REGISTERED CHARITY NUMBER: 264515 THE IAN ASKEW CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS 5 APRIL 2021
THE IAN ASKEW CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 5 APRIL 2021 Trustees: Mr JR Hecks- Chairman (Retired 1 September 20211 Mr RAR Askew Mr JB Rank Ichairman fri)m 1 September 2021 } Mrs HCR Marshall Mfs V Sl Q Harrison Mr KJR Bljckland Prfncipal Address: Porttand 25 High Street Wesl Sussex RH10 1BG Charity Number: 264515 Audltor: RSM UK Audit LLP Portland. 25 High Street Crawley Wesl Sussex RH10 1BG Bankers: BarclayE Bank PIC 128 Moorgale London EC2M 6SX Estat• managers: Strutt & Parker LLP 201 High Street Lewes East Sussex BN7 2NR Solicltors: Chades Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Investment managers: Cazenove Capital Management Ltd 1 London Wall Plaets) -Eng EC2
THE IAN ASKEW CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2021 The Tmstees present their anl1 let and financial stalements of the charity for the year ended 5 April 2021. The financial slalemenls have been preparj in acu)rdance th the Statement of Recommended Practice.. Accounting and Rewrting by Charities, preparing their accounts in accordarTrce with the FirTrancial RepOrj Standard appli(8ble in the UK and Republic of Ireland IFRS 1021 issued on 22 August 2019 and the Financial Rewrting Stsndard applicable in the Unrted Klngdom and Republic of IrelaNI IFRS 102} and the Charttles Act 2011 and UK GerTreralty Accepted Practice as il applies from 1 January 2019. The financial slalements have bn prepared lo give a 'true arKI fair, view and have departed from the Charities IAw)unts and Rewrtsl Regulations 21)08 only lo 1he extent required to provide a Irue and fair view,. This departure has involved followirKJ Ac(x)unting and Reporting by Charities preparing their accounts in a¢c(Kdan wilh the Financial Re[rtIng Stsndard appllcable in the UK and Republic of Ireland IFRS 1021 issuaj on 22 August 2019 rathèr than thé Accounling Reporting by Charities.. Statement of Recommeed Practice effective from 1 April 2005 which has since been wItrawn. strudure. 9ovemance and management The lan Askew Charitable Trust is an unincorwrated registered charity established by a Deed of Sethement dated 9 May 1972. Under its constiluts.ori and provisions, the Trust Fund and income thern are held for such charitable objects or purFoses as the Trustees shall in their absolute discretion think fiL The Plashett Estsle is part of the Trust Fund comprising familand, woodlands and various residential prOrtIeS which are tenanted. The main part of the Woodlands designat1 as a slte of special arKJ sryerTrtif infrrest. as the Estste has hisloric associations, and because of the flora and fauna. On 3 November 1997 Ihe TnJStS crèat8d a sub-ftjnd for thè Adwancemant of EduGqtion and associat8d activities. AccordirMJly, Plashett Wood, No 4 Plashett Park Gates and the Sawmills Building are designated as he Educational sutFfund'. The woodlands and buildings of The Educational sutFfund (x)mprise herilage assets. A further sufU1 designated Yhe Conservation Fund. was created wn Mr I V Askew gifted shares at the value of £100,003 on 28 June 1998 for the coriseN8tion and restoration of historic buildiTVJS for the benefrt of the public. Mr Askew added further shares wlth a value of £49.608 on 28 Marth 2007 arnl made a cash gift on 25 Febnjary 2011 as delailed below. On 31 March 2007 the Trustees a¢xepted the net assets and liablitieg of the t)orolhy Askew Twst {registered charity number 2860881. amountirKJ to £558,908, into the Estate FuThJ. The u of these funds is not restricted. The transfer also inclLKled the transfer of tlÈle to the Trustees of the Buxshalls Chapel, which is considered lo be heritage asset. This asset is not valued. By way of a lease executed on 4 December 2008, Buxshalls Chapel was let on a long lease of 999 years on a peppercom rent. On 25 February 2011 the setmor. Mr I V Askew. made Gift Aid (k)natM)ns to the lan Askew Charitable Trust and to the lan Askew Conservation Trust amounting to £645.330 and £322.664 respectively, indusive of the Gift A(d repaYnts. In addition, the charity and the Conservation Fund restlivelY received generous legaCS of £100,(M)O and £50.000 plus interest from the estate of Mr I V Askew INho died on 14 Awl 2014. These gifts and legacies have been invested. The incx)me arising thereon enables the charity to increase the level of its charitable grants. In the year ending 5 April 2020, the land and kennels at Plashett Estate were transferred lo the Trust under the will of Mr I V Askew. The land and kennels have been leased under a 9year FRI lease to the Sussex Downs Hounds at a peppero)m renL The Trustees had been appointed by the Founder. Mr lan Askew MC, during his lifetime by the continuing Trustees thereafter. The minimum number of Trustees is Iwo.
THE IAN ASKEW CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The followiNJ served as Tfustees duriNJ the year ende(J 5 April 2021". MT J R Hecks- Chaiman (Retired 1 September 2021) Mrs C St Q Pengelky (Deceased 21 DeCemr 2020) MrRARAskew Mr J B Rank- Chairman from 1 September 2021 Mrs HCR Marshall Mrs V Sl Q Harrison Mr K J R Buckland The inductn process for any new Trustee is that they are briefed by the existing Trustees on the charity's organisalional framework. risk rnanagement. investrnent4 and the responsibilities of Trustees. They are provided wilh a copy of the previous year's accounts and a copy of the Charity Commission's guidance 'The Essential Trustee.. what yw need lo know and thal you need lo do.. The Trustees are kept up to date on m8tt81s pertaining to charities incjuding the bTiefiNJs provided by the Charity Commission and RSM. The Twstees meet annually to agree the bmad strategy and areas of activity for the Trust. including consideration of grant Making. investment and risk managernent policies and perfoan. The day lo day adminislralion of grants and the processing of applications prior to consideration by the Trustees, Donations Committee's quarterly meetings. is delegated to RSM UK Tax and Accounting Limited. Strutt & Parker LLP. Chartered Sutveyors, manage the Trust's interests in land and Cazenove Capital Managernenl Limited manage the investmenl portfollos. The Trust considers its Board of Trustees to be its key manement personnel. Objectives and actlvltles for the public benefit The objects of the Trust are the support of other chafitable org8nisalions and educalional facilities or bodies mainly in the Sussex area by providing grants lo them. The majority of Ihese grants were for £1,000 or less, so as to reach a wide number of needy causes. The grants maje by the TnJst are funded from the income of the Plashett Estste and from IrMe from ils inVestnt portfclio. Grants made by the Conservation Fund for the conservalion and restoration of historic buildings are fvjnded where possible from ils inveslrnenl incom8 and also from th8 Estate Fund. In the case of the Educational sub-fund, the Trustees are committed to the prornotion of education for the public benefrt of the Wcodlands in the fields of agriculture. horticulture and arboruRure. Expendilure has been incurred primarily to enhance those beneffts under the managemenl of Strutt & Parker LLP, thè Trustees land agents in consultation with Esus Forestry and Woodlands Limited. an iThYependent company $pecialising in sustsinable woodland managemenl. During Ihe year end&J 5 April 2021. 109 edUcats'or1 visits were made to the Woodlands, of which 33 were school visits. Some regular adull dasses were held each month. The Trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on public benefit wn reviewng the aims and objectives, planning fvtuTr tIvItieS and setting the grant-rnaking policy for the year. Fund ralslng The Trust d$ not use a professional fundraiser or PartlpaI0r lo raise funds lo meet its objects'ves and activities for the publ benefrt. As expL3ined above, Ihe5e ObltIveS 8nd &tivities are achieved. in pr&tv. through the inco received frorn the Plashett Eslale and from the TTUSt's share portfolios.
