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2024-04-05-accounts

Registered No. 327392

The Robert Clayton Charitable Trust

Financial Statements

For the Year Ended

5 April 2024

The Robert Clayton Charitable Trust

Contents Page
Trustees’ Annual Report 1
Legal and Administrative Details 2
Statement of Trustees’ Responsibilities 3
Independent Examiners’ Report 4
Receipts and Payments Account 5
Statement of Assets and Liabilities 6
Notes to the Financial Statements 7 - 9

The Robert Clayton Charitable Trust Trustees’ Annual Report

The trustees present their Annual Report and the financial statements for the year ended 5 April 2024. This report has been prepared in accordance with the provisions under section 133 of the Charities Act 2011 which allows for the preparation of Receipts and Payments accounts by charities with income less than £250,000.

Legal Status and Objects

The Charity was formed under a Trust Deed on 15 December 1986. The objects of the Charity were to accumulate income for the first 21 years for the benefit of the following:

Review of Activities and Financial Performance

The financial statements have been prepared in accordance with the legislative requirements of the Charities Act 2011 as applicable to smaller charities in England and Wales.

The main source of income for the Charity is dividend income totalling £54,532 (2023: £48,652) and proceeds from the sale of investments. No donations have been received in the year.

During the year, the Trustees have borne in mind the Charity Commission’s guidance on public benefit. The Trustees found Age UK Cambridgeshire to be suitable recipients of grants totalling £70,784 (2023: £52,790).

The Charity has not been directly affected by the current cost of living crisis, which is a consequence of the Ukraine war and post-pandemic recovery. However, the trustees acknowledge that cost inflation has decreased the value of grants in real terms and that the nominal value of grants will need to increase to compensate.

Reserves Policy

The Trustees’ policy was to accumulate income for the first 21 years to provide sufficient funds to meet the objects of the Charity. Investments are made which are readily realisable to ensure that the liabilities of the Charity are met as they fall due. The intention is to generate income from the investments to allow grants to be made in accordance with the Charity’s objects.

Appointment of Trustees

The power of appointing trustees was vested in the settlor (Marguerite Green) during her lifetime, until she passed away.

Trustees

The trustees who held office during the year were:

Charles Robert Barker Hewitson Daniel Joseph Curtis

Approved by the trustees and signed on their behalf by:

D J Curtis Date:

Page: 1

The Robert Clayton Charitable Trust Legal and Administrative Details

Trustees

Charles Robert Barker Hewitson Daniel Joseph Curtis

Trust Address

50/60 Station Road Cambridge CB1 2JH

Legal Status

The Charity was formed as a Trust under a Deed dated 15 December 1986 Charity Commission Registration No: 327392

Bankers

Barclays Bank plc 9/11 St Andrews Street Cambridge CB2 3AA

Solicitors

Harrison Clark Rickerbys Ltd 50/60 Station Road Cambridge CB1 2JH

Investment Managers

Rathbones City House Hills Road Cambridge CB2 1RE

Independent Examiner

M Hewett FCA DChA Peters, Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA

Page: 2

The Robert Clayton Charitable Trust Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, supporting regulations and the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page: 3

The Robert Clayton Charitable Trust Independent Examiner’s Report to the Trustees

I report on the accounts of the Charity for the year ended 5 April 2024 which are set out on pages 5 to 9.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with 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 the 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 material matters have come to my attention which gives me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

M Hewett FCA DChA For and on behalf of PETERS, ELWORTHY & MOORE

Chartered Accountants Cambridge

Date:

Page: 4

The Robert Clayton Charitable Trust Receipts and Payments Account For the year ended 5 April 2024


Note
Receipts
From Assets
Dividends
UK equities
2
Overseas equities
2
UK fixed interest securities
2
Receipts sub-totals
Interest
Proceeds from sale of
investments
2
Total Receipts For Year
Payments:
Grants
Governance costs
3
4
Cost of generating funds:
Investment Management fees
Other Payments
Payment for investment assets
2
Total Payments For Year
Net Receipts/(Payments)
Total Movement In Funds
Cash Funds At Last Year End
Cash Funds At This Year End		 Total Unrestricted Funds
5 April 2024
Unrestricted
Total
£
£
30,796
30,796
14,007
14,007
9,729
9,729
54,532
54,532
465
199,944
465
199,944
254,941
254,941
70,784
6,480
70,784
6,480
7,696
7,696
183,300
183,300
268,260
268,260
(13,319)
(13,319)
(13,319)
(13,319)
38,474
38,474
25,155
25,155		 Total
5 April
2023
£
28,325
16,737
3,590
48,652
535
324,064
373,251
52,790
6,612
7,786
366,682
433,870
(60,619)
(60,619)
99,093
38,474

Page: 5

The Robert Clayton Charitable Trust Statement Of Assets and Liabilities 5 April 2024

Note
Monetary Assets
Cash funds at year end
Total Monetary Assets
Liabilities
Management and administration
expenses
Independent examiner’s fee
Total Liabilities
Non Monetary Assets
Investment assets
2
Debtor: Outstanding dividend
Total Non Monetary Assets
Unrestricted
£
25,155
25,155
2,616
2,016
4,632
1,624,285
-
1,624,285		 2024
Total
£
25,155
25,155
2,616
2,016
4,632
1,624,285
-
1,624,285		 2023
£
38,474
38,474
2,742
1,800
4,542
1,616,969
1,616,969

Approved by the Trustees and Signed by:

C R B Hewitson

D J Curtis

Date:

Page: 6

The Robert Clayton Charitable Trust Notes to the Financial Statements Year Ended 5 April 2024

1 Accounting Policies

The financial statements have been prepared under Section 133 of the Charities Act 2011 and following the guidance issued by the Charity Commission. The gross recorded income from all sources did not exceed £250,000 and the charity is not a company incorporated under the Companies Acts.

