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2023-04-05-accounts

REGISTERED CHARITY NUMBER: 264515

THE IAN ASKEW CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS

5 APRIL 2023

THE IAN ASKEW CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 5 APRIL 2023

Trustees: Mr RAR Askew
Mr JB Rank – Chairman
Mrs HCR Marshall
Mrs V St Q Harrison
Mr KJR Buckland
Principal Address: Coney Hall
Sharpsbridge Lane
Newick
East Sussex
BN8 4SA
Charity Number: 264515
Auditor: RSM UK Audit LLP
Highfield Court, Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TY
Bankers: Barclays Bank Plc
Leicester
LE87 2BB
Estate managers: Strutt & Parker LLP
201 High Street
Lewes
East Sussex
BN7 2NR
Solicitors: Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
Investment managers: Cazenove Capital Management Ltd
1 London Wall Place
London
England
EC2Y 5AU

THE IAN ASKEW CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 22 August 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 22 August 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Structure, governance and management

The Ian Askew Charitable Trust is an unincorporated registered charity established by a Deed of Settlement dated 9 May 1972. Under its constitution and provisions, the Trust Fund and income thereon are held for such charitable objects or purposes as the Trustees shall in their absolute discretion think fit.

The Plashett Estate is part of the Trust Fund comprising farmland, woodlands and various residential properties which are tenanted. The main part of the Woodlands is designated as a site of special and scientific interest, as the Estate has historic associations, and because of the flora and fauna.

On 3 November 1997 the Trustees created a sub-fund for the Advancement of Education and associated activities. Accordingly, Plashett Wood, No 4 Plashett Park Gates and the Sawmills Building are designated as “The Educational sub-fund”. The woodlands and buildings of The Educational sub-fund comprise heritage assets.

A further sub-fund designated “The Conservation Fund” was created when Mr I V Askew gifted shares at the value of £100,003 on 28 June 1998 for the conservation and restoration of historic buildings for the benefit of the public. Mr Askew added further shares with a value of £49,608 on 28 March 2007 and made a cash gift on 25 February 2011 as detailed below.

On 31 March 2007 the Trustees accepted the net assets and liabilities of the Dorothy Askew Trust (registered charity number 286088), amounting to £558,908, into the Estate Fund. The use of these funds is not restricted. The transfer also included the transfer of title to the Trustees of the Buxshalls Chapel, which is considered to be a 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 peppercorn rent.

On 25 February 2011 the settlor, Mr I V Askew, made Gift Aid donations to the Ian Askew Charitable Trust and to the Ian Askew Conservation Trust amounting to £645,330 and £322,664 respectively, inclusive of the Gift Aid repayments. In addition, the charity and the Conservation Fund respectively received generous legacies of £100,000 and £50,000 plus interest from the estate of Mr I V Askew who died on 14 April 2014. These gifts and legacies have been invested. The income 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 to the Trust under the will of Mr I V Askew. The land and kennels have been leased under a 99-year FRI lease to the Sussex Downs Hounds at a peppercorn rent.

The Trustees had been appointed by the Founder, Mr Ian Askew MC, during his lifetime and by the continuing Trustees thereafter. The minimum number of Trustees is two.

THE IAN ASKEW CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

The following served as Trustees during the year ended 5 April 2023:

Mr R A R Askew Mr J B Rank – Chairman Mrs HCR Marshall Mrs V St Q Harrison Mr K J R Buckland

The induction process for any new Trustee is that they are briefed by the existing Trustees on the charity’s organisational framework, risk management, investments, and the responsibilities of Trustees. They are provided with a copy of the previous year’s accounts and a copy of the Charity Commission’s guidance ‘The Essential Trustee: what you need to know and what you need to do’. The Trustees are kept up to date on matters pertaining to charities including the briefings provided by the Charity Commission and its advisors.

The Trustees meet annually to agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment and risk management policies and performance. The day to day administration 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 Surveyors, manage the Trust’s interests in land and Cazenove Capital Management Limited manage the investment portfolios.

The Trust considers its Board of Trustees to be its key management personnel.

Objectives and activities for the public benefit

The objects of the Trust are the support of other charitable organisations and educational facilities or bodies mainly in the Sussex area by providing grants to them. The majority of these grants were for £1,000 or less, so as to reach a wide number of needy causes. The grants made by the Trust are funded from the income of the Plashett Estate and from income from its investment portfolio.

Grants made by the Conservation Fund for the conservation and restoration of historic buildings are funded where possible from its investment income and also from the Estate Fund.

In the case of the Educational sub-fund, the Trustees are committed to the promotion of education for the public benefit of the Woodlands in the fields of agriculture, horticulture and arboriculture. Expenditure has been incurred primarily to enhance these benefits under the management of Strutt & Parker LLP, the Trustees land agents in consultation with Esus Forestry and Woodlands Limited, an independent company specialising in sustainable woodland management.

During the year ended 5 April 2023, 147 educational visits were made to the Woodlands, of which 77 were school visits. Some regular adult classes were held each month.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives, planning future activities and setting the grantmaking policy for the year.

Fund raising

The Trust does not use a professional fundraiser or participator to raise funds to meet its objectives and activities for the public benefit. As explained above, these objectives and activities are achieved, in practice, through the income received from the Plashett Estate and from the Trust's share portfolios.

