The Asgill House Trust Limited la company limited by guarantee) Annual report and financial statements For the year ended 31 March 2024 Company registration number.. 01701275 (England and Wales1 Charity registration number.. 286270 (England and Wales)
The Asgill House Trust Limited Contents Page Reference and administrative detai15 Trustees, report Independent examinerf5 report Statement of financial activities Statement of financial position Notes to the financial ststements 10-16
The A4ill House Trust Limited Reference and administrative details For the year ended 31 March 2024 Tru5tee5 P L Hauptfuhrer Lord Lee of TrafFord J R L Lee R D Mullet Dr F Walji ompany registered number 01701275 Charity registered number 286270 Regisiered office A5gill House Old Palaie Lane Richmond TW9 IPQ Independent examiner Feltons Chartered Acctsuntants l The Green Richmond TW9 IPL Bankers Coutts & Co 440 Strand London WC2R OQS
The A$8ill House Trust Limited Trustees, report For the year ended 31 March 2024 Th& trustees present their annual report together with the financial statements of The Asgill House Trust Limited I'the tru5t'l for the Year ended 31 March 2024. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution The trust is run in accordance with ArticlÈs of Association having principally to do with tho rÈstor3tion and maintenance of Listed Buildings. The consideration of new trustees is on the basis of professional advice and person31 recommendatlDn. The trust is limited by guar3ntee and does not have share capital. All tru5tee5 are rllembers of the trust and guarantee to contribute £1 in the event of winding up. AppoSntment of trustee5 Trustee5 are appointed in accordance wlth the trust's Articles of Association which states that there must be a minimum of two trustee5. Trustees The trustees who served throughout the year ended 31 March 2024 and up to the date of approval ol thi5 report w&re'. P L H3Uptfuhr Lord Lee of Tr3ffoid J R L Lee R D Mullet Dr F Walji OBJECTIVE5 AND ACTIVITIES Policies and objertive5 The principal objective of the trust is to preserve and maintain A58ill House, Richmond and Turret House. Windsor. in addition to engaging in related cuStural, environmental and heritage activities. Public benefrt The tru5tee5 have given due consideration to the Charity Commisslon publishod guidance on the public benefit requirement5. The trust constitutes a public benefit entity as defin@d by FRS 102. A¢hievements and Performance Our activity during the financial year was dominated by the continuation of the trusvs evolving IDng-term programme and sustained commitment to the preservation and Maintenan of the trust's heritage assets- listed buildings of exceptional beauty in high-profile prominent landmark historic settings in important Conservation Area5. At Asgill House we continued to carry on hosting a range of charity function5 and meetings and welcoming variou5 herita8e-focuss@d visitors and guided group visitor5 enjoying learning about the history of the house. it'5 restoration and Palladian 3rchitecture. The 5ignificanco of Asgill's exceptional architecture is celebrated and further underlined being the only Sir Robert Taylor design in Vitruviu5 Britannicus, the bible of great Brit15h Classical Architecture. WÈ continued to carry on hosting local community art groups and art society V15itor5. and tutor managed educational art student group vi51t5 studying drawing and painting and being inspired by Sir Robert Taylor'5 Gradel-li5ted architectur31 gem and Asgill's riverside Eardens and the beauty of its historic setting on Richmond's riverside.
The Asgill House Trust Limited Trustees, report For the year ended 31 March 2024 The trust's sympathetic and sensitive restoration of Turret House in Its historically Significant setting continues to be much enjoyed and admired by the local cornmunity and the many vi5itor5 to Wind9)r throughout the year, and regularly features during all media coverage of significènt Royal event5 in its prominent position adjacent to Wind50r Castle and the Long Walk. We continued to welcome the local community to Turret House for meetings and visits. and to observe and enjoy the spectacular and picturesque views of signifiEant Royal occasions and parade5 along the Long Walk frorn the eKceptionally special setting of Turret House. FINANCIAL REVIEW Result for the year The results for the year are shown in full within the statement of financial aEtivitie5 at page 7. Overall the financial result for the year wa5 a net increase in the reserves of £1,062,45312023'. net decrease of £254,262) to a year-end figure of £9,116,050. This increase 15 largely attributed to the net gain5 on the revaluation, retranslation and disposal of investment asset5 of £1.009,D3312023.. net losses of £279,698). Reserve Policy The level of reserves is monitored and reviewed by the trustee5 at least annually. The trustEe5 believe th3t the trust should t3rgÈt to hold financial reserve5 sufficient to guarantee normal running of the trust for a period of not les5 than one year and to support the trust if there were financial difficulties. Since the majority of a55ets are financial investments there is unlikely to be any delay or shortfall in r&alising the a55ets into cash if thi5 becomes necessary. All investments have been acquired in accordance with powers available to the trust. Tho managÈmont of our investments is handled by the trustees in conjunctlDn with James Sharp & Co with the overriding investment objective of rnaintaining leve15 of financi31 stability and security in line with our Crown leasehold cornmitment5. A5 at 31 March 2024. the trusvs unrestrirted reserves was £9,116,05012023.. £8,053,597). Thi5 fa115 Wlthin the target Set out in the reserve5 poliry above. Going concern After making appropri3te enquiries. the trustees have a reasonable expectation that the trust has adequate resources to continu& in operational existence for the foreseeable future. For this rea50n, they continue to adopt the going concern basi5 in preparing the financial Statements.