Particular accounting policies adopted by the trustees are described below.

a) Income and Expenditure

Income and expenditure is accounted for on a receipts and payments basis.

b) Investments

Investments are included at market value at the year end.

2 Investments

See schedule attached.

3 Grants

During the year, The Robert Clayton Charitable Trust granted £70,784 to Age UK (2022: £40,790).

4 Governance costs

Governance costs
Independent examiner’s fees (re 2023 (2022 accounts))
Legal fees		 2024
£
1,920
4,560
6,480		 2023
£
1,632
4,980
6,612

5 Related Party Transactions

Harrison Clark Rickerbys Ltd, of which Mr Daniel Curtis is a partner, act as Solicitors to the Trust. During the year the Trust paid legal fees of £4,560 (2023: £4,980) to Harrison Clark Rickerbys Ltd.

6 Trustees’ Remuneration

None of the trustees received remuneration nor expenses during the current or previous period.

Page: 7

UK Index Linked Government Bonds
Treasury 1.25% I/L Stock 2027
Treasury 1% Gilt Bond 2024
Treasury 4.5% 2034
Treasury 5% Stock 2025
Treasury 0.875% Green Gilt 2033
UK Unit Trusts Gross
HSBC Capital Funding STG1 (5.844%)
M&G Sterling PP Inc
HSBC Holdings 5.75% EMTN Sub 20/12/2027		 Investm ents held at Acq uisitions Reorganisati ons - Additions Disposals Reorganisati ons -disposals Investments held a t Income
Received
Gross
361
300
1,125
1,250
263		 Gain/(Loss)
on Disposals
-
-
-
-
-
Holding
10,000
30,000
-
-
-
30,000
40,000
50,000
6 A		 Book
Value

20,234

29,258

-

-

-
pril 2023		 Holding
10,000
-
50,000
50,000
30,000
-
-
-		 Cost

19,749

-

51,123

50,978

21,735		 Holding
-
-
-
-
-
-
-
-		 Cost

-

-

-

-

-		 Holding
-
-
-
-
-
-
40,000
-		 Cost
Proceeds

-
-

-
-

-
-

-
-

-
-		 Holding
-
-
-
-
-
-
-
-		 Cost

-

-

-

-

-		 Holding
20,000
30,000
50,000
50,000
30,000
30,000
-
50,000		 Book
Value

39,983

29,258

51,123

50,978

21,735
193,077

32,733

-

51,279
84,012
5 April 2024		 Market
Value
40,925
30,093
51,849
50,305
22,760
49,492 143,586 - -
-		 - 195,932 3,299 -
32,733

