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2023-04-05-accounts

Charity number: 286547

JOAN AINSLIE CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

JOAN AINSLIE CHARITABLE TRUST

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent auditor's report on the financial statements 5 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 26

JOAN AINSLIE CHARITABLE TRUST

Reference and administrative details of the Charity, its Trustees and advisers For the Year Ended 5 April 2023

Trustees

Anthony Gerard Mahoney, Trustee Susan Mary Simmons, Trustee Paul Eldon Ffitch, Trustee Fiona Ainslie-Brown, Trustee (deceased 10 May 2023)

Charity registered number

286547

Principal office

Sayers Butterworth LLP, 3rd Floor, 12 Gough Square, London, EC4A 3DW

Independent auditor

Amy Healey FCA CTA DChA, Lindeyer Francis Ferguson Limited, North House, 198 High Street, Tonbridge, Kent, TN9 1BE

Bankers

Barclays Bank Plc, 1 Churchill Place, London, E14 5HP

Investment advisors

Canaccord Genuity Wealth Management, 41 Lothbury, London, EC2R 7AE

Barclays Wealth, 1 Churchill Place, London, E14 5HP

Arbuthnot Latham, Arbuthnot House, 7 Wilson Street, London, EC2M 2SN

Accountants

Sayers Butterworth LLP, 3rd Floor, 12 Gough Square, London, EC4A 3DW

Property advisors

Henry Adams Property Management, 28 Lavant Street, Petersfield, Hampshire, GU32 3EF

Morley Riches & Ablewhite, 4 Newcomen Way, Colchester, CO4 9RA

Wishtower, 23 Marshall Road, Eastbourne, East Sussex, BN22 9AD

Page 1

JOAN AINSLIE CHARITABLE TRUST

Trustees' report For the Year Ended 5 April 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 6 April 2022 to 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's Trust Deed, The Charities Act 2011 and the requirements of the "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).

Objectives and activities

a. Objectives and activities

The Funds of the Trust are to be applied for or towards such charitable purposes at such time or times and in such manner as the Trustees shall in their absolute discretion think fit. The objectives are fulfilled by the Trustees making grants or donations. Following the legacies received the Trustees are actively looking to commit funds to small charities in need of financial support. Funds held pending disbursement may be invested in securities of whatsoever nature as the Trustees think fit.

The Trustees fulfil the purpose of the charity by making donations during the year to identified organisations carrying out charitable activities, for the purpose of wider public benefit.

The Trustees are actively looking for suitable charities to form ongoing relationships with and consider all requests for funds. Decisions as to the quantum of donations are made once we understand the financial needs of the donee charity.

The main activities undertaken to further the charity's purpose consist of donating to other charities and charitable organisations. The Trustees are empowered to pay any part of the capital and income for the benefit of such charitable purposes as the Trustees in their discretion determine.

There are no employees working for the Joan Ainslie Charitable Trust at present. The day to day management of the incoming resources of the Charity is undertaken by the appointed Proprietary Estate Agents and Investment Advisors listed on page 1 of these accounts. The Trustees manage the overall operational activities of the charity and decisions of a day to day nature. Charitable donation decisions and strategic decisions are taken by the Trustees at Trustees board meetings.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements of the Charity

The Joan Ainslie Charitable Trust has successfully donated to 54 charitable organisations during the year to 5 April 2023 (2022: 58) and granted total funds of £233,800 (2022: £259,000). The value of donations ranged from £1,000 - £10,000 (2022: £1,000 - £10,000). The Trustees intend that all donations should make a material impact to the activities of each donee.

Page 2

JOAN AINSLIE CHARITABLE TRUST

Trustees' report (continued) For the Year Ended 5 April 2023

Achievements and performance (continued)

b. Plans for future periods

The Trustees plan to discuss further the key objectives and activities for the future considering the significant investment funds held by the charity. At present the Trustees principally wish to continue to maintain, and if possible increase the annual income levels and support the widest range of charitable activity consistent with the charitys' objectives.

