Charity number: 286547 JOAN AINSLIE CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Sa ers Butterworth LLP
JOAN AINSLIE CHARITABLE TRUST Contents Page Reference and admlnlstrative details of the Charty, its Trustee5 and advisers Truste¢$' report Independent audltorfs report on the finan¢lal statsmants Statement of financial aetlvlt•es Balance $hg8t 10 Notes to the flnanclal statements 11-23
JOAN AINSLIE CHARITABLE TRUST Reference and administrative details of the Charity, its Trustees and advlsers For th¢ Year Ended 5 Aprfl 2024 Trustees Anthony Gerard Mahoney, Trustee Susan Mary Simmons. Trustee Paul Eldon Ffitch. Trustee Fiona Ainslie-Brown, Twstee {deceas8d 10 May 20231 Charty Tegist•r8d number 286547 Principal office Sayers Butterworth LLP, 3rd Floor, 12 Gough Square. London, EC4A 3DW Indepondent auditor James Mathieson FCA, Lindeyer Francis Forguson Limitsd, North House, 198 High Street. Tonbtidge, Kent, TN9 18E Bankgrs Barcla Bank Pl¢. 1 Churchill Place, London, E14 5HP Invgstment advisors Canaccord Genuity Wealth Management, 41 Lothbury. London, EC2R 7AE 8ar¢lays Woalth, 1 Churchlll Place, London. E14 5HP Athnol Latham. Arbuthnot Hou$0, 7 Wilson Street, London, EC2M 2SN Accountants Sayers Butierwoth LLP, 3rd Floor, 12 Gough Square. London, EC4A 3DW Proprty advisors Morley Riches & Ablewhite. 4 Newaomen Way. Colchester, C04 9RA Wishtower, 23 Marshall Road, Eastboume, East Sussex, BN22 9AD Page 1
JOAN AINSLIE CHARITABLE TRUST Trustees. report For the Year Ended 5 Aprll 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the year 6 April 2023 10 S April 2024. The financial statements have been prepared in accordance with the accounting policles set out In the notss to the accounts and comply tho Chariws Trust Deed, The Chadlies Act 2011 and the requirements of the "Ststement of Recommended Pra¢lirR° applicable to charities preparing their 8c¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Objectlves and acttvities . Objectlves and actlvlti The FLtnds of the Trust are lo 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 fil. The objectives are fulfilled by the Trustees making grants or donations. Followng the legacies r1Ved Ihe Trustees are actively looking to commit funds to small charities in need of financial support. Funds held pending disbursemgnt may bg invested in securitie5 of whatsoever nature as the Trustees Ihink fit. The Trustegs fvifil Ihg purpose of the charty by maknng donations during the year to Idenlfled organisationg carrying out charitable activtties, for the purpose of wider public benefit The Trustees are actively looking for suitable charities to fomi ongoing relationships wtih and consider all requests for funds. Dec2sions as to the quantum of donations are made once we understand the financial needs of the donee charity. The maln actlvltles un(lertaken to further the charitrfs purpose consist of donafing to other charftles and charitsble organisalions. The Trustees are empowered lo pay any part of the catal and Income for the benefft of such charitable purposes es Ihe Trustees in their distxelion delenine. There are no employees working for the Joan Alnslie Charrtable Trust al present. The day to day management of the incoming resources of the Charity is undertaken by the appointed Proprietsry Estate Agents and Investment Advisors listed on page 1 of these accounts. The Trustees manage the overall operatlonal advlttes of the charity and decisions of a day to day natu. Charitable donation decisions and strategic decisions are taken by the Trustees at Trustees board meetings. In setting objectives and planning for activities. the Trustees hav8 given due consideration lo general guidance published by thè Charity Commission relating to public benefrt, including the yuidance 'Public benefrt- runr>ing charity IP821'. Achlevem¢nts and perforn)ance a. Main achievements of tho Charity The Joan Anslle Charttsble Trust has SucsfUllY donated lo 62 charitable organisations during the year to 5 April 2024 {2023: 541 and granted total funds of £262,500 {2023: £233,800). The value of donations ranged from £500 - £10,00012023.' £1.000 - £10.0001. The Trustees intsnd that all donations should make a material impact to the activtlies of each donee. Page 2