THE IAN ASKEW CHARITABLE TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 RSsk management The Trustees have examined the major strategic, business and operational risks which the Trust faces. induding those associated with rental ar investment income and the maintenance of its propety and investrrnt portfolios. The Trustees confirm that systems have been established lo enable regular repcts to be pr(xJu(d so that the necessary steps can be taken to manage these risks. Grant maklng policy The Trust invites applications for grants from other charities and organisations generally Trmth a Sussex connection. aFthough national and occasH)nally inlemational causes will be consider. Appticalions sfvjuld be made in wrib'ng to the Trust's principal address. and the Trustees review these every third month an(J chTh)se the recipients of grants to be made. In addib'on the Trust may consider applications by or on behalf of individuals ftTrr the advancement of their education in c8rtain circumstances. Thè Consèrvation Fund is availablè to fund the conseN8ti(m and preservation of historic buildings for the benefit of the public. Grant awards In January 2017, the Trusl entered into an agreement with the Sussex Community Foundation. a registered charity, for an inf(ial period of one year under which a quarterly donation of £5,000 would be paid with the objective of bringing added focus to the lan Askw Charitable Trusfs tharttabb giving in the Sussex area. The first tranche payment was made in April 2017. In the year to 5 April 2021 four further tranche payments of £5.000 were made to the Sussex Community Foundab'on. Please see rlote 5 in the notes to the financial stalefflenls for further expansion. Over th8 coming year the Trte•S anti(ipate continuing grants at this18v81 havir¥J du@ regard ID d8veloprTkgnts in the economic situation following the Brexit referendum result and the impact of the Covid 19 pandemic. Achlgv8monts anfl performance The Estste Fund made grants to 125 charitable organisations during the year ended 5 April 2021 1185 - 20201 amounting lo £117.450 (£136,200 2020). The roCIPlonts of the grants came from a diverse range of backgrounds including some overseas. The Conseryation Fund made granL% to 14 charitable organisalions during the year123- 20201 amounting to £13,850 I£21.100 - 2020}. The Trustses. objective for 202012021 was to continue making grants at a similar level as in 201912020. Total eXndilre on charrtable activities amunted to £229.908 (£257.327- 20201. Monltorln9 achlevement The Trustèès policy has been to maintain the donations made whilst retaining the capital base for investment. The Trustees need to balance Ihar distribution rw)licy Trmth the costs of generating the funds available to dislribule. The Plashett Estate properties are in constant need of repair and the Trustees make appropriate prowsion for this. Flnanclal reviaw The TrLSt is reliant on the income from its investment kKtrrtfolios and rental incoffts arising from its familand and residential properties from which grants are mad8. In aggregate, tha Trust's incon* from these sources in the year was £461,9681£492.736- 2020). Expenditure on raising funds and charitable 8Ctivities amunted to £464,2771£518.286 - 20201. Realised and unrealised gains or losses on investment assets and investment properti&s, including gains or (kjssesl arising from their revaluation amounted to £1.536.1371£2.267.901- 20201. The Trust's net inc(xnellexperKliture) for the year Wore transfets beeall fijnds arKJ gains on revaluation of heritage assets was £1.533.8281£2,242,351- 20201. A gain on revaluation of heritsge Property of £1,403,1601£136.431 - 2020) arose in the year resuliing in the Tnjsys rset nVernent in funds for the year of £2,936,9881£2,378,782- 2020).
THE IAN ASKEW CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 The Trust's total net assets are at £23,573,5081£20.636,520- 2020) but certaln of these assets are not produung. Invgstm8nt policy and performanco The investment portfolios 8re managed on a discretionary basis by Cazenove Capit81 Management Ltd. There is a separate designated portfolio for the Conservatwjn Fund. The Trustees. after due consideration. have dec¢ded not to plac8 any restrictions on the investments. other than purchase of warrants and options. which fflay be made by the Fund Managers undèr the discret)nary agreement entered into by them and the Trustees. The portfolios are managed on a total relum basis with a pr(MJressive attitud& to risk. The Trustees are satisfied with the performance of the investment portfolK) against the objectives set. The Trustees regularly review their investment portlolK)s with the fund manager. Such reviews take account of material gbbal econom factors affecting investments and have induded nSKeratIOn of the gk)bal Covld 19 pandemlc and Brexit imp8th.ng their portfolios. Intongiblè fixod 3$sets The 2013 reforni of the Common Agricurtural Policy I"CAP") replaced the Single Payment Scheme with the Basic Pavment Scheme which rAme into effect as from 2015. The Basic Payment Scheme is ODeraled on the basis of entitlements allocated to farmtrs. The Trust's entitlement to such payments W85 valued by Slrutt & Patker LLP at £7,704 as al 6 Apr 2016 and is being amorlised over six years being the period over which suth payments are known to become due following the Brexit referendum and will be re-assessed in light of the Govemmenl's r?dMap for exiling the European Union in 2021. Tanglblg fixed assets Th8 Trust's interests in 18nd, which comprise investment properties and h8ritag8 assets. are subject to valuation annually accordan with Financial Reporting Stsndard 102 Statement of Recommended Practice. The aggregate fair value of the charity's interests in Lqnd and properties as al 5 Apr 2021 was £20,910,645 which indudes additions of £6,960 during the year1£18,480,245- 20201. The sale of Red Bam completed 14 May 2020. The proKErty was held as a current asset investment at 5 April 2021 and was sold at its carying value of £250,000. Legal costs associated wilh the sale lotalled £7,400. The charity also incurred $ts lotslling £11,400 as part of the sale in respect of decontamination of the sits. The annual revaluation is carried out by StrLrtt & Parker LLP. chartered surveyors. The revaluation as at 5 April 2021 gave rise to an unrealised and realised gain aggregating £1,020.280 1£2.551,095 - 20201 in the case of Ihe land held by the Estats Fund. and £1,403,1601£136,431- 2020) in re$cl of the Wc#)dl8nds. Factors affecting the unrealised gainslllosses) include the reorganisalrjn of vamus tenancies releasing re$ential properties from secure tenancies and a number of fixed tem) tenan(yes which mw have shorter unexpired terms. This. combined wf(h a slroro market for agricultural land and woodlands, has led to the above unrealised g8insl(lossesl in these financ ststemenls. Rer¥e$ pollcy The Trustees, policy is to have awdilable Sufflent free reserves in unrestricted funds to be applied for grants and other Charitable purposes as are needed from month to month. This includes property and WOCKlland expenses as well as donations aNJ support and wvemance costs. The Balan Sheet as at 5 April 2021 disdoses that the Trust held unrestn'cted designated funds of £23,573,508 in aggregate, comprising the Estsle Fund £19,098,487 the EducalK)nal SufUnd £3.845,100 and the Conservation Fund £629,921. Of the Tnjsl's total funds of £23.573.508, £23.408.752 thereof Is represented by fixed assets whsch are employed exdusively by the Trust for meetbng its objectives and activities for the public benefit as has been the practice in the past end whlch will continue for the future.
