financial statements on the going concern basis unltts it is inappropriate to presume that the charity will Continue in bLbsirkess. The Trust¢¢¥ are responsible for keeping proper accounting record5 which are sufficient to show and explatn the charity's transactions and disclose with reasonable accuracy at any time the financial position of ihe charity at ¢nable Ih¢m lo ensure that the financial stalements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 a¥)d the provisions of the Indenture dated l O May 1907 &5 varied by Sch¢me5 dated 20 September 1912, 6 January 1948 and 28 (ktober 1971. They are also responsible for safeguarding the a55ets of the charity and hence for taking re&sonable si¢ps foi the prevention and detection of fraud and other irregulariiies. By order of the Trnst¢e5 18, November 2022 Lord Ro¢kley (Truslee) The Cecilcknrity Tru5te¢s' report and unaudiied fin3n¢ial thtemenls 31 March 2022 Independent examiner's report to the trustees of The Cecil Charity I report to the instees on my examination of ihe a￿Ount5 of The Ce¢il Chariry for the y¢ar ertded 31 March 2022 which ¢omprise ihe Sthlement of financial activities, the balance sh¢¢t and the note5 to the a¢¢ounts. including a summary of significant accounting policies. RespeethTe responsibilities of trys¢ee8 and examiner and basis of report As ihe charity's trusiees, you are responsible for the preparation of the ac¢ounts in accordance with the requirements of the Chuilies Act 2011 ('the Act,). I report in respeci of my examination of the charity's accounts carried out under section 145 of ihe and in carrying out my examtnation I have followed all the appli¢able Directtons given by the Charity Comrnission under section 14515Xb) of the Act. Independent exAmiller's statement I have complet¢d my examination. l Confimi that no m&t¢rial matters have com¢ lo my attention in connection with the examination giving me cause to believe that in aTry mai¢rial respect.. ac¢ounting records were not kept in respect of th¢ chatity required by section 130 of the Act. or 2. the accounts do not accord with (hose r¢cords; or 3. the accounts do not comply with th¢ applicable requiremenis conceming the fomi and content of ihe accounts set out in the Chariiies (Accounts and Reports) Regulations 2008 other than any requirem¢nt that the a￿O￿nts give a irne and fair view whi¢h is not a matter considered as part of independent examination. I have no ¢oncems and have come across no other matters in ¢onnection with Ihe examination to which attention shotlld be drdwn in this report in order to enabl¢ a proper understatmling of the accout]ts to be reached. Mrs J A Mutton F¢llow of The Institute of Chartered Accountants in England & Wales Evelyn Partners LLP Aecouniants Old Library Chambers 21 Chipper Lttne Salisbury Wiltshire SPI IBG Date: 4 January 2023 The Cecil Chority Tntstees, report and unaudited rlnaftci￿ statements 31 Mwch 2022 Statement of financial Activities forlheye¥r ended 31 March 2022 N￿e URre5tri¢ted tunds 2022 UnT¢Stricted furlds 2021 Inv¢stm¢ni income from listed investtnents ImercsÉ ￿tIVable 32J82 31,895 Totsl 31J82 31.895 i5ing fill)d5 Chatitsble aciiviii¢s- grdnts ChariMbl¢ athiviti¢s- support costs 12,4721 114J301 {1,174) 12.2421 126,2821 18191 T0¢41 (18,1761 129,343 Net tmcomtllexpenditur*l before galtts *nd losses on lTrveslments 14206 2,552 Nel 8&in￿(losses) on inv¢51meThts'. Realise Unrealisoj 28,125 130.560 mov¢m¢ni in 42J31 133,1 12 T01t￿reCoNclu*Xl0rt offunds.. Fund balances brought fon%'ard a¢ l April 843.235 710.123 Fund ¢*rried forw8rd at31 MoT¢h 843.235 The notes on p&ges 8 to IQ form part of these financial slatements. rhe Cetil Ckarity TTUMt%s' report and unaudited fsn4n¢ial statements 31 MaTch 2022 Balance sheet 4¢ 31 March 2022 2022 2021 Flxed ass¢ts Inveshnenls 823J21 795,196 Currtnt •ssets Cash at bonk 64,009 48.61JJ Creditsrs: amounts filliag due within on¢ yur A¢Thgls 11,7641 16601 Net ttsrrtnt assets 02245 48.039 Totsl a%ets loscurrent 118blltties 843,JS F￿ndS Unrestricted fund 885J66 843.235 Approved by the Trustees on 18 November 2022 Lord Ro¢ld¢y Trnstee rhe Ceed Charlty Twstee5' repoft aod ￿n￿lld1ted financial 5tatrments 31 March 2022 Notes (rorniing￿rtof1he]7Tr&nc1fjl&Io1eM¢Rts) l Accounting policies The following accounting policies have been appl1￿ COT]SiStently in dealing with items which a considered material in relation to the Trust's f&nan¢ial statements. (l) Basis ofpreparalion The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢ti¢e