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2022-04-05-accounts

ASHBURNHAM THANKSGIVING TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2022

Charity Registration Number 249109

ASHBURNHAM THANKSGIVING TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Contents Page
Trustees’ report 1-3
Independent Auditor’s report 4-6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9-17

ASHBURNHAM THANKSGIVING TRUST

REPORT OF THE TRUSTEES

The Trustees have pleasure in submitting their report and the financial statements for the Trust for the year ended 5 April 2022. They have been prepared under the Charities Act 2011 and in accordance with the Charities of Recommended Practice (Charities SORP (FRS102)) and Financial Reporting Standard 102 (FRS102).

Reference and administrative details

The names of the persons who were Trustees at any time during the year were as follows:

Mr E R Bickersteth Mr R D Bickersteth Dr C R Warren

The principal professional advisers to the Trust are:

Solicitors Adams & Remers Adams & Remers Auditors Jacob Cavenagh & Skeet
Trinity House 5 Robin Hood Lane
School Hill Sutton
Lewes Surrey
East Sussex BN7 2NN SM1 2SW
Bankers Barclays Bank Plc Investment Manorbridge Investment
63-67 Terminus Road Advisers Management
Eastbourne 25 Ropemaker Street
East Sussex BN21 3NE London EC2Y 9LY
Investment Strutt & Parker Principal Agmerhurst House
Property 201 High Street Office Kitchenham Road
Advisers Lewes Ashburnham
Sussex BN7 2NR Battle TN33 9NB

Structure, Governance and Management

The Trust was formed by Trust Deed on 5 April 1965 by the Reverend J D Bickersteth. The Trust is registered as a charity under reference number 249109.

The key management personnel of the charity are the Trustees. They are in charge of directing, controlling, running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee received any remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in Note 10 to the financial statements. Trustees are appointed by existing Trustees.

The pay of other staff is reviewed annually and normally increased in accordance with average earnings.

Objectives and activities

The object of the Trust is such charitable purposes as the Trustees shall from time to time in their absolute discretion think fit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

Page 1

ASHBURNHAM THANKSGIVING TRUST

REPORT OF THE TRUSTEES (continued)

Grant policies

The Trustees seek to achieve the objects of the Trust for the public benefit by supporting a wide range of Christian missionaries, together with charitable and other community organisations in the United Kingdom and worldwide.

Investment powers

The Trustees have power from the Trust Deed to invest Trust funds at their absolute discretion. The charity has made no social investments.

Financial review

The Trustees have continued to support the Christian missionaries and Christian and charitable organisations in the local community, the United Kingdom and worldwide which are known to be effective in their charitable work and to provide public benefit by their work, which is mainly focussed on the advancement of the Christian religion and the relief of poverty.

The beneficiaries of the trust are ultimately those sections of the public that the organisations and individuals supported work with. Focussing support on known organisations enables the Trustees to ensure that the funds generated from its investments are used as efficiently as possible.

During the year the net expenditure amounted to £50,222 (2021: net income £772) after making charitable gifts of £133,687 (2021: £114,403) but before net gains on investments of £877,869 (2021: net gains of £425,761). At the end of the year there was undistributed income totalling £125,788 (2021: £154,719).

Risk review

The Trustees have reviewed the major risks to which the charity is exposed and are satisfied that adequate systems are in place to mitigate these risks.

The Trustees consider that the principal risks and uncertainties facing the charity and their plans and strategies for managing these risks, to be a loss of investment income which might restrict the charity’s ability to maintain its future grant-making programme. The Trustees’ strategy for managing this risk is to spread their investment portfolio across a wide range of investment classes, to align their level of grant making to their anticipated income for the year, and to refrain from making long-term grant funding commitments.

Reserves

The Trustees have established a general reserve policy to allow sufficient resources for the current activities of the charity to continue in the event of a significant drop in income and to provide funds to respond to emergency applications for grants which arise from time to time.

General Reserves

General Reserves are not restricted or designated for use on a particular programme or for some other defined or designated purpose. The balance on General Reserves represents free reserves.

Designated Funds

Designated Funds are those unrestricted funds that have been allocated by the Trustees for particular purposes. Fixed Assets reserves totalling £8,942,500 (2021: £8,085,922) represent resources invested in the charity’s fixed assets that are therefore not available for other purposes.

