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2021-03-31-accounts

ASTON-MANSFIELD CHARITABLE TRUST (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Charity Registration Number: 208155 Company Number: 247685 Registered Social Housing Number: LH1396

ASTON-MANSFIELD CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

Contents Page
Reference and administrative information 1
Trustees’ report 2 - 5
Auditors’ report 6 - 8
Statement of financial activities 9
Balance sheet 10
Cashflow statement 11
Notes to the financial statements 12 - 21

ASTON-MANSFIELD CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

YEAR ENDED 31 MARCH 2021

Trustees Christopher C Keen - Chairman
Rev Paul E Regan
Nina Gurney
Nigel Grice
Alex Minford - Treasurer
Rev Jeremy Fraser
Stuart McDonald
Secretary Eileen Da-Silva
Bankers NatWest Bank plc
Ground Floor, Gredley House
1-11 Broadway
Stratford
London
E15 4WG
Auditors Haysmacintyre LLP
10 Queen Street Place
London
EC4A 1AG
Solicitors Russell-Cooke LLP
2 Putney Hill
Putney
London
SW15 6AB
Investment Managers Smith & Williamson Investment Management Limited
25 Moorgate
London
EC2R 6AY
Towers Watson Investment Management Limited
MidCity Place
71 High Holborn
London
WC1V 6TP
Registered Office Durning Hall
Earlham Grove
Forest Gate
London
E7 9AB

1

ASTON-MANSFIELD CHARITABLE TRUST

TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2021

The Trustees, who are also directors for the purposes of company law, present the annual report and the audited financial statements of the organisation for the year ended 31[st] March 2021 which have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (revised 2019) and the Companies Act 2006.

STRUCTURE GOVERNANCE AND MANAGEMENT

Aston-Mansfield Charitable Trust (AMCT) is a registered charity (number 208155) and company limited by guarantee (number 247685). The charity is governed by its Articles of Association. These were revised in the light of current legislation and adopted by the members on 24 March 2010.

There are between 4 and 7 trustees at any one time, two of whom are appointed by Aston-Mansfield (a sister charity). We aim to have a Board whose skills and diversity mix fit with AMCT’s strategic direction, core activities and regulatory requirements. Trustees are appointed through an open recruitment process, which includes an interview with the Chair, and at least one other Trustee, followed by confirmation by the Board.

There is an induction process for new trustees which includes an induction pack, introductory sessions with the Aston-Mansfield Chief Executive, and building visits. Where required, new trustees are supported by more experienced trustees through a ‘buddying’ system.

The trustees meet at least four times a year. Trustees are updated on significant regulatory and sector developments and are kept abreast of developments in financial markets by AMCT's investment managers.

Management services (finance, administration, and property) for the day to day operation of the charity are provided by AstonMansfield.

RISK MANAGEMENT

The trustees have a risk management strategy which comprises:

The trustees have identified that the major risks are related principally to delays/blockages to redevelopment of the Durning Hall site, reputation risk due to redevelopment of Durning Hall site, the COVID-19 pandemic, failure to get sufficient returns on the development of a GP/Primary Care Centre at the Froud Community Centre in Manor Park , the risk of a major fire/flood/building related incident, exposure to a major safeguarding or data privacy incident, and long term financial sustainability. The Trustees have sought to mitigate risk where possible, particularly relating to ensuring that the organisation has access to appropriate governance, professional expertise, and management capability, and that there are plans for and investment in achieving financial sustainability

The Investment Sub-Committee meets with the investment managers on a regular basis to receive and consider advice on current market conditions and review the structure of the investment portfolio. The Property Sub-Committee whose remit is to have oversight of the strategic direction of AMCT's property portfolio, oversee implementation of significant developments in AMCT's property portfolio, and to commission specialist advice as required, meets when necessary and reviews risk in relation to the property assets and property development. An additional Project Board has been established, to oversee the development of the GP/Primary Care Centre at the Froud Centre.