The Asgill House Trust Limited Trustees, report For the year ended 31 March 2024 Statement of trustees, responsibilrties The trustee5 (who are a150 directors of Asgill House Trust Limited for the purposes of Company lawl are responsible for preparing the trustees. Report lincorporating the strategic report and directors, r&portl and the financial staternenis in aCCDrdance 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 Iunited Kingdom Generally Accepted Accounting Prarticel. Cotnpany law requires the trustees to prepare financial statement5 for each financi31 year which give a true and fair view of the state of affairs of the tfUSt and of the income and expenditure of the trust for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policie5 and then apply them con51Stentlv,' observe the methods and principle5 in the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standard5 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 charitable company will continue in business. The trustees are responsible for maintaining proper accounting records which disc105e with reasonable accuracy at 8ny time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other Thi5 report was approved by the trustees and Signed on their behalf bv.. P L Haupttuhrer Lord Lee of Trafford J R L Lee Trustee Trustee Date.. 17112/2024 Date.. 1711212024
Independent eKaminerf5 report to the trustees of The Asgill House Trust Limited For the year ended 31 March 2024 Independent examiner's report to the trustees of The Asgill House Trust Limited I'the tru5VI I report to the trustees on my examination of the financial statement5 of the trust for the year ended 31 March 2024. Responsibilities of basis of report As the trustees of the trust land also it5 directors for the purposes of company lawl, you are responsible for th& preparation of the financial statements in accordance with the requirements of the Companies Act 20061'The 2006 Act'l. Having satisfied myself thatthe financial statements of the trust are not required to be 3uditÈd under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my exarnination of your trust'5 financial statements as carried out under section 145 of the Charities Act 20111'The 2011 ACYI. In carrying out my examination I have followed the directions Biven by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have corne to my attention in Connection with mv examination giving me cause to belleve.. accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act. or the financial 5tatement5 do not accord with those records.. or the financial statement5 do not cornply with the accounlinB requirements of sectSon 396 of the 2006 Act other than any requirement that the financi31 statement5 give a 'true and fair view, which 15 not a matter considered ag part of an independent examination- or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enab5e a proper understanding of the accounts to be ached.
Independent examinerf5 report to the trustees of The Asgill House Trust Limited For the year end&d 31 March 2024 Th55 report is made solely to the trustees, as a bodyi in accordance with Part 4 of the Charities (Accounts and Rports) Regulations 2008. My work has been undertaken $0 that I might st3tÈ tts the trustees those matters I am quired to State to thÈm in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not zccept or assumE responsibility to anyone other than the trust and the tru5tee5 as body, for my work or for this report. Signed Richard Rhodes Chartered Accountant Feltons Chartered Accountants l The Green Richmond Twg IPL Date:
The Asgill House Trust Limited Statement of financial activities lincorporating income and expenditure account) For the year ended 31 March 2024 UnrestriLted Total Total funds funds funds Note 2024 2024 2023 Income & endowment5 from= Oonations & legacies Investment income 1,450 74,977 76,427 158,202 IS8.202 158,202 158,202 Total income Expenditure on.. Raising funds Charitable activities 32.374 65,562 97,936 32,374 65,562 97,936 38,421 45,1È1 83,602 Total expendlture Net incomellexpensel before 8ains111055esl 60,266 60,266 17,1751 Net gain/llos51 on 5a1e of investments Net gain/llos51 on revaluation of fixed asset investments 16,289 16,289 1157,7551 1,083,992 1,083,992 1396,8991 Net11055l/gain on retran51ation of fixed asset investments 191,2481 191,2481 274,956 Other Ilossl/gain on foreign currency tran51ation5 16.8461 16,8461 32,611 Net movement In funds 1,062,453 1,062,453 1254,2621 Reconciliation of funds: Total fund5 at 31 March 2023 8,053,597 8,053,597 8,307,859 8,053,597 Total funds at 31 March 2024 14 9,116,050 9,116,050 The Statement of financial activities Includes all gains and losses recognised in the year. All of the trust's activities derived from continuing operations during the year. The notes on pages 10 to 16 form part of these financial statements.
