## **ASPEN TRUST**
(Charity Registration Number: 1159686)
**UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
_Rathbone Trust Company Limited_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Index**
## **Page**
|1-6|Trustees' Annual Report|
|---|---|
|7|Independent Examination Report|
|8|Statement of Financial Activities|
|9|Balance Sheet|
|10-17|Notes to the Accounts|
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees' Annual Report**
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31st December 2022.
## **Reference and administrative details**
Registered No: 1159686 Principal address: Manor House, Little Wittenham, Abingdon, Oxon, OX14 4RA Trustees who served Dr Jonathan Altham Wood - Chairman and Administrator during the period: Lady Kathleen Audrey Wood Dr Robin David Buxton Sarah Margaret Buxton
Accountancy: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Independent Kerry Clayton, TEP, FMAAT, MCSI C/o Port of Liverpool Building, Pier Head, Liverpool, Examiner: L3 1NW Bankers and CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Investment Managers: Rathbones Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7AZ
## **Structure, governance and management**
The Charity Commission entered the Aspen Trust in the register of charities under number 1159686 on 18th December 2014 as a Charitable Incorporated Organisation. The object of the CIO is to advance funds for such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time by any legal means in any part of the World.
The members of the charitable incorporated organisation shall be its Trustees. The only persons eligible to be members are its Trustees. Membership cannot be transferred to anyone else.
In accordance with the constitution, there must be at least three Trustees. If the number falls below this minimum, the remaining Trustees may act only to call a meeting of the Trustees or appoint a new Trustee.
Power to appoint new Trustees is vested in the then current Trustees. They are elected by minute of the Trustees' meeting and are selected in accordance with their personal or professional qualifications to make a contribution to the pursuit of the objects of management of the charity. The Trustees have no policies relating to induction and training but ensure they continue to meet with current regulations and guidance providing to them by Rathbones Trust Company Limited and the Charity Commission.
Administration will be carried out by Trustees until such time as the application stream is no longer manageable and by invitation only. Invitations have been sent to selected contacts with interests and organisations suitable to the objects and aims of the founders.
_Page 1_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees' Annual Report**
The Trust capital is invested on stock markets or held in cash. The Trustees consider their investments to be expendable endowment funds, from which unrestricted income funds are generated to be used for the charity's purposes within a reasonable length of time from when it is received. As there are no restrictions relating to investment under the governing deed, the Trustees have resolved to delegate the management of the investments to Rathbones Greenbank. They regularly review the performance from financial information provided to them by their investment manager.
The constitution does not specify a minimum number of meetings that the Trustees shall hold in each year. Two Trustees form a quorum at any meeting. Meetings may be held by suitable electronic means and all meetings must comply with the rules for meetings, including chairing and the taking of minutes. Trustees form a quorum at any meeting or one third of the total number of Trustees. The Trustees met four times during the course of the year and their priority was to consider grant distribution priorities, consider applications and supporting suitable ones with grants.
## Risk Management
The Charity Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks (Charities Accounts and Reports) Regulations 2008). After considering the areas of governance, operational, financial, environmental and compliance, the Trustees have identified that major negative fluctuations in the value of the charity's investment assets pose a major risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which shall be reviewed at least annually in line with investment performance. The Trustees will review risks to which the charity is exposed and monitor systems and procedures established to mitigate those risks on a regular basis.
## **Objectives and activities**
The Charity's objects for the public benefit, in accordance with its governing document, are to apply the income and capital of the Trust at such times and in such manner for exclusively charitable purposes anywhere in the World as the Trustees in their discretion think fit.
The Trustees have resolved to give preference to such charities that Sir Martin and Lady (Audrey) Wood, this organisation's main benefactors, have been closely involved with.
The Trustees aim to meet with their objectives by making grants. They will not undertake fundraising activities.
The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance issued on Public Benefit by the Charity Commission when exercising relevant powers or duties.
## **Achievements and performance**
The Trustees continued to engage with the three charities with which Aspen Trust has a long standing connection: Oxford Trust, Earth Trust and Sylva Foundation. The Trustees received reports and communications and were involved in some discussions with them about ways to support these charities. Sylva Foundation approached the charity for funding to support the salary costs of a workshop supervisor, which was needed due to the success and expansion of Sylva. The grant also included capital costs of some
_Page 2_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees' Annual Report**
infrastructure equipment to recycle waste wood. A 3 year grant of £118,507 has been agreed.
