**Registered No. 327392**
## **The Robert Clayton Charitable Trust**
**Financial Statements**
**For the Year Ended**
**5 April 2025**
**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 2025. 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:
- 1 To relieve elderly people from the disabilities attendant upon their age by providing for them accommodation adapted to their needs and nursing care and by such other means as the trustees think fit.
- 2 To promote, generally, such charitable purposes, institution or institutions having for their object the care and welfare of elderly people.
## **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 £55,768 (2024: £54,532) 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 £8,404 (2024: £70,784).
The Charity has not been directly affected by the current cost of living crisis. 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:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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 2025 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:
- examine the accounts under section 145 of the Charities Act,
- to follow the applicable Directions given by the Charity Commission (under section 145(5)(b)) of the Act, and
- to state whether particular matters have come to my attention
## **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:
- accounting records were not kept in accordance with section 130 of the Charities Act or
- the accounts do not accord with the accounting records
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 2025**
|
**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 2025**
**Unrestricted**
**Total**
£
£
26,780
26,780
16,736
16,736
12,252
12,252
55,768
55,768
551
542,433
551
542,433
598,752
598,752
8,404
6,966
8,404
6,966
7,836
7,836
531,873
531,873
555,079
555,079
(43,673)
(43,673)
(43,673)
(43,673)
25,155
25,155
68,828
68,828|Total
5 April
2024
£
30,796
14,007
9,729
54,532
465
199,944
254,941
70,784
6,480
7,696
183,300
268,260
(13,319)
(13,319)
38,474
25,155|
|---|---|---|
Page: 5
## **The Robert Clayton Charitable Trust Statement Of Assets and Liabilities 5 April 2025**
|**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**
£
68,828
68,828
3,876
2,112
5,988
1,609,292
-
1,609,292|**2025**
**Total**
£
68,828
68,828
3,876
2,112
5,988
1,609,292
-
1,609,292|2024
£
25,155|
|---|---|---|---|
||||25,155|
||||2,616
2,016|
||||4,632|
||||1,624,285|
||||1,624,285|
## **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 2025**
## **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 £8,404 to Age UK (2024: £70,784).
## **4 Governance costs**
|**overnance costs**|||
|---|---|---|
|Independent examiner’s fees (re 2024 (2023 accounts))
Legal fees|**2025**
£
2,016
4,950
6,966|**2024**
£
1,920
4,560|
|||6,480|
## **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 £4,950 (2024: £4,560) 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
Treasury 4.25% Stock 2027
**UK Unit Trusts Gross**
HSBC Capital Funding STG1 (5.844%)
HSBC Holdings 5.75% EMTN Sub 20/12/2027
**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)
Shell PLC ord 0.07
Capita Financial Mgrs (Trojan Fund S) / Link Fund Sol
Smith & Nephew PLC (Ord USD 0.20)
National Grid PLC (Ord 12.4p)
LondonMetric Property PLC 10p Ordinary Shares
M&G PLC (5p ord)
Reckitt Benckiser Group PLC (10p ord)
Persimmon PLC
Greencoat UK Wind Plc ord 1p
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
Hilton Food Group ord 10p
SSE Plc ord 50p
Halma PLC ord 10p
Legal & General Group PLC ord 2 1/2|**Investments held at**|**Investments held at**|**Acquisitions**|**Acquisitions**|**Reorganisations - Additions**|**Reorganisations - Additions**|**Disposals**|**Disposals**|**Reorganisations -disposals**|**Reorganisations -disposals**|**Investments held a**|**t**|**Income**
**Received**
**Gross**
497
150
3,150
2,500
263
1,063|**Gain/(Loss)**
**on Disposals**
-
742
-
(978)
-
-|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**Book**
**Holding**
**Value**
20,000
39,983
30,000
29,258
50,000
51,123
50,000
50,978
30,000
21,735
-
-
**193,077**
30,000
32,733
50,000
51,279
**84,012**
80,000
38,947
600
8,715
1,000
14,227
3,000
32,775
16,500
18,307
2,500
35,189
u
19,962
49,085
3,000
34,978
4,000
41,543
17,176
37,240
25,000
21,669
500
31,427
1,000
23,614
16,153
21,803
2,500
26,714
30,000
30,180
25,000
25,219
30,000
31,422
1,200
9,472
5,000
36,870
2,000
34,135
-
-
-
-
**603,531**
**6 April 2024**||**Holding**
**Cost**
-
-
-
-
20,000
20,684
-
-
-
-
100,000
102,130
**122,814**
-
-
-
-
**-**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,166
7,521
