## **ASPEN TRUST**
(Charity Registration Number: 1159686)
**UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
_Rathbone Trust Company Limited_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Index**
## **Page**
|1-5|Trustees' Annual Report|
|---|---|
|6|Independent Examination Report|
|7|Statement of Financial Activities|
|8|Balance Sheet|
|9-16|Notes to the Accounts|
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees' Annual Report**
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31st December 2023.
## **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 Nicholas Mark Wood - appointed 5 April 2024 Andrew Stephen Buxton - appointed 5 April 2024 Accountancy: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Independent Kerry Roberts, TEP, FMAAT, MCSI Examiner: C/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Bankers and CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Investment Managers: Rathbones Investment Management Ltd, 30 Gresham Street, London, EC2V 7PG
## **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.
_Page 1_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees' Annual Report**
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.
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.
A decision was made during the year to increase our Trustee numbers and we are delighted to have appointed Nicholas Wood and Andrew Buxton to the board.
## 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.
_Page 2_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees' Annual Report**
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**
During 2023, the Trustees continued to keep in touch with and work with the three charities with which they have a long-standing relationship: Earth Trust, Oxford Trust, and Sylva Foundation.
1. Earth Trust. In 2022 Aspen Trust had made a conditional offer of a donation in 2023 of £250,000 for core funding to Earth Trust. We received from Earth Trust communications with budget and business plans and, during the year, met trustees and staff to understand their situation. A grant of £250,000 was agreed (paid in August 2023) and a further similar grant for 2024 was offered. Additionally, the pledge of £500,000 towards the Earth Trust capital development project remains a pledge but it is subject to the rest of the development coming to fruition.
2. Oxford Trust. The Trustees maintained contact on progress and scoping of future projects which Oxford Trust may require support for. Oxford Trust floated the idea of Aspen Trust supporting the further development of the Stansfield Park site, an aspiration contingent on other factors. The Trustees resolved to make no donations during 2023.
3. Sylva Foundation approached Aspen Trust to request for support for the salary of a part-time administrator. The Trustees were pleased to agree a grant of £21,536/year for 3 years, 2023-2025.
## Other Contacts and Grants:
Wolfson College river meadow conservation project. Aspen Trust continued to fund this long term work. As well as a report of good project progress, the Trustees were invited in person to inspect the project in November 2023.
The Trustees were approached by a small charity, Temwa, which delivers development across healthcare, education, water and agriculture in the remote Usisya district in Malawi. Temwa required funds for a replacement 4wd vehicle. A £5,000 donation was made.
Aspen Trust was approached to support SAFE, an effective and innovative small charity which works in Kenya using theatre performance to convey messages and change attitudes across a variety of social, health and environmental issues (eg FGM, HIV, climate change). A £5,000 donation was made.
Ecological Continuity Trust approached Aspen Trust, requesting funding for their necessary increased staff costs in marketing, communications and events. We were very impressed by their work facilitating long term ecological experiments, sometimes over decades, which are notoriously difficult to fund and to keep going. A three year annual grant was agreed for 2024-2026, totalling £105,000.
A full list of donations made is detailed in the note 7 to the accounts.
_Page 3_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees' Annual Report**
## **Financial Review**
In July 2023, Aspen Trust received a significant donation of shares. This donation was made to top up Aspen Trust's endowment and so increase the trust’s sustainability and the scope for meeting commitments and making grants in the longer term.
Income generated by the charity's investments and cash during the year totalled £70,685 (£33,647 - 2022) with £14,856 (£10,835 in 2022) being spent to generate the funds in the form of investment management fees. Donations were paid and pledged during the year in the sum of £429,608 (£1,008,038 in 2022), with a total of £433,833 (£887,503 in 2022) being spent on the charity's activities. After taking net losses arising on the disposal and revaluation of investments in the sum of £941,959 (£271,924 losses in 2022) into account, there was a net increase in funds for the year of £3,929,987 (decrease of £1,101,532 in 2022).
As at 31st December 2023 the Trustees held funds of £4,319,373 (£389,386 - 2022), of which £59,906 was Unrestricted Income Funds (a deficit subject to expendable endowment transfer of £211,018 in 2022) and £38,913 was Restricted (£35,083 in 2022). Further details on the Restricted Funds are in the notes to the accounts.
## 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 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
_Page 4_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Trustees' Annual Report**
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.
