The Cecil Charity Trustees, report and unaudited financial statcments Charity number 306248 31 March 2024
Tlie Cecyl Chority retDrt and unaudiied fiimncial statements 31 Marcli 2024 Trustees, report and unaudited financial statements Contents Trustees and advisers Trustees, report StAtement of Trustees, responsibilities Independent examiner's report Statement or rinancial activities Balance sheet Notes to the financial statement5 8-10
Tlie Cecil Charity Tn$. rep)rt and unaudited fi[Wl&l statements 31 N(ar¢h 2024 Trustees and advisers Trustees The follow ing METe Trustees during the l'ear. Lord Rocklev Lad) Rocklev Mrs Coreen M¢Me¢kcn Mrs Claire House-Nonnan Mrs Hannah Khanna Charity address Lvtchett Heath Poole Dorset BHI6 6AE Charity Registration Number 306248 Investment managers Cazeiiov¢ Capital L Londoii Wall Placc London EC2Y iAU Independent examiner MTS J A Mutton FCA Eveli n Partners LLP Accountsnts Old Librarn. Chambers 21 Cknpper Lane SalisbuTh' Wiltshire SPI IBG
Tlie Cecil ChaF7ty Trustets, rep)rt and unaudited final1&1 steJnaits 31 M8rcli 2024 Trustees, report The Tnistees pr¢sent their annual r¢port and unaudited financial stat¢nienls for the 5.ear ended 31 March 2024. The fInl¢la1 stat¢m¢nts compl!. with the Charih-'s Act 2011 and Accounting ld Reporting b!" Cliarities.. Stateinent of R¢coinmended Practice, applicable to cliarities prepariiig their accounts in accordanc¢ ii'ith tlie Financial Reporting Stsndard applicable m the UK aid Republic of Ireland (FRS 102). Structure governance and management The operations of the charÉty are governed b!" an Indenture dated 10 ma 1907 as varied by Schemes dated 20 S¢ptemb¢r 1912: 6 Januan. 1948 and 28 Ociobei 1971. UndeJ the terms of the liideiittire. the poii'er of appointing nem" Truste¢s is iested in the sun"ii"ing or conts.iiiiing Trustees. Objectives and activities The obj¢ctiYe of the charits" is to aii.atd scholarships or grants to b¢n¢ficiaries und¢r the age of 25: living ii'ithin a ten mile radi11s of the Lvtch¢tt Matrai'crs Parish Church. attending ediicational estsblishments. Tlic Tnistces re1ve niullcroils grant application Icttcrs throughout thc !"ear: ii,hich arc considered by the Tnist¢¢s at th¢ir meetings. The Trustees discuss the merits of the applications and after takiiig arKOiiiIt of tlic funds available: grants ar¢ approi'ed. The Trnst¢es t)picalli' make grants to appToprÉal¢ beneficiaries of up to £400 (2023.. £JOO) per Uniierstl! OT College term. Th¢se lipicall! u'ill conlinue for the diiration of th¢ benefi¢iar)' s course (comnionly 9 palIentS lotalling £3:600 Q023.. £3,000)). Th¢ Tnistees m. also inak"e one off grants to indii"iduals in exceptional circillllstICC$ to ertabl¢ th¢m to furtheT their education. Public benefit Tlie Tnist¢¢s hai'e consider¢d the giiidance proi.ided b!" the Charifv Commission i¥ith regard to meeting the piiblic benefit objective. On reV1thng their &ts"Nities. the Tnistees beliei"e that The Cecil Charih. is acting for the benefit of the public. Achievements and performance Duruig di¢ )'¢ar income H as £33,447 (2023.. £33. 413) m.ith ¢haritsble donations totalliiig £36,000 of ivhich £32,000 IN'er¢ granis Jnade dIrtIV to some 37 indii'iduals C2023..£ 2), 649. ofitrliich £2J.649 10 30 ii7(lii'idziaLs). The Chariti supports a music scholarship programme ivith Lytchett Minster School to proi'ide up to £i:iOO pcr inum to fiind 33 music l¢ssons ei"¢rv Trcar for l i studcnts shoming musical apts"tudc. Financiat review The Charih. continues to nianag¢ Its resource5 carefull!". retaining a proportioii of its iiet incolning rcsources each Near. The oi'erall fiiiancial position of the Chariti" is secured kn. the i.alue of the iniestsneni porrfolio. There are no StrIctl0nS on the Chariti""s poii.er to ini est. Th¢ oi erall ini'eslment polic!, is to adopt a mediwn risk" ifftii"estnient 5trat&i" based oil producing a balancc of mcomc and capital 8roii.th oi,er the m¢dium tenii. The funds are h¢ld in the cn01e Capital Charih Multi-Asset Fund ii'hich is a long-terni in%'estmeiit fuiid ii-ith a dIN¢r$]ed strat¢gJ ini'esting in equities, bond5. propert)" and alt¢rnatii"e assets. Th¢ portfolio p¢rforn]ed ii'¢ll oi-er th¢ ! ear generating a I'ield of l 0.50/0. Tlie total fiinds held at 31 March 2024 11-ere £863.912 (2023.. £823.604). The TDJStees coiitinue to iiii-est the capital of tlie Cliarity. in accordance ii'ith the Indenture. making grants out of iiicomc arising. Charity's assets Acquisitions and disposals of fix¢d assei ini"estm¢iit5 during th¢ %'ear ar¢ recorded on page 9.