The Asgill House Trust Limited- Registered number: 01701275 Statement of financial position For the year ended 31 March 2024 2024 2023 Note Flxed assets: Tangible a55etS Heritage assets Investments io 3,049 752,436 7.797,384 8,55U69 3,387 752,436 6,928,012 7,683,835 li 12 Current asset5 Cash at bank and in hand S69392 377,466 Creditors.. amounts falling due wtthtn one year 13 16,2111 17,7(Hl Net current assets 563.181 369,762 Total assets less current liabllltles 9.11$50 8.053,597 Total net assets 9.116.050 8.053,597 Trust funds Unrestricted fund General fund 14 7.302.275 1.813.775 7.234.203 819.394 Revaluation reserve 14 Total funds 9.116.050 8.053,597 The trustees consider that the trust is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2CK161'thÈ Act'l and members have not required thetrustto obtain an audit for the year in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirement5 of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affair5 of the charitable company a5 at 31 March 2024 and of it5 income and expenditure for the year in accordance with the requirements of section5 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial 5taletnents, $0 far as applicable tts the trust.
The As8ill House Trust Limited Statement of financial position Icontinuedl For the year ended 31 March 2024 The financial statement5 have been prepared in 3tcordance with the special provisions applicable to small companie5 Within Part 15 of the Companies Act 2006 and in accordance with FRS 102. The financial 5taternent5 were approved by the trustees and signed on their behalf by.. P L Hauptfuhrer Lord Lee of Trafford J R L Lee Trustee Trustee Date.. 1711212024 Date: 1711212024 The notes on page5 10 to 16 form part ofthese financial ststements.
The Asglll House Trust Limited Notes to the financial Statements For the year erided 31 March 2024 General infomiation The Asgill House Trust Limited is a priv8te company limited by guarantee and is incorpor3ted in England and Wales. In th& event of the trust being wound up, the liability in respÈct of the guarantee 15 limited to £1 per member of the tru5tr. It5 registered office and principal place of busine55 15 Asgill House. Dld Palace Lane, Richmond, TW9 IPQ. The ¢ompany registration number is 01701275 and thÈ charity number is 286270. Accounting Policres Basis of Pfeparation of financial statements The financial statements have been prepared in acmrdance with the CharSties SORP IFRS 1021 AccountinE and Reporting by Charitie5.' Statement of Recomrnended Practice applic3ble to charities prep8ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Att 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments, which are included on a fair value ba51S. The trust constitutes 3 public benefit entity as defined by FRS 102. The financial Statements are presented in GBP 1£) and are rounded to the nearest pound. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial staternent5 are as follow5.. Going cOnrn After making appropriate enquiries, the trustees have a reasonable expertation that the trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, the trust will continue to adopt the going concern basis in preparing the financial statements. Fund accounting The general fund is an unrestricted fund which is available for use at the discretion of the trustees in furtherance of the general objective of the trust. The revaluation reserve 15 an unrestricted fund and represents the unrealised increase in market value above original cost on listed investrnents held at the end of the financial period. Income The compan¢s income con51Sts of donations, lettinES, and investment income on a receivable basis. All income is recognised in the Statement of financial activities when the trust has entitlernent to the income. it is probable that the income will be received, and the amount of income receivable can be [neasud reliably. io