A material share of the investment funds is in non-liquid assets. This diversification currently accords with The Trustee Investment Policy. At the appropriate time this value may be realised towards future distributions.

Financial review

a. Financial review

Investment income received during the year totalled £267,125 compared with £242,130 in the previous year.

Expenditure totalled £365,594 during the year (2022: £369,722), of which charitable donations totalling £233,800 (2022: £259,000) were made by the Trust.

There are no restrictions in the Trust Deed. The Trustees operate a medium to high risk investment policy with a balance of income and capital growth. The investments are currently held in a mixture of stock market investments and cash deposits and rental property. There were unrealised / realised losses of £506,232 (2022: gains of £363,666) on stock market investments during the year.

The deficit for the year totalled £623,037 (2022: surplus of £236,074). The balance of the unrestricted fund at 5 April 2023 was a surplus of £10,000 (2022: deficit of £8,336). The balance of the expendable endowment fund at the year end was £7,783,129 (2022: £8,406,166).

During the year, there was a transfer of funds from the expendable endowment fund of £22,710 to the unrestricted fund. This was due to a shortfall of income over expenditure.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserve policy

Clause 3 of the Trust Deed gives the power to apply the Trust Fund and the income thereof for such charitable purposes as the Trustees may in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level. Future reserves will be set at such a level to enable available funds to meet any future financial commitments.

Reserves held at the year end were £7,793,129 (2022: £8,397,830). The Trustees intend to set aside £300,000 from the reserves for spending over the forthcoming year. The Trustees desired level of reserves at the present time is between £7m and £7.5m and their intention is to increase the annual income. There are no current plans by the Trustees to spend the reserves of the charity although the Trustees will consider larger donations from the capital of the charity on a case by case basis.

Page 3

JOAN AINSLIE CHARITABLE TRUST

Trustees' report (continued) For the Year Ended 5 April 2023

Structure, governance and management

a. Constitution

Joan Ainslie Charitable Trust is a registered charity, number 286547, and is constituted under a Trust deed dated 11 October 1982.

b. Methods of appointment or election of Trustees

The power of appointment for new or additional Trustees rested with the Settlor during her lifetime and thereafter now lies with the ongoing Trustees.

There are no formal policies in place for the induction or training of new Trustees. New Trustees are briefed by the board of existing Trustees. Please see page 1 for the details of the registered office of the charity.

Statement of 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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. 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.

Approved by order of the members of the board of Trustees on 5 February 2024 and signed on their behalf by:

Anthony Gerard Mahoney Trustee

Page 4

JOAN AINSLIE CHARITABLE TRUST

Independent auditor's report to the Members of Joan Ainslie Charitable Trust

Opinion

We have audited the financial statements of Joan Ainslie Charitable Trust (the 'charity') for the year ended 5 April 2023 which comprise the Statement of financial activities, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.

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.

In our opinion the financial statements:

Basis for opinion

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 United Kingdom, including the Financial Reporting Council'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.

Page 5

JOAN AINSLIE CHARITABLE TRUST

Independent auditor's report to the Members of Joan Ainslie Charitable Trust (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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.

Page 6

JOAN AINSLIE CHARITABLE TRUST

Independent auditor's report to the Members of Joan Ainslie Charitable Trust (continued)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the charity, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: Charities SORP (FRS102) and the Charities Act 2011.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including GDPR, data protection regulations and property rental regulations.

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

Page 7

JOAN AINSLIE CHARITABLE TRUST

Independent auditor's report to the Members of Joan Ainslie Charitable Trust (continued)

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, reviewing journal entries and accounting estimates, reviewing an expert valuation of the investment properties and reviewing correspondence relating to the status of the dilapidated property.

The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Other matters

The corresponding figures in the financial statements of Joan Ainslie Charitable Trust were not audited as the the charity did not require a statuory audit under the Charities Act 2011 in the prior year.