JOAN AINSLIE CHARITABLE TRUST Trusteès. report Icontinuedl For the Year End•d 5 April 2024 Achievemènts and pgrformance Icontinu¢dl b. Plans for future periods The Trustees plan to discuss further the key objectives and activities for the future considering the signfficant investment funds held by the charity. At present the Trustees principally wsh to continue lo maintain. and if possible increase the annual in¢om8 levels and support the widest ran9e of charitable activity ¢x>nsistent with the charitys objectives. A material share of the investment funds is in non-liquid assets. This diverslfi¢atlon ¢urr8nUy accords with The Trustee Investment Policy. At the appropriate time this value may be realised towards future distributions. Financlal rwl•w a. Flnancial review Investment income reoived during the year totalled £282,062 compared with £267,125 in the previous year. Expenditure totslled £392,425 during year {2023'. £365.594}. of which charitable donations totalling £262,500 12023= £233,8001 were mado by the Trust. There are no restrictions in the Trust Deed. The Trustees operate a medium to high risk investment policy with balance of income and capital growth. The investments are currendy held in a mixture of sto¢k market investments and cash deposits and rental propety. There were unrealised I realised gains of £535,13012023: losses of £577,732) on slod( marf(et investrnents during the year. The surplus for the year totall8d £554.76712023'. deficit of £604,701). The balancÉ of the unreslricled fund at 5 April 2024 was a surplus of £10,00012023'. surplus of £10,000). The balance of the expendable endowment ftjnd at the year end was £8.337,89612023.. £7,783.1291. During the year. there was a transfer of funds from the expendable endowment fund of £19,163 to the unfestricted fund. This was dua to a shortfall of income over expenditure. b. Going concern After makino appnjpriate enquiries, the Trustees have a reasonablg expectstion that the Charity has adequate resources to ntinu& in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in prepallng the financlal ststemenls. Further details regarding the adopfjon of the going concem basis be fryjnd in the accounting policies. ¢. R•serve pollcy Clause 3 of the Trust Deed gtves the power to apply the Trust Fund and the income thereof for such charitable purposes as the Trustees may in their absolute discretion determine. kcordingly il Is possible to maintain reserves at a minimal level. Future resery&s wlll be set at such a level lo enable available funds to meet any ftjture financial commttmenl5. Reserves held al the year end were £8.347,89612023'. £7,793,129). The Trustees intend to set aside £300,000 from the reserves for spending over the forthwming year. The Trustees deslred level of r&seTves at the present time is betsveen £7m and £7.5m and their intention is to increase the annual income. The are no current plans by the Trusteos lo spend the resetves of the charity although the Trustees will consider larger donations from the capitsl of tho charity on a case by ca88 basis. Page 3
JOAN AINSLIE CHARITABLE TRUST Trustees. report Icontlnued) For the Year Ended 5 Aprll 2024 Structure governance and mana9ement a. Constitution Joan Ainslie Charftable Trust Is a regIsled chaity. number 286547. and is constituted under a Tnjst deed datsd 11 October 1982. b. Methods of appointment or election of Trustees The power of appointsnent for new or additional Truees rested the Setuor during her lifetime and thereafter now lies with the ongoing Trustees. There are no fomial polici&s in plark for the induction or training of new Trustees. New TnJstee$ are briefed by the board of existing Trustees. Please see page 1 forthe delalls of the reglstered office of the Chaty. Statement of Trustees, responsibllltles The Trustees are responsible for preparing the Tnjstees. report and the financial stements in accordance wth applicable law and Unlted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Fracts.l. The law applicable to charities in England & Wales requires the Trustees to prepare flnancial statements for each financial which give a true and fair vi8w of the stale of affairs of Ihe Charity and of its incoming resources and application of resources, including ils incom9 and expenditure, for that pertod. In preparing these financial statements. the Trustees 8re required to: select suitable accounting policies and then apply them Con$tentIY,- obseNe the methods and prinCipS of the Charities SORP IFRS 1021. make judgments and accounting estimates that are reasonable and prudent- slate whelheT applicable UK Accounting Standards IFRS 1021 have bgon followed, subject to ary material departures disclosed and exained in the financial statements., prepar8 the finanryal statements on the going conoem basis unless il is inappropriate to presurne that the Charity will cLJnlinue in bu5ines5. The Trustees are responsible for keeping adequate accounting recL)rds that are 5ufficlent to show and explain the Charity's transactions and disclose with rèasonable accuracy at any tims th8 financi81 position of the Charty and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Report5) ReguSations 2008 and the provlsions of the Trust deed. They are also responsible for safeguarding the assets ofthe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulartties. Approved by order of th8 member5 of the board of Trustees on 30 January 2025 ar¢d signed on their behalf by.. Paul Eldon Ffitch Trustee l*iliucC Page 4
