Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
(formerly The St Michael’s Mount Foundation)
Financial Statements
Year ended 5 April 2024
Charity Registration Number 268173
Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Contents
| Trustees Report | 1 – 2 |
|---|---|
| Reference and Administrative Details | 3 |
| Statement of Trustees’ Responsibilities | 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 13 |
Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Trustees’ Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024.
Objectives and activities
Objects and aims
Our objectives are to pay or apply the whole income thereof to or towards or for the benefit or for the furtherance of such charitable purposes or such charitable institutions in such manner and such proportions as the Trustees may from time to time in their absolute discretion determine.
Public benefit
The trustees have considered the requirement for the provision of public benefit by the charity and consider that the provision of such payments under the objectives of the charity provide a public benefit to the residents of Cornwall and beyond.
In planning the activities for the year the trustees have kept in mind the Charity Commission’s guidance on public benefit.
Achievements and performance
The Charity is now the principal charitable entity for the St Aubyn family.
In a normal year the charity will make a number of charitable payments to support both local and relevant national beneficiaries in line with the Charity’s stated aims and particularly to the benefit of residents of Cornwall.
Financial review
In 2017 the St Aubyn family had merged their two operating Charitable Foundations into one, and the portfolio of investments of the St Levan Foundation were transferred to the St Michael’s Mount Foundation with effect from 13 September 2017. The remaining cash assets of the St Levan Foundation were transferred to the St Michael’s Mount Foundation on 2 May 2018.
On 3 August 2018 the decision was taken to change the name of the St Michael’s Mount Foundation to The St Aubyn Foundation. This decision was taken so as to avoid any potential for confusion with the name of the St Aubyn family charitable foundation being called the St Michael’s Mount Foundation, when most of St Michael’s Mount is in fact owned by the National Trust.
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Trustees’ Report
Financial review (continued)
The year has seen net income/expenditure (before investment gains / losses) of £99,889 (prior year net income of £65,722).
The Foundation has net assets value of £895,525 at year end (prior year £776,220).
Policy on reserves
A trust fund is in place to hold the value of the assets on their settlement into the charity. All income and expenses are reflected through the accumulation fund. The amount of the accumulation fund will be used to make grants when suitable recipients are identified in future years and to meet the estimated running costs of the charity over the next 12 months.
Principal funding sources
The main source of funding is from annual donations by the St Aubyn family, along with income from the investment portfolio.
Structure, governance and management
Nature of governing document
The St Aubyn Foundation is governed by a Trust Deed dated 27 February 1974.
Recruitment and appointment of trustees
Suitable candidates to act as new trustees can be selected by the existing Trustees and invited to become new Trustees. New trustees would be provided with an induction into the working of the charity.
Organisation structure
The charity is small and managed by the two trustees.
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Trustees’ Report
Reference and Administrative Details
Trustees James St Levan Mary St Levan Principal Office Estate Office King’s Road Marazion Cornwall TR17 0EJ
Charity Registered Number 268173 Bankers Barclays Bank PLC 20 Lemon Street Truro Cornwall TR1 2NB
30 January 2025
The annual report was approved by the Trustees on …………………. and signed on its behalf by:
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………………………….
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…………………………. Lord J St Levan Trustee
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provision of the constitution. The trustees 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.
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE ST AUBYN FOUNDATION
I report to the trustees on my examination of the accounts of the St Aubyn Foundation for the year ended 5 April 2024, which are set out on pages 6 to 12.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination.
I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Darren Perry BA (Hons) ACA DChA Date: 30 January 2025 CHARTERED ACCOUNTANT For and on behalf of FRANCIS CLARK LLP Lowin House Tregolls Road TRURO TR1 2NA
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Statement of Financial Activities
Year Ended 5 April 2024
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Investment income Interest income Donations and gift aid Total income Expenditure on: Charitable Activities 5 Total Expenditure Net Income /(Expenditure) Other recognised gains and losses Investment gains/(losses) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 7 |
Unrestricted funds 2024 £ 8,991 7,807 181,250 198,048 (98,159) (98,159) 99,889 19,416 119,305 776,220 895,525 |
Unrestricted funds 2023 £ 9,625 5,080 125,000 |
|---|---|---|
| 139,705 | ||
| (73,983) | ||
| (73,983) | ||
| 65,722 (35,543) |
||
| 30,179 746,041 776,220 |
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Balance Sheet
5 April 2024
| 2024 2023 Note £ £ £ £ Investments 2 664,629 484,734 Current assets Cash at bank and in hand 235,306 286,935 Debtors 3 - 25,000 Creditors: Amounts falling due within one year 4 (4,410) (20,449) Net current assets 230,896 291,486 Net Assets 895,525 776,220 The funds of the charity: Designated Trust fund 664,629 484,734 Unrestricted Accumulation fund 230,896 291,486 Total Funds 7 895,525 776,220 |
2024 2023 Note £ £ £ £ Investments 2 664,629 484,734 Current assets Cash at bank and in hand 235,306 286,935 Debtors 3 - 25,000 Creditors: Amounts falling due within one year 4 (4,410) (20,449) Net current assets 230,896 291,486 Net Assets 895,525 776,220 The funds of the charity: Designated Trust fund 664,629 484,734 Unrestricted Accumulation fund 230,896 291,486 Total Funds 7 895,525 776,220 |
2024 2023 Note £ £ £ £ Investments 2 664,629 484,734 Current assets Cash at bank and in hand 235,306 286,935 Debtors 3 - 25,000 Creditors: Amounts falling due within one year 4 (4,410) (20,449) Net current assets 230,896 291,486 Net Assets 895,525 776,220 The funds of the charity: Designated Trust fund 664,629 484,734 Unrestricted Accumulation fund 230,896 291,486 Total Funds 7 895,525 776,220 |
|---|---|---|
| 291,486 776,220 |
||
| 664,629 230,896 895,525 |
484,734 291,486 |
|
| 776,220 |
30 January 2025
Approved and authorised by the Trustees on ……………… and signed on their behalf by:
……………………………… Lord J St Levan Trustee
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
1. Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The St Aubyn Foundation meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going Concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income and endowments
Income including donations, gifts, legacies, investment and interest are recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregate similar costs to that category.