THE IAN ASKEW CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 Oplnlon We have audited the financtal ststements of the lan Askew Charttable Trusl for the year ended 5 April 2021 which comprise: the Statemenl of Financial Actsvities. Balance Sheet, ststement of Cash flows and notes to the finanaal statements. including significant accounting policies. The financial reporting frewOrk that has been appl in their preparats.ors is applicable law and United KgdOM Accounting Stsndards. including FRS 102 °The Financigl Reporting Standard applicable in the UK and Republic of Ireland" (Uniled Kingdom Gener81ty Accepted Acwuntsng Prath'ce}. In our opin(on the finana81 ststements.. give a true arnl fair view of the slate of the charity's affairs as at 5 Aprd 2021 and of its inGoming resources and application of resources for the year then endj.. have been propedy prepared in afxordance with United Kingdom Generalty Accepted ArUntIng Practlce. and have been prepared in acccwdance with the requirements of the Charities Act 2011. Basls for oplnlon We have been appointed as auditors under section 144 frf the Chilies Aet 201 1 and reF<I in aewdan with regulations made un(Jer seciKM 154 of that Act. We conducted our audit in accordance with Intemat*)nal Stsndards on Audf(ing {UKI IISAS {UKI) and applicable law. Our responsibilities urujer those standards are further described in the Au¢Jttor's responsibilities for the audit of the financial statements section of r report. We are independent of the charity in accordan wtth the ethical requirernents that are relewdnt to our audit of the finanual stslemerits in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical resFx)nsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appr(yriate to provide a basis for guf opinion. Conclusions rnlating to going concern In audits.ng the financkql ststements, we have conduded that the trustees. use of the gcmng (xjneem basis of aGwunting in the preparation of the finanGial ststements is appropriate. Based on the work we have performed. we have not idenb.fieé any material uncertainties relating to events or condKb'ons that. individually or collectively, may cast significant doubt on the charity's abilty lo continue as a going concem for a period of al least e1ve months from when the financial stalernents are aulhorised for issue. Our re8ponsibiliiEs 8nd the responsibililie3 of the tru8tee3 with respect to 90ing cthcern are described in the relevant sections of this report. Olhor infonnation The other information comprises the irrfomiallon induded in the Trustees. report other than the financi81 staternents and our audilcy's report thereon. The trustees are resKy)nsible for the other infomation contsined within the Trustees. report. Our InIOn the financi81 statements does fKJt Ver the other information and, w& do not &xpress any fom) of assurdnce LDnclusion thereon. Our reswnsibility is to read the other informatim and. in doing so, o)nsider whether the other information is malerkally inojnsistenl th the financtal ststements or our knowletlge obtained in the course of the audit or othe+wise appears to be materialty misstated. If we identfy such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gtves rise to a Material rnisstalement in the financial ststements themselves. If, based on the WO we have performed. we condude Ihat there a material misstatement of this other infomialK)n. we are required to reFL)rt that fact. We have nothing to report in this regard.
THE IAN ASKEW CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 Matters on which we are required to report by exceprfon We have nothing tr) report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the infomiation gNen in the financial statements is inconsistent in any material respect with the Trustee5' Report.. or sufficient accounting records have not been kept by the charity or the charity's finanaal statements afe not In agreement with the accounting fecords and fetums: or we have not received all the infofmation and explanatsons we require for our audit Responsibllllles of trustees As explained more fvlly in the Ststement of Trusteeg, responsibilriies set out on page 6. Ihe tmstees are responsible for the preparation of the finanaal statements and for being satisfied that they give a Inje and fair view, and for such internal control as the trustees delerniine is necessary to enab the preparation of financial statements that are free from material misslalement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Chari$ abillty to continue as a going concern, disclosing, as applicable, matters related to goiro concern and using the going COnM basis of accounting unless the IfU$tees either intend lo liquidate the charity or to c*ase operations, or have no realistic altemalive bul to do so. Audltotrs responsibilities for the audlt of the flnancial slatements Our objeclNes are to obtain reasonable assurance aLM)ut whether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. R92sonable assurance is a high level of assurance. but is not a guaranlpe thal an audit cndLted in accordance wrth ISAS (UK) will aayS delecl a material miss18tement when il exists. Misstatements Can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expEcted to inftuen(E the economic decisions of users taken on the basis of these financial statements. The extent to which thg audit was considered capable of det6cting irregularities. indudiNJ fraud Irregularities are instances ol non-compliance with laws and regulations. The objectives of our audil are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the delemination of material amounts and disdosures in the financial ststefflentg. to perfomi audit procedures lo help identify InStsn$ of non-compliance with other laws and regulations that may have a material effect on the financial ststements, and to respond appropriately to identsfied or susperaed non- compliance with laws and regulations identified during the audit. In relation to fraud. the objectives of our audrt are to Klentrfy and assesg the ftsk of material misstatement of the financi81 statements due to fraud, lo obtsin SLrfficienl appropriate audit evidence regarding the assessed risks of material misststement due lo fraud through designing and irnplernenling appropriate resporbses and to respond appfOPri8tely to fraud or suspected fraud identified during the audit. However, it is the primwy responsibility of management, with the oversight of those tharged wth govemance. to ensure that the entity's operations are conducted in alr0rdan with the provIsnS of laws and regulations and for the pVentIOn and detection of fraLKI. In identifying and assessing risks of material misstatement in respect of ifregularities. induding fraud, the audit engagement team obtained an understsndirvJ of the nature of the sector. including the legal and regulatory framework that the charity operates in and how the challty is complying with the legal and regulatcry framewryk.. inquired of management. and those charged with govemance, about their own Klentification and assessment of the risks of irregularities. including any known actual, suspected or alleged inslances of fraud- discussed matters about non-complian(E with laws and regulations and how fraud might oc¢)Jr induding assessment of how and where the financial statements may be susceptible to fraud. As a result of these pr(Kedures, we consider the mosl signrficant laws and regulationg Ihal have a direct impact on the ffinanoal ststements are FRS 102, Charilies SORP IFRS 1021, Charities Act 2011, the charity's govemlThJ CMent. We perfom)ed audit procedures to detect ncffl-c0mpllan whh may have a material
THE IAN ASKEW CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 impact on the financial statements whlch trluded rev6ewlr4J Ihe flnanclal statements Includlng the Trustees. Report and remaini alert lo new or unusual trarctIonS which may not be in accordance with the goveming durnents. The audrt engagement team identified the risk of management override of ccwTrtrds and valuation of fixed assets as the area where the financial statements were most susceptible to material misststemerbt due to fraud. Audit procedures perfom)ed included bLrt were not limited to testing manual joum81 entries aj other adjustments, evaluab.ng the rat)nale in relation to significant, unusual tranSactInS arbd trarbsactions entered into outside the nomwl course of business and challenglng judgments and estimates. A ftjrther descriptM)n of OLsr responsibilities for the audit of the financial statements is syovided on the Financial Reporb'ng Council's website at http".IlwWw.frc.org.ukJaudilsponSIbII1beS. Thig description forms part of (xir auditor's report. Use of our report This report is made &ildy to the chariWs tnJstees as a trA)dy, in accordan with the Chan*S Act 2011. Our audit work has been undertaken so that we might slate to Ihe charity's trustees those matters we are reauired lo state to them in an auditorfs report and for no other purpose. To the fvllest extent permitt&Y by law, we do not accept or assuffle 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 forma. lsn LLP RSM UK AUDIT LLP Slaluti)ry Auditor Chartered Accountsnts Portland, 25 High Street. Crawley, Wesl Sussex, RH10 18G Date.. 20 January 2022 RSM UK AudTt LLP 1$ eligible lo act as an auditor in terrns of section 1212 of the Companies Act 2006.
