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2021-04-05-accounts

The Astor Foundation

Trustees’ Report

and Financial Statements

for the year ended 5 April 2021

Registered Charity Number 225708

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

INDEX

Page
Charity information 1
**Trustees’ report ** 2
Independent auditors’ report 4
Statement of financial activities 6
Balance sheet 7
Accounting policies 8
Notes to the accounts 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

CHARITY INFORMATION

Trustees

Charles Astor (Chairman, from September 2020) Robert H Astor Esq (Chairman, to September 2020) Dr Howard Swanton MA, MD, FRCP, FESC, FACC Lord Latymer Professor Sir John Cunningham DM, FRCP, KCVO The Hon Tania Astor

Principal office

9 Hamilton Mews London SW18 5AY

Charity registered number

225708 Secretary

Ms B Doyle

Auditors

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers

Coutts & Co Adelaide Branch 440 Strand London WC2R 0QS

Investment Advisers

Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 5 April 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Astor Foundation is a registered charity constituted under a Deed of Settlement dated 31 October 1962 between the then Lord Astor of Hever and the trustees.

The Foundation is controlled by a board of trustees whose members are elected by the trustees for the time being acting by majority.

New trustees are selected on the basis of the contribution that they will make to the governance of the Foundation and the skills that they will contribute. They are provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.

The administration of the Foundation is delegated by the trustees to its part-time secretary.

The management of the Foundation’s investments is delegated to its investment advisers. The investment objective for the year under review was to achieve an overall investment return equivalent to RPI plus 2% over a rolling three year period.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by monitoring the performance of the investment portfolio, by operating controls over the Foundation’s bank accounts and by initiating background checks on applicants for grant funding, they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The Deed of Settlement authorises the trustees to apply both the capital and the income of the Foundation for or towards such charitable purposes at such time or times and in such manner as the trustees shall in their absolute discretion think fit.

The Foundation achieves this object by provision of grants. In determining the means by which the Foundation shall achieve its object the trustees have had regard to the guidance on public benefit issued by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

During the year under review the trustees awarded a total of seventy-four grants ranging in value from £250 to £20,000 to a range of charitable organisations in accordance with the Foundation’s grant making policy.

In the opinion of the trustees the Foundation, by making grants only to charitable organisations which themselves are for the benefit of the public, is in turn meeting its own obligation to deliver public benefit.

Grant making policy. The primary object of the charity is medical research in its widest sense, favouring research on a broad front rather than in specialised fields. For guidance, this might include general medical equipment or equipment for use in research, or grants to cover travelling and subsistence expenses for doctors and students studying abroad.

In general, the Foundation gives preference to giving assistance with the launching and initial stages of new projects and filling in gaps or shortfalls.

In addition to its medical connection, historically the Foundation has also supported initiatives for children and youth groups, the disabled, the countryside, the arts, sport, carers groups and animal welfare.

The trustees are mindful of their responsibilities in relation to safeguarding and are satisfied, through the charity’s grant making policy and monitoring process, they are fulfilled.

Page 2

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

TRUSTEES’ REPORT

Investment policy. The policy of the Foundation is to invest prudently in a managed portfolio of equities, fixed income and alternative investments to generate sufficient income to fund the Foundation’s grant programme. In addition, research into social, environmental and ethical issues is undertaken by the Investment Manager but no restrictions are imposed by the Trustees.

Investment performance was monitored throughout the year and the trustees noted strong positive returns against their inflation benchmark.

FUND-RAISING STANDARDS INFORMATION

The charity does not actively raise funds from the general public, with its activities supported by income generated from its investments and further donations by the settlor trustees.

FINANCIAL REVIEW

During the year ended 5 April 2021 the Foundation’s incoming resources amounted to £109,421 (2020: £123,498) and its outgoing resources amounted to £133,932 (2019: £133,257).