KEY MANAGEMENT PERSONNEL

The directors consider that the Board of Directors, who are the charity’s trustees, comprise the key management personnel of the charity, in charge of directing and controlling the charity. One Trustee, Nigel Grice, is managing the preparation of AMCT’s planning

2

ASTON-MANSFIELD CHARITABLE TRUST

TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2021

application for the redevelopment of its Forest Gate site and is paid specifically for that work. A competitive process to select a qualified consultant and appropriate fees for this work was carried out, and an additional property Trustee was recruited, to ensure good governance of this work and to manage potential conflicts of interests. All other trustees give of their time freely, and no other trustee received remuneration in the year. Details of trustees’ renumeration, expenses and related party transactions are disclosed in note 15 to the accounts.

OBJECTIVES AND ACTIVITIES

The objects of the charity are to develop for the public benefit, the community wealth of east London and promote a diverse and inclusive society in which all are free to participate. These are achieved by making significant grants, principally to Aston-Mansfield, a sister charity to which AMCT is connected. Grants are also made to other projects, within the objectives and area of benefit of the charity.

ACHIEVEMENTS AND PERFORMANCE

A wide range of charitable activities continue to be funded by the charity. Our grant to Aston-Mansfield enabled the organisation to cover some of its core costs, support its work on strategic development, marketing and communications, fundraising, financial management and volunteer development.

Property related activities during the year include:

FINANCIAL REVIEW

The statement of financial activities shows a net income for the year of £1,495,205 (2020: net expenditure £1,020,762). Income has increased by 36% in the year to £580K. A substantial proportion of other income in the year 2021 represents proceeds from sale of property.

The value of the listed securities portfolio increased by 14.6% (2020: decreased by 22.7%) after allowing for withdrawals to finance property developments of £400,000 (2020 - £1,300,000). The portfolio shows an unrealised surplus of £2,091,577 (2020: £427,471).

The articles of association define the investment powers of the Trustees. These are exercised by the Trustees in conjunction with the advice given by professional investment managers.

The policy of the Trustees is to maintain and enhance the value of investments in real terms whilst having regard to the funding requirements necessary to satisfy on-going cash demands. The Trustees’ policy of absolute return criteria for performance of the securities portfolio will mean that these demands are not necessarily satisfied from income alone. Trustees continue to review and consider appropriate investments to diversify the charity’s portfolio and to achieve its investment objectives. The charity’s investments have continued to be managed in conformity with the Trustees’ policy and the articles of association.

RESERVES POLICY

The Trustees review on a quarterly basis the charity’s development and operational plans, future funding needs and its overall resilience and financial stability in light of its ability to meet its charitable objectives for the foreseeable future (usually a period upto 3 years).

The Trustees’ consideration takes into account the major risks to the organisation – see Risk Management above. Additionally, the Trustees consider the need to ensure the ability of the charity beyond the immediate future, absorb setbacks and be able to take advantage of opportunities and new initiatives.

The charity holds reserves in the form of investments and investment properties to generate a return for the funding of future charitable activities as well as funding development opportunities. The Trustees aim to hold as a minimum free and highly liquid investments sufficient to meet any cash shortfall for committed charitable activities for a period of three months. This is estimated to be £173,477 (2020 - £130,358).

3

ASTON-MANSFIELD CHARITABLE TRUST

TRUSTEE’S REPORT (continued)

YEAR ENDED 31 MARCH 2021

RESERVES POLICY (continued)

The current level of listed investments and cash held by the charity is sufficient to fund pending capital and development works and to provide additional support to Aston-Mansfield, a sister charity, consequent to any adverse impacts on its charitable activities, arising from these works and Covid-19.

The charity’s reserve position as at 31 March 2021 is disclosed in Note 13 to the Accounts. At 31 March 2021, the overall funds increased by £1,495,205 (2020 – decreased by £1,020,762) bringing the total funds held by the charity to £15,098,341 (2020 - £13,603,136). These funds are unrestricted funds of which £40,500 (2020: £40,500) represent housing properties and £3,168,311 (2020: £1,114,297) represents other tangible fixed assets.

For the reasons explained above, and having considered the charity’s income, expenditure and risks, the Trustees are satisfied that the charity will remain viable for the foreseeable future.

PLANS FOR FUTURE PERIODS

The Trustees continue their intention to ensure the ongoing financial sustainability of the charity by prudent management of resources and maintaining free reserves to the level set out above.