## **Statement of Trustees' responsibilities for the annual accounts**
The Trustees are responsible for preparing the Trustees' Annual Report and Financial Statement in accordance 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** _**Date**_
_**Chairman**_
_Page 5_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 2023, 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 Roberts TEP FMAAT MCSI C/o Port of Liverpool Building, Pier Head, Liverpool**_
_**Date:**_
_Page 6_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Statement of Financial Activities**
**----- Start of picture text -----**
Expendable
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2023 2023 2023 2023 2022
Notes £ £ £ £ £
Income and Endowments from:
Donations 4 0 0 5,250,000 5,250,000 35,083
Investments 5 & 6 56,679 3,830 (657) 59,852 31,994
Other Income 7 10,833 0 0 10,833 1,653
Total 67,512 3,830 5,249,343 5,320,685 68,730
Expenditure on:
Raising funds 8 0 0 14,856 14,856 10,835
Charitable activities 9 433,883 0 0 433,883 887,503
Total 433,883 0 14,856 448,739 898,338
Net Gains/(Losses) on investments 12 0 0 (941,959) (941,959) (271,924)
Transfers between funds 18 637,295 0 (637,295) 0 0
Net movement in funds 270,924 3,830 3,655,233 3,929,987 (1,101,532)
Reconciliation of funds:
Total funds as at 1 January 2023 (211,018) 35,083 565,321 389,386 1,490,918
Total funds as at 31 December 2023 18 59,906 38,913 4,220,554 4,319,373 389,386
**----- End of picture text -----**
The notes on pages 9 to 16 form part of these accounts.
_Page 7_
## **ASPEN TRUST**
## **UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Balance Sheet as at 31st December 2023**
|_Notes_
**Fixed Assets**
Investments
_12_
**Total Fixed Assets**
**Current Assets**
Debtor
_14_
Cash at bank
_15_
**Total Current Assets**
**Liabilities**
Creditors:
Amounts falling due within one year
_16_
**Net Current Assets**
Creditors: Amounts falling due after more
_17_
than one year
**Total Net Assets as at 31st December 2023**
Represented by
**Total Funds as at 31st December 2023**
_18_|**Expendable**
**UnrestrictedRestricted Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
0
0
4,994,204
4,994,204
0
0
4,994,204
4,994,204
8,737
0
0
8,737
61,316
38,913
172,673
272,902
70,053
38,913
172,673
281,639
10,147
0
334,787
344,934
59,906
38,913
(162,114)
(63,295)
0
0
611,536
611,536
**59,906**
**38,913**
**4,220,554**
**4,319,373**
**59,906**
**38,913**
**4,220,554**
**4,319,373**|**Total**
**Funds**
**2022**
**£**
1,140,009
1,140,009
2,286
91,334
93,620
265,268
(171,648)
578,975
**389,386**
**389,386**|
|---|---|---|
## **Approved on behalf of the Charity's Trustees on**
Dr Jonathan Altham Wood
## _**Chairman**_
The notes on pages 9 to 16 form part of these accounts.
_Page 8_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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, Little 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 9_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 10_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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 11_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Notes to the Accounts**
|**4 Donations**
**2023**
**£**
*
Patsy Wood Charity - Investment in NDSL Group
0
**
Investments
5,250,000
5,250,000
*
This donation is a gift is to be used with the same objectives as The Patsy Wood Trust.|**_2022_**
**_£_**
_35,083_
_0_
_35,083_|
|---|---|
- ** This donation is a gift of shares to be held as expendable endowment to support the ongoing work of Aspen Trust. No conditions were attached to the donation. Please see note 18.
|**5 Investment income from listed investments**
Equities
Unit Trust Income
Unit Trust Interest
REIT
Gilt Interest
Overseas Income
Overseas Interest
Accrued Interest
**6 Investment income from unlisted investments**
NDSL Group
**7 Other Income**
Interest received
**8 Raising Funds**
Investment management costs|**2023**
**£**
47,254
1,323
3,520
889
2,406
1,287
0
(657)
56,022
**2023**
**£**
3,830
3,830
**2023**
**£**
10,833
10,833
**2023**
**£**
14,856
14,856|**_2022_**
**_£_**
_19,050_
_1,095_
_5,221_
_2,658_
_2,130_
_896_
_930_
_14_
_31,994_
**_2022_**
**_£_**
_0_
_0_
**_2022_**
**_£_**
_1,653_
_1,653_
**_2022_**
**_£_**
_10,835_
_10,835_|
|---|---|---|
_Page 12_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Notes to the Accounts**
|**9 Charitable activities**
**Grant making:**
_UK Organisations:_
* Sylva Foundation 1 of 3
* Sylva Foundation 2 of 3
* Sylva Foundation 3 of 3
Earth Trust
Earth Trust
Ecological Continuity Trust 1 of 3
Ecological Continuity Trust 2 of 3
Ecological Continuity Trust 3 of 3
EuCAN
Friends St Nicks Fields
Mali Development Group
Wolfson College Oxford
_Overseas Organisations:_
S.A.F.E. Arts for Education - Kenya
TEMWA - Malawi
Total grants
Less: Grant to Earth Trust
Support costs
Governance costs (Note 10)
**Total Charitable Activities**
_*Related party transaction - please see Note 19_
**10 Governance costs**
Accountancy and compliance fee
Independent Examination fee|**Total**
**2023**
**£**
21,536
21,536
21,536
0
250,000
35,000
35,000
35,000
0
0
0
0
5,000
5,000
429,608
0
60
4,215
433,883
**2023**
**£**
3,375
840
4,215|**_Total_**
**_2022_**
**_£_**
_118,507_
_118,507_
_118,507_
_580,000_
_250,000_
_1,488_
_0_
_0_
_2,681_
_2,681_
_2,681_
_50,000_
_0_
_0_
_1,008,038_
_(124,581)_
_81_
_3,965_
_887,503_
**_2022_**
**_£_**
_3,275_
_690_
_3,965_|
|---|---|---|
## **11 Trustee remuneration and other information**
None of the Trustees received any remuneration during the year (nil in 2022).
