Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST
(Charity Registration Number: 1159686)
UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Rathbones Trust Company Limited
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Index
Page
-
1-5 Trustees' Annual Report 6 Independent Examiner's Report 7 Statement of Financial Activities 8 Balance Sheet
-
9-17 Notes to the Accounts
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees' Annual Report
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 31 December 2024.
Reference and administrative details
Registered No: 1159686 Principal address: 4 Napier Road, Redland, Bristol, BS6 6RT 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 Examiner:Kerry Roberts, c/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Investment Managers: Greenbank Investment Managment, EQ, 111 Victoria Street, Redcliffe, Bristol, BS1 6AX
Structure, governance and management
The Charity Commission entered the Aspen Trust in the register of charities under number 1159686 on 18 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 provided 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
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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. 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 must form a quorum when any decisions are made in a meeting. A quorum is two Trustees, or the number nearest to one third of the total number of Trustees, whichever is greater. 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.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
In 2024, the Trustees continued to be in contact with the three charities which they have supported and worked closely with over several years: Sylva Foundation, Oxford Trust, and Earth Trust.
Page 2
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees' Annual Report
- Sylva Foundation. Sylva approached Aspen Trust to apply for a grant to support a new role of ‘Product Manager’. The Trustees examined this, and had several meetings and correspondences with Sylva and a Trustees meeting to explore it in detail. Sylva had long been employing professional foresters and woodworkers, and also separately employing IT staff doing coding and web work. But there was a gap between – there was a need for integration, to manage the IT development work to better meet the needs of Sylva and its customers, and to promote and market the web-based tools and products. Following discussions and meeting, including consideration of a novel grant scheme, the Trustees decided on a standard grant for this new role, to run for 3 years. The Trustees also considered that the Sylva charity reserves were low, and thus increased the above grant with an annual amount to enhance the charity reserves over three years, to improve Sylva’s stability. The grants are being paid from Restricted Funds in honor of the wishes of the Trustees of the Patsy Wood Trust.
In addition, the Trustees continued to support Sylva through further parts of previously decided grants, for their wood school manager and for a technical administrator.
-
Oxford Trust. Oxford Trust (OT) approached the Trustees in 2024 with a large ambitious application for a project to enhance the operational, educational and environmental value of their Stansfeld Park site on the edge of Oxford. Having sold their previous Oxford Centre building in 2023, OT aimed to build a new building at their Stansfeld Park site to replace the sold building’s main function as an incubator for small and start-up science-based companies – and thus also replace its income generation. In addition it aimed to enhance the site, making its access and educational spaces more functional, and thus enhancing its science education provision. Following meetings and correspondence, the Trustees agreed to provide a draw-down funding provision of up to £1m, to be requested and paid between Sept 2024 and Sept 2026 in several parts as the elements of the project are built.
-
Earth Trust. Aspen Trust continued to support Earth trust with a previously pledged core-funds grant. Following a change of leadership at Earth Trust, three Aspen Trustees met with their CEO and Trustees for an interim update on their future plans and budget. There was plan to follow this up with meeting in early 2025, with consider future support needs and options, particularly around their currently delayed capital development program – towards which Aspen Trust still has a pledged contribution.
Other contacts and grants
Ecological Continuity Trust. Aspen Trust paid the first of three instalments of a grant, agreed in 2023, to support their costs for staff, events and marketing, all to enhance the capacity and impact of Ecological Continuity Trust.
Wesley House College, Cambridge, through Rev John Stanfield, approached Aspen Trust in late 2023 with an application for support of transition costs, during a difficult transition process involving necessary selling of their previous building and moving to different suitable premises. Following discussion and correspondence with Wesley House, and email discussions among Trustees, a 2 year grant was made to help Wesley House in this process.
Hawkwood College, Stroud. A minor donation was agreed and made to Hawkwood for an innovative organisation called Just Imagine If, to hold at Hawkwood College a workshop on promoting creative ideas in the NHS.
Page 3
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees' Annual Report
Wolfson College, Oxford. Aspen Trust continued its 5 year grant to support the ecological enhancement work at Cherwell Meadows, part of Wolfson College.
A full list of donations made is detailed in the note 7 to the accounts.
