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2023-03-31-accounts

ASTON-MANSFIELD CHARITABLE TRUST (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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

ASTON-MANSFIELD CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

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 2023

Trustees Christopher C Keen – Chairman
Rev Paul E Regan
Nina Gurney
Nigel Grice
Alex Minford – Deputy Chairman
Rev Jeremy Fraser
Stuart McDonald
Tendai Munjayi - Treasurer (Appointed 24 January 2023)
Mike Rogers (Appointed 18 July 2023)
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 Evelyn Partners
45 Gresham Street
London
EC2V 7BG
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 2023

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 2023 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 15 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 Aston-Mansfield.

RISK MANAGEMENT

The trustees have a risk management strategy which comprises:

The trustees have identified that the major risks are related principally to delays to sale of the Durning Hall site, and reputation risk associated with the sale. Medium level risks are failure to get sufficient returns on the development of a GP/Primary Care Centre at the Aston-Mansfield Community Centre in Manor Park , the risk of a major fire/flood/building related 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.

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, managed the preparation of AMCT’s planning

2

ASTON-MANSFIELD CHARITABLE TRUST

TRUSTEES’ REPORT (continued)

YEAR ENDED 31 MARCH 2023

application for the redevelopment of its Forest Gate site and continues to oversee the sale of the 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 trustee and related party transactions are disclosed in note 14 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. It also covered the loss of revenue and increased costs, due to the COVID-19 pandemic and high rates of inflation particularly in energy costs.

Property related activities during the year include being granted full planning permission for the redevelopment of the Forest Gate site.

FINANCIAL REVIEW

The statement of financial activities shows a net deficit for the year of £916,955 (2022: net income: £320,705). This figure includes a net loss on investment which is £425,610 (2022: net gain £473,723).

The value of the listed securities portfolio decreased by 11.2% (2022: 13.2%) after allowing for withdrawals to finance property developments of £150,000 (2022 - £1,500,000). The portfolio shows an unrealised surplus of £1,603,925 (2022: £2,084,220).

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 up to 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 £197,959 (2022 - £196,889).

3

ASTON-MANSFIELD CHARITABLE TRUST

TRUSTEE’S REPORT (continued)

YEAR ENDED 31 MARCH 2023

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, the after effects of Covid and the current inflationary spike.

The charity’s reserve position as at 31 March 2023 is disclosed in Note 12 to the Accounts. At 31 March 2023, the overall funds decreased by £916,955 (2022 – increased by £320,705) bringing the total funds held by the charity to £14,502,091 (2022 - £15,419,046). These funds are unrestricted funds of which £40,500 (2021: £40,500) represent housing properties and £4,968,830 (2021: £3,168,311) 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. An investment strategy review will be undertaken in 2023.

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/Durning Hall 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 AstonMansfield, 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 CFiARITA8LE TRUST TRUSTEE'S REPORT Icontinu9dl YEAR ENDED 31 MARCH 20ZJ STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are also the directors of the Aslon-Man5field Charitsble Tru51 for the putposes ol comp8ny lawl are responsible lor prepering the Tru5tees' Report and Ihe financial slalernents In PKCOrdan￿ with apI￿able law and United Kingdom Accounting sta￿ards (Uniterj ￿'ngdorn Generally Accepted Acmjnting Pr&ticel. Company law requires the Trustees lo prepare finanapj ststements for each fiftanc1￿ year whith give a true and fair Mew of the stale of affairs of the thoritable company and of the inwming resOur￿S and aplicab'on ol ￿soUrCes. induding the income and expendibjre, of Ihe tharitsble cornpany for that period. In preparing these financid statemen15 the Trustees are required lo.. ecl suitable accounting poliC￿S and then apply them consistently,. Observe the melhcQs and prinoples in the Charikn'es SORP,. make1u￿9ments and ests'mates that are reasonable and prudent", Slate whether 8pplicat4e UK Accounting sland8rds have been fdiowed, subject io any material deparbJre5 disclosed and explained in the financial statements., Piepare the financial slalements on the going Coll￿rn basis unle55 11 is inapwopriate lo presume that Ihe charitable (xjmpany will conts'nue in business The Trustees are responsible for keeping proper a￿￿n1'ng records that dis¢105e Mth reasonable aC￿[￿Y al any I'me of the financial silion of the charitable COTnp£ny and enable them lo ensure that thg financia statements comply with the Companies Act 2006. They are also res￿nSIble for safeguarding the assets of the charitable company and hence for taking reasonable slep5 foi the prevention and deleclion of fraud and other irregularities. In so far we are awaie.. There is no relevant audit informal'c￿ ol which the d)aritable company's auditor is unaware,. and The Trustees have 12ken all steps that they ought to have taken to make Ihernsdves a¥vare Df any rdevanl audit information and to establish that the auditor is aware of that inforrnation. In preparing the Trustees Report, the Trustees have tsken advantsge of the exemptr'on avai18ble lo small companies and have not p￿pared a strategic report Approved by the TtU5tees on 26 September 2023 and Sign￿ on Iheii behalf by CCKeen CHAIRMAN