None of the Trustees were repaid out-of-pocket expenses during the year (nil in 2022).
The charity had no employees during the year (nil in 2022).
_Page 13_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Notes to the Accounts**
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|12|Investments|Value at|Purchases|Sales|Realised|Unrealised|Value at|
|Quoted:|01/01/23|at cost|proceeds|Gain/(Loss)|Gain/(Loss)|31/12/23|
|£|£|£|£|£|£|
|Fixed Interest|156,610|694,416|(109,333)|553|(307,903)|434,343|
|REIT|38,578|0|(30,841)|4,324|1,344|13,405|
|Alternatives|56,734|14,170|0|0|(3,469)|67,435|
|Overseas|379,944|266,791|(74,566)|2,981|38,887|614,037|
|UK Equity and Inv Funds|473,060|5,486,948|(1,451,431)|(213,225)|(465,451)|3,829,901|
|Unlisted Company|35,083|0|0|0|0|35,083|
|1,140,009|6,462,325|(1,666,171)|(205,366)|(736,593)|4,994,204|
**----- End of picture text -----**
## **13 Material Investments**
The following investments represented more than 5% of the total portfolio as 31st December 2023:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|Fund Partners Ltd|5.17%|11.06%|
|Janus Henderson|8.41%|13.36%|
|Impax Environmental Mkts plc|4.69%|7.21%|
**----- End of picture text -----**
A material gift of Oxford Instruments shares were received during the year. The Trustees will reduce the holding over a period of time and diversify. This process began during the year ended 31st December 2023.
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Oxford Instruments|66.86%|0|
|14|Debtors|2023|2022|
|£|£|
|Investment income receivable|8,737|2,286|
|8,737|2,286|
|15|Cash at Bank and on deposit|2023|2022|
|£|£|
|Cash at bank and on deposit|272,904|91,334|
|272,904|91,334|
**----- End of picture text -----**
_Page 14_
## **ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Notes to the Accounts**
|**16 **|**Current liabilities - amounts due within one year**|**Current liabilities - amounts due within one year**|**2023**||**_2022_**|
|---|---|---|---|---|---|
||||**£**||**_£_**|
||Grants payable||334,787||_260,000_|
||Rathbone Trust Company Ltd||4,215||_3,185_|
||Rathbone Trust Company Ltd - prior year||3,185||_0_|
||Rathbones Investment Management Fees||2,747||_2,083_|
||||344,934||_265,268_|
|**17 **|**Provision for liabilities - amounts due within more than one year**
Grants payable||**2023**
**£**
611,536||**_2022_**
**_£_**
_578,975_|
||||611,536||_578,975_|
|**18 **|**Movements in funds**|**As at**
**Incoming**
**Outgoing**|**Gains/**||**_As at_**|
|*|Unrestricted
Restricted
Expendable Endowment|**01/01/23**
**Resources**
**Resources**
**£**
**£**
**£**
(211,018)
67,512
(433,883)
35,083
3,830
0
565,321
5,249,343
(14,856)|**(Losses)**
**£**
0
0
(941,959)|**Transfers**
**£**
637,295
0
(637,295)|**_31/12/23_**
**_£_**
_59,906_
_38,913_
_4,220,554_|
||Total Funds|389,386
5,320,685
(448,739)|(941,959)|0|_4,319,373_|
- Restricted 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.
## **19 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 2023 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
_Page 15_
**ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Notes to the Accounts**
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 9 to the accounts. There were no other related party transactions requiring disclosure in respect of the financial year or the previous year.
## **20 Statement of Financial Activities**
|**Income and Endowments from:**
Donations
Investments
**Total**
**Expenditure on:**
Raising funds
Charitable activities
**Total**
Net Gains/(Losses) on investments
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds as at 1 January 2022
**Total funds as at 31 December 2022**|**Expendable**
**Unrestricted**
**Restricted**
**Endowment**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2022**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
0
35,083
0
35,083
33,633
14
33,647
**33,633**
**35,083**
**14**
**68,730**
0
0
10,835
10,835
887,503
0
0
887,503
**887,503**
**0**
**10,835**
**898,338**
0
0
(271,924)
(271,924)
631,401
0
(631,401)
0
**(222,469)**
**35,083**
**(914,146)**
**(1,101,532)**
11,451
0
1,479,467
1,490,918
**(211,018)**
**35,083**
**565,321**
**389,386**|
|---|---|
_Page 16_