JOAN AINSLIE CHARITABLE TRUST Indep•ndent auditofs report to the Members of Joan Ainslie Charitable Trust Oplnlon We have audited th8 financial statements of Joan nsIle Charitable Trust Ithe 'chariV} for the year ended S April 2024 which comprisg 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 Kingdorn Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland, (Untted Kingdom Generally Apted Accounting Practice). In our opinion the financial 5tstements'. give a true and fair view of the state of the tharitys affairs as at 5 April 2024 and of its incoming resources and application of resources for tho year then ended- have been propet1y prepared in accordan with United Kingdom Generally Accepted A¢¢ounting Practr'ce,. and have been prepared in accordan with the requirements of the Charities Act 2011. Bas16 for oplnlon We conducted our audit in accordance with IntemationaS Standards on Auditing {UK} IISAS IUKII and applicable law. Our responsibilities undor those stsndards are further described in the Auditorfs responsibilities for the audit of tha finan¢ial slatements section of our report. W¢ •r¢ ind¢p¢nd¢nt of th¢ Gharity in aG¢ordan¢¢ wth th¢ ¢thiG81 requirements that are relevant to our audit of the financial statements in the United Kingdom. induding the Finanaal Reporting Council's Ethical Standard, and we havo fulfilled our other h1¢81 responsibilities in accordance with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our opinion. Coneluslons relating to going concgm In auditing the finandal ststements. we have concluded that the Trustees, use of the going concem basis of aOnting in the preparation of thfr finanaal ststements is appropriate. Based on the woth 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 charitys ability to continue as a going cort¢8m for a period of at least tW91vg rrnthS from when the financial staiements are authorised for Issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this pOrt. Page S
JOAN AINSLIE CHARITABLE TRUST Independent auditorfs report to the Members of Joan Alnslie Charttable TTUSt {continuedl other infomtIOn The other infoThation comprises the information included in the Annual report other than the fflnanclal ststements and OLtr Auditorfs report thereon. The Truste88 are responsible for the other information contained within the Annual r8porL Our opinion on the financtal statements does not cover the other infomation and, except to the extent otherwise explitiuy slated in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other infgrmation is materially in¢onsistsnt with the financlal ststements or our knowledge obtained In the course of the audlt. or otheNise appears to be materially misstated. If we identity such moterial inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstaternent in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that facL We have nothing to report in this regard. Matters on which we are requSred to report by exception We have nolhing to report in speCt of the following matters where the Charfties IAce4)unts and Reports) Regulations 2008 requires us to port lo you if. in our opinion: the information given in the Trustees, port is inconsistent In any material respect with the financial statements.. or sufficient accounting records have not been kept" or the finan¢ial slalements are not in agreement wth the accounting records and ¥etums' or we have not received all the information and eXanationS we require for our audtL R¢spon$5bllTtle$ of tru$tees As exF4ained more fully in the Trustees, responsibllilies slalemenc the Trustees are responsible for the preparation of the financial statements which give a true and fair wew, and for suGh internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from matsrlal misststement. whether due lo fraud or eor. In preparing the financial 8tatemen18, the Trustees are responsible for assessing the charitys abilty to continue as a going concern, disdoslng, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to liquidat6 tho charity or to cease operations, or havg no realistic altematlve bul to do so. Page 6