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 2023 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 and companies in England and Wales, 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:

7

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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.

Vikram Sandhu (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 27 September 2023 EC4R 1AG

8

ASTON-MANSFIELD CHARITABLE TRUST

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

YEAR ENDED 31 MARCH 2023

Unrestricted 2023 2022
Notes
Funds		 Total Total
£ £ £
Income
Income from investments
Investment income 2 281,338 281,338 284,520
Income from charitable activities
Rental income 286,265 286,265 116,934
Other income 2 146 146 34,283
Total Income 567,749 567,749 435,737
Expenditure
Raising funds
Investment management costs (52,906) (52,906)
(78,515)
Charitable activities
Health and education (381,207) (381,207)
(172,760)
Community development (40,050) (40,050)
(12,690)
Community buildings (572,259) (572,259)
(324,215)
Religious activity (12,539) (12,539)
(512)
Housing activities (133) (133)
(63)
Total Expenditure 3 (1,059,094) (1,059,094)
(588,755)
Net expenditure before investment gains (491,345) (491,345)
(153,018)
Net (loss)/gain on investments (425,610) (425,610)
473,723
Net (expenditure)/income (916,955) (916,955)
320,705
Transfers 11 - - -
Net movement in funds (916,955) (916,955)
320,705
Reconciliation of funds
Total funds brought forward 15,419,046 15,419,046 15,098,341
Total funds carried forward 12 £14,502,091 £14,502,091 £15,419,046

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

All funds in the current and previous year were unrestricted.

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

ASTON-MANSFIELD CHARrrA8LE TRUST Company Number.. 247685 BALANCE SHEET AT 31 MARCH 2023 2023 FIXED ASSETS Houslng prop8rfjes Other lan9ible gssets Invèsbments 40.500 4.968,830 10.061.656 5 008,214 9.206 984 14.255.S98 15,070.986 CURRENT ASSErs Debtors and prepayments Cash al bank and in hand 157 437 237,509 209,206 290,022 394.946 499,228 CREDITORS= amounts falling du& within one year 10 1148.5531 1151.1681 CURRENT ASSETS 246.393 348.060 TOTAL ASSETS LESS CURRENr LIA81LrriES 14 502,091 15.419,046 NET ASSETS £14,502.091 £15,419.C46 FUNDS Unrestncted funes.. Generd Irevaluatsfft reserve. £2,237.150 2022- £2.717,4451 14.502.091 15.419.046 12 £14,502.091 £15,419.046 The financial statements were appro¥ed and aulhorisetr for Issue by the Pnard ol Directors on 26 Seplemtw 2023 and we s￿ned tdowon its L*hall by Chii51opher C Kp Chairman A￿X MIDford Dgputy Chairman The notes on pages 12 to 21 forTn part ol these finanod stalemenls. iu

