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. 1 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. 2 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: **----- Start of picture text -----**
………………………….
**----- End of picture text -----**
…………………………. Lord J St Levan Trustee 3 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: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - 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. 4 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 5 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**| 6 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 7 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 8 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. 9 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. 10 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| 11 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**| 12 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). 13