Financial Review
Income generated by the charity's investments and cash during the year totalled £65,556 (£70,685 - 2023) with £32,594 (£14,856 in 2023) 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 £1,365,346 (£429,608 in 2023), with a total of £1,370,671 (£440,543 in 2023) being spent on the charity's activities. After taking net gains arising on the disposal and revaluation of investments in the sum of £163,104 (£611,998 losses in 2023) into account, there was a net decrease in funds for the year of £1,175,412 (an increase of £4,253,288 in 2023).
As at 31 December 2024 the Trustees held funds of £3,465,821 (£4,641,233 in 2023). The Trustees had applied net Unrestricted Income Funds during the year, as last year, and so of the total funds held £3,465,821 represented Expendable Endowment (£4,606,150 in 2023) and £0 was Restricted (£35,083 in 2023). Additional details of Restricted Funds are included 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 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.
Page 4
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees' Annual Report
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:
30 October 2025 | 8:21 PM GMT Dr Jonathan Altham Wood Date Chairman
Page 5
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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 31 December 2024, which are set out on pages 7 to 17.
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 2024 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 2024 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.
31 October 2025 | 9:08 AM GMT
Kerry Roberts TEP FMAAT MCSI Date C/o Port of Liverpool Building, Pier Head, Liverpool
Page 6
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Financial Activities
----- Start of picture text -----
Expendable
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2024 2024 2024 2023
Notes £ £ £ £ £
Income and Endowments from:
Donations 4 0 0 0 0 5,250,000
Investments 5 65,556 0 0 65,556 70,685
Total 65,556 0 0 65,556 5,320,685
Expenditure on:
Raising funds 6 0 0 32,594 32,594 14,856
Charitable activities 7 76,325 294,346 1,000,000 1,370,671 440,543
Total 76,325 294,346 1,032,594 1,403,265 455,399
Net (losses)/gains on investments 10 0 196,493 (33,389) 163,104 (611,998)
Net (losses)/gains on foreign exchange 11 0 0 (807) (807) 0
Transfers between funds 17 10,769 62,770 (73,539) 0 0
Net movement in funds 0 (35,083) (1,140,329) (1,175,412) 4,253,288
Reconciliation of funds:
Total funds as at 1 January 2024 0 35,083 4,606,150 4,641,233 387,945
Total funds as at 31 December 2024 17 0 0 3,465,821 3,465,821 4,641,233
----- End of picture text -----
The notes on pages 9 to 17 form part of these accounts.
Page 7
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Balance Sheet as at 31 December 2024
|Notes
Fixed Assets
Investments
10
Total Fixed Assets
Current Assets
Debtors
13
Cash at bank
14
Total Current Assets
Liabilities
Creditors:
Amounts falling due within one year
15
Net Current Assets / (Liabilities)
Creditors: Amounts falling due after more
16
than one year
Total Net Assets as at 31 December 2024
Represented by
Total Funds as at 31 December 2024
17|Expendable
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
2024
2024
2024
2024
£
£
£
£
0
0
4,978,649
4,978,649
0
0
4,978,649
4,978,649
5,131
0
0
5,131
113,895
188,690
37,921
340,506
119,026
188,690
37,921
345,637
119,026
94,345
5,749
219,120
0
94,345
32,173
126,518
0
94,345
1,545,001
1,639,346
0
0
3,465,821
3,465,821
0
0
3,465,821
3,465,821
30 October 2025 | 8:21 PM GMT|Total
Funds
2023
£
5,324,165
5,324,165
8,737
272,902
281,639
353,035
(71,396)
611,536
4,641,233
4,641,233|
|---|---|---|
Approved on behalf of the Charity's Trustees on
Dr Jonathan Altham Wood
Chairman
The notes on pages 9 to 17 form part of these accounts.
Page 8
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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 18 November 2014 and registered in England and Wales (charity number: 1159686). Its principal address is 4 Napier Road, Redland, Bristol, BS6 6RT.
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.
Restricted funds are held on special trusts under charity law. The terms of use are as declared by the donor when making the gift. Restricted income funds are to be spent or applied within a reasonable period from the date of receipt. Restricted endowment funds of capital are required to be invested or used to further the charity's purposes, as required by Trust law.
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.
Page 9
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
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.
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.
Page 10
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
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.
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.
Page 11
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
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.