THE IAN ASKEW CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

Risk management

The Trustees have examined the major strategic, business and operational risks which the Trust faces, including those associated with rental and investment income and the maintenance of its property and investment portfolios. The Trustees confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks.

Grant making policy

The Trust invites applications for grants from other charities and organisations generally with a Sussex connection, although national and occasionally international causes will be considered. Applications should be made in writing to the Trust’s principal address, and the Trustees review these every third month and choose the recipients of grants to be made. In addition the Trust may consider applications by or on behalf of individuals for the advancement of their education in certain circumstances. The Conservation Fund is available to fund the conservation and preservation of historic buildings for the benefit of the public.

Grant awards

In January 2017, the Trust entered into an agreement with the Sussex Community Foundation, a registered charity, for an initial period of one year under which a quarterly donation of £5,000 would be paid with the objective of bringing added focus to the Ian Askew Charitable Trust's charitable giving in the Sussex area. The first tranche payment was made in April 2017.

In the year to 5 April 2023 five further tranche payments of £5,000 were made to the Sussex Community Foundation. Please see note 6 in the notes to the financial statements for further expansion.

Achievements and performance

The Estate Fund made grants to 209 charitable organisations during the year ended 5 April 2023 (172 - 2022) amounting to £154,700 (£176,700 – 2022). The recipients of the grants came from a diverse range of backgrounds including some overseas. The Conservation Fund made grants to 25 charitable organisations during the year (25 – 2022) amounting to £19,100 (£20,100 – 2022). The Trustees’ objective for 2022/2023 was to continue making grants at a similar level as in 2021/2022. Total expenditure on charitable activities amounted to £278,466 (£293,817 - 2022).

Monitoring achievement

The Trustees policy has been to maintain the donations made whilst retaining the capital base for investment. The Trustees need to balance their distribution policy with the costs of generating the funds available to distribute. The Plashett Estate properties are in constant need of repair and the Trustees make appropriate provision for this.

Financial review

The Trust is reliant on the income from its investment portfolios and rental income arising from its farmland and residential properties from which grants are made. In aggregate, the Trust’s income from these sources in the year was £460,801 (£457,373 – 2022). In addition to this income the Trust received donations and legacies amounting to £nil during the year (£150,000 – 2022).

Expenditure on raising funds and charitable activities amounted to £482,249 (£499,578 – 2022). Realised and unrealised gains or losses on investment assets and investment properties, including gains or losses arising from their revaluation, amounted to losses of £1,033,768 (£1,237,840 gains – 2022).

The Trust’s net expenditure for the year before transfers between funds and gains on revaluation of heritage assets was £1,055,216 (£1,345,635 net income – 2022).

A loss on revaluation of heritage property of £14,675 (£246,000 gain – 2022) arose in the year. The Trust experienced a net decrease in funds for the year of £1,069,891 (£1,591,635 increase – 2022).

The Trust’s total net assets are at £24,095,252 (£25,165,143 – 2022) but some of these assets are not income producing.

THE IAN ASKEW CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

Investment policy and performance

The investment portfolios are managed on a discretionary basis by Cazenove Capital Management Ltd. There is a separate designated portfolio for the Conservation Fund. The Trustees, after due consideration, have decided not to place any restrictions on the investments, other than purchase of warrants and options, which may be made by the Fund Managers under the discretionary agreement entered into by them and the Trustees. The portfolios are managed on a total return basis with a progressive attitude to risk. The Trustees are satisfied with the performance of the investment portfolio against the objectives set. The Trustees regularly review their investment portfolios with the fund manager. Such reviews take account of material global economic factors affecting investments and have included consideration of the ongoing conflict in Ukraine impacting their portfolios.

Intangible fixed assets

The 2013 reform of the Common Agricultural Policy ("CAP") replaced the Single Payment Scheme with the Basic Payment Scheme which came into effect as from 2015. The Basic Payment Scheme is operated on the basis of entitlements allocated to farmers. The Trust's entitlement to such payments was valued by Strutt & Parker LLP at £7,704 as at 6 April 2016 and is now fully amortised at the year end.

Tangible fixed assets

The Trust’s interests in land, which comprise investment properties and heritage assets, are subject to revaluation annually in accordance with Financial Reporting Standard 102 Statement of Recommended Practice.

The aggregate fair value of the charity’s interests in land and properties as at 5 April 2023 was £21,401,499 (£22,284,120 – 2022) which includes additions of £18,456 during the year (£9,019 – 2022).

The annual revaluation is carried out by Strutt & Parker LLP, chartered surveyors. The revaluation as at 5 April 2023 gave rise to an unrealised and realised loss aggregating £886,402 (£1,118,456 gain – 2022) in the case of the land held by the Estate Fund, and £14,675 (£246,000 gain – 2022) in respect of the Woodlands.

Factors affecting the unrealised gains/(losses) include rising interest rates and a small fall in demand for rural properties after the end of the Covid-19 pandemic, as well as the quality of the individual agricultural land and buildings.

Reserves policy

The Trustees’ policy is to have available sufficient 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 woodland expenses as well as donations and support and governance costs.

The Balance Sheet as at 5 April 2023 discloses that the Trust held unrestricted designated funds of £24,095,252 in aggregate, comprising the Estate Fund £19,405,789, the Educational Sub-fund £4,076,425 and the Conservation Fund £613,038. Of the Trust’s total funds of £24,095,252, £23,942,201 thereof is represented by fixed assets which are employed exclusively by the Trust for meeting its objectives and activities for the public benefit as has been the practice in the past and which will continue for the future.

