OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-accounts

Charity number: 270749

ASHENDENE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 05 APRIL 2024

ASHENDENE TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 3
Trustees' responsibilities statement 4
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 13

ASHENDENE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Nicholas Michael Hornby
James Spence
Camilla Rose Pugh
Charity registered
number
270749
Principal office
34 Sackville Street
London
W1S 3ED
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Bankers
Barclays Bank UK PLC
Leicester
Leicestershire
LE87 2BB

Page 1

ASHENDENE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report and financial statements for the year ended 5 April 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust deed, the Charities Act 2011 and "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 lreland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The Trust objectives are to continue the policy of supporting a wide variety of charitable causes.

The trust was originally set up in December 1975 to permit Pusey Gardens to be used as a garden and arboretum for the public and for research in horticulture.

When Pusey House was sold in September 1990, the purpose of the charity changed.

The trust's current purpose is to provide grants to relatively small organisations where the grant will have a real impact.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

The trust supports the following types of organisations:

Achievements and performance

The gross income of the Trust for the year was £52,273 (2023: £50,285). The Trust made donations during the year in favour of 18 (2023: 23) separate charities to a total value of £44,859 (2023: £65,250).

Financial review

For the year under review, income and expenditure on the unrestricted lncome Funds yielded a surplus of £3,619 (2023: £21,615 deficit), and on the Capital Fund a deficit of £9,813 (2023: £106,195). The total unrestricted funds surplus carried forward at the year end is £1,036,353 (2023: £1,042,547).

It is the policy of the Trust that funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The trust intends to continue to invest its assets in a number of income-producing unitised investments.

Page 2

Date.. oa/o1/2J

ASHENDENE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASHENDENE TRUST (the 'charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 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.

Page 5

ASHENDENE TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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.

Signed: Dated: 4 February 2025

Robin John, FCA CTA

WELLDEN TURNBULL LIMITED

Albany House Claremont Lane Esher Surrey KT10 9FQ

Page 6

ASHENDENE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Note
Income from:
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income/(expenditure) before net
losses on investments
Net losses on investments
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Income
Funds
2024
£
52,273
52,273
48,654
48,654
3,619
-
3,619
326
3,619
3,945		 Capital
Funds
2024
£
-
-
-
-
-
(9,813)
(9,813)
1,042,221
(9,813)
1,032,408		 Total
funds
2024
£
52,273
52,273
48,654
48,654
3,619
(9,813)
(6,194)
1,042,547
(6,194)
1,036,353		 Total
funds
2023
£
50,285
50,285
71,900
71,900
(21,615)
(106,195)
(127,810)
1,170,357
(127,810)
1,042,547

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 13 form part of these financial statements.

Page 7

NDENE TRUST AN IM

ASHENDENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. Charity information

The Ashendene Trust is an Unincorporated Charity whose registered address is 34 Sackville Street, London, W1S 3ED.

2. Accounting policies

2.1 Accounting convention

The accounts have been prepared in accordance with the Trust's deed, the Charities Act 2011 and "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 lreland (FRS 102)'(as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The flnancial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

2.3 Income

lncome is recognised when the Trust is legally entitled to it affer any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Investment income is accounted for in the period in which the charity is entitled to receive it, the receipt is propable and the amount receivable can be measured reliably.

Page 9

ASHENDENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenses are allocated for on an accruals basis and have been classified under headings that aggregate all costs related to the category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance Costs

These include costs of administration, any costs for preparation and examination of statutory accounts and cost of any legal advice to trustees on governance or constitutional matters.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5 Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.6 Financial instruments

The Trust has elected to apply the provisions of Section 11 'Basic Financial lnstruments' and Section 12 'Other Financial lnstruments lssues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic fìnancial assets, which include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

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

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. lf not, they are presented as non-current liabilities. Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.

Page 10

ASHENDENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

3. Critical accounting estimates and areas of judgment

ln 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.

The main area of judgement for the charity is the valuation of the investment portfolio, although the trustees consider the estimation uncertainty to be minimal as the valuations are taken from the charity's investment adviser, Charles Stanley & Co. Limited's valuation report.

4. lncome

Dividend Income
lnterest receivable		 2024
£
41,076
11,197
52,273		 2023
£
50,259
26
50,285

5. Charitable activities

Grant funding of activities (see note 6)
Share of governance costs (see note 7)		 2024
£
44,859
3,795
48,654		 2023
£
65,250
6,650
71,900

Page 11

ASHENDENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

6. Grants payable

Donations > £2,000
Donations < £2,000		 2024
£
38,609
6,250
44,859		 2023
£
55,000
10,250
65,250

Donations of more that £2,000 made during the year include the following:

7. Support costs

Accountancy
Custody Charges		 2024
£
3,600
195
3,795		 2023
£
3,600
3,050
6,650

8. Trustees' remuneration and expenses

None of the Trustees (or any persons connected with them) received any remuneration during the year.

9. Number of Employees

The average monthly number of employees during the year was: 0 (2023: 0)

Page 12

ASHENDENE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

10. Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments		 2024
£
(41,781)
31,968
(9,813)		 2023
£
(109,112)
2,917
(106,195)

Unrealised loss of £41,781 (2023 - £134,234) from changes in fair value of investment have been recognised in the statement of activities during the year.

11. Financial instruments

2024 2023
£ £
Carrying amount of financial assets
lnstruments measured at fair value through profit or loss 586,071 937,658
12.
Current asset investments
Listed investments
The investments have been measured at open market value.		 2024
£
586,071		 2023
£
937,658

13. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2024
£
-
7,200
7,200		 2023
£
1,000
3,600
4,600

14. Related party transactions

During the year the charity made a donation of £5,000 (2023 - none) to the The Barn Theatre Project, which has a common trustee, Mr Hornby.

Page 13