Tlie C¢eil Charity Trus. rew>rt and w]audit¢d fun¢la1 stalem¢nts 31 Marcli 2024 Reserves It is Ilie Tnislees aini to distribute substanliallv all Ihc anniial income after pa}'m¢nl of an) expenses. Siirpliis income is retained in cash or reiniESted. The Trustees rei"ieii" on a regular basis tile leTr'el of ilicome resernes that tliev consider appropriate. Risk factors The Trustees hai"e assessed the risk-s to th¢ Fund's assets and ar¢ satssfied that SUfflellt controls are in place id tliis ii'ill k siibjcct to regular wii¢M. Trustees, and employees, remuneration and expenses Diiriiig th¢ )'ear the Trnstees received no T¢muneration Q023.. £nil). The ChaTih' has iio ¢mplo! ees (2023..
17ie Cecil Cht7rity TrLl%S, rewrt and lUdI1ed ftnancial SMeni¢nts 31 Marcli 2024 Statement of Trnstees, responsibilities Thc Truste¢s arc r¢sponsibl¢ for prcparing thc Trustccs, Report aid the fmancial statements in accordan¢¢ ii'ith applicabl¢ laii, and regiilations. The laii. applicable to charities in England and Wa1¢5 requires th¢ trustees to Prepar¢ financial statements for each flliaiicial vcar in accoidance ivith United Kiitgdoni Gellerall) Accept¢d Accowiting Practice (United Kingdoin Accounts'ng Standards and applicablc rcguEatson5). Under tliat laii. thc trustees must nol approi"c tlie financial statcmeiits unless the!. ar¢ satisfi¢d that th¢! gis"e a true and fair I'ieii" of thc state of affairs of tlie cliarity Id of th¢ incoming resoiwc¢s and application of resources of the chariti" foT that l'ear. In preparing these fancial statein¢nts: the truste¢s ar¢ tquired to.. select suitable accounting policies and then appl!.. them consistaitlv: observe the nieihods ajid principles in the Charities SORP: niak"e judgiuents and accounting estimates that are asOnable and prudeiil: state M-hether applicable accouiiting standards hai'e been folloiied: subject to ani- Inalerial departur¢s disclosed and explain¢d in the fiiiancial slatements; and prepar¢ the financial stat¢ments oil the going con¢ern basis unless it is iiiappropriatc to presume that the cliarity. M"iEI coiitinii¢ in business. Tlie Trustees ar¢ responsibk for k¢¢ping proEKr accounting records ii,hich are su]¢111 to slioiN and explain tli¢ cliaritY"s Iransa¢tions aiid disclose iith rcasonablc accuraci, at an)" timc th¢ financial position of tlie charii! and eiiable theni to ¢iisiire tliat th¢ financial stateinenls coniply ii'itli Ihe Charities Aci 201 l. th¢ Charities (Accoiints aiid Reports) RegulatlOU5 2008 and the proi isions of the Indenture dated 10 Ma!" 1907 as varied b). Sch¢iiies dated 20 Septeniber 1912, 6 Januarv 1948 and 28 October 1971. Thes" are also responsible for safeguarding die assets of the charitt. and lience for taking reasonable Sps for tlie preiTention wid deteciion of fraud and other irregularities. Ih By order of the Trnsttts 26 July 2024 Lord Rockley (Trustee)
Tlie Cecil Chariry TrustLS' rew)rt and tidi1¢d [llla} statemaits 31 Marcli 2024 Independent examiner's report to the trustees of The Cecil Charity I report to the tnistees on mi. examiiiation of the &counts of The c13 Charitv for the i.ear ended 31 March 2024 Mhich comprise the stat¢n)ent of funCIal actii"ities. the balance she¢t and the not¢5 to the accounts. llicludiiig a siimmary" of significant accounting policies. Respective responsibilities of trustees and examiner and basi5 of report As the charits"'s trustccs: you resFM)nsible for the prepardtion of the accoimts iji accordance ii.ith the requirements of tlie Charitics Act 2011 ('the Act,). I r¢port in respect of my eMinatIon of the charity's accowits carried out uDd¢r sectioii 145 of the Act and in carrying oiit m!, cmination I hai"c