The Trustees will continue to monitor and evaluate investment performance to maximise total return. They will continue to review the charity’s professional advisers on a regular basis and ensure that the charity is receiving value for money.

The Trustees will continue to oversee plans for redeveloping the Forest Gate site, and to examine options for the future in respect of the charity’s other property assets.

PUBLIC BENEFIT STATEMENT

The Trustees confirm that they have complied with the duty in Section 17 of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

The charity’s charitable purpose is detailed in its objects, which are to develop, for the public benefit, the community wealth of east London and promote a diverse and inclusive society in which all are free to participate. The Trustees ensure that this purpose is carried out for the public benefit by enabling others to deliver services that are valued by and form a vital role in assisting members of the community in the area of benefit.

Delivery of public benefit is achieved by making a substantial grant to Aston-Mansfield and providing small grants to a number of voluntary sector organisations in East London based on defined priorities and published funding criteria.

SISTER CHARITY

Aston-Mansfield Charitable Trust has a sister charity, Aston-Mansfield to which AMCT is connected. The two charities have similar objects, which encompass supporting and developing disadvantaged communities in East London.

Aston-Mansfield achieves its impact through the direct provision of services to children, young people and families, and the use of its community buildings. The Aston-Mansfield Charitable Trust is also a Registered Social Landlord, with Aston-Mansfield acting as the managing agent for its social housing.

The two charities are separate organisations, each with their own Charity Commission registration numbers, governance arrangements and financial management processes and procedures. The AMCT Board currently has 3 Trustees who are not Trustees of Aston-Mansfield, and 4 Trustees who are also Trustees of Aston-Mansfield. We believe this balance of shared knowledge and independence is beneficial for both organisations. Board meetings are held and minuted separately.

As Aston-Mansfield’s work meets AMCT’s funding criteria, the charity applies to AMCT for a grant on an annual basis. The size of the grant awarded depends on several factors including the level of disposable income available to AMCT, the performance of AstonMansfield in the previous year, and the areas of work for which the grant is sought. Aston-Mansfield reports regularly on its performance to AMCT. AMCT also awards grants to other charities, through an open application process, based on defined priorities and funding criteria.

4

ASTON-MANSFIELD CFL4RITABLETrUST TRUSTEE'S REPORT Icontinuedl YEAR ENDED 31 MARCH 2021 STATEMENT OF TRUSTEES, RESPONs[BIL￿lEs The Trustees (who are al￿ the dweciors ofthe kn￿Sfi￿d Ch&itsble Tnjstfor Ihe WIP)￿ of company law} are responsib￿ fL preparing the Truste&s' Rqx)rt and the hantid stat￿ents and unl￿ K￿￿d0M AC￿nting Standards IUnit2d Kingdom Generdly Acyled A￿unts￿g Practice). Company18w requires the Trustees to prepare )Inanaat stat￿￿nts fur earth finanrya year vthich ￿ve 8 true and fir view of the state of affairs ofthe ch￿Ttab￿ (￿7panY and oflhe incxrring r&SOur￿ 2nd appl￿10￿1 of resourc￿, indu(fing the ino)rr and expendEturq of the thartith o)mpany that ￿1￿J. In prepa11￿ ttE5e fina￿￿at ststements the Truste&8 ate required to.. Sew Suitab￿ aL￿￿ting wAi(xes then aFWy (t￿lenty. Observe the methtsts and prinliples in the nharifj&8 SORP.. Makejudgemeryts and estimate5 that are reasonth and prudent State whether appfjcable UK A(a)unting standards have Now8g, to any materid (kpatsJTes disdos&S explained in the finarrid strllents", Prepare the finanoal statements on the gclng t1)rK￿ b85i% tt ￿ Wq)Fryrie io prttume that the (￿t￿ble company ￿1[ continue in business The Trustees are responsib￿ for kee￿￿￿ an￿jnting r￿1)r￿Stha1 wilh reagJ)able affjjracy at any time ofthe finanGy81 position of the tharit2ble company and enable theFn lo ensure Ihat the finan(aal sttnents rAffjy with the co￿panieS Act 2006. They are also reSpOn￿b￿ for safeguar(ling Ihe assets ol the th￿tt8￿￿ ￿Y and hen￿ for taknw reasonable Steps for lh8 prevention and detection of fraud and olher irreguIaTilies. In so far as we are aware". There is no re[ev￿tajdtt infotrnation oflth Ihe thartthixxNpany's Unawa￿,. and The Trustees have taken dl steF6 Ihal thev ought b have taken ts make themsdves aw¥e ofany re￿vant audft infomiation and to eStabl￿h thal Ihe auditor is awe of that informats"r￿. In preparing the TMstee¥ Repvri the TrUSt￿S of the eXryb(￿ a￿ilab￿ to smJl compa[￿e8 aRd have not prepared a Str￿e9￿ Rp )proved by the Trust￿ on 21 &ptemter 2021 and 5vJned ts"r trthatfby CCKeen CH￿RMAN