During the year, the Trustees attended regular meetings with the Earth Trust, and agreed to increase the core funds by £105,000 resulting in a total donation of £580,000 during the year. A conditional pledge of £250,000 for 2023 has been agreed, dependent on budgetary progress. A pledge of £124,581 agreed in prior years has been removed and funds will be reviewed again in future years.
The Trustees were pleased to receive and agree to support a long term environmental project proposed by Wolfson College Oxford. This project is to restore the flood-meadows across the river Cherwell from Wolfson where biodiversity has gradually been eroded through farming practices and neglect. A grant of £10,000 a year for the next 5 years has been agreed.
The Trustees received a transfer of private shares in NDSL from the Patsy Wood Trust during the year, which was agreed by The Trustees on 24th October 2022. NDSL has significant value, but is illiquid and the value can not be realised until the sale of the company as a whole can be achieved. A sale is not believed to be under negotiation at the moment. The future plans will be consistent with the objectives of the Patsy Wood Trust as an associated charity with several trustees in common with Aspen Trust.
Sums paid during the year, which were all payments of approved or pledged during the current or previous years:
Sylva Foundation £118,507 (described above)
Ecol Continuity £1,488 - grant made as part of the donation received in 2021 from Mingulay Prewell Trust EuCAN £2,681 - grant made as part of the donation received in 2021 from Mingulay Prewell Trust
Friends St Nicks Fields £2,681 - grant made as part of the donation received in 2021 from Mingulay Prewell Trust Mali Development Group£2,681 - grant made as part of the donation received in 2021 from Mingulay Prewell Trust
Wolfson College Oxford £50,000 (described above)
Earth Trust £580,000 - (described above) £250,000 - (described above)
## **Financial review**
Income received from donations and investments during the year totalled £68,730 (£64,890 in 2021) and £10,835 (£14,260 in 2021) was spent raising funds.
The Trustees donated £883,457 during the year, in addition to donations pledged in the previous year (£125,000 paid and pledged in 2021). After taking governance costs into account, total expenditure on the charity's activities was £887,503 (£128,966 in 2021).
_Page 3_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees' Annual Report**
The SoFA includes net gains and losses arising on the charity’s investment assets. Net losses of £271,924 were generated for the year (net gains of £153,274 in 2021). The Trustees continue to review the movements of the investments and are satisfied with the portfolio's performance in current circumstances.
The charity's funds decreased by £1,101,532 during the year (increase of £74,938 in 2021), resulting in a balance of Total Funds held of £389,386 as at 31st December 2022 (£1,490,918 at 2021), of which £35,083 represented restricted funds (£0 at 2021). The remaining Unrestricted funds and Expendable Endowment of £565,321 are available for application at the Trustees' discretion.
## Reserves
General reserves are unrestricted income funds, freely available to spend on furthering the charity's purposes. General reserves are those which remain after the Trustees have set aside amounts required for specific purposes, such as designated funds. Restricted Funds, Expendable Endowment and Permanent Endowment are excluded when Trustees consider the Reserves of a Charity.
It is not the intention of the Trustees to build up income reserves, with all funds being available for spending at the Trustees' discretion. The Trustees consider designating funds if supporting multi-year charitable projects, but all donations continue to be subject to review and approval. The Trustees liaise with the investment manager regularly to ensure they are aware of any forward commitments, which are then taken into account when managing the Charity's investments and transfers made between Expendable Endowment and Unrestricted Income as necessary. Accordingly, the Trustees consider the balance of Unrestricted Income Funds held at the financial year-end to be General Reserves.
## Investments:
The Trustees consider their investments to be expendable endowment funds from which unrestricted income funds are generated. As there are no restrictions relating to investment under the governing document, the Trustees have resolved to delegate the management of the investments to Rathbones Greenbank. The Trustees have established a policy statement and the objectives will be regularly reviewed in conjunction with performance.
## **Future plans**
The Trustees receive applications for grants and continue to consider and appraise these. The Trustees intend to maintain a two way communication with the charities with which Aspen Trust has a relationship, and continue to consider their situations and process any applications. A particular focus will be the evolving response to Covid difficulties, as well as to a variety of current financial uncertainties.
Regarding the Aspen Trust investments, the trustees intend to stay aware of the risks to our investments related Covid and also related to the recent increased political instability globally. We receive active investment advice from Rathbones, and try to manage the investments in the light of this.
## **Statement of Trustees' responsibilities for the annual accounts**
The Trustees are responsible for preparing the Trustees' Annual Report and Financial Statement in accordance
_Page 4_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Trustees' Annual Report**
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The 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 its income and application of resources for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting polices and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements; 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of 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.