Reserves policy. The Foundation is funded by income arising on its investment portfolio, which is held in an expendable endowment fund. The trustees have the ability to flex the level of grant expenditure from year to year. These factors mean that the trustees do not consider it essential for the charity to maintain significant free reserves (i.e. a retained balance on income funds) although balances will arise from time to time. As at 5 April 2021, free reserves totalled £42,841 (2020: £54,523).

PLANS FOR FUTURE PERIODS

The trustees will continue to accept applications for grant funding in pursuance of their grant-making policy outlined above.

TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the trustees:

02 February 2022

Charles Astor Date Trustee

Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of The Astor Foundation

Opinion

We have audited the financial statements of The Astor Foundation (the ‘charity’) for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 charity'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, other than the financial statements and our auditor’s report thereon. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Page 4

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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:

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 charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cawley Priory South Pallant Chichester West Sussex Blue Spire Limited, Statutory Auditor PO19 1SY 02 February 2022 Date

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 5

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds - investment management fees
2
Charitable activities
3
Total resources expended
Gains / (losses) on investments
Realised
Unrealised
7
Net Income/(expenditure)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
9,10
Total funds carried forward
9,10		 Income
Fund
£
109,421
109,421
-
121,103
121,103
-
-
-
(11,682)
-
(11,682)
54,523
42,841		 Capital
Fund
£
-
-
12,829
-
12,829
21,066
567,435
588,501
575,672
-
575,672
3,981,393
4,557,065		 2021
Total
Funds
£
109,421
109,421
12,829
121,103
133,932
21,066
567,435
588,501
563,990
-
563,990
4,035,916
4,599,906		 2020
Total
Funds
£
123,498
123,498
9,153
124,104
133,257
22,671
(309,315)
(286,644)
(296,403)
-
(296,403)
4,332,319
4,035,916

None of the charity's activities were acquired or discontinued during the above two financial years.

The charity has no recognised gains or losses other than those dealt with in the Statement of Financial Activities.

Page 6

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2021

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors - accrued investment income
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
8
Net current assets/(liabilities)
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Capital (expendable endowment)
9
Income
10
Total charity funds		 £
£
4,344,623
23,032
290,430
313,462
58,179
255,283
4,599,906
4,557,065
42,841
4,599,906
2021		 £
£
3,490,531
22,292
528,620
550,912
5,527
545,386
4,035,917
3,981,393
54,523
4,035,916
2020		 £
£
3,490,531
22,292
528,620
550,912
5,527
545,386
4,035,917
3,981,393
54,523
4,035,916
2020
4,035,917
3,981,393
54,523
4,035,916

The notes on pages 10 to 17 form part of these financial statements.

The financial statements were approved by the board and signed on their behalf.

02 February 2022 Charles Astor Chair of trustees Date

Page 7

THE ASTOR FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Astor Foundation is an unincorporated association constituted under a deed of settlement. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Cash flow statement

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a statement of cash flows on the grounds that it is applying FRS 102 Section 1A.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

● Raising funds; these include investment management fees charged by the charity's investment managers

● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Page 8

THE ASTOR FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

ACCOUNTING POLICIES

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital (endowment) funds comprise the original gifts introduced by the late Lord Astor of Hever, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 9

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

1. Income from investments

Income
Fund
£
Income from managed funds
109,385
Bank deposit interest
36
109,421
2. Raising funds - Investment management costs
Income
Fund
£
Investment management fees
-
-		 Capital
Fund
£
-
-
-
Capital
Fund
£
12,829
12,829		 2021
Total
Funds
£
109,385
36
109,421
2021
Total
Funds
£
12,829
12,829		 Income
Fund
£
123,255
243
123,498
Income
Fund
£
-
-		 Capital
Fund
£
-
-
-
Capital
Fund
£
9,153
9,153		 2020
Total
Funds
£
123,255
243
123,498
2020
Total
Funds
£
9,153
9,153