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASTON-MANSFIELD CHARITABLE TRUST

Opinion

We have audited the financial statements of Aston-Mansfield Charitable Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheets, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

6

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASTON-MANSFIELD CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for Charities, Companies, GDPR and Health and Safety, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and income tax. .

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimate and application of controls around authorisation of expenditure and payments. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASTON-MANSFIELD CHARITABLE TRUST

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Harper (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 27 September 2021 EC4R 1AG

8

ASTON-MANSFIELD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2021

Unrestricted Restricted 2021 2020
Notes
Funds		 Funds Total Total
£ £ £ £
Income
Income from investments
Investment income 2 275,893 - 275,893 366,389
Other income 2 304,224 - 304,224 59,485
Total Income 580,117 - 580,117 425,874
Expenditure
Raising funds
Investment management costs (66,522) - (66,522)
(258,689)
Charitable activities
Health and education (264,589) - (264,589)
(143,779)
Community development (62,097) - (62,097)
(44,864)
Community buildings (503,022) (503,022)
(217,701)
Religious activity (12,509) - (12,509)
(12,521)
Housing activities (63) - (63)
(35)
Total Expenditure 3 (908,802) (908,802)
(677,589)
Net expenditure before investment gains (328,685) - (328,685)
(251,715)
Net gain/(loss) on investments 1,823,890 - 1,823,890 (769,047)
Net income/(expenditure) 1,495,205 - 1,495,205 (1,020,762)
Transfers 11/12
-		 - -
Net movement in funds 1,495,205 1,495,205 (1,020,762)
Reconciliation of funds
Total funds brought forward 13,603,136 - 13,603,136 14,623,898
Total funds carried forward 13 £15,098,341 - £15,098,341 £13,603,136

There were no recognised gains and losses other than those shown in the above Statement of Financial Activities

No separate Summary Income and Expenditure Account have been produced as this statement incorporates all Income and Expenditure.

The notes on pages 12 to 21 form part of these financial statements.

A full comparative Statement of Financial Activities is included at note 17.

9

cryn￿y Nwnber. 247685 B￿lcE SHEET AT 31 IIARCH 2021 2021 202 Note RXEO ASSETS H&2&fiC prope4ies Other klgsble asset 3.1é8.211 11.363,S61 1.114.297 10,jlO.372 14.571.772 CURREKfASSET5 11,38D.169 Debtor ana pre￿yr￿1en Castt tyank apo In triand 67,815 22g7.877 644.231 CREDrroRS". amounts fairing due within one yèar 2.385,692 io li18.6021 (127.725, NEf CURREiif ASSETS 25.86Y 2.2Jl.S61 TOTAL ASSEfs LESS CURREHT LIABIUTIES 5.D98.34 13.flJ3.136 ASSETS £15. JOS.&11 £13.0)3.13 FUNDS riestncted fund 12 IrevabJ¥J"on ￿￿le_£4,.O3o.EQ5 2Q20- £1 e42.2131 11 15.098.341 13.603,135 13 £13.60ts.136 The firFariual slaw.ents We￿ <pproved and autr1ori5￿ f￿ Egje the Sjard co 21 Septerr￿tr 40£1 ancl were &gned belryw cn us Oekaifby.. Clristophe. Chai￿an The notes oft pages 12 to 21 fTh partofthe5e stsknents.