Page 2

ASHBURNHAM THANKSGIVING TRUST REPORT OF THE TRUSTEES {continued) 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 lQngdom Generally Accepted Accounting Practice). Charity law 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, including the income and expenditure, of the charity for that period. In preparing these nancial statements, the trustees are required to.. select suitable accountSng policies and apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and estimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concein basis unless it is inappropriate to presum8 that the charity will continue its operations. The trustees are responsible for keeping proper accountsng records which 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 Acl 2011. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention of fraud and olher irregularities. FOR AND ON BEHALF OF THE TRUSTEES Mr E R Bickerstelh Trustee 3 September 2022 Page 3

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ASHBURNHAM THANKSGIVING TRUST

Opinion

We have audited the financial statements of Ashburnham Thanksgiving Trust (the “Charity”) for the year ended 5 April 2022 which comprise the Statement of Financial Activities, Balance Sheet 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 12 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 other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 4

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ASHBURNHAM THANKSGIVING TRUST (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 charity, we identified that the principal risks of non-compliance with laws and regulations related to charity legislation 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 Charities Act 2011.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.

Page 5

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ASHBURNHAM THANKSGIVING TRUST {continued) We determined that the principal risks were related lo valuation of property, 8nd transactions with ￿lated parties. In response to the risks identrfied we desKJned procedures which included. but wore not limited lo, and challenging signif￿ant accounting estimates such as valuation of investment properties, agreeing financial statement disclosures of reiated paty transactions to underlying supporting documentation, and reviewing minutes of trustee meetings. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misslalements that arise due to fraud can be hardor to detect than thos8 that arise from error as they may involve deliberate concealment or collusion. A further deseriplion of our responsibilities for the audit of the financial slalemenls is located on th$ Financial Reporting Council's website al.. ￿w.frc.Org.UkIauditor$resp0n$1bllitles. This description forms part of our auditor's report. Use of our report This reF)Ort is made solely to the Charty's trustees, as a body, in accordance with Part 4 of the Charrties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state lo the Charity's trustees those matters we are required lo stste lo them in an audrf(orfs report and for no other purpose. To the fullest extent pemitted by law. we do not aecept or assume responsibility lo anyone other than the charty and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. Jacob Cavenagh & Skeet ststutory Auditor Chartered Accountants S Robin Hood Lano Sutton Surrey SM1 2SW September 2022 Jacob Cavenagh & Skeet is eligible for 8ppoinlment as auditor of the ch8ri1y by virtue of ils eligibility for appointment as audilorof a Company undersect￿n 1212 of the Companies Act 2(￿6. Page 6

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

ASHBURNHAM THANKSGIVING TRUST

Note
Income from:
2
Donations
Rentals
Investments
Other sources

Total income
Expenditure on:
3
Raising funds
Charitable activities:
Grants
11
Support costs
Total expenditure
Net (expenditure)/income before investment gains
Net gains on investments
Net income
Total funds brought forward
Total funds carried forward
Unrestricted Funds
2022
2021
£
£
1,100
1,350
199,787
204,460
68,878
57,568
493
1,345
270,258
264,723
158,744
124,549
133,687
114,403
28,049
24,999
320,480
263,951
( 50,222)
772
877,869
425,761
827,647
426,533
8,240,641
7,814,108
9,068,288
8,240,641

Page 7

ASH8URNHAM THANKSGIVING TRUST BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Note Flxed assets Investments Tangible assets 8,942,500 8,085,922 8,942,500 8,085,922 Current assets Debtors Cash at bank and in hand 4,101 145 179 149,280 8,550 182 629 191,179 Creditors.. Amounts falling due within one year Net current assets 154 719 Net assets 24 Unrestricted funds General reserves Fixed asset reserves 125,788 8 942 500 154.719 8 085 922 The accounts were approved by the Trustees on 3 September 2022 and signed on their behalf by.. E R BIGKERSTETH Trustee Page 8

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES

The Ashburnham Thanksgiving Trust was formed by Trust Deed in England and Wales. It is a registered charity. The registered office is Agmerhurst House, Kitchenham Road, Ashburnham, Battle TN33 9NB. The Ashburnham Thanksgiving Trust meets the definition of a public benefit entity under FRS102.

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

The financial statements are presented in sterling and figures are rounded to the nearest pound.