3. Charitable activities

Grants awarded (see note 4.)
Governance costs:
Secretarial services
Sundry expenses
Bank charges
Audit fees		 Income
Fund
£
109,750
7,419
517
537
2,880
121,103		 Capital
Fund
£
-
-
-
-
-
-		 2021
Total
Funds
£
109,750
7,419
517
537
2,880
121,103		 Income
Fund
£
113,000
6,252
1,403
569
2,880
124,104		 Capital
Fund
£
-
-
-
-
-
-		 2020
Total
Funds
£
113,000
6,252
1,403
569
2,880
124,104

4. Grants to institutions

Action on Elder Abuse
Adenoid Cystic Carcinoma Research Foundation
Alive
Alzheimer's Society
Antibiotic Research UK
Armed Forces rolling grant – Forces Support
BASICS Devon
Belvoir Cricket & Countryside Trust
BEWSA
Bletchley Park Trust
Blind Veterans UK
Boccia Engalnd Limited
Brogdale Collections
Books Beyond Words
Brain Research UK
British Council for the Prevention of Blindness
Balance carried forward		 2021
£
-
-
-
3,000
750
-
500
750
-
-
-
1,000
250
-
-
1,000
7,250		 2020
£
1,000
1,500
1,500
3,000
-
2,500
-
-
1,000
1,000
500
-
-
1,000
1,000
-
14,000

Page 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions
Balance brought forward
Calvert Trust Exmoor
Canine Partners
Charcot-Marie-Tooth UK
Childhood Eye Cancer Trust
City Escape
Climbing Out
Clowns in the Sky
Clinical Human Factors Group
Combe Church PCC
Cruse Bereavement Care
Cure EB
DEMAND Design and Manufacture for Disability
Disability Snowsport UK (The Uphill Ski Club of Great Britain)
Dogs for Good
Douglas Macmillan Hospice
Drama Expressions for Children
Ehlers-Danlos Support UK
Erb’s Palsy Group
Exmoor Search & Rescue Team
First Story
Genetic Alliance UK
Golden-Oldies
Haemochromatosis UK
Hospice UK
Hot Lines Meals Service
Independence at Home
Insight Counselling
Institute for Cancer Vaccines & Immunotherapy
International Spinal Research Trust
Ironbridge Gorge Museum Trust Limited
Just One Ocean
Kings Theatre Trust
Lady Astor Statue Appeal
Lake District Foundation
League of Friends, University College London Hospitals
Leeds Weekend Care Association
Lennox Childrens Cancer Fund
Level Water
London’s Air Ambulance
Lupus UK
Macular Society
Maggie Keswick Jencks Cancer Caring Centres Trust
Mark Evison Foundation
Midlothian Young People's Advice Service
Msail
Myaware
NAPAC
NGVFA
OCD Action
Orchestra of St John's
Orchid
Pain Relief Foundation
Pancreatic Cancer UK
PCCGB
Penrith District Red Squirrel Group
Balance carried forward		 2021
£
7,250
-
-
-
1,000
-
-
1,500
1,000
1,000
750
-
1,000
1,000
500
1,500
1,000
-
-
-
-
750
1,000
1,000
4,000
1,000
4,500
1,000
-
1,000
1,500
750
-
-
-
5,000
750
1,500
-
3,000
1,000
-
1,000
-
1,000
1,000
-
-
-
-
1,000
-
-
-
-
500
49,750		 2020
£
14,000
500
1,500
1,500
-
1,000
500
-
-
-
-
1,000
-
-
-
-
-
1,500
500
500
2,000
-
-
-
4,000
-
4,500
-
1,500
-
-
-
500
1,000
1,000
5,000
-
-
1,000
3,000
-
1,500
-
1,000
-
-
1,000
1,000
1,000
1,000
-
1,500
1,000
1,500
500
-
57,000