folloiycd all thc applicablc Dircctions gJv¢n by thc Charity" Cominission id¢r section 14i(i)(b) of the Act. Independent examiner's statement I hav¢ completd ni}" examination. I confm tliat no material matters have coine to my attention in connection ii'itli the eminatiOn giN'ing ine cause to beliei"e that lli an!" materiaE spect". l. accounting r¢cords iiere not k.ept in r¢spect of the chariti. as requiffd b%, s¢clion 130 of the Act. or 2. the accowits do not ac¢ord iiith those records: or 3. the ac¢ouiits do not complv iTrith the applicable requirements concerning tlie fonn and connt of the accoiints set out ui the Charities (Accounts and Reports) Regulations 2008 other than an>, reqiiirem¢nt that the accoimts gil'e a truc and fair N'ieii. ii'hich is not a ll)atter coiisidered as part of an independent examiiiation. I liave no conc¢rns and hai.'e coin¢ across no other niatters lll coiincction ivith the cuminatioii to 1]ich att¢ntion sliould be draH"ii in this report in order to enable a proper understa11ftg of tlie accounts to be reaclied. Mrs J A Mutton Fclloi4' of The Institute of Chartered Accountsnts in England & Wales Eveli'n Partners LLP Accountants Old LibrnTh" Chambers 21 Cliippei Lane Salisburn. Wiltshir¢ SPI IBG Date.. l August 2024
Tlie Cecil Charity TTu4s' rep)rt and imaudit¢d financial statements 31 Maffh 2024 Statement of financial activities for the.I'ear ended 31 March 2024 Unres¢rlrted fund5 2024 Unrestrictal 2023 tnvestsuent income froin listtxl ini'thnems Donattons 33,447 33,163 2iO Total 33,417 33.413 Erpwitsltwe ON.. Raisjng 1.unds Clwi&ible acti&ities- 8r& Clwithble activities- SL4Wrt costs (2.270) {36,1 1916) {2.3821 (25,6491 (892) Total {39.186J 128.923) Net income before gains and105ses on ini"estments (5,739) 4.490 Net Jin(lOSSeS) on investnen Realised 46,(H7 (66,4i2) Net Moi'ement in fund$ 40,308 (61,962) T<tslre¢oH¢iltslon offiin(if.' Fimd bal¢¢5 i)r0h1 forK12Td at l A]1 823.61 885_566 Fund balan<es carried fonTr&rd gt 31 M4rcb 863.912 823,604 The notcs on pages 8 to 10 fomi part of these financial statements.
Tlie Cecil Charity Trustees. repirt and Unaudit [llwla1 statem¢nts 31 Marcli 2024 Balance sheet at 31 Mcirch 20?4 .Vrte 2024 2023 Fixed asset$ InvestsiMrt¥ 7)6,869 Current &et$ Cash at bank 64,088 68,301 Creditors: amounts falling flue vithin one !'e•r ALcruals (822) (I,i66) Net current sets Total asset$ less curreftt liabilirfe5 863,912 823.604 Funds Unrestrictal fw 863,912 823,604 ApproTred bs the Trust¢¢s on 26 Juli, 2024 Lord Rockley Tru.ftee
Tlie Cecil Charity Tn%5. rell and unaudited final181 stalemenrs 31 Marcli 2024 Notes (formingpart oflhefinaneial statemen1$) l Accounting policies The folloii.ing accounling polici¢s haN¢ been applicd consistentlv in dealing ivith items w.hich are considered material in rclation to the Trust s financial statements. (i) Bosis ofpreparafton Th¢ financial statements have been prepared in accordance ii.ith Accounting and Reporting bi" Chwities: Statement of Recommended Practic¢ applicable ro charities preparing their financial statements in accordancc iiiith the Financial Reporting Standard applicable in tlie b'K and R¢pubhc of Ireland (FRS 102) (effectiTr"e l JanuaTh' 2019). The financial statements haN'e been prepad under the kn'storical cost wnventton as modified to include the revaluation of certain assets. The Trustees coiifimi that the chaTity' is a public ben¢fit entit!. as d¢fined bi, FRS 102. Th¢ financial statements are ppared on a going concern b&8iS. The chariti. is an unin¢0rated trnst: consrituted under an Indenture dated 10 Mav 1907 and its registered office is L!tch¢tt HeatlL Poole, Dorset BH16 6AE. Th¢ ¢hariTh" is r¢gisted m.ith the