Creditors
Creditors are recognised when the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
Investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
2. Fixed Asset Investments
| Valuation Market value at 6 April 2023 / 2022 Additions Disposal of investments Increase/(decrease) in market value Market value at 5 April 2024 / 2023 Movement in cash held by investment advisors Total investment portfolio including cash |
2024 Investments £ 484,734 479,630 (472,956) 19,416 510,824 153,805 664,629 |
2023 Investments £ 521,741 - (1,265) (35,543) |
|---|---|---|
| 484,933 (199) 484,734 |
There is a potential payment of proceeds in respect of previously unrecognised shares disposed of by The St Aubyn Foundation, should there be a balance remaining in Escrow after any future settlement claims. Any such amount, which would not be expected to exceed £2,300, would be received after 31 March 2026.
The market value of the investments is provided by the investment manager as at 5 April 2024. The opening valuation provided by the previous investment manager was at 31 March 2023 and the Trustees considered this to be a suitable estimate of the opening position as at 5 April 2023.
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
3. Debtors: amounts owed within one year
| Other debtors . Creditors: amounts falling due within one year Other creditors Accruals |
2024 2023 £ £ - 25,000 |
|---|---|
| - 25,000 |
|
| 2024 2023 £ £ 2,100 18,349 2,310 2,100 |
|
| 4,410 20,449 |
4. Creditors: amounts falling due within one year
5. Expenditure on charitable activities
| Grants to institutions Grants to individuals Independent examiner’s fee Independent examiner - accountancy fees Investment management fees General expenses Education officer costs |
Unrestricted funds Total 2024 £ Unrestricted funds Total 2023 £ 56,400 52,310 1,490 - 950 1,360 1,492 13,897 22,570 860 1,000 1,464 1,838 16,511 |
|---|---|
| 98,159 73,983 |
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
6. Transactions with trustees and Connected Persons
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
7. Movements on Funds
| Funds at 6 April 2023 Increase in investment market value Net additions / disposal proceeds Increase in cash held by investment adviser Net Income/(Expenditure) Funds at 5 April 2024 |
Unrestricted funds Designated Trust Fund Accumulation Fund Total Funds £ £ £ 484,734 19,415 6,675 153,805 - 291,486 - - - (60,590) 776,220 19,415 6,675 153,805 (60,590) |
|---|---|
| 664,629 230,896 895,525 |
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Docusign Envelope ID: 0CC39928-CDC8-42BD-B87C-B82A1D7525A1
The St Aubyn Foundation
Notes to the Financial Statements
Year Ended 5 April 2024
| Funds at 6 April 2022 Decrease in investment market value Market value disposal Decrease in cash held by investment adviser Net Income/(Expenditure) Funds at 5 April 2023 |
Unrestricted funds Designated Trust Fund Accumulation Fund Total Funds £ £ £ 521,741 (35,543) (1,265) (199) - 224,300 - - - 67,186 746,041 (35,543) (1,265) (199) 67,186 |
|---|---|
| 484,734 291,486 776,220 |
8. Related Party Transactions
During the year the Charity received unconditional donations totalling £125,000 (2023: £100,000) from a Trustee.
During the year professional services were provided by St Aubyn Estates Limited, a business operated by the Trustees. Professional services and general expenses of £36,088 (2023: £18,349) were charged to the charity during the year. At the balance sheet date the amount due to St Aubyn Estates Limited was £2,100 (2023: £18,349).
Also during the year office, stationary and facility expenses of £2,479 (2023: £nil) were provided by St Michaels Mount Trading, a business operated by the Trustees. At the balance sheet date the amount due to St Michaels Mount Trading was £nil (2023: £nil).
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