Ashmolean Museum Endowment Trust
Report and financial statements for the year ended 5 April 2022
Registered charity no. 1154932
Ashmolean Museum Endowment Trust
Contents
For the year ended 5 April 2022
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2 - 3 |
| Independent auditors' report | 4 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 16 |
Ashmolean Museum Endowment Trust
Charity information
For the year ended 5 April 2022
Trustees
Sir Martin Smith Mr Bernard John Taylor CVO CBE DL DCL Professor Dame Louise Richardson Lord Sainsbury of Preston Candover KG (resigned 1 November 2021)
Registered address and principal office
Farrer & Co 65-66 Lincoln's Inn Fields London WC2A 3LH
Registered number
1154932
Auditors
Saffery Champness LLP St Catherine's Court Berkeley Place Clifton Bristol BS8 1BQ
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Solicitors
Farrer & Co LLP Farrer & Co 65-66 Lincoln's Inn Fields London WC2A 3LH
Investment managers
OUEM Ltd 27, Park End Street Oxford OX1 1HU
Page 1
Ashmolean Museum Endowment Trust
Trustees' report
For the year ended 5 April 2022
The trustees present their report and financial statements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 12 and comply with the charity's trust deed and applicable law, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2019 (FRS 102).
Objectives and activities for the public benefit
The object of the trust is to advance education in the arts and archaeology for the public benefit at the Ashmolean Museum of Arts and Archaeology ("the museum") in the University of Oxford by the provision of financial and other support including but without limitation to support for general upkeep, teaching, research and the facilitation of public access. Admission to the museum is free of charge. The trustees confirm that they have referred to the Charity Commission guidance on public benefit when reviewing the trust's aims and objectives, in planning future activities and setting grant making policy.
Structure, governance and management
Ashmolean Museum Endowment Trust (registered number 1154932) is governed by a trust deed dated 29 October 2013 which established the trust. The registered office is detailed on page 1.
The trust's bankers are Coutts & Co, and Farrer & Co LLP of 65-66 Lincoln's Inn Fields, London, WC2A 3LH are the trust's solicitors.
The trustees, who served for the whole of the year ending 5 April 2022, except as noted below, are:
Sir Martin Smith
Mr Bernard John Taylor CVO CBE DL DCL Professor Dame Louise Richardson Lord Sainsbury of Preston Candover KG (resigned 1 November 2021)
It is with deep regret that we record the death of John Sainsbury, our Founding Chairman, on 14th January, 2022. His wise advice and help were invaluable to the development of the Charity and he will be much missed.
The trustees as a body are entitled to appoint one or more new trustees and at all times there must be at least three trustees, the majority of whom must be resident in the United Kingdom. The trustees meetings are held at appropriate regularity throughout the year. The trustees have established a policy on trustee training whereby any new trustees without the necessary experience receive training concerning trustee duties, responsibilities and obligations.
The key management personnel of the charity do not receive any remuneration.
Risk management
The principal risks faced by the trust lie in the performance of its investments. This investment risk is mitigated by engaging expert investment managers.
Achievements and performance
The trustees are satisfied with the performance of the investments. The Trustees thank the generous donors for their additions to the trust's endowment during the year.
Page 2
Ashmolean Museum Endowment Trust
Independent auditors' report to the Trustees For the year ended 5 April 2022
Opinion
We have audited the financial statements of Ashmolean Museum Endowment Trust for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet, statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
· give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended;
· have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
· have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 4
Ashmolean Museum Endowment Trust
Independent auditors' report to the Trustees (continued) For the year ended 5 April 2022
Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
· the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
-
the charity has not kept sufficient accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 5
Ashmolean Museum Endowment Trust
Independent auditors' report to the Trustees (continued) For the year ended 5 April 2022
Auditors’ responsibilities for the audit of the financial statements (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Page 6
Ashmolean Museum Endowment Trust
Independent auditors' report to the Trustees (continued) For the year ended 5 April 2022
Auditors’ responsibilities for the audit of the financial statements (continued)
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery Champness LLP Chartered Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Date: 25.01.2023
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 7
Ashmolean Museum Endowment Trust
Statement of financial activities
For the year ended 5 April 2022
| Notes Income from Donations and legacies Investments Total Expenditure on Charitable activities 2 Total Gain/(loss) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 7 |
Unrestricted funds 2022 £ 200 408,969 409,169 122,885 122,885 332,507 618,791 5,878,157 6,496,948 |
Restricted funds 2022 £ 462,506 - 462,506 225,124 225,124 - 237,382 5,151,645 5,389,027 |
Total funds 2022 £ 462,706 408,969 871,675 348,009 348,009 332,507 856,173 11,029,802 11,885,975 |
Total funds 2021 £ 1,177,838 337,613 |
|---|---|---|---|---|
| 1,515,451 | ||||
| 310,951 | ||||
| 310,951 | ||||
| 1,974,499 | ||||
| 3,178,999 | ||||
| 7,850,803 | ||||
| 11,029,802 |
The Charity has no recognised gains or losses other than the results for the year as set out above. All activities of the Charity are classed as continuing.