THE IAN ASKEW CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

Plans for the future

The Trustees intend to continue to operate the Trust as in previous years, distributing grants in such a way as to reach as many worthy causes as is practicable. In making grants, the Trustees give due consideration to the wishes of the former Settlor and Trustees of the Dorothy Askew Trust, whose net assets were transferred to The Ian Askew Charitable Trust on 31 March 2007.

Going concern

The Trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concern. In making that assessment the Trustees have considered the period of twelve months from the date of the approval of these financial statements.

Rental income, being the main source of income, is holding up and the Trustees anticipate that it will continue to do so, looking into the future. As a result, it is expected that the Charity will be able to continue its charitable activities and meet its objectives accordingly.

The Trustees, therefore, consider that the going concern basis for the preparation of the financial statements continues to be appropriate.

Auditor

RSM UK Audit LLP have indicated their willingness to be reappointed for another term.

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 including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting 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 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees and signed on their behalf by:

K J R Buckland

Mr K J R Buckland, Trustee

Date: 01/02/24

THE IAN ASKEW CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

Opinion

We have audited the financial statements of the Ian Askew Charitable Trust for the year ended 5 April 2023 which comprise: the Statement of Financial Activities, Balance Sheet, Statement of Cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 other information comprises the information included in 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 Trustees’ report. Our opinion on the financial statements does not cover the other information and, 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.

THE IAN ASKEW CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 6, 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 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

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.

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

THE IAN ASKEW CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2023

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011 and the charity’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgements and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://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 the Charities Act 2011. 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.

RSM UK Audit LLP

RSM UK AUDIT LLP Statutory Auditor Chartered Accountants Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire, SO53 3TY Date: 02/02/24

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE IAN ASKEW CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

Notes
Income from:
Donations and legacies
2
Investment income
3
Income from charitable
activities
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Income/(expenditure) before
gains on investment assets
Realised net gains on
investment assets
11/12
Unrealised net
gains/(losses) on
investment assets
11/12
Net income/(expenditure)
Transfers between funds
20
Net gains/(losses) on fair
value of heritage assets
11
Net income/(expenditure)
and net movement in
funds
Total funds brought
forward
Total funds carried
forward		 2023
Unrestricted Designated Funds
Estate
Fund
£
Educational
Sub-Fund
£
Conservation
Fund
£
-
-
-
394,883
14,195
8,150
10,174
33,399
-



405,057
47,594
8,150



189,331
10,524
3,928
201,671
54,295
22,500



391,002
64,819
26,428



14,055

(17,225)

(18,278)

8,986
-
2,550
(1,006,908)
-
(38,396)


(983,867)
(17,225)
(54,124)
(31,557)
17,225
14,332
-
(14,675)
-



(1,015,424)
(14,675)
(39,792)
20,421,213
4,091,100
652,830

19,405,789
4,076,425
613,038		 2022
Unrestricted
Designated
Total
Funds
£
Total
Funds
£
-
150,000
417,228
395,541
43,573
61,832


460,801
607,373


203,783
205,761
278,466
293,817


482,249
499,578


(21,448)

107,795

11,536
265,952
(1,045,304)
971,888


(1,055,216)
1,345,635
-
-
(14,675)
246,000


(1,069,891)
1,591,635
25,165,143
23,573,508
24,095,252
25,165,143

THE IAN ASKEW CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Estate fund
Intangibles
10
Estate fund
Investment property
11
Quoted investments
12
Educational sub-fund
Heritage assets
11
Conservation fund
Quoted investments
12

Total fixed assets
Current assets
Debtors
13
Cash at bank
14
Total current assets
Creditors: amounts falling due within one year
15
Net current assets
Total net assets
The funds of the charity
Unrestricted designated funds:
Estate fund
20
Educational sub-fund
20
Conservation fund
20
Total charity funds		 2023
£
-
17,321,174
1,934,847
4,080,325
605,855


23,942,201
54,888
185,723

240,611
(87,560)

153,051

24,095,252
19,405,789
4,076,425
613,038

24,095,252		 2022
£
-
18,189,120
2,056,685
4,095,000
645,043

24,985,848
43,810
207,486

251,296
(72,001)

179,295

25,165,143
20,421,213
4,091,100
652,830

25,165,143

The notes on pages 13 to 30 form part of these accounts.

01/02/24

Approved by the Board of Trustees’ on ………………… and authorised for issue and signed on their behalf by:

K J R Buckland

Mr K J R Buckland, Trustee

THE IAN ASKEW CHARITABLE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2023

Notes
2023
£
2023
£
2022
£
Net cash used in operating
activities
19
(419,330)
Cash flows from investing
activities:
Investment income and rents
3
417,228
395,541
Purchase of tangible fixed assets
11
(18,456)
(9,019)
Purchase of fixed asset
investments
12
(961,719)
(1,625,129)
Proceeds from sale of fixed asset
investments
12
960,514
1,568,920


Cash flows provided by
investing activities
397,567


Change in cash and cash
equivalents in year
(21,763)
Cash and cash equivalents
brought forward
207,486

Cash and cash equivalents carried
forward
185,723
Represented by:

Cash at bank
14
185,723
Analysis of changes in net debt
6 April 2022
Cashflow
Other non-
cash
changes
£
£
£
Cash at bank balances
207,486
(21,763)
-		 2022
£
(314,078)
330,313

16,235
191,251
207,486
207,486
5 April
2023
£
185,723

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties and listed investments.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 22 August 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 22 August 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concern. In making that assessment the Trustees have considered the period of twelve months from the date of the approval of these financial statements. Rental income, being the main source of income, is holding up and the Trustees anticipate that it will continue to do so, looking into the future. As a result, it is expected that the Charity will be able to continue its charitable activities and meet its objectives accordingly. The Trustees believe that the Charity has sufficient funds to continue its activities for at least twelve 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 included in the Balance Sheet at their fair value, provided 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 year or, if purchased during the year, their cost at the time of purchase. Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later).