Page 11

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions
Balance brought forward
Perthes Association
Priors Court Foundation
Prodigal Arts
Pumping Marvellous Foundation
QEF
RAW Workshop
Remap
Riding for the Disabled
Ring 20 Research Support UK
Royal Botanic Gardens, Kew
Royal Marsden Cancer Charity
Royal College of Music
Royal National Lifeboat Institution
Safe Families for Children
Samaritans
Seafarers UK
Sepsis Research (FEAT) SCIO
Siblingstogether
Snowdon Trust
SOFA Project
South London Refugee Association
Special Boat Service Association
St Martin-in-the-Fields Trust
St Peter's Ufton Charitable Trust
The Abbey Sutton Courtenay Limited
The Big House Theatre Company
The British Polio Fellowship
The Cirdan Sailing Trust
The Cure Parkinson’s Trust
The Destitution Project
The Freya Foundation
The Hugs Foundation
The Inkpen Memorial Playing Fields
The Jessie May Trust
The Living paintings Trust
The Maddi Foundation
The Mary Rose Trust
The ME Trust
The Middlesex Hospital Celebrations 2019
The Migraine Trust
The National Autistic Society
The Pituitary Foundation
The Police Rehabilitation Centre
The Royal British Legion Poppy Factory Limited
The Royal Navy & Royal Marines Children’s Fund
The Salvation Army
The Sir Francis Chichester Trust
The St Stephen's Restoration and Preservation Trust
The Wessex Heritage Trust
The Wiltshire Bobby Van Trust
Thrive
Time to Change (West Cumbria) Project CIC
Together for Short Lives
Turner's House Trust
UCL Medical School – MBPhD stipend
Balance carried forward		 2021
£
49,750
-
750
-
500
-
1,000
-
-
-
-
-
2,500
2,500
-
3,000
-
1,000
1,000
-
-
750
2,500
1,000
750
500
1,000
-
-
-
-
-
500
750
1,500
1,500
750
-
-
-
-
2,500
-
1,000
1,500
-
750
1,000
500
1,000
1,000
-
750
-
1,000
20,000
104,500		 2020
£
57,000
500
-
500
-
1,000
-
1,000
1,000
500
1,000
1,000
-
2,500
1,500
3,000
1,000
-
-
1,000
1,500
-
-
-
-
-
-
1,000
1,000
1,000
1,000
500
-
-
-
-
-
1,000
1,500
1,000
1,000
2,500
1,000
-
-
500
-
-
-
-
-
500
-
1,000
-
20,000
108,500

Page 12

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

4. Grants to institutions
Balance brought forward
Ufton Court Educational Trust
University of Kent
Volunteering Hebrides
Waverley Steam Navigation Co Ltd
Wings for Warriors
Womankind
Woundcare 4 Heroes
Yehudi Menuhin School
YMCA
Young Urban Arts Foundation
Grants written back/returned
The Raptor Trust		 2021
£
104,500
750
-
750
1,000
1,500
1,000
-
750
-
-
110,250
(500)
(500)
109,750		 2020
£
108,500
-
2,500
-
-
-
-
500
-
1,000
500
113,000
-
-
113,000

Grants are awarded in furtherance of the charity's objects in support of various areas including animal welfare, children & youth groups, conservation, disability, education, elderly, emergency services, medicine & medical research, sailing & maritime, the armed forces, the arts and volunteers & carers groups.

5. Auditors' remuneration

5. Auditors' remuneration
Audit fees Income
Fund
£
2,880
2,880		 Capital
Fund
£
-
-		 2021
Total
Funds
£
2,880
2,880		 Income
Fund
£
2,880
2,880		 Capital
Fund
£
-
-		 2020
Total
Funds
£
2,880
2,880

6. Staff costs and related party transactions

The charity has no employees but engages the services of an administrator, these charges are included within secretarial services within note 3.

No remuneration or amounts for reimbursed expenses were paid to the trustees in this or the preceding year.

There were no disclosable related party transactions in the year under review or the preceding year.