## **Declaration**
The Trustees declare that they have approved the Trustees' Annual Report above.
## **Approved by the Charity's Trustees and signed on their behalf by:**
## _**Dr Jonathan Altham Wood**_
**Dr Jonathan Altham Wood**
_**Date**_ 26 October 2023
_**Chairman**_
_Page 5_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Independent Examiner's Report**
## **Independent examiner's report to the Trustees of the Aspen Trust (1159686)**
I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31st December 2022, which are set out on pages 7 to 16.
## **Responsibilities of the Trustees and Independent Examiner**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. It is my responsibility 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 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. The report is limited to those matters set out in the statement below.
## **Independent Examiner's statement**
I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2019 at all times.
I have completed my examination and confirm that no matters have come to my attention which give me cause to believe that in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act, or
- the accounts did not accord with the accounting records, or
- the accounts did not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order for a proper understanding of the accounts to be reached.
_**Kerry Clayton TEP FMAAT MCSI C/o Port of Liverpool Building, Pier Head, Liverpool**_
_**Date: 23 October 2023**_
Page 7
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Statement of Financial Activities**
**----- Start of picture text -----**
Expendable
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2022 2022 2022 2022 2021
Notes £ £ £ £ £
Income and Endowments from:
Donations 4 0 35,083 0 35,083 35,024
Investments 5 33,633 14 33,647 29,866
Total 33,633 35,083 14 68,730 64,890
Expenditure on:
Raising funds 6 0 0 10,835 10,835 14,260
Charitable activities 7 887,503 0 0 887,503 128,966
Total 887,503 0 10,835 898,338 143,226
Net Gains/(Losses) on investments 11 0 0 (271,924) (271,924) 153,274
Transfers between funds 17 631,401 0 (631,401) 0 0
Net movement in funds (222,469) 35,083 (914,146) (1,101,532) 74,938
Reconciliation of funds:
Total funds as at 1 January 2022 11,451 0 1,479,467 1,490,918 1,415,980
Total funds as at 31 December 2022 17 (211,018) 35,083 565,321 389,386 1,490,918
**----- End of picture text -----**
The notes on pages 10 to 17 form part of these accounts.
_Page 8_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Balance Sheet as at 31st December 2022**
|_Notes_
**Fixed Assets**
Investments
_11_
**Total Fixed Assets**
**Current Assets**
Debtor
_13_
Cash at bank
_14_
**Total Current Assets**
**Liabilities**
Creditors:
Amounts falling due within one year
_15_
**Net Current Assets**
Creditors: Amounts falling due after more
_16_
than one year
**Total Net Assets as at 31st December 2022**
Represented by
**Total Funds as at 31st December 2022**
_17_|**Expendable**
**UnrestrictedRestricted Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2022**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
0
35,083
1,104,926
1,140,009
0
35,083
1,104,926
1,140,009
2,286
0
0
2,286
51,964
0
39,370
91,334
54,250
0
39,370
93,620
265,268
0
0
265,268
(211,018)
0
39,370
(171,648)
0
0
578,975
578,975
**(211,018)**
**35,083**
**565,321**
**389,386**
**(211,018)**
**35,083**
**565,321**
**389,386**|**Total**
**Funds**
**2021**
**£**
1,497,577
1,497,577
101
650,471
650,572
157,231
493,341
500,000
**1,490,918**
**1,415,980**|
|---|---|---|
## **Approved on behalf of the Charity's Trustees on 26 October 2023**
## _**Dr Jonathan Altham Wood**_
Dr Jonathan Altham Wood
_**Chairman**_
The notes on pages 10 to 16 form part of these accounts.
_Page 9_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
## **1 Charity Information**
Aspen Trust is a Charitable Incorporated Organisation and Public Benefit Entity as defined by FRS 102. It is governed by a constitution dated 18th November 2014 and registered in England and Wales (charity number: 1159686). Its principal address is Manor House, Litlte Wittenham, Abingdon, Oxon OX14 4RA.
## **2 Accounting Policies**
These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in
these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of
investments at fair value. The principal accounting policies adopted are set out below.
The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## **Going Concern**
The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern and thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the charity in furtherance of the general charitable objectives of the charity, unless the funds have been designated for other purposes.
Expendable Endowment funds are to be retained for the benefit of the charity as a capital fund and are largely invested to produce income that is to be spent for the purposes of the charity. These funds are released as expendable and transferred to unrestricted funds of the Charity for distribution.