Use of our report

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. 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Amy Healey FCA CTA DChA

Lindeyer Francis Ferguson Limited

North House 198 High Street

Tonbridge

Kent TN9 1BE

5 February 2024

Amy Healey FCA CTA DChA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

JOAN AINSLIE CHARITABLE TRUST

Statement of financial activities For the Year Ended 5 April 2023

Note
Income and endowments from:
Investments
4
Total income and endowments
Expenditure on:
Raising funds:
5
Investment management
Charitable activities:
7
Other charitable activities
Governance
Total expenditure
Net expenditure before net
(losses)/gains on investments
Net (losses)/gains on investments
Net (expenditure)/income
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Expendable
Endowment
funds
2023
£
-
-
79,962
-
14,133
94,095
(94,095)
(506,232)
(600,327)
(22,710)
(623,037)
8,406,166
(623,037)
7,783,129		 Unrestricted
funds
2023
£
267,125
267,125
20,993
236,373
14,133
271,499
(4,374)
-
(4,374)
22,710
18,336
(8,336)
18,336
10,000		 Total
funds
2023
£
267,125
267,125
100,955
236,373
28,266
365,594
(98,469)
(506,232)
(604,701)
-
(604,701)
8,397,830
(604,701)
7,793,129		 Total
funds
(Unaudited)
2022
£
242,130
242,130
87,544
262,313
19,865
369,722
(127,592)
363,666
236,074
-
236,074
8,161,756
236,074
8,397,830

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

The notes on pages 11 to 26 form part of these financial statements.

Page 9

JOAN AINSLIE CHARITABLE TRUST

Balance sheet As at 5 April 2023

Note
Fixed assets
Investment property
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Expendable endowment funds
16
Unrestricted funds
16
Total funds		 658
255,519
256,177
(67,630)		 2023
£
1,750,000
5,854,582
7,604,582
188,547
7,793,129
7,793,129
7,783,129
10,000
7,793,129		 23,979
358,106
382,085
(64,667)		 (Unaudited)
2022
£
1,865,000
6,215,412
8,080,412
317,418
8,397,830
8,397,830
8,406,166
(8,336)
8,397,830

The financial statements were approved and authorised for issue by the Trustees on 05 February 2024 and signed on their behalf by:

Anthony Gerard Mahoney

Trustee

The notes on pages 11 to 26 form part of these financial statements.

Page 10

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

1. General information

Joan Ainslie Charitable Trust is a registered charity, charity number 286547. Its principal office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

2. Accounting policies

2.1 Basis of preparation of financial statements

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) (Second Edition)', and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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: 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) (Second Edition)' rather than the Accounting and Reporting by Charities: Statement of Reocmmended Practive effective from 1 April 2005 which has since been withdrawn.

Joan Ainslie Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in pound sterling and rounded to the nearest pound.

2.2 Going concern

After making the necessary enquiries, the trustees have a reasonable expectation that the Charity has adequate reserves to continue in existence for the foreseeable future and there are no material uncertainties regarding going concern. On this basis the Charity continues to adopt the going concern basis in preparing its financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 11

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 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 less from the date of acquisition or opening of the deposit or similar account.

Page 12

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

The expendable endowment fund represents those assets which have been introduced to the Charity by the Settlor. Under clauses 3(b) and 3(c) of the Trust Deed the whole of this fund may be applied for one or more Charity or Charities or for such charitable purposes as the Trustees may decide. The costs of administering such funds are charged against the specific fund. The expendable endowment fund is unrestricted.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key source of estimation uncertainty at the balance sheet date relates to the property valuations. The Trustees have reviewed the property valuations at the year end and made an estimate as to their fair value with reference to previous full valuations and current informal discussions with industry professionals obtained about the property market sector performance generally.