ASTON-MANSFIELD CHARITABLE TRUST

CASHFLOW STATEMENT

AT 31 MARCH 2023

2023 2022
Notes £ £
NET CASH OUTFLOW FROM OPERATING ACTIVITIES 13 (544,811) (553,691)
CASH FLOWS FROM INVESTING ACTIVITES:
Dividends, interest and rents from investments 2 281,338 284,520
Proceeds on sale of Fixed Asset 7 - -
Payments to acquire investments
Listed investments 8 (14,137) (438,393)
Assets/Assets under construction 7 (218,102) (1,809,036)
Cash deposits 8 - -
Proceeds from the sale of investments
Listed investments 8 475,870 2,082,264
Cash deposits 8 (32,671) 132,157
------------------------ ------------------------
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 492,298 251,512
-------------------------- --------------------------
NET CASH OUTFLOW FOR THE YEAR (52,513) (302,179)
Change in cash and cash equivalents in the reporting period
Cash balances brought forward 290,022 592,201
---------------------- ----------------------
CASH BALANCES CARRIED FORWARD £237,509 £290,022
========== ==========

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 2023

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.

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 2023

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 2023

2. Investment Income 2023 2022
£ £
Property 160,929 157,105
Fixed Interest 23,142 20,694
Equities 97,114 106,557
Interest 153 164
----------------------- -----------------------
£281,338 £284,520
========== ==========

In the prior year, other income includes recovery of cost incurred towards the development plans for a GP/Primary Care Centre at the Aston-Mansfield Community Centre.

3. Expenditure
a) Analysis of expenditure Direct Support Total
costs costs 2023
£ £ £
Costs of raising funds 33,405 19,501 52,906
Costs of charitable
activities
Health and education 310,548 70,659 381,207
Community development 31,649 8,401 40,050
Community buildings 468,891 103,368 572,259
Religious activity 12,000 539 12,539
Housing activities 133 - 133
------------------------ ---------------------- ---------------------------
Total expenditure 2023 £856,626 £202,468 £1,059,094
========== ========== ==========
b) Analysis of support costs Management General bank Total
fees charges Depreciation Governance 2023
£ £ £ £ £
Costs of raising funds 11,988 30 - 7,483 19,501
Costs of charitable
activities
Health and education 761 2 69,421 475 70,659
Community development 761 - 7,165 475 8,401
Community buildings 761 - 102,132 475 103,368
Religious activity 321 - - 218 539
Housing activities - - - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total support costs 2023 £14,592 £32 £178,718 £9,126 £202,468
========= ======== ========= ========= ==========
Basis of apportionment Time Transactions Usage Time

14

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

3 Expenditure (continued) 2023 2022
£ £
c) Analysis of expenditure on raising funds
Insurance 1,802 1,694
Legal and professional fees 3,763 24,720
Investment management fees 24,244 30,180
Investment property costs: Rates, maintenance and utilities 3,596 3,420
Support costs 19,501 18,501
---------------------- ----------------------
Total cost of raising funds £52,906 £78,515
========= =========
d) Analysis of governance costs
Audit fees (See note 5 below) 8,070 7,260
Support costs 1,043 1,017
---------------------- ----------------------
£9,113 £8,277
========= =========

Total expenditure includes grants to Aston-Mansfield of £789,385 (2022 - £486,927) and small grants to other organisations of £15,922 (2022 - £4,995). 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 Analysis of expenditure – prior year Direct Support Total
costs costs 2022
£ £ £
Costs of raising funds 60,014 18,501 78,515
Costs of charitable
activities
Health and education 168,670 4,090 172,760
Community development 11,369 1,321 12,690
Community buildings 317,587 6,628 324,215
Religious activity - 512 512
Housing activities 63 - 63
------------------------ ---------------------- ---------------------------
Total expenditure 2022 £557,703 £31,052 £588,755
========== ========== ==========
f) Analysis of support costs Management General bank Total
Prior year fees charges Depreciation Governance 2022
£ £ £ £ £
Costs of raising funds 11,695 18 - 6,788 18,501
Costs of charitable
activities
Health and education 743 1 2,916 430 4,090
Community development 743 2 146 430 1,321
Community buildings 743 - 5,455 430 6,628
Religious activity 313 - - 199 512
Housing activities - - - -
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Total support costs 2022 £14,237 £21 £8,517 £8,277 £31,052
========= ======== ========= ========= ==========
Basis of apportionment Time Transactions Usage Time

15

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

4. Net Movement in Funds for the Year
Net Movement in Funds for the Year 2023 2022
£ £
This is stated after charging:
Auditors’ remuneration for audit 8,070 7,260
Depreciation of fixed assets 178,718 8,517
======== =========

5. Staff Numbers and Costs

No staff were employed during the year (2022: nil). The Trustees are considered to be the key management of the charity.