See note 13 for fund accounting comparative figures.
The notes on pages 11 to 16 form part of these financial statements.
Page 8
2022 |
2021 |
||||
|---|---|---|---|---|---|
Notes |
£ |
||||
Fixedassets |
|||||
Investmentsatmarketvalue |
4 |
10,907,833 |
10,575,326 |
||
Currentassets |
|||||
Cashatbankandinhand |
946,655 |
438,336 |
|||
Debtors |
5 |
41,297 |
35,760 |
||
Liabilities |
|||||
Creditorsfallingduewithinoneyear |
6 |
(9,810) |
(19,620) |
||
Netcurrentassets |
978,142 |
454,476 |
|||
Netassets |
11,885,975 |
11,029,802 |
|||
Thefundsofthe charity: |
|||||
Restrictedfunds |
5,389,027 |
5,151,645 |
|||
Unrestrictedfunds |
6,496,948 |
5,878,157 |
|||
Totalcharityfunds |
7&8 |
11,885,975 |
11,029,802 |
Ashmolean Museum Endowment Trust
Statement of cash flows
As at 5 April 2020
| Notes Cash generated from operating activities 11 Cash flows from investing activities Purchase of investments Cash used in investing activities Cash flows from financing activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year |
2022 £ 508,319 - - 508,319 438,336 946,655 |
2021 £ 1,196,575 (1,200,000) |
|---|---|---|
| (1,200,000) | ||
| - (3,425) 441,761 |
||
| 438,336 |
Page 10
Ashmolean Museum Endowment Trust
Notes to the financial statements For the year ended 5 April 2022
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) applicable from 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts have been rounded to the nearest £1.
The charity constitutes a public benefit entity as defined under FRS 102.
The financial statements have been prepared under the historical cost convention.
1.2 Incoming resources
Donations are recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or when the donor has specified that the income is to be expended in a future period.
1.3 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.
There is no requirement to apportion overheads other than on a direct basis. This is due to there being only one charitable activity undertaken by the trust.
1.4 Investments
Fixed asset investments are included at market value at the balance sheet date.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
1.5 Taxation
The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
1.6 Financial instruments
The charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity’s financial instruments are classed as basic financial instruments.
Financial assets are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Page 11
Ashmolean Museum Endowment Trust
Notes to the financial statements (continued) For the year ended 5 April 2022
1 Accounting policies (continued)
1.6 Financial instruments (continued)
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
1.7 Fund accounting
Unrestricted funds are those funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for specific objects.
The restricted funds are donations which the donors have specified what their donation is to be used for in specific areas of the trust’s work. The restricted funds relate to supporting the curators of ancient Egypt and Sudan Collections, Northern European Art and Greek and Aegean Art and Indian Art.
1.8 Going concern
At the time of the approval of the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2 Charitable activities Donations to Ashmolean Museum Governance costs (note 3) |
Unrestricted funds 2022 £ 110,882 12,003 122,885 |
Restricted funds 2022 £ 225,124 - 225,124 |
Total funds 2022 £ 336,006 12,003 348,009 |
Total funds 2021 £ 295,000 15,951 |
|---|---|---|---|---|
| 310,951 |
The average number of staff employed by the trust totalled 0 (2021: 0). No staff members received remuneration exceeding £60,000.