Page 13

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

7. Investments
Market value brought forward at 6 April 2020
Cost of investments purchased
Disposal at carrying value
Unrealised gains / (losses)
Market value carried forward at 5 April 2021
The investments above are analysed as follows:
Listed investments
Other investments
8. Creditors
Grant creditors
Investment manager's fees
Audit fees
9. Capital Fund
Amounts received between 1962 and 1968 from the
late Lord Astor of Hever in pursuance of the
settlement dated 31 October 1962
LESS:
Investment management fees
Donations out of capital
Unrealised surplus arising on revaluation of investment to market value at
Profit less losses on sales of investments up to
beginning of the year
Net realised profit on sales of investments in the year
Comprising:
Investments
Cash at bank
Creditors		 593,329
(175,310)
(64,109)
the year end
2,115,774
21,066		 2021
£
353,910
2,066,315
2,136,840
4,557,065
4,344,623
215,241
(2,799)
4,557,065		 2021
£
3,490,531
613,218
(326,561)
567,435
4,344,623
2021
£
4,266,561
78,062
4,344,623
2021
£
52,500
2,799
2,880
58,179
593,329
(162,481)
(64,109)
2,093,103
22,671		 2020
£
4,017,817
669,284
(887,255)
(309,315)
3,490,531
2020
£
3,412,469
78,062
3,490,531
2020
£
-
2,647
2,880
5,527
2020
£
366,739
1,498,880
2,115,774
3,981,393
3,490,531
493,509
(2,647)
3,981,393

Page 14

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

10. Income fund

10. Income fund
Balance at beginning of year
Excess of income/(expenditure) for the year
Balance at end of year
Comprising:
Debtors
Cash at bank
Creditors		 2021
£
54,523
(11,682)
42,841
23,032
75,189
(55,380)
42,841		 2020
£
55,129
(606)
54,523
22,292
35,111
(2,880)
54,523

11. Grant commitments at 5 April 2021

11. Grant commitments at 5 April 2021
Alzheimer's Society
Hospice UK
Independence at Home
League of Friends, University College London Hospitals
National Autistic society
London Air Ambulance
The Royal National Lifeboat Institution
Samaritans
UCL Medical School
Spring rolling grants - St Bride's Church (2022), Eton College (JSPB Fund) (2023)
Autumn rolling grants - Forces Support (2022), Special Boat Service Association (2023)		 2022
2023
£
£
3,000
3,000
4,000
4,000
4,500
4,500
5,000
5,000
2,500
2,500
3,000
3,000
2,500
2,500
3,000
3,000
20,000
20,000
2,500
2,500
2,500
2,500
52,500
52,500
Years to 5 April
52,500

The above grants have not been accrued at the balance sheet date as future awards and payment is at the discretion of the trustees.

Page 15

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

12. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

12. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
2021
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
4,344,623
4,344,623
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2020
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
109,421
Investment management fees
(12,829)
96,592
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Realised gains/(losses) on investments
21,066
Unrealised gains/(losses) on investments
567,435
588,501		 2020
Total
Funds
£
3,490,531
3,490,531
2019
Total
Funds
£
123,498
(9,153)
114,345
22,671
(309,315)
(286,644)

Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.

Page 16

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

THE ASTOR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

13. Comparative Statement of Financial Activities
Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds - investment management fees
2
Charitable activities
3
Total resources expended
Gains / (losses) on investments
Realised
Unrealised
7
Net Income/(expenditure)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
9,10
Total funds carried forward
9,10		 Income
Fund
£
123,498
123,498
-
124,104
124,104
-
-
-
(606)
-
(606)
55,129
54,523		 Capital
Fund
£
-
-
9,153
-
9,153
22,671
(309,315)
(286,644)
(295,797)
-
(295,797)
4,277,190
3,981,393		 2020
Total
Funds
£
123,498
123,498
9,153
124,104
133,257
22,671
(309,315)
(286,644)
(296,403)
-
(296,403)
4,332,319
4,035,916

Page 17