ASTON-MANSFIELD CHARITABLE TRUST

CASHFLOW STATEMENT

AT 31 MARCH 2021

2021 2020
Notes £ £
NET CASH OUTFLOW FROM OPERATING ACTIVITIES 14 (864,539) (696,374)
CASH FLOWS FROM INVESTING ACTIVITES:
Dividends, interest and rents from investments 2 275,893 366,389
Proceeds on sale of Fixed Asset 7 340,000 -
Payments to acquire investments
Listed investments 8 (460,143) (573,532)
Assets under construction 7 (2,127,331) (512,960)
Cash deposits 8 - (62,224)
Proceeds from the sale of investments
Listed investments 8 1,119,380 2,135,017
Cash deposits 8 11,064 -
------------------------ ------------------------
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (841,137) 1,352,690
-------------------------- --------------------------
NET CASH (OUTFLOW)/INFLOW FOR THE YEAR (1,705,676) 656,316
Change in cash and cash equivalents in the reporting period
Cash balances brought forward 2,297,877 1,641,561
---------------------- ----------------------
CASH BALANCES CARRIED FORWARD £592,201 £2,297,877
========== ==========

The notes on pages 12 to 21 form part of these financial statements.

11

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Accounting Basis

The 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 - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Aston-Mansfield Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared under the historical cost convention except for the revaluation of investment properties and listed investments and are in accordance with applicable accounting standards. Whilst the charity is also a Registered Social Landlord (RSL), it is considered that its activities are more aligned with those of a charity than those of an RSL. These financial statements are therefore prepared in accordance with the Charities SORP (FRS 102), and Companies Act 2006. One exception to this is the treatment of Social Housing Grant which is detailed below.

The accounts are prepared in pounds sterling rounded to the nearest pound.

Preparation of accounts on a going concern basis

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, investment portfolio, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

The Trustees have also considered the impact of Covd-19 on the Charity and are satisfied that it does not lead to a material uncertainty in relation to the Charity’s ability to continue as a going concern.

Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The most significant judgements are in relation to the carrying value of fixed assets and investment properties.

Income

Income is accounted for when receivable except for listed investment income which is accounted for on a receipts basis.

Expenditure

Expenditure is accounted for on an accruals basis, inclusive of irrecoverable VAT.

Grants

Grants payable are accounted for in the period in which they are approved and notified to the recipient.

Fixed Assets

Housing Properties

Housing properties are included at cost less Social Housing Grant (SHG) received. This accords with the Statement of Recommended Practice for Registered Social Landlords.

Other Tangible Assets

Properties used for charitable purposes are included at cost and amortised over their anticipated useful lives or 4% per annum, whichever is less. No depreciation is provided on assets under construction. Other assets are depreciated over their economic lives at the following rates:

Electronic Equipment 25% Furniture and other equipment 15%

12

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

Investments

Investment properties are valued annually at the balance sheet date on an open market basis utilising formulae adopted by the Trustees based on the level of rent and remaining length of the tenancy. The charity also employs professional independent valuation as required. Listed investments are valued at bid prices ruling at the balance sheet date, including accrued interest.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Foreign currency translation

The charities functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recognised in the Statement of Financial Activities.

Fund Accounting

Funds held by the charity are:

Unrestricted – These are general funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted – These are funds subject to specific trusts generally declared by the donor or funds raised for a specific purpose.

Taxation

The charity’s activities are exempt from income tax and corporation tax. The charity is not registered for VAT.

13

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

2. Investment Income 2021 2020
£ £
Property 139,945 151,145
Fixed Interest 42,940 69,827
Equities 89,865 140,675
Interest 3,143 4,742
----------------------- -----------------------
£275,893 £366,389
========== ==========

Other income amounted to £304,224 (2020 - £59,485) and includes recovery of cost incurred towards the development plans for a GP/Primary Care Centre at the Froud Centre in the year 2020. In the current year, other income includes the net disposal proceeds on property sale of £267,133.