Intangible fixed assets

Intangible fixed assets relate to Basic Payment Scheme entitlements held by the Trust. The entitlements were initially valued by Strutt & Parker LLP at £7,704 as at 6 April 2016. The entitlements were fully amortised at the prior year end.

Tangible fixed assets

The Plashett Estate comprises farmland and buildings together with residential property, which are let. The woodlands and related buildings comprising the Educational sub-fund are heritage assets.

In accordance with FRS 102 SORP heritage assets are excluded from the balance sheet in cases where reliable cost information is not available and conventional valuation approaches lack sufficient reliability (see note 17).

None of the freehold properties are depreciated since they are considered by the Trustees’ to be either investment properties or heritage assets. In accordance with the requirements of the FRS 102 SORP these properties are revalued annually to fair value.

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies (continued)

Current asset investments

Investment properties held for sale with an expected completion date of less than one year from the balance sheet date are held as current asset investments. Current asset investments are included in the balance at their fair value.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks.

Corporation tax

The Trust is a registered charity with the Charity Commission and HM Revenue & Customs. As such, it benefits from the tax exemption Part 10 of Income Tax Act 2007.

Investment income

Net dividends and gross interest on government stock are included in the Statement of Financial Activities when receivable. The bulk of the deposit interest is received gross.

Income from charitable objectives

All fees and grants received under this heading are accounted for on an accruals basis.

Other income

Sundry income received under this heading is accounted for on a receipts basis as it is not possible to anticipate the income as it is non-recurring.

Liabilities

Liabilities are recognised in the period to which they relate under the accruals basis.

Expenditure

Expenditure is recognised in the period in which it is incurred and is allocated to the particular activity where the cost relates directly to that activity. Irrecoverable VAT borne on expenses is separately disclosed in aggregate in the accounts.

Amounts relating to raising funds are allocated on an accruals basis. Costs allocated under this heading relate to letting of property and administration of the Plashett Estate.

Charitable activities are, again, calculated on an accruals basis. Grants are accounted for when authorised. Costs allocated under this heading relate to the processing of grant applications and the payment of grants. The costs relating to maintenance of the Plashett Estate Woodland are included under this heading as the woodland is used for educational and conservation purposes.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulations and good practice.

Designated funds

These are unrestricted funds earmarked by the Trustees’ for particular purposes.

The Estate Fund is for general charitable purposes and mainly makes grants from funds generated in excess of funds required to maintain the Trust properties. The Education sub-fund expends funds on the maintenance of the woodlands within the Trust and educational visits to the woodlands. The Conservation Fund is used to fund grants for the maintenance of historic buildings.

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies (continued)

Financial instruments

The Trust only has financial assets and financial 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Judgements and key sources of estimation uncertainty

In the application of the Trust’s accounting policies, the Trustees’ are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

See note 11 to the financial statements for judgements made in respect of fixed assets held for investment purposes. The revaluation in this period has had a significant impact on the financial statements.

2
Donations and
legacies
Donations
Legacies		 2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
-
-
-
-
-
-
-
-
-		 Total
Funds
£
-
-
-		 2022
Total
Funds
£
50,000
100,000
150,000

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

3
Investment income
Total rental income
Equity income:
Net interest
Dividends
Bank interest:
Plashett Estate
accounts
Deposit account
Cazenove income
account
2022
4
Income from
charitable activities
Woodland maintenance
Grants
2022		 2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
366,206
14,195
-
4,973
-
1,574
18,833
-
6,026
2,414
-
-
7
2,450
-
-
-
550

394,883
14,195
8,150
374,173
13,613
7,755
2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
-
24,085
-
10,174
9,314
-

10,174
33,399
-
10,727
51,105
-		 Total
Funds
£
380,401
6,547
24,859
2,414
7
3,000
417,228
-
Total
Funds
£
24,085
19,488
43,573
-		 2022
Total
Funds
£
364,590
6,112
24,608
224
-
7
395,541
395,541
2022
Total
Funds
£
28,359
33,473
61,832
61,832

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

5
Raising funds
Property repairs
Estate management
Rates and water
Subscriptions
Insurance
Other estate fees
Irrecoverable VAT
Rent collection and
estate accountancy
Investment
management fees
Sundry expenses
Bad and doubtful debts
Amortisation
2022
6
Charitable activities
Grants paid
Woodland expenditure
Governance costs
2022*		 2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
82,517
3,150
-
21,021
6,068
-
3,688
-
-
469
-
-
14,723
-
-
20,462
-
-
26,273
-
-
7,402
1,306
-
12,080
-
3,928
71
625
-
-
-
-
-
-
-

189,331
10,524
3,928
195,040
6,802
3,919
2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
167,600
-
19,100
-
50,895
-
34,071
3,400
3,400