Page 12
Ashmolean Museum Endowment Trust
Notes to the financial statements (continued) For the year ended 5 April 2022
| 3 | Governance costs | Unrestricted | Restricted | Total | Total |
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Legal and professional fees | 3,121 | - | 3,121 | 714 | |
| Audit fees | 9,810 | - | 9,810 | 9,810 | |
| Bank charges | 1,043 | - | 1,043 | 941 | |
| Foreign exchange (gain)/loss | (1,971) | - | (1,971) | 4,486 | |
| 12,003 | - | 12,003 | 15,951 | ||
| The audit fee represents costs relating to the provision of audit services and accounts production. | |||||
| Governance costs were fully unrestricted in both the current and prior years. | |||||
| 4 | Fixed asset investments | 2022 | 2021 | ||
| £ | £ | ||||
| Cost | |||||
| Market value at 6 April 2021 | 10,575,326 | 7,400,827 | |||
| Acquisitions at cost | - | 1,200,000 | |||
| (Loss) / Gains on investment | 332,507 | 1,974,499 | |||
| Market value at 5 April 2022 | 10,907,833 | 10,575,326 | |||
| 5 | Debtors | 2022 | 2021 | ||
| £ | £ | ||||
| Prepayments and accrued income | 41,297 | 35,760 | |||
| 6 | Creditors: amounts falling due within one year | 2022 | 2021 | ||
| £ | £ | ||||
| Trade creditors and accruals | 9,810 | 19,620 |
The above financial instruments are carried at amortised cost.
Page 13
Ashmolean Museum Endowment Trust
Notes to the financial statements (continued)
For the year ended 5 April 2022
| 7 Funds As at 6 April 2021 Income Expenditure Realised gains (Loss) / gain on investments As at 5 April 2022 Prior period comparative As at 6 April 2020 Income Expenditure Realised gains (Loss) / gain on investments As at 5 April 2021 8 Analysis of net assets between funds Fixed assets Current assets Current liabilities |
Unrestricted funds 2022 £ 5,878,157 409,169 (122,885) - 332,507 6,496,948 Unrestricted funds 2021 £ 3,681,741 6,255 (121,951) 337,613 1,974,499 5,878,157 Unrestricted funds 2022 £ 5,518,806 987,952 (9,810) 6,496,948 |
Restricted funds 2022 £ 5,151,645 462,506 (225,124) - - 5,389,027 Restricted funds 2021 £ 4,169,062 1,171,583 (189,000) - - 5,151,645 Restricted funds 2022 £ 5,389,027 - - 5,389,027 |
Total funds 2022 £ 11,029,802 871,675 (348,009) - 332,507 |
|---|---|---|---|
| 11,885,975 | |||
| Total funds 2021 £ 7,850,803 1,177,838 (310,951) 337,613 1,974,499 |
|||
| 11,029,802 | |||
| Total funds 2022 £ 10,907,833 987,952 (9,810) |
|||
| 11,885,975 |
Page 14
Ashmolean Museum Endowment Trust
Notes to the financial statements (continued) For the year ended 5 April 2022
8 Analysis of net assets between funds (Continued)
Prior period comparative
| Fixed assets Current assets Current liabilities |
As restated Unrestricted funds 2021 £ 5,423,681 474,096 (19,620) 5,878,157 |
As restated Restricted funds 2021 £ 5,151,645 - - 5,151,645 |
Total funds 2021 £ 10,575,326 474,096 (19,620) |
|---|---|---|---|
| 11,029,802 |
9 Trustees' remuneration
The charity did not pay any expenses or emoluments to the Trustees or those connected to the Trustees during the period.
10 Related party transactions
The key management personnel received no remuneration during the current or previous years.
11 Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds Investments movement Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash generated from operating activities 12 Analysis of changes in net debt At 6 April 2021 £ Cash at bank and in hand 438,336 438,336 |
Cashflow £ 506,348 506,348 |
2022 2021 £ £ 856,173 3,178,999 (332,507) (1,974,499) (5,537) (8,195) (9,810) 270 508,319 1,196,575 Foreign exchange movements At 5 April 2022 £ £ 1,971 946,655 1,971 946,655 |
2021 £ 3,178,999 (1,974,499) (8,195) 270 |
|---|---|---|---|
| 1,196,575 | |||
| 946,655 |
Page 15
Ashmolean Museum Endowment Trust
Notes to the financial statements (continued) For the year ended 5 April 2022
| 13 Comparative statement of financial activities Income from Donations and legacies Investments Total Expenditure on Charitable activities Total Gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 £ 6,255 337,613 343,868 121,951 121,951 1,974,499 2,196,416 3,681,741 5,878,157 |
Restricted funds 2021 £ 1,171,583 - 1,171,583 189,000 189,000 - 982,583 4,169,062 5,151,645 |
Total funds 2021 £ 1,177,838 337,613 |
|---|---|---|---|
| 1,515,451 | |||
| 310,951 | |||
| 310,951 | |||
| 1,974,499 | |||
| 3,178,999 | |||
| 7,850,803 | |||
| 11,029,802 |
Page 16