3. Expenditure
a) Analysis of expenditure Direct Support Total
costs costs 2021
£ £ £
Costs of raising funds 48,110 18,412 66,522
Costs of charitable
activities
Health and education 260,513 4,076 264,589
Community development 60,265 1,832 62,097
Community buildings 496,295 6,727 503,022
Religious activity 12,000 509 12,509
Housing activities 63 - 63
------------------------ ---------------------- ---------------------------
Total expenditure 2021 £877,246 £31,556 £908,802
========== ========== ==========
b) Analysis of support costs Management General bank Total
fees charges Depreciation Governance 2021
£ £ £ £ £
Costs of raising funds 11,410 27 - 6,975 18,412
Costs of charitable
activities
Health and education 725 1 2,908 442 4,076
Community development 725 1 664 442 1,832
Community buildings 725 - 5,560 442 6,727
Religious activity 304 - - 205 509
Housing activities - - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total support costs 2021 £13,889 £29 £9,132 £8,506 £31,556
========= ======== ========= ========= ==========
Basis of apportionment Time Transactions Usage Time

14

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

3 Expenditure (continued) 2021 2020
£ £
c) Analysis of expenditure on raising funds
Insurance 1,616 1,265
Legal and professional fees 14,357 204,645
Investment management fees 30,797 33,754
Investment property costs: Rates, maintenance and utilities 1,340 165
Support costs 18,412 18,860
---------------------- ----------------------
Total cost of raising funds £66,522 £258,689
========= =========
d) Analysis of governance costs
Audit fees (See note 5 below) 7,500 7,260
Support costs 1,006 2,021
---------------------- ----------------------
£8,506 £9,281
========= =========

Total expenditure includes grants to Aston-Mansfield of £815,097 (2020 - £379,000) and small grants to other organisations of £13,975 (2020 - £15,153). These grants are analysed within the direct costs of charitable activities relative to the purpose for which they were provided.

e) Analysis of expenditure – prior year Direct Support Total
costs costs 2020
£ £ £
Costs of raising funds 239,829 18,860 258,689
Costs of charitable
activities
Health and education 136,780 6,999 143,779
Community development 41,863 3,001 44,864
Community buildings 207,510 10,191 217,701
Religious activity 12,000 521 12,521
Housing activities 35 - 35
------------------------ ---------------------- ---------------------------
Total expenditure 2020 £638,017 £39,572 £677,589
========== ========== ==========
Total expenditure 2019 £650,586 £73,717 £724,303
========== ========== ==========
f) Analysis of support costs – Management General bank Total
prior year fees charges Depreciation Governance 2020
£ £ £ £ £
Costs of raising funds 11,132 118 7,610 18,860
Costs of charitable
activities
Health and education 707 5 5,804 483 6,999
Community development 707 2 1,809 483 3,001
Community buildings 707 - 9,001 483 10,191
Religious activity 298 1 222 521
Housing activities - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total support costs 2020 £13,551 £126 £16,614 £9,281 £39,572
========= ======== ========= ========= ==========

15

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

4. Net Movement in Funds for the Year

Net Movement in Funds for the Year 2021 2020
£ £
This is stated after charging:
Auditors’ remuneration for audit 7,500 7,260
Depreciation of fixed assets 9,132 16,614
======== =========

5. Staff Numbers and Costs

No staff were employed during the year (2020: nil). The Trustees are considered to be the key management of the charity.

No Trustee has received any remuneration or reimbursement of expenses (2020: nil).

6. Housing Properties

Housing Properties 2021 2020
£ £
Net cost
As at 1 April 2020 993,163 993,163
Less: Social Housing Grant (741,313) (741,313)
---------------------------- ----------------------------
Net cost as at 31 March 2021 251,850 251,850
========== ==========
Amortisation
As at 1 April 2020 211,350 211,350
Charge for the year - -
------------------------ ------------------------
As at 31 March 2021 211,350 211,350
========= =========
Net Book Value as at 31 March 2021 £40,500 £40,500
========= =========

7.