201,671
54,295
22,500
215,533
54,784
23,500		 Total
Funds
£
85,667
27,089
3,688
469
14,723
20,462
26,273
8,708
16,008
71
625
-
203,783
-
Total
Funds
£
186,700
50,895
40,871
278,466
-		 2022
Total
Funds
£
75,931
26,552
5,316
464
9,632
42,471
20,482
8,293
15,276
60
-
1,284
205,761
205,761
2022
Total
Funds
£
210,480
51,384
31,953
293,817
293,817

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6 Charitable activities (continued)

Included within charitable activities are costs totalling £40,871 (2022: £31,953) in respect of governance costs comprised of:

Governance costs
Auditor’s remuneration
Accountancy and tax
Legal and professional
Irrecoverable VAT
2022		 2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
11,600
1,000
1,000
9,450
1,000
1,000
8,805
1,000
1,000
4,216
400
400
34,071
3,400
3,400
25,153
3,400
3,400		 Total
Funds
£
13,600
11,450
10,805
5,016
40,871
-		 2022
Total
Funds
£
11,300
11,200
4,947
4,506
31,953
31,953

Estate fund

Grants were payable to 209 charitable organisations during the year (2022: 172). Grants made of £1,000 or more (either single or multiple donations) were as follows:

ABF The Soldier’s Charity
Action Against Hunger
Afghanistan Emergency Fund of the Disasters Emergency Committee
Alzheimer’s Research UK
Asthma Relief
Asthma UK and British Lung Foundation Partnership
Autistica
Bowel Research UK
Brain & Spine Foundation
Brain Tumour Support (Hammer Out Brain Tumours)
British Heart Foundation
Cardinal Hume Centre
Care for the Carers
Care for Veterans
Carers UK
Cherry Trees
Chichester Information Shop for Young People
Child Autism UK
Child Bereavement UK
ChildAid
Children With Cystic Fibrosis – Dream Holidays
Christian Aid
City Gate Community Projects
Coach Core Foundation
Colostomy UK (Colostomy Association Limited)
Constella Operaballet
Carried forward		 2023
£
2022
£
-
2,000
1,000
-

-
1,500
-
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
-
1,000
-
1,000
-
1,000
-
1,000
1,500
2,000
1,000
-
1,000
-
-
1,000
1,000
-
14,500
16,500

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6
Charitable activities (continued)
Estate fund (continued)
Brought forward
Crackerjacks Children’s Trust
Dame Vera Lynn Children’s Charity
De La Warr Pavilion
Deafblind UK
DEC Ukraine (Disasters Emergency Committee)
Demelza House Childrens Hospice
Dementia Support
Emmaus Brighton and Hove
Excellent Development Limited
Family Holiday Association
Fight Against Blindness – FAB
Frozen Light
Glyndebourne Productions Limited (formerly Glyndebourne Arts
Trust)
Grassroots
Handicapped Children’s Action Group
Happy Days Children’s Charity
Help2Read
Hindleap Warren London Youth
Home for Good
Hope for Tomorrow
Institute of Cancer Research
International Spinal Research Trust
J.P.K Sussex Project
Jigsaw (South East)
Kidney Research UK
Leukaemia and Myeloma Research UK
Leukaemia UK
Lewes District Churches
Liberty Choir
Little Green Pig
Livings Paintings
MACS Microphthalmia Anophthalmia & Colomboma
Marie Curie Cancer Care
Martlets Hospice
Meningitis Now
National Kidney Federation
National Rheumatoid Arthritis Society
Pancreatic Cancer UK
Parkinson’s Disease Society of the United Kingdom
Police Community Clubs of Great Britain
Porchlight
Pregnancy Options Centre (Chichester)
Project Harar
Prostate Cancer Research
Queen Elizabeth Foundation for Disabled People
Carried forward		 2023
£
2022
£
14,500
16,500
1,000
-
-
1,000
-
1,000
-
1,000
5,000
-
-
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
1,000
-
-
1,000
1,000
-
-
1,000
-
1,000
-
1,000
1,000
-
1,000
1,000
-
1,000
1,000
-
1,000
-
1,500
-
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
36,000
46,500

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6
Charitable activities (continued)
Estate fund (continued)
Brought forward
React
Resume Foundation
Ringmer Area Community Land Trust
Rockinghorse Children's Charity
Roy Castle Lung Cancer Foundation
Royal British Legion Poppy Factory Limited
Royal Marines Association
Royal National College for the Blind
Seeing Dogs
Sepsis Research (FEAT)
Siblings Together
South East Cancer Help Centre
Spinal Muscular Atrophy
Spurgeons
St Barnabas Hospices
St John’s Ambulance Hastings Homeless Service
St Wilfred’s Hospice (South Coast)
Teenage Cancer Trust
The Anthony Nolan Trust
The British Diabetic Association
The British Forces Foundation
The Children’s Trust
The Douglas Bader Foundation (DBF)
The Hands Up Foundation
The Parochial Church Council of the Ecclesiastical Parish of
Ringmer (Ringmer Parochial)
The PSP Association
The Respite Association
The Silverlining Charity
The Sussex Community Foundation
Thomas Morely Trust (The Disabled Sailors Association)
Tree of Hope
Tuppenny Barn Education Limited
Up N’ Away
Volunteering Matters
West Sussex Mind
Whoopsadaisy Brighton
Wings for Warriors
Winstons Wish
World Cancer Research Fund
World Sight Foundation
ZAWT (Zimbabwe Agricultural Welfare Trust)
Total donations to charitable organisations over £1,000
Grants under £1,000
Carried forward		 2023
£
36,000
1,000
1,000
-
1,000
-
1,000
-
1,500
-
1,000
1,000
1,000
-
-
1,000
-
-
1,000
-
-
-
-
-
1,000
1,000
-
1,000
-
25,000
-
-
-
1,000
-
1,000
1,000
-
1,000
1,000
1,000
-
80,500
74,200
154,700		 2022
£
46,500
-
-
50,000
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
-
1,000
1,000
1,000
1,000
15,000
1,000
1,000
1,000
-
1,000
-
-
1,000
-
-
-
1,000
135,500
42,700
178,200