There are no material uncertainties about the charity’s ability to continue in operation.

(c) Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life as follows:

Furniture and office equipment - straight line over 10 years

(d) Debtors and loans given

Loans given and other debtors are included at the settlement amount due. Prepayments are revalued at the amount prepaid.

(f) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising 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. Creditors and provisions are recognised at their settlement amount.

(g) Financial instruments

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

Page 9

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

1 ACCOUNTING POLICIES (continued)

(h) Income

Donations and gifts are accounted for once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured.

All other income is brought into the Statement of Financial Activities on a receivable basis.

(i) Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.

Charitable activities expenditure comprises all expenditure directly related to the objects of the charity.

Raising funds comprises all the costs of managing the investment properties and investment management fees.

Governance costs include the cost of compliance with constitutional and statutory requirements. These are included in Charitable Activities.

The trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Page 10

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

2
INCOME FROM:
Donations
Rentals
Farm rents
Cottage rents
Garden rents
Investments
Dividends and interest
on listed investments
Interest on cash deposits
Other sources
Penhurst Churchyard
Book Income
Total income
3
EXPENDITURE ON:
Raising funds
Investment management
Property management
Property repairs and maintenance
Property insurance
Charitable activities
Grants – Individuals and institutions
Support costs
Secretarial assistance
Governance costs
Audit fee
Trustees’ expenses
Total expenditure

2022
Total
£
1,100

5,156
194,381
250
199,787
67,370
1,508
68,878
472
21
493

270,258
2022
Total
£
16,661
48,794
88,257
5,032
158,744
133,687
23,397
4,320
332
28,049
320,480
2021
Total
£
1,350
5,150
199,060
250
204,460
55,627
1,941
57,568
1,241
104
1,345
264,723
2021
Total
£
15,480
44,885
58,894
5,290
124,549
114,403
20,799
4,200
-
24,999
263,951

Page 11

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

4
INVESTMENTS
Market value at 6 April 2021
Additions
Disposals
Unrealised surplus in the year

Market value at 5 April 2022
Historical cost at 5 April 2022
Listed investments at market value comprised:
UK equities
Fixed interest investments
Cash awaiting investment
Investment
Listed
properties
investments
Total
£
£
£
6,340,000
1,745,922
8,085,922
-
276,611
276,611
-
( 297,902)
( 297,902)
745,980
131,889
877,869
7,085,980
1,856,520
8,942,500
481,551
1,419,061
1,900,612
MV
Cost
£
£
1,647,663
1,205,766
190,224
194,662
18,633
18,633
1,856,520
1,419,061

Investment properties were valued at open market value at 5 April 2022 by Messrs Strutt & Parker, Chartered Surveyors.

5 TANGIBLE ASSETS

TANGIBLE ASSETS Furniture
and office
equipment
£
At cost
At 6 April 2021 2,907
Disposals (2,907)
At 5 April 2022 -
Depreciation
At 6 April 2021 (2,907)
Disposals (2,907)
At 5 April 2022 -
Net book value
5 April 2022 -
5 April 2021 -

Page 12

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

6
DEBTORS
Rents
Other debtors
7
CREDITORS
Trade creditors
Deferred rental income
Other creditors
Accruals
2022
£
4,010
91
4,101
2022
£
4,410
7,032
350
11,700
23,492
2021
£
7,474
1,076
8,550
2021
£
16,329
7,361
1,250
11,520
36,460

8 UNRESTRICTED FUNDS

2022
General reserves
Fixed asset reserves
2021
General reserves
Fixed asset reserves
Balance
at
6.4.21
£
154,719
8,085,922
8,240,641
Balance
at
6.4.20
£
122,093
7,692,015
7,814,108
Income
Expenditure
£
£
270,258
(320,480)
-
-
270,258
(320,480)
Income
Expenditure
£
£
264,723
(263,951)
-
-
264,723
(263,951)
Invest-
ment
gains
Transfers
£
£
-
21,291
877,869
(21,291)
877,869
-
Invest-
ment
losses
Transfers
£
£
-
31,854
425,761
(31,854)
425,761
-
Balance
at

5.4.22
£
125,788
8,942,500
9,068,288
Balance
at

5.4.21
£
154,719
8,085,922
8,240,641

The fixed asset reserves represent resources invested in the charity’s fixed assets that are therefore not available for other purposes.