applicable to charities preparing their financial statements in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Th¢ financial statements have been prepared under the historical cost Convention &8 modified tt) include the revaluation of certain assets. The Truslees confimi that the charity is a public beneflt entity &$ defined by FRS 102. The financial statements are prepared on a going concern basis. The ¢harity is an unineorFX)raled trnsl, constitiited under an Indenture dated 10th May 1907 and its ￿giStered otTice is Lylchett Heath, P(KJle, Dors¢t BH16 6AE. The ¢harity is registered wilh the Charity Commission in England & Wales (No. 306248). {11) Jncome Investment ￿n￿me is credited in the period in which it Is receivable. Int¢r¢st rec¢ivable is a￿OUnted for on an aC¢n￿lS basis. (iii) Expenditure Expenditure Is reco8nised on an a¢¢n￿lS basis as a liability is incurred. Expenditure in¢lud¢s any VAT which cannot be recovered and is reported as a part of the expenditure to which it relates. Grdnls are payments fftade to third parties in furtherhnce of the charitable objeclives of the Trust. The 8rants are a¢¢ounied for where th¢ Trustees have agreed to pay the grant without condition and the recipient has a reasonable ¢xpectation that they will rec¢ive the grant. Other cosls consist of costs not dire¢ily attributable to direct charitable eX￿ndItUre but which are in respect of th¢ 8en¢ral administration of the charity and overall management of funds. (iv) Inveslthenls Investments 8re stated at market valu¢ at the balance Sheet date. Realis¢d investment gains and losses are cal¢iilated as the difference belw¢en the market value at l April 2021 or ihe valu¢ on the dat¢ of purchase if later and the value at which the inveslment was sold. Unrealised investment gains and losses are Galculated as the diff¢rence between th¢ market value at 31. Mawh 2022 and the valu¢ at I, April 2021 or the valu¢ on the dai¢ of purchas¢ if later. (v) Funds All transactions are recorded in thc unresiricted fund. All funds ar¢ available to use at the dI￿retion of the Trustees in furtherdnce of the general objects of the Charity and have not been designated for any oiher purposes. Ihe Ce¢il Charity Tru5tees' report and ￿n￿dited financial statements 31 March 2022 (vi) f￿ra110n The Charity is a registered charity and therefore is not liable for income tax or corporation tax on in¢om¢ derived from its charitsble acttvities, as it fall$ within the various exemptions available to registered charities. 2 Expenditure 2022 2021 Raising funds Investment ]nanagement COSLS Charitsble acriviti¢S Grants to tndividuais for¢ducatIon￿ puty0s¢5 Ch8ritsble athiviiies- support costs.. Accountstt¢yllthpend¢ai ¢xamin¢r's fee5 Igov¢mance Costs) Le8￿ f#s AdTninistra¢ion costs (2A72 (2,242} (14OJOI 1262821 1744) {3601 70) 16601 1159) Totsl (1&1761 129J43} 3 Fixed asset investments Co$t it 31 March 2022 MArktt v*ly¢ •¢ 31 M#reh 2022 Cost at 31 March 2021 Mark¢1 value At 31 March 2021 Fixed asset investm¢nts 763ffj16 823J21 763.616 795,196 Investments were held in the Caz¢nove Capital Charity Multi-Assd Fund. The Charity Mulii-Asset Fund is a long-terni investment fund with a div¢rsified strategy investing in equili¢s, bonds, property and aliernattve assets. 2022 2021 Marketvo]ue at l April 795,196 664,636 Disposals at opening b(y)k v￿ue Add.. A¢quisiiions d ¢0* Net gain￿li0$S¢S1 on rev￿￿￿10￿ atjl Mwch 2&12S 130,56) Market value ai 31 MaT¢h 82JJ2l 795.196 The Cffcil Charjty TNs¢e¢s' 2nd unaudiied fttthncial stalement$ 31 March 2022 3 Fixed asset investments (continued) Investhients at market value within the Cazenove Capital Charity Multi-Assei Fund comprised: 2022 2021 Eqwiies Bonds Muht-Awt Funds Alt¢rn4tives Cash 571,020 64A12 14,154 153,214 20J21 557.891 69,541 24.626 114,449 28.689 P(Frtfolio totsl at 31 Mor¢h 813J21 795.196 Material investments over 50/0 of the market value of the p)rtfolio are.. 2022 2021 Collerlive Funds C&zenove Capttal Charity MulÈi-AssM Fund Iix) 4 Trustees and related party transactions During the year none of the Trus¢Ks (nor any ￿r$onS connect¢d with them) r¢¢¢ived any remunerntion from the Charity (2021..£nil)- During the prior year the Charity donated £7,500 to Bournemouth University to support ihe University's Student Covid-19 Emergency Relief Fund. Mrs Claire House-Nonnan. a Tnjstee. is Director of Fundraising at Boumemouth University. S Employees The Charity has no employees Q02J.. none). 10