JOAN AINSLIE CHARITABLE TRUST Independent auditorfs rnport to th• Membors of Joan Ainslie Charitable Trust Icontinuedl Audltorfs r•sponslbllltles for th¢ audlt of the flnanGl•l statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regulalions made or having effect thereunder. Our objectives are to obtain asonable assurance about whether the financkil statements as a whde are frge 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 guarantge that an audit conducted in accordance with ISAS IUKI will always detect a material rnisststement 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 economi¢ de¢isions of users tsken on the basss of these financlal ststements. Irregularities, including frydud, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect rnalerial misststements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detIng irregularitS8s, induding fraud is detsiled below: We obtsined an understanding of the legal and regulatory framework applicable to the prepafation of the financial stslements of the charity, and the procedures that management adopt to ensure eompliance. We have considered the extent to which non4ompliance might have a material effect on the financial statements, and in parbcular we identified.. Charities SORP IFRS1021 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 chariW8 operations and to avoid material penalties. induding GDPR, data protection fegulalions and propgrty rental regulations. Hamng reviewed the laws and regulations applicable to the charity. we designed and performed audtt procedures to obtsin sufficient appropriate audit evidence. Speaflcally. we.. Selected a team wlth sector experience to perfom the audit,. Obtained an understsnding of the charity's proeedures for ensuring compllance with laws and regulations-, Obtained and reviewed internal policy and procedure documents- Made enquiries of management and the trustees regarding whether they were aware of any actual or suspected incldences of non-compliance with laws ané regulations., Reviewed legal expense5 accounts for indications of any possible non-complian(.. and Reviewed the completeness and accuracy of any disclosures made in the financial staternents. We assessed the susceptibility of the chariws financial statements to malerlal misslalement, induding considering how fraud might o¢cur. This w8S Pgrforrned by.. Making an assessment of the charity's control environment. systems and controls including identty'ng any weaknesses and considering the risk of management override of controls., Considering whether there are any incentives or opportunities for management to manipul*e financial results., Obtaining and evaluating the trustees, assessment of the risk of fraud, and enquiring as to whether they are aware of any actual oi suspected incidences of fraud., Reviewing the accounting policies and accounting estimates for signs of management bias.. and Identifyng key risks reLating to irregularities a8 rel8ting lo revenue re¢xyJnition induding fraud. man8gement override of controls and the valuation of investment properties. Page 7
JOAN AINSLIE CHARITABLE TRUST Independent auditorfs report to the Members of Joan Ainslie Charitsble Trust {continuedl We then designed audTt proGedures in response lo the risks identified, including perfom)ing substantive testing on all material income streams, reviewing journal entries and accounting estimates, and reviewing an expert valuation of tha investment properlies. The audit has been planned and perfomied in in accordance wilh au¢Jtting standards, however, because of the inherent limitstiDns of audit prOdreS there remains a risk that we will not detect all irregularities, induding those that may lead to material misstatements in the finandal 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 addltlon, the further removed non-complian¢e with laws and regulations is from the events and transactions reflected in the financial stalemenls, the less audit procedures are able to identtty A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councll's website at: www.frc.o .ukJaudilorsres es. This descriptlon fomis part of otjr Audttorfs report. Use of our report Thls rert is made solely to the charitys tStees, as a body. in 8tcordance with Part 4 of the Charities IAGcounls and Reports) Regulations 2008. Our audK( work has been undertaken so that we might state to the ¢haritys trustees those matters we are requirecl to state to them in an Auditor's port and for no other purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibslity to anyone other than the charity and its trustees, as a body, for our audit work. for thSs r8POrt, or for the opinions we have fomed. L,( ITOJ)ci s (Lc James Mathieson FCA LindeyBr Francis Ferguson Limited North House 198 High Street Tonbridgt Kent TN9 1BE 30 January 2025 Llndeyer FrancSs Ferguson Limited are eligible to aot 85 auditors in tsrms of section 1212 of the Companies Act 2006. Page 8