Page 13

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022 (continued)

9
STAFF COSTS
Wages and salaries
The number of employees during the year was:
2022
£
23,397
1
2021
£
20,799
1

10 RELATED PARTY TRANSACTIONS

No Trustees received remuneration during the year.

As permitted by the Trust Deed, Mrs. R L Bickersteth, the wife of Mr E R Bickersteth received remuneration of £23,397 as the Charity Administrator (2021: £20,799).

During the year, £332 of travel and subsistence expenses was reimbursed to 2 trustees. (2021: £nil of travel expenses were paid to 2 trustees).

During the year, £800 (2021: £800) was granted to Friends of Ashburnham & Penhurst Churches, a charity of which Mr E R Bickersteth is a trustee.

During the year, on occasions the charity had an outstanding balance with a trust, some of the beneficiaries of which are also trustees of the charity. The balance arose from apportionment of shared costs which are settled regularly.

The charity has a Charity Commission Order authorising the rental arrangements relating to a cottage owned by a family trust.

The charity had no other related party transactions during the year.

Page 14

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

11 SCHEDULE OF GRANTS

1
SCHEDULE OF GRANTS
Advantage Africa
Aitken Christian Services
All Nations Christian College
Arts Centre Group
Ashburnham Chapel
Ashburnham Church PCC
Beachy Head Chaplaincy Team
Care For The Family
Care Trust
Chichester Diocesan Association Family Support Network (FSW)
Chasah Trust
Chichester Diocesan Evangelical Fellowship
Christian International Peacekeeping Service
Christian Praise Children’s Home
DEC Ukraine
East Sussex Prayer Breakfast
Edge Christian Ministries
Evangelical Alliance
Evangelical Sisterhood of Mary
Freedom in Christ Ministries
Friends of Ashburnham & Penhurst Churches
Hastings Christian Trust
Hastings Street Pastors
Helping Point (India)
International Fellowship of Evangelical Students
International Justice Mission UK (IJM)
LAMA (Life And More Abundant) Ministries
Lambeth Partnership
Latin Link
Links International
London School of Theology
Micah Trust
The Minster Fellowship
My Ministry
New Destiny Trust
Oak Hill College
Open Doors
Balance carried forward
£
800
500
350
500
1,000
1,100
600
600
1,250
1,000
1,300
400
600
600
10
800
300
1,846
700
1,000
800
500
600
600
600
750
1,250
2,500
1,400
3,000
750
2,250
1,600
500
4,000
1,000
1,500
38,856

Page 15

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (continued)

11
SCHEDULE OF GRANTS(continued)
Balance brought forward
OMF International
Oxford Inter-Collegiate Christian Union
Oxford Kilburn Youth Trust
Oxford Pastorate
Penhurst Church PCC
Penhurst Retreat Centre
Prison Fellowship
Release International
Royal Agricultural Benevolent Institution (RABI)
Royal British Legion
Scripture Union
Sharing Christ Internationally
Spinnaker Trust
St Barnabas Hospice (Chestnut Tree House)
St Lukes Healthcare for the Clergy
St Stephen’s, Bexhill
St Stephen's Society
Sussex Historic Churches Trust
Swiss Church in London
Tear Fund
The Lee Abbey Fellowship
The Stewards’ Trust
The Vincent Society (CMJ)
Titus Trust
Trinity Fellowship
Universities & Colleges Christian Fellowship
Wonersh & Blackheath PCC
Wycliffe Bible Translators
Youth with a Mission
£
38,856
2,200
500
550
500
600
1,500
1,500
600
500
100
300
1,500
750
500
1,000
150
4,600
600
550
750
250
2,000
600
1,000
1,200
1,100
1,500
4,250
1,000
71,006

Page 16

ASHBURNHAM THANKSGIVING TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022(continued)
11
SCHEDULE OF GRANTS (continued)
Charitable grants to organisations(as above)
Charitable grant to the Chichester Diocesan Fund(re Rural Officer)
Charitable grants to individuals(14 gifts made to individuals)
Miscellaneous:
Books and publications
Holidays and assistance for missionaries, clergy
and other Christian workers
Total of unrestricted grants
£
71,006
24,713
14,775
775
22,418
133,687

Page 17