THE IAN ASKEW CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 2021 Unrestricted Deslgnated Funds 2020 Llnrestrkted Designatsd Total Funds Estate Ethational Conservation Fund SuFnd Fund Total Funds Notes Income from: Investment income Income from charitable activites 380.029 13.566 10.064 403.659 411.984 12,172 46,137 58,309 80,752 Total inwme 392,201 59.703 10.064 461,968 492.736 Expenditur• on: Raising funds Charitsble activities 204.587 162,955 26,259 49,703 3,523 17.250 234,369 229.908 260,959 257,327 Total expEndlture 367.542 75,962 20,773 464,277 518,286 Incomg1(expendilurel before gain(]05Ses} C investment assets 24,659 (16.2591 (10.709) (2.3091 125,5501 Realised net gainsl(105$esl on investment assets 10111 136,731 25,594 162,325 20.026 Unreallsed net gainsl{lossesl on Investment assels 101111 13 1.268.848 104. 1,373,812 2.247,875 Not incomel(expenditurnl 1.430,238 116,2591 119,849 1,533,828 2,242.351 Trnnsferg between fund8 20 51.240 15.831 (67.071 > Net gains on falr value of heritage assets 10 1,403,160 1,403,160 136,431 Nel Incom$l(¢xp¢ndlture} and net movement in funds 1.481,478 1,402,732 52.778 2,936,988 2,378,782 Totsl funds brought forward 17,617,009 2,442,368 577,143 20.636.520 18.257.738 Total funds carrled forward 19,098.487 3,845.100 629.921 23,573,508 20,636.520 10-
THE IAN ASKEW CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2021 Notes 2021 2020 Flxed assets Estate fund Intangibles 1,284 2,568 Estate fund Investment property Quoted investments 10 17.061.645 1,874,636 16,034.405 1,350,598 Educational sub-fund Heritage assets 10 3,849,000 2.445.840 Conservation fund Quoted investments 11 622.187 494,706 Totsl fixed assets 23,408.752 20.328.117 Current assets Debtors Investments Cash atbank 12 13 14 33,537 48,465 250.000 96,267 191.251 Totsl currgnl assets 224,788 394,732 Creditors". amounts falling due within one year 15 160.032} 186,3291 Net current assets 164,756 308,403 Total net assets 23,573,508 20,636,520 The funds of the charity Unrestricted designated funds: Eslale fund Educati81 sub-fund Conservation fund 20 20 20 19,098,487 3.845,100 629.921 17,617,009 2.442,368 577.143 Total charity funds 23.573,508 20,636,520 The notes on pages 13 to 28 form part of these accounts. 11 ythe Boardof Trustees'(.... ..... . and aulhorised for issue and sgned on their behalf by.. Mr uc land, Trustee
THE IAN ASKEW CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2021 2021 2020 2020 Net $h used In operallng activlties 19 (434.7451 1227,305) Cash flows from Investlng activities: Investment income and Purchase of tangible fixed assets Nel Proceeds from sale of current asset investments Purchase of fixed ass&t investments Proceeds from sale of fixed asset investments 403.659 16.9601 411,984 1152.367) 10 231.200 11 (803,6121 1365,719) 11 705.442 368.027 Cash fltsws provided by Investlng actlvltle8 529.729 261,925 Change in cash and cash equivalents in year 34,620 94,984 Cash and rash equivalents brought forward 96.267 61.647 Cash arKI cash equivalents carried forward 191.251 96,267 Represented by: Cash at bank 14 191.251 96.267 12-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Accounting pollcle$ Basis of preparation and assessment of going concem The accounts have been prepared under the historical $* conventk)n as m(Klthed by thg revaluation of investment properties and listed investments. The accounts have been prepared in accordance wth the Ststement of Recommended Practice.. Actx>unting and Reportin9 by Charities preparing their accounts in aceord8nce with the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 22 August 2019 and the Charit$ Act 2011 and UK Generally Acceptsd Practice as it applies frcTh 1 January 2019. Thg accounts have b99n prgpargd to givg a 'true and fairf vigw and have dgpartgd from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair weW. This departure has involved following Accounting and Reporting by Chanties preparing their accounts in ac(x)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 22 August 2019 rather than the AuntIng and Reporting by Charities.. Statement of Recommgndad Practice offectlV8 from 1 April 2005 which has sin¢e been withdrawn. The Trust cC$t11teS a public benefit entity as defined by FRS 102. The Tfustees have consKlered whether rt is appropriate to prepare the financial statements on the ba51S that the Charity is a going concem, including the ongoing impact that COVID-19 pandemic has had on the world economy. In making that assessment the Tnjstees have ¢x)nsidered the period of twelve months from the dale of the approval of these financial stslemgnts. Rontsl income, being the main source of income, is holding up and Trustees ants"cipale that il wll continue lo do so, looking inlo Ihg future. As a result, it is expectgd that the Charity will be able to continue its charitable activities and meet its objectives accordingly. The Tnjstees, therefore, do not consider COVID-19 to have a material effect on the Charity's ability to continue as a going concem. The Tru51ees believe that the Charity has suffiaenl funds lo continue ils activities for at least efve months from the date of signing the financial statements and that there are no material uncertainties impacting on that assessment. Quoted investments Quoted investments are includod in the Balance Sheet at their falr value. provKJed by Cazenove Capital Management Ltd. Realised profits and losses arising on the disposal of investments are calculated by reference to their cost at the beginning of the accounting y93r or, rf purchasad during tha yaar. Ihair cost al the lime of purchase. Unrealised gain5 and k)sses are calculated as the drfference between the fair value at the year end and operring fair value lor purchase dale rf lalerl- Realised and unrealised 9ains are not separated in the Statement of Financial Activiles. Intangible fixed assets Intangible fixed assets relate to Basic Paymenl Scheme entidemenls hekt by the Trust. The entitlements were initially valued by Strutt & Parker LLP al £7.704 as al 6 ri12016. The entitlements are LIng amortisL¥J in order to write off the asset over six years- th8 perh)d over which such payments aro known to becoma due folk)wing the Braxil rafgrondum. Tangible fixed assets The PLgshett Eslale comprises farmL9nd and buildings together with resjdential property. whh are 191. w(M)dlands and related buitdings wwnprising the Educational sutrTrfund are heritsge assets. In accordan wth FRS 102 SORP heritage assets are excluded from the balance sheet in casgs where reliable cost Inft)rkn.OTr is not available and conventional valuation aprKoathe5 lack sufficient reliability Ise& note 171. None of the freehold properties are depreciated since they are Considered by the Trustees, lo be eilher investment properties or heritsge assets. In accordance with the requirements of the FRS 102 SORP these properties are revalued annually to fair value. 13