Other Tangible Fixed Assets Land & Furniture & Asset under
Buildings Equipment construction Total
£ £ £ £
Cost
At 1st April 2020 2,531,379 28,544 512,960 3,072,883
Additions during the year - 2,127,331 2,127,331
Disposals during the year (80,000) - - (80,000)
----------------------------- ------------------------- ------------------------- -----------------------------
At 31 March 2021 2,451,379 28,544 2,640,291 5,120,214
----------------------------- ------------------------- ------------------------- ---------------------------
Depreciation
At 1st April 2020 1,930,042 28,544 - 1,958,586
Charged during the year 9,132 - - 9,132
Disposals during the year (15,815) - - (15,815)
-------------------------- ------------------ ------------------ -------------------------
At 31 March 2021 1,923,359 28,544 - 1,951,903
--------------------------- ------------------ ------------------ ---------------------------
Net Book Value
At 31 March 2021 £528,020 £- £2,640,291 £3,168,311
============= ======= ============= =============
At 31 March 2020 £601,337 £- £512,960 £1,114,297
============= ======= ============= =============

16

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

Asset under construction of £2,640,291 (2020: £512,960) represents the cost incurred on the refurbishment of our community space and development work in creating a new GP/Primary Care Centre at the Froud Centre.

The land/building relating to 318 Barking Road was sold during the year and the net gain of £267,133 in included in other income.

.
8. Investments 2021 2020
£ £
a) Listed Investments
Market Value as at 1 April 7,943,814 10,274,346
Additions at cost 460,143 573,532
Disposals (proceeds 2021 - £1,119,380; 2020 - £2,135,017) (959,598) (2,092,546)
Unrealised gain/(loss) 1,664,108 (811,518)
---------------------------------- ----------------------------------
Market Value as at 31 March 9,108,467 7,943,814
Cash deposits 151,188 162,252
----------------------------------- -----------------------------------
£9,259,655 £8,106,066
============== ==============
b) Property
Market value as at 1 April 2,100,000 2,100,000
Additions at cost - -
Disposals - -
Unrealised gain/(loss) - -
------------------------------- -------------------------------
Market value as at 31 March £2,100,000 £2,100,000
============ ============
c) Chattels £4,306 £4,306
============ ============
Total investments £11,363,961 £10,210,372
============== ==============
2021 2020
£ £
Listed Investments comprise:
Fixed Interest Stocks 653,355 699,552
Equities 7,973,457 6,781,301
Preference shares 481,655 462,961
----------------------------------- -----------------------------------
£9,108,467 £7,943,814
============ ============
Historic cost of investments £7,016,890 £7,516,345
============ ============

Investment properties were valued at 5 August 2020 by Hull+Company following the previous valuation carried out at 28 March 2018. The valuation carried out in August 2020 did not identify a material movement in the value of the investment properties compared with March 2018, and accordingly the trustees have not identified any matters which suggests a change in the valuation at 31 March 2021 is required. The trustees note that the valuation report provided at 5 August 2020 reference Covid-19 as a material uncertainty; the Trustees do not consider this has crystallised as at 30 June 2021.

17

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

9. Debtors 2021 2020
£ £
Account receivable 51,358 67,232
Prepayments and accrued income 672 583
-------------------- --------------------
£52,030 £67,815
======== ========
10. Creditors: Amounts falling due with one year 2021 2020
£ £
Accounts payable 6,118 57,609
Rents in advance 25,703 26,108
Rent deposits 22,640 16,071
Aston-Mansfield 16,659 12,571
Other creditors and accruals 47,542 15,366
---------------------- ----------------------
£118,662 £127,725
========= =========
11. Unrestricted Funds
Transfers and
1 April Income Expenditure Investment 31 March
2020 gains & losses 2021
£ £ £ £ £
General Fund:
Capital Accounts 16,894,473 - - 1,823,890 18,718,363
Revenue Accounts (3,291,337) 580,117 (908,802) - (3,620,022)
------------------------------ ----------------------- ---------------------- ------------------------- ------------------------------
Total £13,603,136 £580,117 (£908,802) £1,823,890 £15,098,341
============== ========== ========== ========== ============
Transfers and
Previous year 1 April Income Expenditure Investment 31 March
2019 gains & losses 2020
£ £ £ £ £
General Fund:
Capital Accounts 17,663,520 - - (769,047) 16,894,473
Revenue Accounts (3,046,096) 425,874 (677,589) 6,474 (3,291,337)
------------------------------ ----------------------- ---------------------- ------------------------- ------------------------------
Total £14,617,424 £425,874 (£677,589) (£762,573) £13,603,136
============== ========== ========== ========== ============

18

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

12. Restricted Funds 1 April Income Income Expenditure Transfers 31 March
2020 2021
£ £ £ £ £
New Business Centre - - - - -
---------------------- ------------- ------------- --------------------- ----------------------
£- £- £- £- £-
========== ====== ====== ========== ==========

The restricted funds are subject to specific trusts declared by the donor or resulting from a particular appeal. The New Business Centre funds consist of grants and donations received towards the cost of those buildings and has been amortised over the anticipated useful lives of the buildings. The transfers on this fund represent the amortisation of the monies received in line with the depreciation policy.