Page 13

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

4. Investment income

Unrestricted
funds
2023
£
Income from UK investment properties
145,206
Income from UK listed investments
117,375
Income from non-UK listed investments
3,402
Bank interest receivable
1,142
Total 2023
267,125
Unrestricted
funds
(Unaudited)
2022
£
Income from UK investment properties
144,420
Income from UK listed investments
91,439
Income from non-UK listed investments
6,264
Bank interest receivable
7
Total 2022
242,130		 Total
funds
2023
£
145,206
117,375
3,402
1,142
267,125
Total
funds
(Unaudited)
2022
£
144,420
91,439
6,264
7
242,130

Page 14

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

5. Investment management costs

Investment management charges
Property expenses:
Agent's management charges
Legal & professional
Repairs & maintenance
Rates
Managing investments and investment property
Insurance written off
Rental income bad debts
Total 2023
Investment management charges
Property expenses:
Agent's management charges
Legal & professional
Repairs & maintenance
Rates
Managing investments and investment property
Insurance written off
Total 2022		 Expendable
Endowment
funds
2023
Unrestricted
funds
2023
£
£
48,054
-
11,223
-
9,343
-
-
1,103
-
538
11,342
1,260
-
9,632
-
8,460
79,962
20,993
Expendable
Endowment
funds
(Unaudited)
2022
Unrestricted
funds
(Unaudited)
2022
£
£
53,789
-
10,054
-
9,672
-
-
2,285
-
653
6,468
719
-
3,904
79,983
7,561		 Total
funds
2023
£
48,054
11,223
9,343
1,103
538
12,602
9,632
8,460
100,955
Total
funds
(Unaudited)
2022
£
53,789
10,054
9,672
2,285
653
7,187
3,904
87,544

Page 15

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

6. Analysis of grants

Grants
Grants		 Grants to
Institutions
2023
£
236,373
Grants to
Institutions
(Unaudited)
2022
£
262,313		 Total
funds
2023
£
236,373
Total
funds
(Unaudited)
2022
£
262,313

Page 16

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

The Charity has made the following grants to institutions during the year:

(Unaudited)
2023 2022
£ £
3H 5,000 5,000
Abbeyfield (Chichester) Society 5,000 5,000
Arthritis Action 5,000 5,000
Avenues 10,000 10,000
Barnardo's 5,000 5,000
Best Beginnings - 5,000
Brains Matter 5,000 5,000
The Brigette Trust 2,000 2,000
Cherished Memories - 5,000
Choices 5,000 5,000
Compaid 5,000 5,000
Community Support Laundry of Liphook 3,000 -
Conquest Art Cio 2,000 2,000
Dandelion Time 5,000 5,000
Diabetes UK 3,300 -
Dogs for Good 5,000 5,000
Douglas Bader Foundation 5,000 5,000
Ealing Church Shelter 5,000 5,000
Food for Life 1,000 -
Groombridge Mens Shed 3,000 -
Hamble Life Boat 2,500 2,500
Hampshire Lifeboat - 2,500
Hampshire & Isle of Wight Air Ambulance 5,000 5,000
Happy Days Children's Charity 5,000 5,000
Haslemere Educational Museum 3,000 3,000
Hi Kent 5,000 5,000
His Charity - 3,000
Home Start 5,000 5,000
Homeless Care 5,000 5,000
Human Value Foundation - 5,000
The Hunter Centre - 3,000
Kent Phoenix Youth - 5,000
Kent Association for the Blind 5,000 -
Lavant Church Community Centre 5,000 5,000
Livability 5,000 5,000
Luna Children's Charities 5,000 5,000