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Curront asso1 Investments Investment properties hekl for sale with an expected complebon date of less than one year from the balance sheet date are held as ¢)Jrrent asset investments. Current asset investments are included in the balance at their fair value. Cash and cash gquival&nts Cash and cash equwalents are basic financial inslNmnts and indude cash in hand. deposits held al call with banks. Corporatlon tax The Trust is a registered charity with the Charity CommissKJn and HM Revenue & Customs. As gjch. it benefits from the tax exemption Part 10 of Income Tax Act 2007. Investment income Net dividends and gross interest on govemment stock are included in the Statement of Finanaal Activ((ies when receivabte. The bulk of the deFK)sit interest is received gross. IoMe fr¢#n charllable objedivos All fees and grants received under this heading are a¢nted for on an accruals basis. other Income Sundry income received under this heading is aLX(NJnted for on a recerjts basis as it is not possible to anticipate the income as it is non-recutrirvJ. Llabilltle5 Liabilities are recognised in the period to which they relate under the accruals basis. Expandlturn Expenditure is recognised in the penod in which rt is incurred and is alIcated to the particular aclivity %there the ¢XJSt relates directly to that aclivty. Irrecoverabte VAT me on expenses is separately disclosed in aggregate in the accounts. AnnIS reting to raising funds are allocated an accruals basis. Costs alloratsd under this heading relate to letling of property and administration of the Plashett Estate. Charitable activities are, again, calculated on an accFuals basis. Grants are ac(x)unted for when authorised. Costs allocated under Ihis heading relate to the processing of grant applications and the payment of granls. The costs relating to maintenance of the Plashett Estate Wocmlland are included nder this heading a5 the woodland is used for educational and (x)n5ervation purposes. Support wsts include central functions and have been all0&ed to activity cost categories on a basis consistent with the use of resources. Govemance costs comprise all costs irwolving the public accountability of the Trust and rts compliance ith regulanS and good practice. Deslgnated funds These are unrestricted funds eamiarked by the Trustees, for particular wrposes. The Estate Fund is for general charitable purposes and mainly makes grants from fvnds generated in excess of fijnds required to maintain the Trust properties. The Education sutFfund ex&*nds funds on the maintenance of the woodE8nds within the Trust and educational visits to the woodlands. The Conservation Fund is used to fund grants for the maintenance of historic buildings. 14-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Flnanclal Instruments The Tnjst only has finanaal assets and financial Ilabilities of a kind that qualify as basic financial instruments. Ba&c financkql instruments are initially recc#Jnised at transaction value and subsequenuy measured at their settlement value. 8aslc Ilnanclal assets Baslc financlal assets, which include trade and other debtors and cash and bank balances, are initially measured al transaction prirE induding Iransaclion costs and are subsequenuy at amortised CDSI using the effective interest method unless the arrangement constilules a financing transaction. where the finanual a&8et is measured at the present value of the future receipts discounted at 8 market rate of interest. Ba$ic flnan¢lal Ilabilltles Basic finan¢k41 liabUilie5, induding trade and other creditors, are inltially recognised at transaction wce UnSS the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fLrture payments discount&J al a Maet rale of interest. Debt Instrumwbts are sul)sequenly carried at amortised Gctst. Ung the effective interest fate melhcmj. Judgements and key sources of e$timation uncertainty In the applICaOn of the Trust's accounting policies. the TfUStees' are required to make judgements. estimates arKI assumpti)ns about the carrying arUnt of assets and Ikabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical eXpern( and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumplk)ns are reviewed on an ongoing basis. Revislons to accounting esb'mates are recconised in the pericJ in whith the estimate is revised where the revision affects only that periLxJ, or in the period of the reVIOn and fure periods whefe the revision affects both cyrrenl and bjture pericKIs. note 10 to the financial statements for judgements made in respect of fixed assets held for investment purwjses. The revaluation in this F)eriod has had a Signifint impact on the financial statements. 2021 Estste Edu&*ional Conservation Fund Sub-fund Fund 2020 Total Funds Investment income Total Funds T¢)tal rental In¢ome 352.307 13.566 365.873 361,286 Equity income: Nel interest Dlvbdends Bank Interest: Plashett Estate accounts 5,471 22,151 2,079 7.985 7,550 30,136 8,087 42,194 98 267 Detx)sit a(xount Cazenove inwme account 142 380,029 13,566 10,064 403,659 411,984 2020 385,416 13,283 15-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 2021 Educational Conservation Sub-fund Fund 2020 Total Fund5 Income from charitable activitl•s Estate Fund Totsl Funds Wcrfxlland maintenance Grants 23.391 22,746 23.391 34.918 23.159 57.593 12.172 12.172 46,137 58.309 80,752 2020 11.796 80.752 2021 Estate Educatlonal Conservatlon Fund sfund Fund 2020 Total Funds Totsl Funds Raislng funds Propety rep8llS Estate management Rates and water Subscriptions Insurance Other estate fees Irrecoverable VAT Donations Professional fees Rent collection and estate accountancy Investment man8gement fees Sundry expenses Bad and doubtful debts Amortisation Loss on sale of current asset investments 71.2 21,506 2.488 456 10.965 13,483 21.989 1,000 22,681 6,978 19.579 91.481 26,954 2.488 456 10.965 13,483 21.989 1,OCKJ 22.681 8.210 104.297 27,789 3,491 446 7.626 54,728 38,183 1,232 