No Trustee has received any remuneration or reimbursement of expenses (2022: nil).

6. Housing Properties

Housing Properties 2023 2022
£ £
Net cost
As at 1 April 2022 993,163 993,163
Less: Social Housing Grant (741,313) (741,313)
---------------------------- ----------------------------
Net cost as at 31 March 2023 251,850 251,850
========== ==========
Amortisation
As at 1 April 2022 211,350 211,350
Charge for the year - -
------------------------ ------------------------
As at 31 March 2023 211,350 211,350
========= =========
Net Book Value as at 31 March 2023 £40,500 £40,500
========= =========
Other Tangible Fixed Assets Land & Furniture & Asset under
Buildings Equipment construction Total
£ £ £ £
Cost
At 1st April 2022 2,451,379 28,544 4,449,327 6,929,250
Additions during the year 89,344 55,714 73,044 218,102
Disposals during the year - - - -
Transfer 3,857,708 26,873 (3,884,581) -
----------------------------- ------------------------- ------------------------- -----------------------------
At 31 March 2023 6,398,431 111,131 637,790 7,147,352
----------------------------- ------------------------- ------------------------- ---------------------------
Depreciation
At 1st April 2022 1,931,876 28,544 - 1,960,420
Charged during the year 166,330 12,388 - 178,718
Disposals during the year - - - -
-------------------------- ------------------ ------------------ -------------------------
At 31 March 2023 2,098,206 40,932 2,139,138
--------------------------- ------------------ ------------------ ---------------------------
Net Book Value
At 31 March 2023 £4,300,225 £70,199 £637,790 £5,008,214
============= ======= ============= =============
At 31 March 2022 £519,503 £- £4,449,327 £4,968,830
============= ======= ============= =============

7. Other Tangible Fixed Assets

16

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

Asset under construction of £637,789 (2022: £4,449,327) represents the cost incurred on the refurbishment of our community space and development work in creating a new GP/Primary Care Centre at the Aston-Mansfield Community Centre.

8. Investments 2023 2022
£ £
a) Listed Investments
Market Value as at 1 April 7,908,318 9,108,466
Additions at cost 14,137 438,393
Disposals (proceeds 2023 - £475,870; 2022 - £2,082,264 (350,557) (1,701,812)
Unrealised gain/(loss) (550,923) 63,271
---------------------------------- ----------------------------------
Market Value as at 31 March 7,020,975 7,908,318
Cash deposits 51,703 19,032
----------------------------------- -----------------------------------
£7,072,678 £7,927,350
============== ==============
b) Property
Market value as at 1 April 2,130,000 2,100,000
Additions at cost - -
Disposals - -
Unrealised gain/(loss) - 30,000
------------------------------- -------------------------------
Market value as at 31 March £2,130,000 £2,130,000
============ ============
c) Chattels £4,306 £4,306
============ ============
Total investments £9,206,984 £10,061,656
============== ==============
2023 2022
£ £
Listed Investments comprise:
Fixed Interest Stocks 399,419 470,347
Equities 6,283,563 7,026,135
Preference shares 337,993 411,836
----------------------------------- -----------------------------------
£7,020,975 £7,908,318
============ ============
Historic cost of investments £5,417,050 £5,824,098
============ ============

Investment properties were valued at 24th March 2022 by Hull+Company. The trustees are satisfied there is no material movement between then and 31st March 2023.

