**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: - factors, critical dependencies, constraint factors and key milestones and performance indicators for major changes encompassed AMCT’s property strategy, and an analysis of the highest impact risks to which AMCT is exposed - The establishment of policies, systems, and procedures to mitigate those risks identified in the annual review - An annual budget, and quarterly performance reporting against budget - materialise 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: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2023 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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: - the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements. 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: - adequate accounting records have not been kept by the charitable company; or - the charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. ## **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: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries postings by unusual users or with unusual descriptions; and - Challenging assumptions and judgements made by management in their critical accounting estimates. 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