8,210 9,934 3,523 13,457 13,185 250 1,470 1,284 1.025 1,284 1.025 18.800 18.8 204,587 26,259 3.523 234.369 260.959 2021 EsLite Educational Conservation Fund Sub-fund Fund 2020 Total Funds Charitablè activitiès Total Funds Grants paid. Woodland eXndItUre Govemance costs 142.325 13.850 156.175 46.303 27.430 175.811 53.406 28.110 46.303 3.400 20.630 3.400 162.955 49.703 17.250 229.908 257.327 16-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Charitable activities {continuodl Induded wrthin charitable activities are costs totslling £27,430 (2020". £28,110) in respect of govemance costs comprised of: 2021 Estate Educational Conservation Fund Sub4und Fund 2020 Total Funds Goveman¢e costs Total Funds Auditorfs remuneration Accountsncy and tax Legal and professional Irrecoverablo VAT 8,300 6.650 2.690 2,990 10,300 8,650 4.690 3,790 10,000 8.500 5.910 3,700 1.000 1.OLK) 400 1.000 1.000 400 3,4(Kl 27,430 ' Estate fund grants paid of £142.325 {2020.. £154.711) comprises grdnl payments made of £117.450 and support costs of £24,87512020: graftl payments of £136.2CM) and support costs of £18,511). Sale of current asset Investments The loss on sale of current asset investments represents Ihg sale of Red Bam in May 2020. The propety was held as a current asset investment 8t 5 April 2021 and was sold at its carrying value oy £250,000. Legal costs assoGiated with the sale lotslled £7,400. The chartty also 'ih¢urT*I decontsmination costs totaling £11,400. The loss on sale was £18,8CK). 17-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Charitable activities (continued Estate fund Grants were payabb to 125 charitable ganIsat1nS during the year {2020.' 185). Grants made of £I.000 or mc*e {eilher single or muttiple donalionsl were as folknvs.. 2021 2020 4Sighl Vision Support 3H Fund {Helping Hands for Holidays) Aclron For Children Age UK- East Sussex Alzheimerfs Society Anthony Nolan Asthma Relief Bipolar UK Ltd BcM)ks Abroad Bowel Disease Research F¢)undation Brace Brain Tumour Supwrt Brainwave Brighton & Hove Speak Out Brighton & Sussex University Hospitals NHS Trust Charitable Fund British Liver Trust Cardinal Hume Centre Care For The Carers Carers SupFK)rt Wesl Sussex Caring For Lrfe Caudwell Children Children Wth CystiG Fibrosis- Drearn Holidays Christian Aid Churth of England Children's So(iety City Gate Community Projects Glowns in the Sky Combat Stress Country Holidays for Inner City Kids Crawley Open House Cystic Fibrosis Trust Darne Vera Lynn Children's Charity Deaftslind UK DEMAND Design & Manufacture For Disabilty Down Syndrome Development Trust East Sussex AssLxiatth Of Blind & Partkglly Sighted Peop East Sussex Recovery Aliance Epilepsy Research UK Gel Sel Girls Glyndeboume Productions Limited Ifomierfy Gtyndebourne Arts Trust) Home-start Chithester & DistrKt Hope For Tomorrow Hospice In The Weald Hunlinglon's Disease Association Jamie's Fami Carried forward 1,000 1.000 1,000 1,000 1,000 1.000 1,000 1.000 1.000 1.000 1,000 1.000 1.000 1.000 1,000 6.000 1.000 1.000 1,000 1.000 1,000 1.000 1,000 1,500 1,000 1,0(K) 1,000 1.000 1,000 1.000 1,000 1.000 1,000 1.000 1,000 1.000 1.000 1,000 1,000 1,000 1,000 1.IM)O 1,000 38,000 14,500 18-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Charitable activities (continued) Estate fund Icontinuad} 2021 2020 Brought forward 38,000 14.500 Juvenile Diabetes Research Foundation Limited {JDRF) Listening 8ooks Macular Society Mane Curie CarKer Cure Meth(NJist Homes MiLrophth<ilrnia, Anophthalmia & ColTJbixna Suppixt IMACS) multip Scjerosis Society Muscular Dystrophy UK My Action For Kids National Kidnev Fe<Sp.rali Pancreatic Canr Action Parkinson's Disease Society of the United lQngdom P0hlight Prostate CancEr UK Relate, 8righton, Hove, Eastbcrtjme, Worthing and Dislrtcts Revitalise Ringmer Area Community Land Trust Rockin9horse Children'8 Charity Rotherfi8ld St Martin Royal Marsden Cancer Charity Royal National Institute of Blind People {RNI8) Royal Vcluntary Service Sense, The National Deafblind and Rubella Assoclation {Sense) Shellerbox Trust Sixty-one South East Cancer Help Centre Spinal Injuries Association st Wilfred's Hospu Isoulh Coa51} Slronbones Children's Charitable Trust The Bevem Trust The British and Foreign Biblg Sw'8ty The Congregation of The Little Sisters of the Poor The Douglas 8ad&r Foundalion The Gurkhas Wdfare TnJst The Hands Up Foundatron The Institute of Canr Research The Kenward Trust The KEYS Project The Leprosy Mission The Matthew Trust The Not Forgotten Associatlon The Matnal Autistic Soci&ty The Parothial Church Counul of the Ecclesiastical Parish of Ringmer (Ringmer Parhla1) The Poppy Factory The Royal Marines Assrxiation The Sussex Community Foundation 1,000 1.000 1,000 1,000 1,000 1.000 1,000 1.000 1.OCK) 1,OCK) 1,OfX) 1.000 1.000 1.OCx) 10.000 1,000 1.000 1,000 1.000 1,OCK) 1,500 1,000 1,OCK) 1.OC() 1,0(M) 1.0 I,0(KJ 2.000 1,000 1.OC4) 1,OC() 1.0(K) 1,000 1.000 1,000 1,000 1,1)00 1.000 1.000 20,0¢]0 25,000 Carried forward 93,500 60,5C4) 19
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Charitable actlvllles (continued) Estate fund (continued) 2021 2020 Brought fOrd Tommy's Up N, Away Veterans Aid ZAWT (Zimbabwe Agricultural Welfare Trust) 93,500 1.Ot)O 1.000 1.000 1,000 Tot81 don8tK)ns tD charit2bl8 organisations ov8r E1.000 Grants under £1.tJ)O 94,500 22,950 63,500 72,700 117,450 136,200 The donations of £20.0 lo the Sussex Communty Foundation have been dislriixrted to the followng organisalions: £2,000 to Lime Gale Faryn, £2,000 to Holding spe. £2,000 lo BrvJhlon & Hove Cty Mission. £2.000 to Kennedy Street & Co CIC, £2,000 to HeathId PartneFship Trust. £2,000 to Emmanuel Church. Eastljoume, £4,500 to Sussex Crisis Fund. The Sussex Community FoundatKsn have taken a 10% contribution of £2.SOO for the adminislralion of these donations and hold a balance of £6,000 as at 5 April 2021. (£5,000 relatirrfJ to cash receiwj in the prior year). Of the donations authori8ed and committed in the year ended S April 2020 Sussex Cc*nmunity Foundation have notrfth the Trustees that £1.000 remained unpaKI at 5 April 2021 because certain cDnditions of the grant had Th)1 been mel. They still expect the conditions to be met and the payThnl to be made in these aco)unts. Expenditure in relab'on tr) the wcKxllarKls (used for educab'onal pu0$$) was as follows: 2021 2020 Woodland maintenance Educational visits Management fees 28,316 10.457 7,530 31,776 12.660 8.970 46.303 53,406 2021 2020 Conservation fund 14 {2020'. 