Trustees’ Annual Report for the period
From Period start date To Period end date
Charity name:
Charity registration number:
Objectives and Activities
| Summary of the purposes of the charity as set out in its governing ~~ee~~ |
Summary of the purposes of the charity as set out in its governing ~~ee~~ |
SORP reference Para 1.17 |
Advancement of Education Prevention of Poverty Advancement of Religion Other Charitable Purposes |
Advancement of Education Prevention of Poverty Advancement of Religion Other Charitable Purposes |
|---|---|---|---|---|
| document | ||||
| Summary of the main activities in relation to those purposes for the public benefit, in |
Para 1.17 and 1.19 |
(a) (b) |
the establishment School as the Trustees discretion think fit the provision of playing |
|
| particular, the | recreation grounds | |||
| activities, projects or services identified in the |
(c) | and other accommodation games and pastimes the provision of equipment |
||
| accounts. | to be used in connection | |||
| pastimes of all kinds | ||||
| (a) | the offer of scholarships | |||
| Grant of allowances | ||||
| of the School for | ||||
| any University or | ||||
| (e) | the construction equipment | |||
| general upkeep of | ||||
| accommodation forming | ||||
| the premises of the | ||||
| .(f) | the advancement of | |||
| Trustees shall in | ||||
| Fit | ||||
| Statement | Para 1.18 | Yes | ||
| confirming | ||||
| whether the | ||||
| trustees have | ||||
| had regard to the | ||||
| guidance issued | ||||
| by the Charity | ||||
| Commission on | ||||
| public benefit |
Additional information (optional) You may choose to include further statements where relevant about: SORP reference Must meet objects and provisions of Trust Deed Para 1.38 Policy on grant making N/A Para 1.38 Policy on social investment including program related investment The trust is run by volunteer Trustees Para 1.38 Contribution made by volunteers Other
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | Normally the charity looks to make grants to beneficiaries in accordance with it’s objectives which provide significant benefit. This year we have focused on setting up or long term reserves, funded by donations from the Old Eleans Club and as such no grants were made. It is anticipated that in most years, we will make suitable grants. |
Additional information (optional) You may choose to include further statements where relevant about:
No grants were made in the period due to no suitable beneficiaries being identified Achievements against Para 1.41 objectives set
| Performance of fundraising activities against objectives set |
Para 1.41 | |
|---|---|---|
| Investment performance against objectives |
Ain | An additional £80k donation was received from the Old Eleans Club and invested with Quilter Cheviot to add to the existing £40k invested last year. Combined & interest on bank accounts the following summarises the performance:- Bank interest £38 Quilter Interest £84 Quilter Dividend £1520 Quilter Surplus £13194 The gain significantly exceeded our objectives |
| Other |
Financial Review
| Financial Review | |||
|---|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The Trust is in a very sound position holding significant reserves. It has no essential costs and can chose how much to grant to beneficiaries |
|
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Reserves policy Free reserves will be held to cover 12 months antcipated charitablegiving |
|
| Amount of reservesheld | Para 1.22 | £123,220 | |
| Reasons for holding zero reserves |
Para 1.22 | N/A | |
| Details of fund materially in deficit |
Para 1.24 | N/A | |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | N/A |
Additional information (optional) You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
From income and capital drawdown from investments |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | Investment objectve The main investment objectves for the charity are: • To deliver the best overall fnancial return within a risk profle that is commensurate with their charitable objectves and fnancial circumstances • To provide a reasonable and sustainable level of income • To maintain the real value of capital (i.e., to protect the expendable endowment against infaton) • To invest for the long-term in a diversifed portolio • To provide sufcient liquidity to fund shortalls or unfunded commitments Total return target The total return target for the investment portolio has been set at infaton plus 3.5% p.a. net of fees. This implies a nominal target of 5.5% p.a. assuming the Bank of England’s ofcial 2% target for CPI infaton. Income requirement There is no specifc income requirement. However, the Trustees expect the investments to generate a reasonable level of income, as income forms an important component part of the overall total return. |
| Time horizon |
|---|
| The tme horizon for the investment portolio is |
| considered to be long term (i.e., more than fve |
| years). |
| Liquidity requirement |
| The Charity holds sufcient cash reserves to meet |
| immediate cash-fow requirements. The longer-term |
| investment portolio should be invested in assets |
| that are easily realisable in normal market |
| conditons. |
| Ethical and other constraints |
| The Trustees have set no ethical or geographic |
| restrictons but are aware that Quilter Cheviot Global Income & Growth Fund for Charites |
| precludes any direct investment in tobacco |
| companies as a company they do not invest in |
| businesses which make controversial weapons. |
| The Trustees will monitor the underlying holdings |
| via the regular quarterly investment reports to |
| ensure the investments do not confict with the |
| aims of the charity. |
| The Trustees wish to be responsible investors. |
| Environmental, social and governance (ESG) criteria |
| are a set of standards to assess a company’s |
| operatons that investors, such as charites, consider |
| when reviewing their investments. |
| Environmental criteria consider how a |
| company performs as a steward of nature. |
| Social criteria examine how it manages |