## **Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
_Page 10_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.
## **Expenditure**
Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the balance sheet date and there are no conditions attached to its payment falling due after the reporting date.
Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required, provisions are reversed and charged to the SoFA.
Governance costs are those incurred in relation to the general running of the Charity, including activities that allow the Charity to operate and generate the information required for public accountability. They are not related to the direct management function. These costs include accountancy, examination and legal fees, together with costs of trustees' meetings. They are attributable to the capital and the income of the fund according to the nature of the expense incurred. These costs are recognised on an accruals basis, being included when the liability has been incurred as at the balance sheet date.
## **Valuation of Investments**
Investments held in the fund are included at their market value as follows:
- (a) Listed securities are valued at the mid market value ruling at the balance sheet date.
- (b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the balance sheet date.
- (c) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date.
Investments are classified as a fixed asset except when classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.
## **Other recognised Gains and Losses**
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year or their subsequent cost and are charged or credited to the Statement of Financial Activities in the year of disposal.
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.
## **Taxation**
The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.
_Page 11_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
## **Cash and cash equivalents**
Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts.
## **Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper are initially recognised at transaction price. Such assets are subsequently carried at the amortised cost using the effective interest method, less impairment. Financial assets classed as receivable within one year are not amortised.
Other financial assets, including equity instruments which are not subsidiaries, associated or joint ventures, are initially measured at value with subsequent changes in value recognised in the SOFA.
## **Basic financial liabilities**
Basic financial liabilities, including trade and other payables and loans from third parties are initially 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. Such liabilities are subsequently measured at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.
## **Cancellation of financial assets and liabilities**
Financial assets and liabilities are derecognised when the charity’s contractual rights or obligations expire or are settled or cancelled.
## **3 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
_Page 12_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Notes to the Accounts**|||
|---|---|---|
|**4 Donations**
**2022**
**£**
Mingulay Prewell Trust
0
*
Patsy Wood Charity - Investment in NDSL Group
35,083
35,083
*
This donation is a gift is to be used with the same objectives as The Patsy Wood Trust.
**5 Investment income from listed investments**
**2022**
**£**
Equities
19,052
Unit Trust Income
1,095
Unit Trust Interest
5,221
REIT
2,658
Gilt Interest
2,130
Overseas Income
896
Overseas Interest
930
Excess Reportable Income
0
Interest received
1,653
Accrued Interest
14
33,647
**6 Raising Funds**
**2022**
**£**
Investment management costs
10,835
10,835
**7 Charitable activities**
**Total**
**Grant making:**
**2022**
_Organisations:_
**£**
Rainforest Saver
0
* Sylva Foundation
118,507
Oxford Trust
0
Earth Trust
580,000
Earth Trust - 2023 pledge
250,000
Ecol Continuity
1,488
EuCAN
2,681
Friends St Nicks Fields
2,681
Mali Development Group
2,681
Wolfson College Oxford
50,000
Total grants
1,008,038
Less: Grant to Earth Trust
-124,581
Support costs
81
Governance costs (Note 8)
3,965
**Total Charitable Activities**
887,503||**2021**
**£**
35,024
0
35,024
**2021**
**£**
16,697
988
5,504
2,402
1,997
1,182
1,090
0
7
0
29,866
**2021**
**£**
14,260
14,260
**Total**
**2021**
**£**
25,000
0
100,000
0
0
0
0
0
0
0
125,000
0
96
3,870
128,966|
_Page 13_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
_*Related party transaction - please see Note 18_
|**8 Governance costs**
Accountancy and compliance fee
Independent Examination fee|**2022**
**£**
3,275
690
3,965|**2021**
**£**
3,180
690
3,870|
|---|---|---|
## **9 Trustee remuneration**
None of the Trustees received any remuneration during the year (nil in 2021).
None of the Trustees were repaid out-of-pocket expenses during the year (nil in 2021).