Charity, Commission in England &, Wales f%lo. 306248). (li) Income Investment income is CTeditcd in the period in iihich it is r¢c¢ii'able. Interest receivable is a¢¢ounted for on an aCcS basis. (iii) Expen(lithre Expenditure is recognised on an accruals basis as a liabiliht is incurred. ElpendIre includes anv VAT .hicli cannot k recoi.ered and is reported as a part of the expenditure to M hich it relates. Grants are pa!"ments made to third parties in rth¢rance of the charitable obje¢tiN"es of the Trust. Tli¢ grants accounted for li.here the Trust¢¢s haTre agreed to pa!. the grdnt ii.ithout condition and the r¢cipient has a reasonable exp¢ctation that the!" IN'Ill recei1"¢ the grnit. Other costs consist of costs not directl!" attributable to direct charitable expenditure but iithich a in respect of the general administration of the chariti" and oN'erall management of funds. (iv) 1ni?estnKts Inw¢stments are stated at market Tr"a]ue at the balance sheet date. Realised investment gains and losses arc calculated as the difference betsvecn the market value at I" April 2023 or the value on the date of Purchase if later and the Tr"alue at M"hi¢h the ini."estment i%as sold. Unrealised ini'estmcnt gains and losses are lCulated as the difference betsve¢n the market value at 31, March 2024 and the value at I" April 20?3 or the Tralue on the date of purchas¢ if later. (i) Funds All transactions are recorded in the unr¢strict¢d fimd. All funds ar¢ aTrailable to use at the discretioii of the TSte¢S in furthernnce of the general objects of the Charits, and have not been designated for anN' other purposes.
Tlie Ceal Charity TThL$tS. rel and uDaudited fllWLciMI statem¢ts 31 Marcli 2024 The Charitv is a registered ¢haTits' and therefore is not liable for income t&¥ or corporation t&¥ on income deriv¢d from Éts chatitabl¢ actiTrities. as it falls iiithin the louS exemptions available to registered charities. 2 Expenditure 2024 2023 Raisino funds tniestment cosls Clwitsbk actisities Granis to i111,1dQ[S for ethUtiol FXllP)S ar2nts to llth'iiduais (administtrsj kn. an i)ISlithlion) Charitsble a¢lifvits"rS- SUF4X)rt costs.. Aciounlan'ffit alnIne<S fees (gol'en]a costs) Legal fees A(Itnini¥tralion cos1S (2370) (2,382) {32,0) (4.OW) (21,649) (4.000) (822) (822) (94) 170) Total (39.186) (28.923) 3 Fixed asset investments Cos¢ at 31 M¥rch 2024 Market Value 4t31 March 2024 Cost 31 March 2023 Market i'alue 8131 March 2023 Fixal assd investsnents 763,616 81KI,646 763.616 7)6,869 Investm¢nts H'cre held in the Cazcr£ove Capital Chatitv Multi-Asset Fund. The Charit). Multi-Asset Fund is a long-temi investment fund Mith a diTr¢rsified strategy ini:¢sts'ng in equities: bonds. prop¢Tts' and alternative &8sets. 2024 2023 Mket at l Apnl 756J69 823.321 Diswsais at owl1 tK)ok val Ad(L' AcquisitioiL8 at st Net gau](108&) oiimailt1OTh at 31 March (2,270) 46,iU7 (66,452) Mark¢i i'alue at 31 ma17 8.646 756.869
Tlie Cecil Charity TTUStL*S' rep)rt and unaudited filla1 stateMlS 31 Marcl12024 3 Fixed asset investments (continued) Iniiestments at market N:alue ii.ithin the Cazenove Capital Chariti" Mulb-Asset Fund comprised.. 2024 2023 Eqluties Bonds Multi.As8et Funds AltenTrati¥¢s Cash 563.551 96.222 486.187 99,)40 12.)57 136,446 22,139 123.587 17,286 Porttolio totAI at 31 March 756,869 Material investments oi'¢r 5 /0 of the market value of the portfolio are: 2024 2023 Colkxtii'e C82enove Capitsl Cknih" Mulu-AssLX Fund i) 100 loo 4 Trustees and related party transactions During tlie l.ear none of the Twstees (nor an!" persons comi¢cted M'ith them) receiv¢d an!. remuncration from thc Charits. (2023.. £nil). 5 Employees The Chants. has no emplov¢¢s (2U23.' none). io