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,500
34,126
7,500
18,862
**60,509**||**Holding**
|**Cost**
-
-
-
-
-
-
-
-
-
-
-
-|**Holding**
**Cost**
**Proceeds**
-
-
-
30,000
29,258
30,000
-
-
-
50,000
50,978
50,000
-
-
-
-
-
-
**80,236**
**80,000**
-
-
-
-
-
-
**-**
**-**
30,000
14,605
17,498
-
-
-
-
-
-
3,000
32,775
21,710
-
-
-
500
7,038
13,548
5,962
14,660
18,943
3,000
34,978
30,086
2,166
20,571
22,602
-
-
-
25,000
21,669
19,522
500
31,427
21,353
-
-
-
-
-
-
-
-
-
30,000
30,180
30,000
-
-
-
-
-
-
-
-
-
5,000
36,870
44,071
2,000
34,135
32,282
-
-
-
-
-
-
**278,908**
**271,615**||**Holding**
|**Cost**
-
-
-
-
-
-
-
-
-
-
-
-|**Book**
**Holding**
**Value**
20,000
39,983
-
-
70,000
71,807
-
-
30,000
21,735
100,000
102,130
**235,655**
30,000
32,733
50,000
51,279
**84,012**
50,000
24,342
600
8,715
1,000
14,227
-
-
16,500
18,307
2,000
28,151
14,000
34,425
-
-
3,000
28,492
17,176
37,240
-
-
-
-
1,000
23,614
16,153
21,803
2,500
26,714
-
-
25,000
25,219
30,000
31,422
1,200
9,472
-
-
-
-
1,500
34,126
7,500
18,862
**385,131**
**5 April 2025**|**Market**
**Value**
41,870
-
70,941
-
22,943
102,668|||
|||||||**-**||||**-**||**238,422**|**7,622**|**(236)**|
|||||||-
-
-
-||||-
-
-
-||31,970
51,522|1,754
2,875|-
-|
|||||||**-**||||**-**||**83,492**|**4,629**|**-**|
|||||||-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-||||-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-||32,500
25,434
46,940
-
12,408
49,630
46,971
-
31,020
30,831
-
-
11,655
16,961
39,122
-
26,162
31,344
17,010
-
-
37,530
16,688|2,320
2,028
1,481
341
1,233
2,293
-
888
2,040
1,803
694
-
600
1,615
-
2,700
1,438
1,545
732
1,150
-
333
1,547|2,893
-
-
(11,065)
-
6,510
4,283
(4,892)
2,030
-
(2,147)
(10,074)
-
-
-
(180)
-
-
-
7,201
(1,853)
-
-|
|||**603,531**||**60,509**||**-**||**278,908**
**271,615**||**-**||**472,206**|**26,780**|**(7,293)**|
Page: 8
|**Europe**
Roche Holdings (NPV shares)
100
22,468
-
-
DSM Firmenich AG
150
19,825
-
-
Blackrock Fund Managers LTD
-
-
36,511
52,091
JP Morgan FTSE/Euro inc
-
-
-
-
Marlborough Fund MGRS
-
-
4,000
29,618
Novo-Nordisk AS
-
-
500
35,106
Vanguard Investments FTSE
-
-
400
14,637
X-Trackers (IE) PLC
-
-
1,000
70,319
**42,293**
**201,772**
**North American**
ishares USD TIPS HEDGED
10,000
54,801
-
-
iShares PLC (S&P 500 Shares)
1,600
9,579
-
-
JP Morgan Asset Mgrs (UK)
76,000
85,164
-
-
SPDR Series Trust
2,300
102,109
700
41,738
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
-
-
iShares PLC USD TIPS 0-5 UCITS ETF (USD)
-
-
8,500
34,096
**387,873**
**75,833**
**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**
**-**
**Asia**
Mercantile investments TST PLC ord 2 1/2
-
8,000
19,904
Schroder Investment MGMT
-
40,000
31,383
**-**
**51,287**
**Global Investments**
Guinness Global Equity Z Inc
2,000
36,238
-
-
JP Morgan GBL Emerg Mkts INC ord 1p
-
-
15,000
20,296
**36,238**
**20,296**
Cash - Capital Account
-
22,117
-
-
**Total**
**1,418,503**
**532,511**|-
-
100
22,468
18,567
-
-
150
19,825
13,143
-
(276)
-
-
-
-
-
-
-
-
-
(113)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**(389)**
**42,293**
**31,709**
-
-
10,000
54,801
48,025
-
-
1,600
9,579
64,676
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,100
41,656
28,985
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**-**
**106,036**
**141,686**
-
-
-
-
-
-
-
-
-
-
-
-
140
24,323
17,423
**-**
**24,323**
**17,423**
-
-
-
-
-
-
(250)
-
-
-
**(250)**
**-**
**-**
-
-
-
-
-
-
-
-
-
-
**-**
**-**
**-**
-
-
-
-
-
**(638)**
**531,796**
**542,433**|-
-
-
-
-
-
-
-
-
-
36,511
51,816
-
-
-
-
-
-
4,000
29,505
-
-
500
35,106
-
-
400
14,637
-
-
1,000
70,319
**-**
**201,383**
-
-
-
-
-
-
-
-
-
-
76,000
85,164
-
-
3,000
143,847
-
-
300
25,650
-
-
-
-
-
-
4,000
15,199
-
-
40,000
35,670
-
-
20,000
18,045
-
-
8,500
34,096
**-**
**357,671**
-
-
10,000
2,486
-
-
5,000
22,553
-
-
-
-
**-**
**25,039**
-
-
8,000
19,904
-
-
40,000
31,133
**-**
**51,037**
-
-
2,000
36,238
-
-
15,000
20,296
**-**
**56,534**
-
-
-
48,280
**-**
**1,444,742**|-
-
50,683
-
28,532
24,587
13,154
67,600|-
(3,901)
-
(6,682)
857
-
-
-
434
-
322
-
734
-
-
-
**2,346**
**(10,584)**
-
(6,776)
183
55,097
2,778
-
3,185
-
737
-
316
(12,671)
968
-
600
-
725
-
2,163
-
**11,655**
**35,650**
80
-
338
-
-
(6,900)
**418**
**(6,900)**
240
-
770
-
**1,010**
**-**
1,308
-
-
-
**1,308**
**-**
-
-
**55,768**
**10,637**|
|---|---|---|---|---|
||||**184,556**||
||||-
-
118,864
165,000
32,424
-
14,828
37,020
19,440
33,509||
||||**421,085**||
||||9,970
25,500
-||
||||**35,470**||
||||16,800
28,768||
||||**45,568**||
||||61,313
18,900||
||||**80,213**||
||||48,280||
||||**1,609,292**||
Page: 9