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6 Charitable activities (continued)

Estate fund (continued) 2023 2022
£ £
Brought forward 154,700 178,200
Cheques written off in the year as never banked:
Relate Brighton (-) (1,000)
St Mary’s Nursery (-) (500)
___ ___
154,700 176,700

The donations of £25,000 paid to the Sussex Community Foundation during the year plus some brought forward funds of £2,000 have been distributed to the following organisations: £3,375 to Education Training Consortium Sussex, £3,375 to Love Local Jobs Foundation Ltd, £3,375 to St Matthias Brighton, £3,375 Volunteers Network CIC, £2,500 to Ringmer Village Hall Management Committee, £2,000 to Brighton Therapy Centre, £2,000 to Eastbourne Dementia Action Alliance, £2,000 to Little Gate Farm, £1,500 to Newhaven Arts Projects, £1,000 to Baby 2 Baby East Sussex. The Sussex Community Foundation have taken a 10% contribution of £2,500 for the administration of these donations and hold a balance of £nil as at 5 April 2023.

Expenditure in relation to the woodlands (used for educational purposes) was as follows:

Woodland maintenance
Educational visits
Management fees		 2023
£
34,265
6,300
10,330

50,895		 2022
£
35,537
7,067
8,780

51,384

Conservation fund

Grants payable to 25 charitable organisations (2022: 25) were paid from this fund during the year:

Bearfield Church, Wiltshire
Brent Lodge Bird And Wildlife Trust
Broadstairs & St Peters Heritage Foundation
Brogdale Collections
Christ Church, Ore, Hastings
Ditchling Museum of Art + Craft
Ecological Continuity Trust
Endangered Species Protection Agency
European Squirrel Initiative
Hands of Hope
Historic England
Holy Trinity Development Trust
Carried forward		 2023
£
2022
£
-
500
500
-
-
500
500
-
-
1,000
-
1,000
500
-
500
1,000
500
-
1,000
-
-
500
-
500
3,500
5,000

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6
Charitable activities (continued)
Conservation fund (continued)
Brought forward
Linking Environment and Farming
Marine Conservation Society
Painshill Park Trust Limited
Progressive Farming Trust Limited (Organic Research Centre)
Rare Breeds Survival Trust
Sand Dams Worldwide Limited
Slindon College (The orangery)
Southdown National Park
St Andrew’s Church, Alfriston
St Clement & All Saints Church, Hastings
St Etheldreda’s, Fulham
St George’s Church, Parish of West Grinstead
St John The Baptist Church
St Michael’s Church, Plumpton, Lewes
St Olav Christian Bookshop, Chichester
St Thomas a Becket Church, Lewes
Suffolk Building Preservation Trust Ltd
Sussex East Area Quaking Meeting House
Sussex Heritage Trust Limited
Sustainable Global Gardens
The Ancient Monuments Society
The Barn Owl Trust
The Folkestone Leas Lift Company cio
The Friends of Sompting Church
The Froglife Trust
The Frozen Arck Project
The Historic Chapels Trust
The MAKHAD Trust
The Sussex Archaeological Society (Sussex Past)
The Sussex Historic Churches Trust
Village Water Limited
Water Harvest
World Horse Welfare
Cheques written off in the year as never banked:
Historic England		 2023
£
3,500
500
-
-
500
1,000
1,000
1,000
-
-
-
-
-
-
-
-
1,000
1,000
1,000
1,500
500
500
1,000
1,000
1,000
1,000
-
-
-
-
100
1,000
1,000
500
(500)
19,100		 2022
£
5,000
-
500
1,000
-
-
-
-
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
-
-
1,000
-
500
-
-
-
-
500
1,000
500
1,000
100
1,000
-
-
(-)
20,100

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6 Charitable activities (continued)

Support costs

Accountancy fees in relation to administration of the Estate fund donations and other matters were charged as follows:

RSM UK Tax and Accounting Limited
Irrecoverable VAT
7
Auditor’s remuneration
RSM UK Audit LLP and its associates:
Audit services (inclusive of VAT)
Accounting services (inclusive of VAT)		 2023
£
10,750
2,150

12,900
2023
£
16,320
26,640

42,960		 2022
£
11,400
2,280
13,680
2022
£
13,560
27,120
40,680

8 Expenses and remuneration of key management personnel

The Trust considers the Board of Trustees’ to be its key management personnel.

The Trustee who acted as secretary to the charity, Mr KJR Buckland, charged professional fees amounting to £7,640 (2022: £5,070) for the year ended 5 April 2023, in line with the provision set out in the governing document. These charges are included in legal and professional fees in note 6 above. Amounts totalling £7,640 were outstanding at the Balance Sheet date (2022: £5,070). These are included in other creditors.