| relatonships with employees, suppliers, customers and the communites where it |
| operates. |
| Governance deals with a company’s |
| leadership, executve pay, audits, internal |
| controls, and shareholder rights. |
| Quilter Cheviot is expected to take account of ESG |
| issues in their investment analysis and decision- |
| making processes and engage with company |
| management when appropriate and produce |
| periodic reports covering ESG issues. |
| Risk tolerance |
| Short-term reserves: provides fnancial |
| security, as the money may be required at |
| short notce. As such capital volatlity |
| cannot be tolerated and investment should |
| be focused on minimising the risk to |
| capital. Any return in the form of interest |
| is secondary albeit welcome. |
| Long-term expendable endowment: a |
| reasonable level of capital volatlity within the investment portolio is considered by |
| the Trustees to be acceptable given the |
| charity’s risk and return objectves but the portolio should be well diversifed across |
| asset classes and individual investments |
| should be in line with a standard medium |
risk profile. Diversification within the portfolio should be such as to help limit the downside risk in the portfolio. However, the Trustees accept there maybe times of crisis when the downside risk might be larger as demonstrated in above ‘peak to trough decline’. Ability to bear loss The charity has a ‘moderate’ ability to bear investment losses. In extreme circumstances, falls in the value of the portfolio of up to 35% would not have a material impact on the charity’s overall financial position and commitments. Currency The charity’s liabilities are in sterling therefore the manager is expected to be mindful of this fact when investing the charity’s assets. Asset classes, ranges and benchmark indices The table below shows the strategic asset allocation and benchmark indices against which performance of the portfolio will be monitored. Maximum and minimum ranges have been set in each asset class to limit the degree of divergence from the strategic asset allocation and therefore the overall risk within the portfolio. Approach to investment The Trustees have agreed to invest through the Quilter Cheviot Global Income & Growth Fund for Charities which provides access to a diversified investment portfolio where the Fund’s investment objectives are aligned to the Charity. Investment manager The Trustees has appointed Quilter Cheviot to manage the portfolio on a discretionary basis, in accordance with the principles set out in this policy statement. Custody of assets All client money is held in accordance with the FCA client money rules. Cash held on deposit on behalf of clients in pooled client money bank accounts which are separate from Quilter Cheviot’s monies. Investments are held in Quilter Cheviot’s nominee company (or through a sub custodian) in accordance with FCA rules and are held as client assets which are separate of any of Quilter Cheviot’s own assets. An independent assurance on internal controls (AAF 01/06) report is commissioned periodically by Quilter Cheviot to demonstrate that effective controls are in place. Management, reportng and Monitoring The Trust has nominated a list of authorised
| signatories, two of which are required to sign instructons to the investment managers. Quilter Cheviot will provide a quarterly review of the investments including a valuaton. The Trustees meet with the Investment Manager at least annually to review this policy, the investments and monitor performance against: Its target of infaton (CPI) plus 3.5% p.a. net of fees (long-term target rolling fve years) the composite of market indices (as shown in table above above) ARC steady growth charites index (peer group) The investment commitee has responsibility for agreeing strategy and monitoring the investment assets. The commitee should meet a minimum of six monthly to review the portolio, including an analysis of return, risk and asset allocaton. Performance will be monitored against the above agreed benchmarks, investment objectve of infaton (CPI) plus 3.5% over the long term. |
||
|---|---|---|
| A description of the principal risks facing the charity |
Para 1.46 | Reduction in value of investments Lack of availability of suitable trustees |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Trust Deed |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Unincorporated Charitable Trust |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustees are appointed by the Old Eleans Club At least 3 Trustees must be Old Eleans |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
N/A |
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | The Trust is governed by a committee of between 3 and 6 Trustees |
| Relationship with any related parties |
Para 1.51 | Trustees are appointed by the Old Eleans Club, the alumni association of Kings Ely. |
| Other |
Reference and Administrative details
| Charity name | The Old Eleans Charitable Trust |
|---|---|
| Other name the charity uses | |
| Registered charitynumber | 311439 |
| Charity’s principal address | Correspondence Address:- 8 Mount Temple, Romsey Hants SO51 5UW Principal location of operation:- Kings Ely, Cambridshire |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Jo Dick | Old Eleans Club Committee | |||
| Robert Le Grice | Old Eleans Club Committee | |||
| Trevor Bedford | Old Eleans Club Committee | |||
| Mark Wilkinson | Old Eleans Club Committee | |||
| JeremySavage | Old Eleans Club Committee | |||
| Mark Southwell | To 16/2/2024 | Old Eleans Club Committee | ||
– Corporate trustees names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects
Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s)
Position (eg Secretary, Chair, etc)
Date
OLD ELEANS' CHARITABLE TRUST
ACCOUNTS FOR THE YEAR ENDED
5TH APRIL 2024
1
Independent Examiners Report to the Trustees of The Old Eleans' Charitable Trust
Charity Number – 311439
We report on the accounts of the Association for the year ended 5[th] April 2024
Respective responsibilities of trustees and examiner.