Page 17

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

Maidstone Swimming Club for the Disabled
Mid-Sussex Older People's Council
Mobility Trust
Morning Star
National Animal Welfare Trust
National Axial Spondyloarthritis Society
Niemann Pick Disease
The People's Dispensary for Sick Animals
Petals
Phoenix Education Trust
Royal British Legion
Samaritans Tunbridge Wells
Sanctus
School of Hard Knocks
Seed Eating Disorder
Siblings Together
Social Link, High Wycombe
Spitz
St Paul's Church & Parish Centre Chichester
The West Sussex Countryside Studies Trust
The Sara Lee Trust
Student Minds
St Wilfred's Hospice
Their Voice
Town & Country Foundation
Tylers Trust
Up n Away
Vision for Malawi
The Hunter Centre
The Whitefield Charity
The Young Lives Foundation
Support costs
Administration of grants		 2,000
-
5,000
5,000
3,000
5,000
5,000
3,000
3,000
5,000
5,000
3,000
5,000
5,000
3,000
-
-
3,000
2,000
3,000
3,000
5,000
-
3,000
-
5,000
5,000
10,000
3,000
-
5,000
233,800
2,573
236,373		 2,000
5,000
5,000
5,000
3,000
-
5,000
3,000
3,000
5,000
5,000
1,000
5,000
5,000
3,000
5,000
2,500
3,000
2,000
-
-
5,000
5,000
3,000
3,000
5,000
5,000
10,000
-
7,500
5,000
259,000
3,313
262,313

Page 18

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Charitable activities		 Expendable
Endowment
funds
2023
Unrestricted
funds
2023
£
£
14,133
250,506
Expendable
Endowment
funds
(Unaudited)
2022
Unrestricted
funds
(Unaudited)
2022
£
£
9,913
272,265		 Total
2023
£
264,639
Total
(Unaudited)
2022
£
282,178

8. Analysis of expenditure by activities

Charitable activities
Charitable activities		 Grant
funding of
activities
2023
£
236,373
Grant
funding of
activities
(Unaudited)
2022
£
262,313		 Support
costs
2023
£
28,266
Support
costs
(Unaudited)
2022
£
19,865		 Total
funds
2023
£
264,639
Total
funds
(Unaudited)
2022
£
282,178

Page 19

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Total
Total funds
funds (Unaudited)
2023 2022
£ £
Governance costs 28,266 19,865

9. Auditor's remuneration

(Unaudited)
2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,284 -
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts - 2,580

10. Trustees' remuneration and expenses

During the year ended 5 April 2023 no Trustees received any remuneration or other benefits (2022:£NIL).

During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 20

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

11. Investment property

Valuation
At 6 April 2022
Loss on revaluation
At 5 April 2023		 Freehold
investment
property
£
1,865,000
(115,000)
1,750,000

The freehold investment property was valued by the Trustees as at 5 April 2023 on an open market basis.

12. Fixed asset investments

Cost or valuation
At 6 April 2022
Additions
Disposals
Revaluations
At 5 April 2023		 Listed
investments
£
6,215,412
1,146,874
(1,180,233)
(327,471)
5,854,582

The disposals resulted in realised losses of £63,761.

13. Debtors

Due within one year
Other debtors		 2023
£
658
658		 (Unaudited)
2022
£
23,979
23,979

Page 21

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

14. Creditors: Amounts falling due within one year

Accruals and deferred income
Grants accrued
Deferred income brought forward
Resources deferred during the year
Amounts released from previous periods		 2023
£
67,630
-
67,630
2023
£
19,787
35,004
(19,787)
35,004		 (Unaudited)
2022
£
59,667
5,000
64,667
(Unaudited)
2022
£
5,445
19,787
(5,445)
19,787

Deferred income relates to rent from investment properties invoiced in advance.

15. Financial instruments

(Unaudited)
2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 5,854,584 6,215,412

Financial assets measured at fair value through income and expenditure comprise listed and unlisted investments.