23) grants were paid from this fund during the yaar. All Saints Packham 8erwick (Sussex) Conservath"on Trust (Berwick Church) Blacklands C of E Parish Church, Chichester Diocese Bletchley Park Trust Limited Brightling Parochi81 Church Council Butterfy Conservation Churches ConseNation Trust Ditchling Museum ofArt + Craft Future Trnes Trust Laughton AJI Saints Church 500 1,000 500 1,000 1,000 1,000 soo carr forward -20-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CharfIab actlvltles (contlnuedl Conser¥atlon fund l¢ontlnued) 2021 2020 Brought forward 3,000 8,500 Little Ouse Headwaters Project National Art Collections Fund National Horse Racing Museum Prickles Hedgehog Rescue Rare Breeds Survival Trust Saltdean Lido Trust Sussex Heritsge Trust Limited Sussex Wildlife Trust The Ancient Monuments Society The Bam Owl Trusl Th¢ Bal Conservation 4 fL*L The Donkey Sanctuary The Historic England FOundan The Loughborough Betfoundry Trust The Sussex Archaedogic21 sCty The Sussex Historic Churches TrusÈ The Viola Hull Trust Vatley Heritage War Memorials Trust Water Harvest Wildfowl and Weuands Trust WirKlmill Hill, Windmill Trust Woodland Heritage Limited 1,000 2.000 1.fN)O 500 1.000 500 2.000 1.000 500 1,000 500 1.000 500 1,000 500 1.000 1.000 100 350 1.000 1.000 1,000 1.000 1,000 1,OCK) 1.000 13,850 21,100 Support costs Accountancy fees in relation to administrat of the Estat8 fund donations and other matters we charged as follows.. 2021 2020 RSM UK Tax and Accounting Limited Irrecoverable VAT 20,729 4,146 15,426 3,085 24,875 18,511 21
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Audltorfs remuneratlon 2021 2020 RSM UK Audit LLP and its associates: Audit serye$ {incIs1Ve of VAT} Accounting seryices {inclusive of VAT) 12.360 35,255 12,000 28.711 47,615 40,711 Expenses and rnmuneratlon of koy managomont personnel The Trust constders the Board of Trustees. to be its key manwJement personnel. The Trustee who acted as secretary to the charity, Mr KJR Buckland. charged professional fees amounting trj £4,69012020= £5.9101 for the year ended S April 2021, in line with the provision sel out in the goveming document. These charges are incled in legal and professional fees in note 5 above. Amounts totalling £2.990 were outstarKling at the Balance Sheet date {2020: £2.990). These are inc]ed in other creditors. Trustees. indemnity insuranee paid in respect of tr¢e year ended S April 2021 totalled £1,2S2 (2020.. £1,252). None of the other Trustees. or persons connected to them have receNèd any rèmuneration. nor have any Trustees, rewved expenses during the years ended S April 2021 and 5 April 2020. Staff emoluments The Trust employed no staff durfng the two years en¢Jed 5 April 2021 and. consequently. no staff costs or emoluments were incurred. Intan9ible fixed assets - Basic Payment Scheme entitlements The 2013 reform of the Common AgTicAJltural Policy ("CAP") replaced the sillg Payment Stheme with the Bas Payment Scheme which came into effect as from 2015. The Bas Payinent Scheme is operated on the basis of enlidements alkJcate(J to farmers. The ents'ljements were initially valued by Strutt & Parker LLP at £7.704 as al 6 April 2016. Subsequently the entiuements are being amortlsed in onjer to write off the asset over six years - the period over which such payments are known lo become due following the Brexit referendum. Amortisation is included Mthin expendire on raisllg fvrKls in the Statement of Financial Activities (see note 41. In November 2020, the &)vemment announc&J a reduction in the Basic Payment Scheme with a roadmap for phasing these out by 2028 as part of the UKS exit from the European Union. This will have an impact on the valuation of the asset. whlch wll be r&assessed in the financial year 2021. once this can more clearly quantified. -22-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Intangible fixed assets - Baslc Payment Scheme enlitlements (contlnued) 2021 Educatlonal Sub-fund 2020 Total Funds Totsl Fund5 Fund Basic Payment Scheme entitlements Al 6 April 2020 & 5 April 2021 7.704 7,704 7.704 Amortl$ation Al 6 April 2020 Arnortisatlon for the year 5.136 1.284 5.136 1.284 3.852 1.284 At 5 April 2021 6,420 6,420 5.136 Carrying amount At 5 April 2021 1.284 1.284 2.568 At S Apnl 2020 2.568 2.568 3.852 10 Fixed asset invesknents - property Freehold land and propertles The freehold properties and the freehokl improvements ielale to properties held for investment purposes and rtain heritage assets are revalued annually to fair value. In accordance with the FRS 102 SORP they have been revalued to fair value as al 5 April 2021, as advised by Strutt & Parker LLP, Chartered Surveyors. The valuation was made on an open market value basis by reference lo market evKlence of transaction prices for sirF)ilar properties. It aL50 lakes into account the condition of the properbes and the nature of lh8 tgnancy agr88m8nts. 2021 Educational Sub4und 2020 Total Funds Falr val Estate Fund Totsl Fund5 Brought forward Additions Revaluation lo fair value 16.034,405 6.960 1.020.280 2.445,840 18.480.245 6.960 2.423.440 15,733,845 58,874 2,687,526 1.403.160 17,061.645 3,849.0(M) 20.910.645 18,480.245 -23-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 2021 Estate Conservatlon Fund Fund 2020 T¢)tal Funds 11 Flxed asset Investments Total Fund5 Quoted investments Funds held at investrnent managers 1,813,554 606.183 2.419.737 1.805,710 61,082 16,004 77,086 39,594 1,874,636 622,187 2.496.823 1,845.304 Qu01ed Investments Fair value brought forward Ajdilions Disposals Redllsed gains uNblISed Ilossesygains 1,339.366 601.374 (512,4851 136,731 248,568 466,344 202,238 1192,9571 25,594 104,964 1.805.710 803,612 705,4421 162.325 353,532 2.091.212 365.719 1368,0271 20.026 1303.2201 F4lr*alue carrfed forward 1,813,554 606,183 2.419.737 1.805.710 Cost as at S Aprll 2021 1,530,850 531,312 2.062.162 1.798.212 Quotad Investments All investments are listgd investments quoted on a reccy3nised Stock Exchange or valued by reference to such investments. Holdings at the yearend comprising MO than of the totsl are none12020: £111.668): Total Funds 2020 Trojan Income Fund Class X- Ino)me 111,668 2021 Educational Conservatlon SuFnd Fund 2020 Total Funds Net galnsl(losses) reconcillatlon Estste Fund Total Funds Investment assets Net gainllloss) on fixed asset investments- propety Inote 101 Quoted Investmonts Net gainslllossl on fixed asset Investments- quoted