17

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

9. Debtors 2023 2022
£ £
Account receivable 157,122 200,186
Prepayments and accrued income 315 9,020
-------------------- --------------------
£157,437 £209,206
======== ========
10. Creditors: Amounts falling due with one year 2023 2022
£ £
Accounts payable 2,791 14,431
Rents in advance 97,797 92,095
Rent deposits 22,974 16,392
Aston-Mansfield 11,239 11,919
Other creditors and accruals 13,752 16,331
---------------------- ----------------------
£148,553 £151,168
========= =========
11. Unrestricted Funds
Transfers and
1 April Income Expenditure Investment 31 March
2022 gains & losses 2023
£ £ £ £ £
General Fund:
Capital Accounts 19,192,086 - - (425,610) 18,766,476
Revenue Accounts (3,773,040) 567,749 (1,059,094) - (4,264,385)
------------------------------ ----------------------- ---------------------- ------------------------- ------------------------------
Total £15,419,046 £567,749 (£1,059,094) (£425,610) £14,502,091
============== ========== ========== ========== ============
Transfers and
Previous year 1 April Income Expenditure Investment 31 March
2021 gains & losses 2022
£ £ £ £ £
General Fund:
Capital Accounts 18,718,363 - - 473,723 19,192,086
Revenue Accounts (3,620,022) 435,737 (588,755) - (3,773,040)
------------------------------ ----------------------- ---------------------- ------------------------- ------------------------------
Total £15,098,341 £435,737 (£588,755) £473,723 £15,419,046
============== ========== ========== ========== ============

18

ASTON-MANSFIELD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

12. Analysis of Net Assets by Fund 2023
Unrestricted Restricted Total
Current year Fund Fund Funds
£ £ £
Housing Properties 40,500 - 40,500
Other tangible assets 5,008,214 - 5,008,214
Investments 9,206,984 - 9,206,984
Debtors 157,437 - 157,437
Cash and bank 237,509 - 237,509
Creditors < one year (148,553) - (148,553)
----------------------------------- ------------------------------------- -------------------------------------
£14,502,091 £- £14,502,091
============== ================ ================
2022
Unrestricted Restricted Total
Previous year Fund Fund Funds
£ £ £
Housing Properties 40,500 - 40,500
Other tangible assets 4,968,830 - 4,968,830
Investments 10,061,656 - 10,061,656
Debtors 209,206 - 209,206
Cash and bank 290,022 - 290,022
Creditors < one year (151,168) - (151,168)
----------------------------------- ------------------------------------- -------------------------------------
£15,419,046 £- £15,419,046
=============== ================ =================
13. Reconciliation of net movement in funds to net cash 2023 2022
inflow from operating activities
£ £
Net expenditure before investment gains (491,345) (153,018)
Investment income (281,338) (284,520)
Profit on Sale of fixed asset - -
Depreciation/amortisation 178,718 8,517
Increase/(Decrease) in creditors (2,615) 32,506
Decrease/(increase) in debtors 51,769 (157,176)
-------------------------- --------------------------
(£544,811) (£553,691)
=========== ===========

19

ASTON-MANSFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2023

14. Related Party transactions

During the year project services were delivered by Buckingham Project Services for £1,728 (2022: £2,880). 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 (2022-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 £789,385 (2022 - £486,927) to Aston-Mansfield and received services costing £15,635 (2022 - £15,254) from that charity. At the year end the company owed Aston-Mansfield £11,239 (2022 - £11,919), as disclosed within note 9. There were no other related party transactions in the current or preceding accounting period.

15. 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 2023

17. Comparative Statement of Financial Activities (Year Ended 31 March 2022)

Unrestricted
2022
Notes
Funds		 Total
£ £
Income
Income from investments
Investment income 2 284,520 284,520
Income from charitable activities
Rental income 116,934 116,934
Other income 2 34,283 34,283
Total Income 435,737 435,737
Expenditure
Raising funds
Investment management costs (78,515) (78,515)
Charitable activities
Health and education (172,760)
(172,760)
Community development (12,690)
(12,690)
Community buildings (324,215)
(324,215)
Religious activity (512)
(512)
Housing activities (63)
(63)
Total Expenditure 3 (588,755)
(588,755)
Net expenditure before investment gains (153,018) (153,018)
Net gain/(loss) on investments 473,723 473,723
Net income/(expenditure) 320,705 320,705
Transfers 11 - -
Net movement in funds 320,705 320,705
Reconciliation of funds
Total funds brought forward 15,098,341 15,098,341
Total funds carried forward 12 £15,419,046 £15,419,046

21