The Asgill House Trust Limited Notes to the financial statements Icontinuedl For the year ended 31 March 2024 Expenditure liabilitie5 are recogriis&d as expenditure as soon as there is a legal or constructive obligatlon committing the trust to make a payment to a third party or it 15 probable that a transfer of econormic benefits will be required in settlement and the amount of the obliEation can be measured reliably. All expenditure is stated inclusive of VAT. All expenditure 15 accounted for on an accruals basis. Expenditure cornpr5se5 dirert costs and support Costs. All expense5, including support costs. relate to the charitable activitie5 of the trust. 2.6 Tangible fixed assets Depreciation is provided at tho following annual ratÈs in Drder to wrilE off the cost les5 e5tirnated residual value of each asset over its estimated usefL41 life. Fixture5 and fittings IO% on reducing balance Garden equipment 25% on straight line Heritage asset5 The leasehold propertie5 are recorded at historical cost less accumulated impairment. No charge to depr&tiation has been made in respect of the histori¢ )ss&ts be¢aus? the prDperties are maintained to a high standard as part of the objectives of the trust and any depreciation would, in the opinion of the trustees. be immaterial because of the long-expected life of the properties. At each reporting date the trust a55e55e5 whether there 15 any indication of impairrnent. If such indication exist5, the coVerable amount of the asset is detertnined to be the higher of Its fair value less costs to sell and its value in use. An impairment Ios5 15 recognised where the carrying amount exceeds the re¢overable amount. Fixed asset investment Fixed asset investments are 3 form of financial instrument and are initially recognised at their transaction cost and subseouently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it 15 rneasuied at cost less impairment. Investment gains and losses, whether realised or unrealised, are cornbined and presented a5'Gains/lL055esl on investments, in the Statement of financial activities. Debtor5 Trade and other debtDrs are recogni5ed at the settlement amount after any trade discount offered and net of any provision. Prepayments are valued at the net amount prepaid. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a Short maturity of three months or lÈss from the date of acqui51tion or opening ol the deposit or similar account. li
The Asgill House Trust Limited Notes to the financial statements {continued) For the year Ènded 31 Mar¢h 2024 2.11 Liabilities Liabilities are recognised when there is an obligation at the reporting date as a result of a past event. it is probable that a tr3nsfer of economic benefit will be required in 5ettlErnent, and the amount of the settlement can be e5tirrated reliably. Liabilities are recognised at the amount that the trust anticipate5 it will pay to settle the debt or the amount it has received a5 advanced payments for the goods or 5ervice5 il tnu5t provide. 2.12 Foreign currenclos Monetary assets and liabilitie5 denorninated in foreign currencies are translated into pound5 at rates of exchange ruling at the balancE sheet date. Transaction5 in foreign currencie5 are translated into pounds at tho rate ruling on the date of the transaction. Exchange gains and losses are reco8ni5ed n the Statement of financial activities incorporating incorne and expenditure account, 2.13 Financial instruments Financial asset or a finan£ial liability is recogni5ed only when the entity becomes a party to the contractual provisions of the instrument. The trust only ha5 financial a55ets and financi31 liabilitie5 of a kind that qualify as basic financial instrurnent5. Basic financial instruments are initially recognised at transaction value and 5ub5equently measured at their 5ettlernent value with the exception of bank loans which are subsequently measured at amortised cost Using the effective interest rnethod. Where investments in shares or preference 5hare5 are publicly tr3dÈd or thoir fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in lair value recogni5ed in income and expenditure. A11 other such investments are subsequently measured at cost less impairment. Donations & legacies Unrestrirted funds 2024 Total tunds 2024 Total fund5 2023 Letting income 1,450 1,450 Investment income Unrestricted funds 2024 Total funds 2024 Total fund5 2023 Bank interest Dividends Other income 4,940 143.187 10,075 158,202 4,940 143,187 10,075 158,202 1,853 71,996 1.128 74,977 12