No critical accounting estimates or judgements have been included in the accounts for the financial year.
| 4 Donations * Lady Audrey Wood - Investments |
2024 £ 0 0 |
2023 £ 5,250,000 5,250,000 |
|---|---|---|
- 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 Other Investment Income UK Fixed interest Overseas income Overseas interest Accrued interest Bank interest Non-reclaimable tax on overseas holding 6 Raising funds Investment management costs |
2024 £ 40,263 1,343 4,306 958 4,880 8,756 4,996 (1,949) 2,956 (953) 65,556 2024 £ 32,594 32,594 |
2023 £ 51,084 1,323 3,520 889 2,406 1,287 0 (657) 10,833 0 70,685 2023 £ 14,856 14,856 |
|---|---|---|
Page 12
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
| 7 Charitable activities Grant making: UK Organisations: Sylva Foundation 1 of 3 - Adminstrator Sylva Foundation 2 of 3 - Adminstrator Sylva Foundation 3 of 3 - Adminstrator Sylva Foundation 1 of 3 - Product Manager Sylva Foundation 2 of 3 - Product Manager Sylva Foundation 3 of 3 - Product Manager Earth Trust Ecological Continuity Trust 1 of 3 Ecological Continuity Trust 2 of 3 Ecological Continuity Trust 3 of 3 Just Imagine If Oxford Trust Wesley House 1 of 2 Wesley House 2 of 2 Overseas Organisations: S.A.F.E. Arts for Education - Kenya TEMWA - Malawi Total grants Support and office costs Governance costs (note 8) Total charitable activities _Related party transaction - please see note 18_ 8 Governance costs* Accountancy and compliance fee Accountancy and compliance fee - underprovision prior year Independent Examination fee Audit fee |
Total 2024 £ 0 0 0 105,657 94,345 94,345 0 0 0 0 1,000 1,000,000 35,000 35,000 0 0 1,365,346 60 5,265 1,370,671 2024 £ 3,600 225 1,440 0 5,265 |
Total 2023 £ 21,536 21,536 21,536 0 0 0 250,000 35,000 35,000 35,000 0 0 0 0 5,000 5,000 429,608 60 10,875 440,543 2023 £ 3,375 0 0 7,500 10,875 |
|---|---|---|
9 Trustee remuneration and other information
None of the Trustees received any remuneration during the year (nil in 2023).
None of the Trustees were repaid out-of-pocket expenses during the year (nil in 2023).
The charity had no employees during the year (nil in 2023).
Page 13
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
| 10 Investments Listed: Fixed Interest REIT Alternatives Overseas UK Equity and Inv Funds Unlisted Company* |
Value at Purchases Sales Realised Unrealised Value at 01/01/24 at cost proceeds Gain/(Loss) Gain/(Loss) 31/12/24 £ £ £ £ £ £ 764,304 2,081,267 (1,779,883) 8,335 (11,872) 1,062,151 13,405 19,794 0 0 (2,582) 30,617 67,435 113,390 0 0 (23,210) 157,615 614,037 1,090,634 (158,872) 2,589 (15,135) 1,533,253 3,829,901 3,968,156 (5,611,530) 17,109 (8,623) 2,195,013 35,083 0 (231,576) 196,493 0 0 5,324,165 7,273,241 (7,781,861) 224,526 (61,422) 4,978,649 |
|---|---|
*Aspen Trust held shares in a privae company, NSDL. These shares were donationed in 2022 and sold in 2024.
| 11 Net gains (losses) on foreign exchange Realised gain (loss) on foreign currency exchange 12 Material investments |
2024 £ (807) (807) |
2023 £ 0 0 |
|---|---|---|
The following investment represented more than 5% of the total portfolio as 31 December 2024. The Trustees will reduce the holding over a period of time and diversify:
| Oxford Instruments 13 Debtors Investment income receivable Unsettled dividends 14 Cash at Bank and on deposit Cash at bank and on deposit |
2024 % 24 2024 £ 5,037 94 5,131 2024 £ 340,505 340,505 |
2023 % 63 2023 £ 8,737 0 8,737 2023 £ 272,902 272,902 |
|---|---|---|
Page 14
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
| 15 Current liabilities - amounts due within one year Grants payable Rathbones Trust Company Ltd Rathbones Trust Company Ltd - prior years Rathbones Investment Management fees Mitchell Charlesworth - prior year 16 Provision for liabilities - amounts due within more than one year Grants payable |
2024 £ 195,881 5,040 4,950 5,749 7,500 219,120 2024 £ 1,639,345 1,639,345 |
2023 £ 334,787 3,375 4,626 2,747 7,500 353,035 2023 £ 611,536 611,536 |
|---|---|---|
The Trustees have resolved to provide a draw-down facility to provide financial support to the Oxford Trust to assist with the development of a site. By nature, the timing of any donations to be made is uncertain, as is the amount required, although a limit of £1m has been decided upon and an end date for request initially agreed as September 2026.