Previous year
1 April Income Expenditure Transfers 31 March
2019 2020
£ £ £ £ £
New Business Centre 6,474 - - (6,474) -
---------------------- ------------- ------------- --------------------- ----------------------
£6,474 £- £- (£6,474) £-
========== ====== ====== ========== ==========
13. Analysis of Net Assets by Fund 2021
Unrestricted Restricted Total
Current year Fund Fund Funds
£ £ £
Housing Properties 40,500 - 40,500
Other tangible assets 3,168,311 - 3,168,311
Investments 11,363,961 - 11,363,961
Debtors 52,030 - 52,030
Cash and bank 592,201 - 592,201
Creditors < one year (118,662) - (118,662)
----------------------------------- ------------------------------------- -------------------------------------
£15,098,341 £- £15,098,341
============== ================ ================
2020
Unrestricted Restricted Total
Previous year Fund Fund Funds
£ £ £
Housing Properties 40,500 - 40,500
Other tangible assets 1,114,297 - 1,114,297
Investments 10,210,372 - 10,210,372
Debtors 67,815 - 67,815
Cash and bank 2,297,877 - 2,297,877
Creditors < one year (127,725) - (127,725)
----------------------------------- ------------------------------------- -------------------------------------
£13,603,136 £- £13,603,136
============== ================ ================

19

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

14. Reconciliation of net movement in funds to net cash 2021 2020
inflow from operating activities
£ £
Net expenditure before investment gains (328,685) (251,715)
Investment income (275,893) (366,389)
Profit on Sale of fixed asset (275,815) -
Depreciation/amortisation 9,132 16,614
Decrease in creditors (9,063) (59,236)
Decrease/(increase) in debtors 15,785 (35,648)
-------------------------- -----------------------------
(£864,539) (£696,374)
=========== ============

15. Related Party transactions

During the year project services were delivered by Buckingham Project Services for £7,008 (2020: £3,580). One of the Trustees is a director in this company. Other than this, there were no related party transactions with Trustees or other individuals during the year (2020-Nil).

Aston-Mansfield a charitable company limited by guarantee, although under the control of a different Trustee board, is a connected charity with identical objects and having a common administration. Under a memorandum of understanding, at least two of the Trustees must be common to both charities.

During the year the company made a grant of £815,097 (2020 - ££379,000) to Aston-Mansfield and received services costing £14,882 (2020 - £14,519) from that charity. At the year end the company owed Aston-Mansfield £16,659 (2020 - £12,571), as disclosed within note 9.

16. Liability of members

Aston-Mansfield Charitable Trust is a company limited by guarantee. The liability of members is £25 each.

20

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2021

17. Comparative Statement of Financial Activities (Year Ended 31 March 2020)

Unrestricted Restricted 2020
Notes
Funds		 Funds Total
£ £ £
Income
Income from investments
Investment income 2 366,389 - 366,389
Other income 2 59,485 - 59,485
Total Income 425,874 - 425,874
Expenditure
Raising funds
Investment management costs (258,689)
-		 (258,689)
Charitable activities
Health and education (143,779)
-		 (143,779)
Community development (44,864)
-		 (44,864)
Community buildings (217,701) (217,701)
Religious activity (12,521)
-		 (12,521)
Housing activities (35)
-		 (35)
Total Expenditure 3 (677,589) (677,589)
Net expenditure before investment gains (251,715)
-		 (251,715)
Net gain/(loss) on investments (769,047)
-		 (769,047)
Net (expenditure)/income (1,020,762)
-		 (1,020,762)
Transfers 11/12
6,474		 (6,474) -
Net movement in funds (1,014,288)
(6,474)		 (1,020,762)
Reconciliation of funds
Total funds brought forward 14,617,424 6,474 14,623,898
Total funds carried forward 13 £13,603,136 - £13,603,136

21