The Asgill House Trust Limited Notes to the financial statements {continued) For the year ended 31 March 2024 Raising funds ijnrestricted funds 2024 Total fund5 2024 Total funds 2023 Investtnent management CDSts 32,374 32.374 32.374 32,374 38,421 38,421 Charitable artivities Unrestricted funds 2024 Total fund5 2024 Total funds 2023 Maintenance costs Council tax and water Ground rent Light and heat Insurance Repairs. maintenance & housekeeping relephon 6,939 200 21,304 18.634 7,630 2,257 56,964 8,598 65,562 6,939 200 21,304 18,634 7.630 2.257 56,964 8,598 65.562 6,645 200 4,208 16.844 6,049 2,144 36.090 9,091 45,181 Support C05t5 Inote 71 Total Support costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Support costs Depreciation Bank charges 339 1,659 1,998 339 1,659 1,998 377 2,912 3,289 Governance costs Accountancy & independent examination fees (note 91 6,600 6.600 8,598 6,600 6.600 8,598 5,802 5,802 9,091 Total 13
The Asgill House Trust Limited Notes to the financial Statements Icontinuedl For the year ended 31 March 2024 Trustee5' remuneration During the year, no trustees received any remuneration or other benefit512023 £nill. During the year, no trustee expenses have been incurred12023- £nill Accounting & independent examination costs 2024 2023 Accountanry fee Independent examination fee 4.920 1.680 6.600 3,900 1,902 5,802 io. Tangible Asset5 Furniture & Fittings Turret House Asgill House Garden Equipment Z024 Total 2024 2024 Cost At l April 2023 Addition5 At 31 Mah 2024 150,673 77,338 874 228,885 150,673 77.338 874 228,885 Depreciation At l April 2023 Charge for the year At 31 March 2024 150,3B2 29 ISO.411 74,Z41 310 874 225.497 339 225,836 74,551 874 Net book value At 31 March 2024 262 2,787 3,049 At 31 March 2023 291 3,097 3,388 ii. Heritage assets Turret House A5gill House Total Carrying amount as at l April 2023 and 31 March 2024 419,919 332.S17 752.436 There havo been no movements in the carrying valu@ of the heritage assets in the last five years. 14
The Asgill House Trust Limited Notes to the financial statements Icontinuedl For the year ended 31 March 2024 12. Investments Listed equity 2024 Unlisted equity 2024 Market valve Mark&t value 2023 2024 UK- Investment- Coutts Market value at l April 2023 Additions Disposals Incre3se/ldecre35el in market value Market value at 31 March 2024 1684,422 211,241 12,937,226) 41,563 2,684.4ZZ 211,241 12,937,2Z61 41,563 2,820,125 1,799,635 11,862,441) 172,8971 2,684,422 Listed equitv 2024 Unlisted equilv 2024 Market value Z024 Market value 2023 UK- Investment- James Sharp & Co Market vale at l April 2023 Additions Disp05als Increase in market value 2,871,637 1199,4061 317,388 2,989,619 2,871.637 1199,4061 317.388 2,989.619 Market value at 31 March 2024 Listed equwty 2024 Unlisted equity 2024 Market value 2024 Market valu& 2023 US- Inve5tment- BBH Market vaSue 3t l April 2023 Addition5 4,051,132 51.377 1146,4451 709,247 191,2481 4,574,063 192,4S8 25,450 4,243.590 76.827 1146,44SI 725,041 191,2481 4.807.765 4.169,795 362,896 1240,0551 1324,0021 274,956 4.243,590 Di5P05als Increaselldecreasel in market value ILossl/gain on exchange Market value at 31 Mar¢h 2024 15,794 233,702 Toial Investments market value 7,563,682 233,702 7,797,384 6,928,012 13. Creditors: amounts falling due within one year 2024 2023 Creditors Accruals 1.902 5.802 7.704 6,211 6,211 15
The ASEIII House Trust Limited Notes to the financial Statements (continued) For the year ended 31 March 2024 14. Analysis of funds Unrestricted general fund Revaluaiion reserve Total Balance a5 at l April 2023 Income Expenditu Net Ilossl/gain on investment assets Tran5fEr between funds Balance a5 at 31 March 2024 7,234.203 158.202 197,9361 181.8051 89,611 7,302,275 819,394 8,053,597 158,202 197,9361 1.002.187 1.083.992 189,6111 IA13,775 9,116,050 The trustee5 have reviewed the level of the general fund and have concluded that it 55 Sufficient to cover contingencies. A separate Contingency Fund wa5 deemed unnecessary. 15. Analysi5 of net asset5 between fund5 Unrestricted Eeneral fund Revaluation reserye Total Tangible fixed assets Heritage assets Investments Curront assets 3.049 75Z,436 5,983,609 569,392 16,2111 7,302.275 3.049 752,436 7,797,384 569,392 16,2111 9,116,050 1,813,775 Balance as at 31 March 20Z4 1,813,775 16. Capital commitments At the balance sheet date there were no outstanding commitments for capital expenditure. 17. Related party transactions There were no related party transactions during the year. 16