JOAN AINSLIE CHARITABLE TRUST statement of flnan¢lal actlvltlgs For the Year Ended S Aprll 2024 Exp9ndable Endowment Unr8strided funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Note Income and endowments from". Investments 282.062 282.062 267,125 Total income and endowmerrts 282.062 282,062 287, 125 Expenditure on: Raising funds.. Investsnent management Charitable aclivilies.. Grants to institutions Goveman¢e 75,442 19,990 94432 100,955 285.477 15.758 264477 31.516 236.373 28,266 15,758 Totsl expenditure 91.200 301.225 392.42S 365,594 Net expenditure before net gainsl{los$esl on investments Net gainslllossesl on investments 191.200) 665,130 119.163} 1110,3631 865.130 {98,469) (506.232) Net incomel{expenditurnl Transfefs between funds 573.930 (19.163) {19.163) 19.163 554.767 (604. TOI) 14 Net movemont In funds 554.767 554.767 (604. 701) Reconclllatlon of funds: Total funds brought forward Net movement in funds 7,783.129 554.767 10,000 7.793.129 554,767 8,397.830 (604.701) Total fund$ carrled forward 8.337.896 10,000 8,347,896 7,793,t29 The Statement of financial activlties includes all gains and losses recognised in th& year. The notes on pages 11 to 23 form part of these financial statoments. Page 9
JOAN AINSLIE CHARITABLE TRUST Balance sheet A5 at 5 April 2024 2024 2023 Fix¢d assets Investments Investment property 10 6,368,642 1,880,000 5,854,582 1,750,000 8.246,642 7.604.582 Currnnt assgts Oeblors Cash at bank and In hand 11 36.226 145.341 658 255,519 181,567 256,177 Creditors: amounts falling due within one year 12 180,3131 (67,630J NEt Gurrent a558tS 101,254 188,547 Totsl a8sets les8 current Ilab¥lities 8.347,896 7,793. 129 Total net a$$ets 8,347,896 7,793, 129 Charity fund$ Endowment funds Unrestricted hjnds 14 14 ,337,896 10.000 7,783, 129 10,000 Total funds 8.347.896 7.793. 129 Th8 finanual statements were approved and authorised for Issue by the Trustees on 30 January 2025 and signed on their behalf by.. /,,li< Paul Eldon Ffltch Trustee The notes on pages 11 to 23 fomi part of these financial slaternents. Pagg 10
JOAN AINSLIE CHARITABLE TRUST Notes to the flnancial $tstemgnts For the Year Ended 5 April 2024 General infomation Joan Atndie Charitsble Trust is 8 registered charity. charity number 286547. Its prinripal office address is 3rd Fl¢x)r, 12 Gough Square. London. EC4A 3DW. A¢¢ounting policies 2.1 Basis of preparatlon of financSal statsments The financial slalements have been prepad in a¢cordanc8 with 'Accounling and Reporbng by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 Isecond Edilion}', and the Financial Reporhng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charlties Act 2011. The financial statements have been prepared to give a Irue and fairf view and have departed from the Charities (Accounts and RetK)rtsl Regulations 2008 only to the extent required lo provide a 'true and fail view. This departure has involved following 'Accounting and Report+ng by Chariti8S: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Firsancial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) (Second Edition), rdther than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 whith has sin¢e ba8n wthdrawn. 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 nSaCtiOn value unless otherwise Ststed in the relevant accounting policy. The finanual statements are presented in pound sterting and rounded to the nearest pound. 2.2 Going ¢oncern 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 regardin9 going concern. On this basis the Charity eontinues to adopt the going concem basis in preparing its financial stat&m8nts. 2.3 Incom• All income Ss recognised onc8 the Chadty has entitlement to the income, it is probable that the income will be received and the amount of incorne receivable can be measured reliably. Income tsx recoverable in relation to investment incom8 18 recognised at the time the investment income is receivable. Page11
JOAN AINSLIE CHARITABLE TRUST Notes to the financial statements For the Year Ended 5 Aprll 2024 Accounting policles (Gontlnued) 2A Expendlture Expènditure is recognised once Ihere is a legal Dr constructive oblKJation to transfer economic benefft to a third paty. it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. ExpenditutE is classified by activity- The costs of each activity are made up of the total of dir¢¢t Costs and shared costs, including support costs involved in undertaking each 2CtiMty. Direct costs attributable to a 51ngle activity are 811ocated direcuy to that activity. Shared costs whSch contribute to more than one actiwty and support costs which are not attributable lo a single activity are apportioned betreen those 8¢tivities on a basis consistent with the use of resources. Central staff costs ère allocated on the basis of time spent and