## **10 Staff**
The charity had no employees during the year (nil in 2021).
|**11 Investments**
_Quoted:_
Fixed Interest
REIT
Alternatives
Overseas
UK Equity and Inv Funds
Unlisted Company|Value at
Purchases
Sales
Realised
Unrealised
Value at
01/01/22
at cost
proceeds Gain/(Loss) Gain/(Loss)
31/12/22
£
£
£
£
£
£
297,101
0
101,235
(6,801)
(32,456)
156,610
62,063
0
0
0
(23,485)
38,578
76,760
0
20,117
2,879
(2,788)
56,734
467,907
570
0
0
(88,533)
379,944
593,746
55
0
0
(120,741)
473,060
0
35,083
0
0
0
35,083
1,497,577
35,708
121,352
(3,922)
(268,003)
1,140,009|
|---|---|
## **12 Material Investments**
The following investments represented more than 5% of the total portfolio as 31st December 2022:
||**2022**|**2021**|
|---|---|---|
|Fund Partners Ltd|11.06%|9.8%|
|Janus Henderson|13.36%|11.7%|
|Impax Environmental Mkts plc|7.21%|6.7%|
_Page 14_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
|**13 Debtor**
**2022**
**£**
Investment income
2,286
2,286
**14 Cash at Bank and on deposit**
**2022**
**£**
Cash at bank and on deposit
91,334
91,334
**15 Current liabilities - amounts due within one year**
**2022**
**£**
Rainforest Saver
0
Earth Trust - underwriting of project costs
0
Earth Trust - pledge agreed for 2023
250,000
Wolfston College Oxford
10,000
Rathbone Trust Company Ltd
3,185
Rathbone Trust Company Ltd - prior year
0
Rathbones Investment Management Fees
2,083
265,268
**16 Provision for liabilities - amounts due within more than one year**
**2022**
**£**
Earth Trust - Gateway
500,000
Sylva Foundation
48,975
Wolfston College Oxford
30,000
578,975
**17 Movements in funds**
**As at**
**Incoming**
**Outgoing**
**Gains/**
**01/01/22**
**Resources**
**Resources**
**(Losses)**
**Transfers**
**£**
**£**
**£**
**£**
**£**
Unrestricted
11,451
33,633
(887,503)
0
131,401
*
Restricted
0
35,083
0
0
0
Expendable Endowment
1,479,467
14
(10,835)
(271,924)
(131,401)
Total Funds
1,490,918
68,730
(898,338)
(271,924)
0|**2021**
**£**
101
101
**2021**
**£**
650,471
650,471
**2021**
**£**
25,000
124,581
0
0
3,870
3,780
0
157,231
**2021**
**£**
500,000
0
0
500,000
**As at**
**31/12/22**
**£**
(711,018)
35,083
1,065,321
389,386|
|---|---|
* Unrestricted funds refer to a donation gifted by The Patsy Wood Trust. The purpose of the funds are to be used consistently with the objectives of The Patsy Wood Trust.
_Page 15_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
## **18 Related Party Transactions**
Interests are always properly declared and acknowledged during determination of applications. In these situations the person with the related party interest does not participate in the decision making process other than to clarify facts. In respect of the year ended 31st December 2022 the Trustees declare their interests as follows:
- Sir Martin and Earth Trust (Ch. No. 1095057) - both are Patrons
Lady (Audrey) Wood - Wolfson College Oxford - Martin had been a fellow member of the governing body.
Robin Buxton - The Patsy Wood Trust (Ch. No. 1129148) - trustee & chair Earth Trust (Ch. No. 1095057) - retired as trustee during 2019 and is now Patron Sylva Foundation (Ch. No. 1128516) - trustee Ecological Continuity Trust - trustee
Sarah Buxton - The Patsy Wood Trust (Ch. No. 1129148) - trustee Network For Social Change (Ch. No. 295237) - Director of subsidiary company; Funding for Social Change Ltd
Jonathan Wood -
The Patsy Wood Trust (Ch. No.1129148) - trustee
*Related party transactions are detailed in Note 7 to the accounts. There were no other related party transactions requiring disclosure in respect of the financial year or the previous year.
_Page 16_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Notes to the Accounts**
|**19 Comparative Statement of Financial Activities**
**Income and Endowments from:**
Donation
Investments
**Total**
**Expenditure on:**
Raising funds
Charitable activities
**Total**
Net Gains/(Losses) on investments
**Net Income/(Expenditure)**
Transfers between funds
**Net movement in funds**
Total funds as at 1 January 2021
**Total funds as at 31 December 2021**|**Expendable**
**Total**
**Unrestricted Endowment**
**Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
35,024
0
35,024
29,866
0
29,866
**64,890**
**0**
**64,890**
0
14,260
14,260
128,966
0
128,966
**128,966**
**14,260**
**143,226**
0
153,274
153,274
**(64,076)**
**139,014**
**74,938**
0
0
0
**(64,076)**
**139,014**
**74,938**
75,527
1,340,453
1,415,980
**11,451**
**1,479,467**
**1,490,918**|
|---|---|
_Page 17_