In accordance with the Charities SORP (FRS102) and based upon circumstances, the donation has been recognised as a provision. The Trustees will continue to invest the funds and hold as expendable endowment with a view to making a balance available and transferring to income at such time that a request received, amount to be donated ascertained and timing agreed upon.
| 17 Movements in funds Unrestricted * Restricted Expendable Endowment Total Funds |
As at Incoming Outgoing Gains/ As at 01/01/24 Resources Resources (Losses) Transfers 31/12/24 £ £ £ £ £ £ 0 65,556 (76,325) 0 10,769 0 35,083 0 (294,346) 196,493 62,770 0 4,606,150 0 (1,032,594) (33,389) (73,539) 3,466,628 4,641,233 65,556 (1,403,265) 163,104 0 3,466,628 |
|---|---|
- Restricted funds relate to a donation of shares gifted by The Patsy Wood Trust. The funds are to be used in accordance with the objectives of The Patsy Wood Trust, being to be applied for wholly charitable purposes in England, Wales and Scotland at the Trustees' absolute discretion.
The Restricted funds were represented by the value donated of one remaining capital asset of the Trust, the private, unlisted shareholding in NDSL.
Page 15
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
17 Movement in funds continued…
The shares were disposed of during the year ended 31 December 2024 realising a gain. Aligning with the Trustees agreeing to apply the funds for purposes consistent with the objects of the Patsy Wood Trust, the Trusees resolved to donate the balance, along with a transfer of funds, to the Sylva Foundation. This has exhausted the Restricted Funds as at the year ended 31 December 2024.
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 31 December 2024 the Trustees declare their interests as follows:
| Payee | Amount | Relationship | Trustee |
|---|---|---|---|
| £ | |||
| Earth Trust | 0 | Patron | Robin Buxton |
| (Ch. No. 1095057) | Patron | Lady Audrey Wood | |
| Sylva Foundation | 294,346 | Trustee | Robin Buxton |
| (Ch. No. 1128516) | |||
| Ecological Continuity Trust | 0 | Trustee | Robin Buxton |
| (Ch. No. 1126122) | |||
| Network for Social | 0 | Director of subsidiary | Sarah Buxton |
| Change | company | ||
| (Ch. No. 295237) | |||
| Reconnect | |||
| (Ch. No. 1105016) | 0 | Trustee | Sarah Buxton |
19 Contingent assets
The charity has been notified that it is the beneficiary of a legacy. However, as at the date of approval of financial statements, the timing and amount of the gift remains uncertain. In accordance with the Charities SORP (FRS 102), no income has been recognised in the financial statements from the year ending 31 December 2024, as the charity does not have sufficient information to reliably measure the value of the legacy or determine when it will be received.
Page 16
Docusign Envelope ID: AE679C98-4267-439E-9825-B2C20934E201
ASPEN TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Notes to the Accounts
20 Statement of financial activities
| Income and Endowments from: Donations Investments Total Expenditure on: Raising funds Charitable activities Total Net (losses)/gains on investments Transfers between funds Net movement in funds Reconciliation of funds: Total funds as at 1 January 2023 Total funds as at 31 December 2023 |
Expendable Unrestricted Restricted Endowment Total Funds Funds Funds Funds 2023 2023 2023 2023 £ £ £ £ 0 0 5,250,000 5,250,000 71,342 0 (657) 70,685 71,342 0 5,249,343 5,320,685 0 0 14,856 14,856 440,543 0 0 440,543 440,543 0 14,856 455,399 0 0 (611,998) (611,998) 369,201 0 (369,201) 0 0 0 4,253,288 4,253,288 0 35,083 352,862 387,945 0 35,083 4,606,150 4,641,233 |
|---|---|
Page 17