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:-
-
examine the accounts under section 145 of the Charities Act.
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report.
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement .
In connection with my examination, no matter has come to my attention: -
-
which gives me reasonable cause to believe that in, any material respect, the requirements: -
-
to keep accounting records in accordance with section 130 of the Charities Act.
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
A Borland F.C.A. 75 Newnham Street Ely Cambs CB7 4PQ
Dated – 16[th] January 2025
OLD ELEANS' CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024
| Receipts :- Bank Deposit Interest Quilter Interest Quilter Dividend Quilter Surplus Old Eleans Club Payments :- Bank Charges Lecture Fees Grants Surplus of Receipts over Payments Fund Balances b/fwd Fund Balances c/fwd |
2024 38 84 1,520 13,194 80,000 94,836 45 - - 94,791 28,429 £123,220 |
2023 7 16 155 155 47,000 47,333 90 - 7,000 40,243 (11,814) £28,429 |
|---|---|---|
| OLD ELEANS' CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 Current Assets Cash at Bank and in Hand Investments Debtors Current Liabilities:- Payable within one Year Creditors Funds Accumulated Income Fund Scholarship Fund Leonard Osmond Memorial Fund |
2024 2,635 135,124 - 137,759 - £137,759 123,220 13,410 1,129 £137,759 |
3 2023 2,642 40,326 - 42,968 - £42,968 28,429 13,410 1,129 £42,968 |
|---|---|---|
Approved by the Board of Trustees on 15[th] January 2025 and signed on its behalf by
J Dick R Le Grice President Treasurer
OLD ELEANS' CHARITABLE TRUST
ACCOUNTS FOR THE YEAR ENDED
5TH APRIL 2024
1
Independent Examiners Report to the Trustees of The Old Eleans' Charitable Trust
Charity Number – 311439
We report on the accounts of the Association for the year ended 5[th] April 2024
Respective responsibilities of trustees and examiner.
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:-
-
examine the accounts under section 145 of the Charities Act.
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report.
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement .
In connection with my examination, no matter has come to my attention: -
-
which gives me reasonable cause to believe that in, any material respect, the requirements: -
-
to keep accounting records in accordance with section 130 of the Charities Act.
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
A Borland F.C.A. 75 Newnham Street Ely Cambs CB7 4PQ
Dated – 16[th] January 2025
OLD ELEANS' CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024
| Receipts :- Bank Deposit Interest Quilter Interest Quilter Dividend Quilter Surplus Old Eleans Club Payments :- Bank Charges Lecture Fees Grants Surplus of Receipts over Payments Fund Balances b/fwd Fund Balances c/fwd |
2024 38 84 1,520 13,194 80,000 94,836 45 - - 94,791 28,429 £123,220 |
2023 7 16 155 155 47,000 47,333 90 - 7,000 40,243 (11,814) £28,429 |
|---|---|---|
| OLD ELEANS' CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 Current Assets Cash at Bank and in Hand Investments Debtors Current Liabilities:- Payable within one Year Creditors Funds Accumulated Income Fund Scholarship Fund Leonard Osmond Memorial Fund |
2024 2,635 135,124 - 137,759 - £137,759 123,220 13,410 1,129 £137,759 |
3 2023 2,642 40,326 - 42,968 - £42,968 28,429 13,410 1,129 £42,968 |
|---|---|---|
Approved by the Board of Trustees on 15[th] January 2025 and signed on its behalf by
J Dick R Le Grice President Treasurer