## **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: - 1. 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 2. 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: - 1. 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 2. 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