deprec18tion charyès allocated on the Portion of the assevs use. Expenditure on raising funds indudes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundralsing aCtivie8 events and non-ch8ritable trading. Expenditure on charitable acttvities 15 incurred on directly undertaking the activities which fvrther the Charitys objecttves, as well as any aswciated support costs. Grants pay8bl6 ar8 ch8rged In the year when the offer is made except in those Cases where the offer 15 conditional. such grants being recognised as expenditure when the condTtsons attaching a fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. bul not accrued as expenditure. All expendityre is IndusSve of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on doposÈt is included bvhen receivable and the amount can b8 measured reliably by the Charity. this is normally upon notifiGation of the Interest paid or payable by the instrtution with whom the funds are deposited. 2.8 Inv•stm•nts Fixed asset investments are a form of financial instrument and are initially recognised at th8lr transaction cost and subsequently measufftd al fair value at the Balance sheet date. unless the value annot bg measured reliably in whith Gase 11 is measured at cost less Smp8imenl. Investment gains and losses, whether alISed or unrealised. are combined and presented as 'Gain51lLosses) on investments. in the Ststement of financial activrfies. 2.7 D•blors Trade and other debtors are r8cognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dis(x)unts due. 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-temi highly liquld investments with a short maturity of three months or les5 from the dale of acquisition or opening of the deposit or sSmllar account. Page 12
JOAN AINSLIE CHARITABLE TRUST Notes to the financial stat•ments For the Year Ended 5 Aprll 2024 A¢¢ounting policios l¢ontinuedl 2.9 Liabilities and provisions Liabilities are recnISed when IheTe is an obligation at the Balance sheet dale as a wult of a past event, it 15 probable that a transfer of economic benefit will be required in settlement, and the amount of th8 setuemenl can be estimated reliably. Liabilities are recognised al the amount that the Charity anlicipales 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 lime value of money is material, the provision is based on the present value of those amounts. discL)unted al the pre-tax discount rate that reflects the risks 5peufic to the liability. The Ltnwinding of the dIunt is recognised in the Statement of financial activities as a finance cost. 2.10 Financlal in8trurnents The Charity only has financial assets and financial liabilities of a kind that qualify as basic finanoal instruments. 8asic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value wlh the exception of bank loans 1¢h are subsequenuy measured at amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestn.ctsd funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purp¢)ses. The expendable endowment fund represents those assets which have been Introduced to the Charity by the Settlor. Under dauses 3{bl 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 purposès 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 all¢xated to the appropriate nd. Page 13
JOAN AINSLIE CHARITABLE TRUST Notes to the financial statements For the Year Endgd 5 Aprll 2024 Crltlcal a¢¢ountlng estlmatss and areas of judgment Estimates and judgments are continually evaluated 8nd are based on historical experience and other factors, including expectations of future events that are believed to be r9asonable under the ¢ir¢umstsnces. The key source of eslimalion uncertainty at the balan sheet date relates to the property valuations. The Trustees have reviewed the property valuatlons at the year end and made an estimate as to their fair value wlth referen to premous full valvations and current infomial discussions with industy professionals obtained about the propety market sector performance geneTrlly. Critical accountlng estimates and assumptions.. The Charty makes estimates and assumpts'ons concemiNJ the future. The resutting accounting estimates and assumptlons wll, by definition, seldom equal the related actual re5uIts. The estimates and assumptions th8t have a significant risk of causing a rnaterial adjustnient to the carrwng amounts of assets and liabllities within the next fnancial year are discussed below. Investment Income Unrestricted funds 2024 Total funds 2024 Income from UK investment properties Income frorn UK listed investments Income from non-UK listed investments Bank Interest receIvae 148,818 123,870 3,918 5,456 148.818 123.870 3.918 Total 2024 262.062 282.062 Unre$liFGled fvnds 2023 Total funds 2023 Income from UK investment propert18S Income from UK listed investments Income from non-UK listed investments Bank interest receivable 145,206 117,375 3,402 1, 142 145.206 117.375 3,402 1,142 Tot812023 267, 125 267,125 Page 14