29,821

51,279		 -

-

-		 -

-

-		 -
-

29,821
35,736

-
-		 -

-

-		 31,976
-
52,016		 1,753
1,802
2,875		 -
5,915
-
113,833 - - 29,821
35,736		 - 83,992 6,430 5,915
UK Equities
Lloyds Banking Group PLC (Ord 10p)
Rio Tinto PLC (Ord 10p)
Unilever PLC (Ord 3 1/9p)
Prudential PLC (Ord 5p)
Renewables Infrastructure (NPV Ord)
Renewables Infrastructure (NPV Ord)
Capita Financial Mgrs (Trojan Fund S) / Link Fund Sol
Smith & Nephew PLC (Ord USD 0.20)
National Grid PLC (Ord 12.4p)
LXI Reit PLC (£0.01 ord)
LondonMetric Property PLC 10p Ordinary Shares
M&G PLC (5p ord)
Reckitt Benckiser Group PLC (10p ord)
Fidelity Strategic Bond Net W Inc
Nextenergy Solar Fund ord
Persimmon PLC
Greencoat UK Wind Plc ord 1p
Link Ruffer Total Return I Inc
Wisdomtree daily Hgd Physical gold
Barclays Bank 1472 FTSE/S&P Inc Auto
Barclays Bank 5.75% MTN 14/09/2026
Citigroup Inc 5.15% EMTN 21/5/2026
GSK Plc ord 31 1/4p
Haleon Plc ord 1p
Hilton Food Group ord 10p
SSE Plc ord 50p		 100,00
60
1,00
3,00
16,50
2,50
u
19,96
3,00
4,00
31,23
50
25,00
20,00
1,00
16,15
9,95
4,50
30,00
25,00
30,00
1,20
1,50
5,00
2,00		 0
48,683
0
8,715
0
14,228
0
32,775
0
18,307
0
35,189
2
49,085
0
34,978
0
41,543
0
37,240
-
-
-
-
0
31,427
0
32,818
0
21,730
0
23,614
3
21,803
3
38,432
0
48,085
0
30,180
0
25,219
0
31,422
0
9,472
0
2,101
0
36,870
0
34,135		 25,00 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0
21,669
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 17,17 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
37,240
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 20,00
25,00
20,00
9,95
2,00
1,50		 0
9,737
9,120
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
144
-
-
-
0
32,818
26,217
0
21,730
19,429
-
-
-
-
-
-
3
38,432
34,454
0
21,371
20,717
-
-
-
-
-
-
-
-
-
-
-
-
0
2,101
5,098
-
-
-
-
-
-		 31,23 -
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
0
37,240
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 80,00
60
1,00
3,00
16,50
2,50
19,96
3,00
4,00
17,17
25,00
50
1,00
16,15
2,50
30,00
25,00
30,00
1,20
5,00
2,00		 0
38,947
0
8,715
0
14,227
0
32,775
0
18,307
0
35,189
2
49,085
0
34,978
0
41,543
-
-
6
37,240
0
21,669
0
31,427
-
-
-
-
0
23,614
3
21,803
-
-
0
26,714
0
30,180
0
25,219
0
31,422
0
9,472
-
-
0
36,870
0
34,135
603,531		 42,656
29,847
38,370
21,528
16,335
69,500
63,658
29,244
41,320
34,026
20,468
21,375
-
-
12,780
22,210
-
30,334
30,099
26,282
31,559
19,554
43,250
31,790		 2,336
1,938
1,485
468
1,185
2,558
821
908
2,280
2,038
-
502
935
159
376
800
1,615
671
-
2,700
1,438
1,545
669
36
1,580
1,754		 (617)
-
-
-
-
-
-
-
-
-
144
-
(6,601)
(2,300)
-
-
(3,978)
(654)
-
-
-
-
2,997
-
-
708,049 21,669 37,240 126,188
115,179		 37,241 676,185 30,796 (11,009)

Page: 8

Europe
Roche Holdings (NPV shares)
100
Koninklijke DSM NV Euro 1.50
150
DSM Firmenich AG
 22,468


19,825

-
-

42,293		 -
-

-
-

-
-
150
-		 -
-

-
-


19,825

19,825		 -
-
-

-
-
-
15
-
-
-

-
-		 -
-
10
0
19,825

-
-
15
19,825		 0
22,468
-
-
0
19,825
42,293		 19,293
-
13,277		 550
-
-
-
204
-
754
-
32,570
North American
ishares USD TIPS HEDGED
10,000
54,794
-
-

iShares PLC (S&P 500 Shares)
1,600
9,578
-
-

JP Morgan Asset Mgrs (UK)
76,000
85,164
-
-

SPDR Series Trust
2,300
102,109
-
-

AstraZeneca ord US$0.25
300
25,650
-
-

JP Morgan Asia Growth & Income Trust ord 25p
8,100
41,656
-
-

BP plc ord $0.25
4,000
15,199
-
-

Goldman Sachs Group Inc 1.5% Snr EMTN 7/12/2027
40,000
35,670
-
-

Goldman Sachs 3.625% Floating Rate Snr EMTN
-
-
20,000
18,045

369,820
18,045		 -
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-
-

-		 -
-
-

-
-
-

-
-
-

-
-
-

-
-
-

-
-
-

-
-
-

-
-
-

-
-
-

-
-		 -
(7)
10,000
54,801
-
(1)
1,600
9,579
-
-
76,000
85,164
-
-
2,300
102,109
-
-
300
25,650
-
-
8,100
41,656
-
-
4,000
15,199
-
-
40,000
35,670
-
-
20,000
18,045
(8)
387,873		 48,150
65,556
121,296
129,502
31,860
28,836
20,244
35,877
19,152		 1,181
-
747
-
2,820
-
2,740
-
683
-
1,247
-
899
-
600
-
725
-
11,642
-
500,473
Japan
Baillie Gifford Shin Nippon (Ord 10p)
10,000
2,486

JP Morgan Japanese INV Trust
5,000
22,553

Shimano INC NPV
140
24,323

49,362
Global Investments
Pictet Asset Management
170
38,338

Guinness Global Equity Z Inc
2,000
36,238

74,576
Cash - Capital Account
36,422
Total
1,443,847		 -
-

-
-

-
-

-
-
-

-
-

-
-
183,300		 -
-

-
-

-
-

-
-
-
17
-
-

-
-
57,065		 -
-
-

-
-
-

-
-
-

-
-
0
38,338
49,029

-
-
-

38,338
49,029
-
-
194,347
199,944		 -
-
10,000
2,486
-
-
5,000
22,553
-
-
140
24,323
-
49,362
-
-
-
-
-
-
2,000
36,238
-
36,238
-
-
22,117
57,058
1,418,503		 11,680
26,500
16,163		 -
-
325
-
179
-
504
-
-
10,691
1,107
-
1,107
10,691
-
-
54,532
5,596
54,343
-
58,673
58,673
22,117
1,624,285

Page: 9