Trustees’ indemnity insurance paid in respect of the year ended 5 April 2023 totalled £2,248 (2022: £942).

One of the Trustees’ charged fees of £34 during the year ended 5 April 2023 (2022: £34).

None of the other Trustees’ or persons connected to them have received any remuneration, nor have any Trustees’ received expenses during the years ended 5 April 2023 and 5 April 2022.

9 Staff emoluments

The Trust employed no staff during the current or previous year and, consequently, no staff costs or emoluments were incurred.

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

10 Intangible fixed assets - Basic Payment Scheme entitlements

The 2013 reform of the Common Agricultural Policy ("CAP") replaced the Single Payment Scheme with the Basic Payment Scheme which came into effect as from 2015.

The Basic Payment Scheme is operated on the basis of entitlements allocated to farmers.

The entitlements were initially valued by Strutt & Parker LLP at £7,704 as at 6 April 2016.

Subsequently the entitlements are being amortised in order to write off the asset over six years.

Amortisation is included within expenditure on raising funds in the Statement of Financial Activities (see note 5).

In November 2020, the Government announced a reduction in the Basic Payment Scheme with a roadmap for phasing these out by 2028 as part of the UK’s exit from the European Union. The asset was fully amortised at the end of the prior year.

Basic Payment Scheme
entitlements
At 6 April 2022 & 5 April 2023
Amortisation
At 6 April 2022
Amortisation for the year
At 5 April 2023
Carrying amount
At 5 April 2023
At 5 April 2022		 2023
Estate
Fund
£
Educational
Sub-fund
£
7,704
-

7,704
-
-
-

7,704
-
-
-
-
-		 Total
Funds
£
7,704
7,704
-
7,704
-
-		 2022
Total
Funds
£
7,704
6,420
1,284
7,704
-

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

11 Fixed asset investments - property

Freehold land and properties

The freehold properties and the freehold improvements relate to properties held for investment purposes and certain heritage assets are revalued annually to fair value. In accordance with the FRS 102 SORP they have been revalued to fair value as at 5 April 2023, as advised by Strutt & Parker LLP, Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. It also takes into account the condition of the properties and the nature of the tenancy agreements.

Fair value
Brought forward
Additions
Revaluation to fair value
12
Fixed asset investments
Quoted investments
Funds held at investment
managers
Quoted investments
Fair value brought forward
Additions
Disposals
Realised gains
Unrealised (losses)/gains
Fair value carried forward
Cost as at 5 April 2023		 2023
Estate
Fund
£
Educational
Sub-fund
£
18,189,120
4,095,000
18,456
-
(886,402)
(14,675)

17,321,174
4,080,325
2023
Estate
Fund
£
Conservation
Fund
£
1,857,955
591,214
76,892
14,641
1,934,847
605,855
1,972,616
622,714
752,046
209,673
(755,187)
(205,327)
8,986
2,550
(120,506)
(38,396)
1,857,955
591,214
1,817,244
577,946		 Total
Funds
£
22,284,120
18,456
(901,077)
21,401,499
Total
Funds
£
2,449,169
91,533
2,540,702
2,595,330
961,719
(960,514)
11,536
(158,902)
2,449,169
2,395,190		 2022
Total
Funds
£
20,910,645
9,019
1,364,456
22,284,120
2022
Total
Funds
£
2,595,330
106,398
2,701,728
2,419,737
1,625,129
(1,568,920)
265,952
(146,568)
2,595,330
2,383,803

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

12 Fixed asset investments (continued)

Quoted investments

All investments are listed investments quoted on a recognised Stock Exchange or valued by reference to such investments.

Holdings at the year-end which comprise material amounts, more than 5% of the total, are £775,507 (2022: £519,039):

JP Morgan America Equity Fund
Vanguard S&P 500 UCIS ETF
Robeco BP Global Premium Equities
Invesco US Treasury Bond UCITS ETF
HSBC FTSE All-World Index Fund
2023
Net gains/(losses)
reconciliation
Estate Fund
Educational
Sub-Fund
Conservation
Fund
£
£
£
Investment assets
Net gain/(loss) on fixed
asset investments –
property (note 11)
(886,402)
-
-
Quoted Investments
Net gains/(loss) on fixed
asset investments –
quoted investments:
Realised gains (note 12)
8,986
-
2,550
Unrealised gains/
(losses) (note 12)
(120,506)
-
(38,396)
Heritage assets
Revaluation to fair value
(note 11)
-
(14,675)
-
(997,922)
(14,675)
(35,846)
 2023
Total
Funds
£
180,582
174,686
155,338
137,412
127,489
775,507
Total
Funds
£
(886,402)
11,536
(158,902)
(14,675)
(1,048,443)		 2022
Total
Funds
£
186,966
182,500
149,573
-
-
519,039
2022
Total
Funds
£
1,118,456
265,952
(146,568)
246,000
1,483,840

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

13
Debtors
Rent receivable
Prepayments and
accrued income
Other debtors
14
Cash balances
Barclays Bank plc
Strutt & Parker – client
account
Cazenove income
accounts
15
Creditors
Estate creditors
Accruals
Other creditors		 2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
32,527
-
-
19,836
-
-
2,525
-
-

54,888
-
-
2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
39,521
-
6,396
139,019
-
-
-
-
787

178,540
-
7,183
2023
Estate
Fund
£
Educational
Sub-fund
£
Conservation
Fund
£
41,047
3,900
-
30,060
-
-
12,553
-
-
83,660
3,900
-		 Total
Funds
£
32,527
19,836
2,525
54,888
Total
Funds
£
45,917
139,019
787
185,723
Total
Funds
£
44,947
30,060
12,553
87,560		 2022
Total
Funds
£
34,067
8,074
1,669
43,810
2022
Total
Funds
£
73,154
133,697
635
207,486
2022
Total
Funds
£
36,101
24,900
11,000
72,001

Included within estate creditors is £17,494 (2022: £17,198) relating to rental income which has been deferred as it relates to the next financial year.