JOAN AINSUE CHARITABLE TRUST Notes to the financial statements For th• Yèar Endèd S April 2024 Inve$lm•nt management costs Expendablè Endowment Unrestricted funds funds 2024 2024 T¢)tal funds 2024 Investment management charges Maintairsing value of property asset Propety expenses.. Agent's management charges Legal & professional Repairs & maintenance Rates 48,456 48.456 16,977 16,977 9,615 9,007 324 9,615 9.007 1,186 893 934 1.186 8.933 934 Managing investments ond investsnent propety Insurance written off 8,040 Toto12024 75.442 19.990 95.432 Expendable Endowment UnTrstricted funds funds 2023 2023 Total funds 2023 Investment management charges Property expenses.. Agenfs management charges Legal & professlon81 Repairs & maintenance Rates Difference on foreign exchange Managing invostmgnts and investment propety Insurance written off Rental income bad debts 48,054 48.054 11,435 9,343 11.435 9.343 I. t03 538 (212) 12,602 9,632 8.460 1, 103 538 (212) 11,342 1,260 9,632 8.460 Total 2023 79.962 20,993 fOO,955 Page15
JOAN AINSLIE CHARITABLE TRUST Notss to the flnanclal statements For the Year Ended 5 April 2024 Analysis of grants The Charty has made the following grants to institutions during the year. 2024 2023 3H Abbeyfield (Chichester) Society Arthritls Action Avenues Bamardo's Brains Matter The Byigette Trust Cancer Tnjst 5,000 5.000 s,000 10,000 5,000 5,000 2,000 2,500 5,000 5.000 3.000 2,000 5,000 5,000 5.000 5.000 10,000 5,000 2,000 Choices Compaid CornmunTty Support Laundry of Llphcok Conquest Art CIO Dandelion rim8 Diabetes UK Dogs for Good Douglas 8ader Foundation Ealing Church Shelt8r Food for Life 5,000 3,000 2.000 5.000 3,3(10 5,000 5.000 5.000 1.000 3,000 2,500 5.000 5,000 5.000 3,000 3.000 2,500 5,OOU 5,000 3,000 5,000 5,000 5,000 5.000 5,000 5.000 5,000 s,000 2.000 2.000 5,000 5,000 500 3.000 GroombrSdg8 Mens Shed amble Life Boat Hampshire & Isle of Wlght Ar Ambulance Happy Days Children's Charty Haslemere Educational Museum Hi Kent Home Start Homeless Care HurTHn Value Foundation Kent Association for the Blind Lavant Church Communlty Centr8 Livabilsty Luna Childr'S CharitS9S Maidstone Swmming Club for the Disabled Mid-Sus$ex Older People's Council Mobillty Trust Moming Star Much Loved in Memory National Anlmal Wolf8r8 Trust 5,000 5,000 5,000 5.000 5.000 2,000 5.000 5,000 Page 16
JOAN ANSLIE CHARITABLE TRUST Notes to the flnanclal statsments For the Year Ended S April 2024 National Axial SpOndoarthr1ti$ Society NSernann Pick Disease The People's DSspensary for Sick Animals Petsls Phoenix Edu¢ation Trust Riding for the Disabled Royal British Legion Samaritans Tunbridge Wells Sanctus School of Hard Knocks Seed Eating Disorder Slblings Together Spitz Student Minds St Paul's Churth & Parish Centre Chichestsr The West Sussex Countyside Studles Trust The Hunter Centr8 The Sara Lee Trust The Whitsfield Charity The Young Lives Foundation Their Voice Tylers Twst Up n Away Vision for Matawi You Raise Me Up 5.000 5.000 3.000 3,000 5,000 500 5,000 3,000 5,000 5,000 5.000 3.000 3.000 5.000 2.000 3.000 5.000 3,000 3,000 5.000 5.000 3,000 5,000 5,000 3,000 3.000 5.000 2.000 3,000 3.000 3.000 3,000 7,500 5.000 3,000 5,000 5.000 15,000 5,000 5.000 3,000 5,000 5.000 10.000 262.500 233,800 Support costs Admlnlstrafjon of granls 2,977 2.573 265.477 236,373 Audltor's romunerntlon 2024 2023 Fees payable to Ihe Charty's audltor for the audlt of the Charws annual accounts 7,800 7,284 Page 17
JOAN AINSLIE CHARITABLE TRUST Notes to the flnancial ststements For the Year Ended 5 Aprll 2024 Trustees. remuneration and exp8ns•$ Durfng the year ended 5 April 2024 no Trustees recelved any remuneration or other benefits12023-.£NIL}. During the year ended 5 April 2024, no Trustee expenses have been incurred (2023- £NIL). Investment property Freghold inv•$tment proporty Valuation At 6 April 2023 Gain on r6valualion 1,750,000 130,000 At 5 April 2024 1,880.000 The freehold invgstment property was valued by the Trustees as at 5 April 2024 on an open market basis. 10. Flxed asset Investmènts Listed Investments Cost or valuatlon At 6 Aprll 2023 Additions DIspos8ls Revaluallons 5.854.581 1,140,472 (1.150.032) 521.621 Al 5 April 2024 6J66,642 The disp05als resulted in realised gains of £13,509. Page 18