investments.. Realised gains Inole 11) Unrealised gainsl (losses) Inole 11) 1,020,280 1,020,280 2.551.095 136,731 248.568 25.594 104.964 162,325 353,532 20.026 1303,220) 1.405.579 130.558 1.536,137 2,267.901 -24-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Fixod asset Investments {contlnued) 2021 Estate Fund Educational Conservation SUUnd Fund 2020 Total Funds Net galnsl{losses) reconciliation Total Funds Heritsge assets Revaluats"on to fair value Inote 10} 1,403.160 1,403,160 136,431 1,405.579 1.403,160 130.558 2.939.297 2.404.332 2021 Estate Edu¢atlonal Conservation Fund SufUnd Fund 2020 Total Funds 12 Dgbtors Total Funds Rent receivable Prepayments and accrued income Oth8r d8btors 23.056 10.481 23.056 10,481 36.903 7,871 3.691 33.537 33.537 48,465 13 Investments Estate Educational ConseNation Fund Sfund Fund Total Funds Total Funds Brought forward- Investment properties 'held for sale. Additions Disposats 250,000 250,0 250,000 93,493 {93,4931 1250,¢Y)O) {250,0001 250,000 On 14 May 2020 the Red 8am was sold for £250.000. 2021 Estate Educational Conservatlon Fund SufUnd Fund 2020 Total Funds 14 Cash balances Total Funds Barclays Bank plc Strutt & Parker- client account Cazenove income accounts 33.925 6.882 40,807 46,153 149,591 149,591 47.820 853 2.494 183,516 853 6.882 191.251 96,267 -25-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 2021 Educational Conservation Su&fund Fund 2020 Total Funds 15 Credito Estate Fund Total Funds Estate creditors Accnjals Other creditors 23.802 22,740 9,590 3,900 27,702 22.740 9.59) 55.927 22.200 8.202 56.132 3.900 60.032 86,329 16 Flnancial instruments 2021 2020 Carrying arnount of financial assets Instruments waSured at frdir value through surplus 23.408,752 20.328.117 17 Buxshalls Chapel The Trustees. held possessory title to Buxshalls Chapel. Lindfield. This Chattl is within the grounds of the Buxshalls Estate and the public have a right of access to it. The Chapel was built at the lum of the last century. in approximate 1901. as a memorial chapel for the Buxshalls Estste. The Estate itself has now been translerred to 'The Hanover Trust, but the Chapel was not transferred as no title was held to it. The Chapel is consecrated and Servi take place there whlch are open to the public. The Trustees. consider Ihe Chapel tr) be a heritage asset and do not bele that it should be included at a value in the balance sheet as reliable cost infomation is not available aThJ conventional valuation approaches lack sufficient rdiability. By way of lease entered into on 14 Decaxber 2008. Buxghalls Chapel was let on a long lease for 999 years at a pepperwn rent. 18 Relatod party transactions During the year under review. grant payments lotalling £Nil {2020.. £10.000} were paid to Ringmer Area Community Land Trust, a community benefit society in which a close famity member of one of the Trustees is Chair and Founder Member. The grant was paid in acconlance with the objectives of the Trust to support local causes. As at 5 April 2021. no amounts were due to or due from ihis paty12020.. £nill. 26-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 19 Reconciliation of not incom• to net cash flow from opgratlng activities 2021 2020 Net incomel{expenditurel inclusive of recc4Jnised gair61(lossesl Amortisalion Loss on distK)sal of tent assel inveslments Interest and rents from investments {Gainsl on investments {Increaselldecrease in cash held with investment manager Increase in debtor5 IlncreasellDecrease in c¥edilors 2,936.988 2.378.782 1.284 1.284 18,800 93,493 {403.6591 1411.9841 (2.939,297} (2,404,332) 137,4921 106.582 14,928 {11,7531 126,2971 20,623 Net cash used in operating activities 1434,7451 1227,3051 20 Analysls of funds Analysis of movemenl in fund$ Balanco at 6 Aprll 2020 Incom• Expènditure Nèt gain$1 Transfers (losses) between tunds Balance at S Aprll 2021 Eslale fund Educational sub- fund Conservalion fvnd 17,617,009 392.201 (367.5421 1.405.579 51,240 19.098.487 2.442,368 59.703 (75.9621 1.403,160 15,831 3.845,100 577.143 10.064 (20.7731 130.558 167,0711 629.921 20.636.520 461.968 (464,2771 2,939,297 23,573,508 Anaty$l$ of funds: prlor year Anatyyis of movemènt in funds Balance at 6 April 2019 In¢om• Expendllure Net gainsl Transfers (losses) between funds Balance at S April 2020 Estate fund Educatk)nal sut fund Conservation fund 15,379,946 397,212 1413,374) 2,342,226 (89,001) 17,617,IJ)9 2,300,649 82,239 176,951) 136,431 2.442.368 5n.143 13.285 27.961) 174.325} 89,001 577,143 18.257.738 492.736 1518.286) 2,404,332 20,636,520 -27-
THE IAN ASKEW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 20 Analysis of funds Icontlnued) Estate fund The Plashett Estate is part of the Trust Fund o)mprising farmland. wo(MJlands and various residential properties whlch are tenanted. The main part of the Woodlands is designated as a site of speci81 and saentffic interest. as the Estate has historic associations, and because of the flora and fauna. On 31 March 2007 the Trusleos, 0pIed t nel assels and liabih'lies of the Dorothy Askew Trust (registered charity number 2860881. amounting to £558.908. into the Estate fuThY. Educational sub-fund The Educational sub-fund was created for the Advancement of Education and associated activities. The Trust8ps' are Tr)mmittpd to the promotion of 8ducai¢on for the public tEnefit of the Woodlands in the fields of agricultu. kKirticvlture. and artrN)riculture. Conservation fvnd The Conservation fund was created for the ConserVatn and restoration of historic buildings for the benefit of the public. Transfors bgtwoen funds The Trustees, have recognised that, historically, the Inco (excluding unr&alised gains and losses) of the Educational sub-fund and the ConseNation fund. does not wver oulgoings. so they have been rrEt by the working capital of the Estate fund. This is reflected in the financial statements. 21 Anatysls of net assets between funds Estate fund Educatlonal Consebvatlon sub-fund fund Total Fixed assets Invesknents Net current assetsllliabilitiesl 17,062.929 1,874,636 160,922 3,849,000 20,911,929 2,496,823 164,756 622,187 7,734 (3.900) 19,098.487 3.845.100 629.921 23,573,508 Anatysls of npt assets between funds: prior year Estate fund Educattonal Conservatlon sub-tund fund Total Fixed assets Investments Net current asselsl(liabilities) 16,036.973 1.350,598 229,438 2,445.840 18.482,813 1,845.304 308,403 494,706 82,437 {3,4721 17,617,009 2,442.368 577.143 20.636.520 -28-