Page 22

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

16. Statement of funds Statement of funds - current year

Balance at 6
April 2022
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Unrestricted
funds
General Funds
(8,336)
267,125
(271,499)
22,710
-
Endowment
funds
Expendable
Endowment
Funds
8,406,166
-
(94,095)
(22,710)
(506,232)
Total of funds
8,397,830
267,125
(365,594)
-
(506,232)
The transfer of funds from the expendable endowment fund of £22,710 to the unrestricted
to a shortfall of income over expenditure.
Statement of funds - prior year
Balance at
6 April 2021
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Unrestricted
funds
General Funds
29,360
242,130
(279,826)
-
-
Endowment
funds
Expendable
Endowment
Funds
8,132,396
-
(89,896)
-
363,666
Total of funds
8,161,756
242,130
(369,722)
-
363,666		 Balance at 6
April 2022
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Unrestricted
funds
General Funds
(8,336)
267,125
(271,499)
22,710
-
Endowment
funds
Expendable
Endowment
Funds
8,406,166
-
(94,095)
(22,710)
(506,232)
Total of funds
8,397,830
267,125
(365,594)
-
(506,232)
The transfer of funds from the expendable endowment fund of £22,710 to the unrestricted
to a shortfall of income over expenditure.
Statement of funds - prior year
Balance at
6 April 2021
£
Income
£
Expenditure
£
Transfers
in/out
£
Gains/
(Losses)
£
Unrestricted
funds
General Funds
29,360
242,130
(279,826)
-
-
Endowment
funds
Expendable
Endowment
Funds
8,132,396
-
(89,896)
-
363,666
Total of funds
8,161,756
242,130
(369,722)
-
363,666		 Balance at 5
April 2023
£
10,000
7,783,129
7,793,129
fund was due
Balance at
5 April 2022
£
(8,336)
8,406,166
8,397,830
Unrestricted
funds
General Funds
Endowment
funds
Expendable
Endowment
Funds
Total of funds		 Balance at
6 April 2021
£
29,360
8,132,396
8,161,756

The transfer of funds from the expendable endowment fund of £22,710 to the unrestricted fund was due to a shortfall of income over expenditure.

Page 23

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Expendable
Endowment
funds
2023
Unrestricted
funds
2023
£
£
5,854,582
-
1,750,000
-
200,762
55,415
(22,215)
(45,415)
7,783,129
10,000		 Total
funds
2023
£
5,854,582
1,750,000
256,177
(67,630)
7,793,129

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Expendable
Endowment
funds
2022
£
6,215,412
1,865,000
352,773
(27,019)
8,406,166		 Unrestricted
funds
2022
£
-
-
29,312
(37,648)
(8,336)		 Total
funds
2022
£
6,215,412
1,865,000
382,085
(64,667)
8,397,830

18. Contingent asset

The tenants at 20 Devonshire Road (W H Smith) have been asked to carry out dilapidations on the property. If works are not completed by W H Smith the Trustees will in due course seek to claim an estimated amount of £110,000 to cover the necessary works required.

Page 24

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

19. Operating lease commitments (receivable)

At 5 April 2023 the Charity had commitments to receive future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
128,035
94,522
222,557		 (Unaudited)
2022
£
116,764
136,333
253,097

There is no contingent rent recognised as income.

The Charity holds the freehold of the following properties:

20 Devonshire Road, Bexhill on Sea 125/127/129 Eltham High Street, SE9 1TQ Tokenhouse Chambers, comprising:

51-53 Rosemary Road, Clacton on Sea, CO15 1PB and

42 Station Road, Clacton on Sea, CO15 1SX.

These properties are managed by the property advisors listed on page 1 of the accounts. A number of commercial and residential operating leases have been granted on these properties generating the rental income detailed in note 4 of these accounts. The Trustees use the professional services of legal advisors or chartered surveyors in all matters pertaining to the grant, renewal or assignment of leases. All leases currently in place will expire on or before 22 February 2026.

20. Related party transactions

During the year fees amounting to £30,130 (2022: £23,154) plus VAT were incurred from Sayers Butterworth LLP, a company in which Paul Ffitch is a partner. Of these fees incurred, a balance of £13,788 (2022: £24,540) was outstanding at 5 April 2023.

These fees (including VAT) were split as follows:

Managing investments and investment property
Accounting, bookkeeping and Trustee meetings
Support costs		 2023
£
12,602
20,982
2,573
36,157		 (Unaudited)
2022
£
7,187
17,246
3,352
27,785

Page 25

JOAN AINSLIE CHARITABLE TRUST

Notes to the financial statements For the Year Ended 5 April 2023

21. Controlling party

There was no ultimate controlling party throughout the current and previous period.

Page 26