JOAN AtNSLIE CHARITABLE TRUST Notes to Ihe financial statements For tha Year Ended 5 April 2024 11. Debtors 2024 2023 Due within one year other debtors 36.226 658 36.226 658 12. Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals and deferred Income Grants accrued 28,334 48,979 3.000 67.630 80,313 67.630 2024 2023 Deferred income broughl fornard Re50ur¢es deferred during the year Amounts released from previou$ pori¢)ds 35.004 12.383 (35.0041 19,787 35,004 (19, 787) 12,383 35,004 Defeed inGome relates to rent from investrnent properties invoiGed in advance. 13. Finan¢ial InstNments 2024 2023 Financial assets Financial assets measured at fair value through income and expendittjre 6,36Q642 5,854.584 Financial assets measured at fair value through income and expendlture comprise listed and unlisted investments. Page19
JOAN AINSLIE CHARITABLE TRUST Notes to the flnancial statements For the Year Ended 5 Aprll 2024 1& Statement of funds statomgnt of funds- curr•nt yaar Balance at 6 ril 2023 Transfers Inlout Gainsl Balancg at S (Losses) April 2024 Income Expenditure Unrestrlcted funds General Funds- all funds 10,000 282.062 (301,225) 19,163 10,000 Endowment funds Endowrnent Funds- 811 funds 7,783,129 (91.2001 119,1631 665,130 8.337,896 Total of funds 7.793,129 282.062 1392.4251 665.130 8.347.896 The transfer of funds from the expendable endowment fund of £19.163 to the unrestricted fund was due to a shortfall of income over expenditure. ststgmgnt of funds . prior year Balance al 6Apn'l 2022 TTrnsfers in/oul Gainsl Balancs al (Losses) 5Apnl 2023 Income Expenditu Unrestrlcted fund¥ General Funds f8.336) 267. 125 (271,499) 22,710 lo,to Endowment funds Expendable Endowment Funds 8,406, 166 f94.095J {22,710) (5Q6,232) 7.783. 129 Total of funds 8.397,830 267. 125 (365.594) (506.232) 7,793, 129 Page 20
JOAN AINSLIE CHARITABLE TRUST Notss to the financlal statements For the Year Ended S April 2024 15. Analysis of net assets betwegn funds Analy$ls of net assets between funds- eurrent porlod Expendable Endowment Unrgstri¢ted funds funds 2024 2024 Total funds 2024 Fixed asset investments Investment propety Current assets Creditors due within one year 6,366,642 1,880,000 116,932 (24,678) 6.366,642 1.880,000 181,567 {80,3131 65.635 155,635) Tolal 8,337,896 10.000 8,347.896 Analysis of ngt assots bgtwgen funds- prlor period Expendable Endowmenl Unrestricted funds fvnds 2023 2023 Total fvnds 2023 Fixed asset investments Invesknent propety Current assots Creditors due wtthin one year 5,854,582 1,750,000 200,762 {22,215) 5,854,582 1,750,000 256. 177 (67.630) 55,415 (45,415) Total 7, 183, 12g 10.000 7.793. 129 16. Contingent asset During the prior peri(MJ the tenants of 20 Devonshire Road were asked to carry out dilapidations on the propety. If works were not ts)mpleted by the tenants then the Trustees were to claim for the necessary works required. estimated to be £110,000. These wort(s have now been started by the tenant, and at the Balan Sheet date it is not possible to quanttfy what daim. if any, remains outstanding. Page 21
JOAN AIN8LIE CHARITABLE TRUST Notes to the financial statements For the Year Ended 5 April 2024 17. Opèrating 1¢050 commitsnents IreceFvable) Al 5 April 2024 the Charty had commiknents to make future minimum lease payTnents urKler non- cancellable operating leases as follows.. 2024 2023 Not laler than 1 year Later than 1 year and notloter than 5 yearyJ Later than 5 years 54,095 112,712 02,060 128,035 94,522 228,867 222,557 There is no contingent rent COgniSed as income. The Charity holds the freehold of the following properties: 20 Devonshiw Road, Bexhill on Sea 12511271129 ElthaTn Hlgh Street, SE9 1TQ Tokenhouse Chambers. comprising: 51-53 Rosemary Road. Clacton on Sea, C015 1PB, and 42 Station Road, Clacton cfi Sea. C015 1 SX These properties are managed by the property advisors listed on page 1 of the accounts. A nurnber of cknmmercial and residential Dperaling leases have been granted on these properties generatlng the rental income detailed in note 4 of these accounts. The trustees use the professional services of legal advisoTS or chartered surv8yor5 in all matters pertaining to the grant. renewal or assignment of leases. All leases currently in place wtll expire on or before 10 September 2033. qe. Rel*t party tran•4Gtlons During the year fees amounting to £29,689 12023.. £30.130} plus VAT were in¢urred from Sayers BLrtteTWOrth LLP. a company in which Paul Ffrtch is a partner. Of these fees incurred, a balance ol £16,320 (2023.. £13,788) was outstanding at S April 2024. These fees {including VATI were spltt as follows= 2024 2023 Managing investments and investrnenl property Accounting, bookkeeping and Tnjstee meetings Support costs 8.933 23,717 2,977 12,602 20,982 2,573 35,627 36,157 Page 22
JOAN AINSLIE CHARITABLE TRUST Notes to the financial Statements For the Year Endad S Aprll 2024 19. Controlllng party There was no ultimate controlling paty throughout the Gurrent and previous period. Page 23