16 Financial instruments 2023 2022
£ £
Carrying amount of financial assets
Instruments measured at fair value through surplus 23,942,201 24,985,848

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

Buxshalls Chapel

The Trustees’ held possessory title to Buxshalls Chapel, Lindfield.

This Chapel is within the grounds of the Buxshalls Estate and the public have a right of access to it. The Chapel was built at the turn of the last century, in approximately 1901, as a memorial chapel for the Buxshalls Estate. The Estate itself has now been transferred to ‘The Hanover Trust’ but the Chapel was not transferred as no title was held to it. The Chapel is consecrated and services take place there which are open to the public.

The Trustees’ consider the Chapel to be a heritage asset and do not believe that it should be included at a value in the balance sheet as reliable cost information is not available and conventional valuation approaches lack sufficient reliability.

By way of lease entered into on 14 December 2008, Buxshalls Chapel was let on a long lease for 999 years at a peppercorn rent.

18 Related party transactions

During the year under review, grant payments totalling £nil (2022: £50,000) were paid to Ringmer Area Community Land Trust, a community benefit society in which a close family member of one of the Trustees is Chair and Founder Member. The grant was paid in accordance with the objectives of the Trust to support local causes.

As at 5 April 2023, £nil amounts were due to or due from this party (2022: £nil).

19
Reconciliation of net income to net cash flow from operating
activities
Net income/(expenditure) inclusive of recognised gains/(losses)
Amortisation
Interest and rents from investments
(Gains)/losses on investments
(Increase)/decrease in cash held with investment manager
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2023
£
(1,069,891)
-
(417,228)
1,048,443
14,865
(11,078)
15,559

(419,330)		 2022
£
1,591,635
1,284
(395,541)
(1,483,840)
(29,312)
(10,273)
11,969
(314,078)

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

20 Analysis of funds

Analysis of movement in funds

Estate fund
Educational
sub-fund
Conservation
fund		 Balance at
6 April
2022
£
20,421,213
4,091,100
652,830
25,165,143		 Income
£
Expenditure
£
405,057
(391,002)
47,594
(64,819)
8,150
(26,428)
460,801
(482,249)		 Net gains/
(losses)
£
(997,922)
(14,675)
(35,846)
(1,048,443)		 Transfers
between
funds
£
(31,557)
17,225
14,332
-		 Balance at
5 April
2023
£
19,405,789
4,076,425
613,038
24,095,252

Analysis of funds: prior year

Analysis of movement in funds

Estate fund
Educational
sub-fund
Conservation
fund		 Balance at
6 April
2021
£
19,098,487
3,845,100
629,921
23,573,508		 Income
£
Expenditure
£
534,900
(410,573)
64,718
(61,586)
7,755
(27,419)
607,373
(499,578)		 Net gains/
(losses)
£
1,211,267
246,000
26,573
1,483,840		 Transfers
between
funds
£
(12,868)
(3,132)
16,000
-		 Balance at
5 April
2022
£
20,421,213
4,091,100
652,830
25,165,143

Estate fund

The Plashett Estate is part of the Trust Fund comprising farmland, woodlands and various residential properties which are tenanted. The main part of the Woodlands is designated as a site of special and scientific interest, as the Estate has historic associations, and because of the flora and fauna. On 31 March 2007 the Trustees’ accepted the net assets and liabilities of the Dorothy Askew Trust (registered charity number 286088), amounting to £558,908, into the Estate fund.

Educational sub-fund

The Educational sub-fund was created for the Advancement of Education and associated activities. The Trustees’ are committed to the promotion of education for the public benefit of the Woodlands in the fields of agriculture, horticulture, and arboriculture.

Conservation fund

The Conservation fund was created for the conservation and restoration of historic buildings for the benefit of the public.

Transfers between funds

The Trustees’ have recognised that, historically, the income (excluding unrealised gains and losses) of the Educational sub-fund and the Conservation fund, does not cover outgoings, so they have been met by the working capital of the Estate fund. This is reflected in the financial statements.

THE IAN ASKEW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

21
Analysis of net assets between funds
Estate fund
£
Educational
sub-fund
£
Conservation
fund
£
Fixed assets
17,321,174
4,080,325
-
Investments
1,934,847
-
605,855
Net current assets/(liabilities)
149,768
(3,900)
7,183
19,405,789
4,076,425
613,038
Analysis of net assets between funds: prior year
Estate fund
£
Educational
sub-fund
£
Conservation
fund
£
Fixed assets
18,189,120
4,095,000
-
Investments
2,056,685
-
645,043
Net current assets/(liabilities)
175,408
(3,900)
7,787
20,421,213
4,091,100
652,830		 Total
£
21,401,499
2,540,702
153,051
24,095,252
Total
£
22,284,120
2,701,728
179,295
25,165,143