Annual Report & Accounts @@ The Ashley Family Foundation
For the year ended 30 September 2022
Company No. 1759854 Charity number: 288099
1
THE ASHLEY FAMILY FOUNDATION
Contents
| Legal and administrative details | 3 |
|---|---|
| Report of the Trustees | 4 - 8 |
| Report of the Independent auditor | 9 - 11 |
| Accounting policies | 12 - 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Notes to the financial statements | 16 - 22 |
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THE ASHLEY FAMILY FOUNDATION
Legal and administrative details
| Company registration number: | 1759854 |
|---|---|
| Charity registration number: | 288099 |
| Registered office: | 6 Trull Farm Buildings |
| Trull | |
| Tetbury | |
| Gloucestershire | |
| GL8 8SQ | |
| Trustees: | Anita George (Chair) |
| Jane Ashley (Retired 11 March 2022) | |
| Alexis Ashley-Korner | |
| Julian Ashley | |
| Professor Oriana Baddeley (Retired 1 July 2022) | |
| Jeremy McIlroy (Chair of the Finance Committee) | |
| Emma Shuckburgh | |
| Meirion Rees (Appointed 4 November 2022) | |
| Mandy Williams-Davies (Appointed 4 November 2022) | |
| Secretary: | Alex Dufort |
| Bankers: | Coutts & Co |
| St Martins Office | |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Auditor: | Buzzacott LLP, |
| 130 Wood Street, | |
| London, EC2V 6DL | |
| Investment advisors: | Cazenove Capital Management |
| 31 Gresham Street | |
| London | |
| EC2V 7QA |
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THE ASHLEY FAMILY FOUNDATION
Report of the Trustees
For the year ended 30 September 2022
The Trustees who are also directors of the Foundation for the purposes of the Companies Act, submit their annual report and the financial statements for the year ended 30 September 2022.
Structure, governance and management
The Foundation is a charitable company limited by guarantee with company registration number 1759854. It is registered with the Charity Commissioners under the Charities Act under charity number 288099.
The Foundation operates from its registered address at 6 Trull Farm Buildings, Trull, Tetbury, Gloucestershire GL8 8SQ.
Although the objects of the Foundation are very broad in that they encompass the furtherance of such general charitable purposes as the Trustees might think fit, our objectives remain to attract high quality applications. Our website provides up to date information on our areas of grant-giving. The grants made in the year are listed in Note 3 of our Annual Report.
The Trustees who served the Charity during the year of report and up to the date of the approval of the accounts were as follows:
Anita George (Chair)
Jane Ashley (Retired 11 March 2022) Alexis Ashley-Korner Julian Ashley Professor Oriana Baddeley (Retired 1 July 2022)
Jeremy McIlroy (Chair of the Finance Committee)
Emma Shuckburgh
Meirion Rees (Appointed 4 November 2022)
Mandy Williams-Davies (Appointed 4 November 2022)
The Foundation's investment assets are managed by Cazenove Capital Management, its bank account is held with Coutts & Co. and Buzzacott LLP are appointed as auditor. The addresses for all three advisers to the Foundation can be found on page 3.
Recruitment and appointment of Trustees
The Foundation’s Articles updated on 28 February 2020 provide that there shall not be less than three or more than ten Trustees and at least two Ashley Family Members on the Board at any time. With the exception of Ashley Family Members, Trustees are appointed for a period of three years which is renewable for up to three terms. The current Board comprises seven Trustees with experience in fine arts, education, finance, law, governance and general business. It also includes four members of the Ashley family whose generosity endowed the Foundation.
During the year the Trustees began an open recruitment for two non-family Trustees to support the finance, arts education, and voluntary sector in Wales knowledge on the Board. Two successful candidates were welcomed to the Board on November the 4th, both are Welsh speakers and based in Wales. Trustees also aim to recruit a new family member as a Trustee during 2023/24, ideally from the second generation of direct descendants of Sir Bernard and Laura Ashley.
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THE ASHLEY FAMILY FOUNDATION
Report of the Trustees
For the year ended 30 September 2022
Trustee induction and training
Potential new trustees are invited to attend a board meeting when they can observe the proceedings. Once appointed, they are given a copy of CC3 The Essential Trustee, the Foundation's most recent audited accounts, a copy of the Foundation's governing document, and minutes of recent board and committee meetings If not familiar with the duties of the charity Trusteeship, they are invited to attend induction meetings, training courses and seminars at the Foundation's expense. . Conflicts of Interest training was provided within the agenda of a Trustee meeting during the year, and Trustees are kept up to date with any changes in charity law or Charity Commission guidance pertinent to the Foundation.
Principal risks and uncertainties
The Board approves and keeps under review a risk register which identifies potential risks, describes the action that is required to minimise or avoid each risk, states who is responsible for taking action and gives target dates.
The risks and uncertainties are rated in terms of likelihood of occurrence and severity of impact. All are rated as unlikely, being listed as either remote or possible. In terms of severity there are two critical risks, loss of key data and fraud or financial mismanagement. The one critical uncertainty is in the future performance of the portfolio of investments, recently affected by the Russian invasion of Ukraine and the energy crisis.
The risk register lists the processes in place to minimise or mitigate the risks, broadly as follows. Loss of key data and fraud; the backup of files and secure storage of data. Financial mismanagement; signatory authority limits and retrospective auditor reviews. Portfolio performance; management by Cazenove Capital Management, frequent reviews, and independent advice.
Organisation structure
The day to day administration is delegated to The Trust Partnership Ltd. (TTP) at the same address as the Registered Office. The Foundation has investment income which it dispenses to other charities or organisations for approved particular projects. The Trustees are responsible for reviewing applications, and in that role are supported by The Trust Partnership Ltd., and The Community Foundation in Wales (CFiW), who initially assess applications that are made together with the two Trustees who have been appointed Directors for England and Wales respectively.
The applications which pass the shortlisting process are then presented to regular Board meetings of the Foundation where Trustees decide which projects are funded. TTP and CFiW also ensure due diligence requirements for the Foundation are met by all grant recipients and that the monitoring reports are of good quality and made available to Trustees.
During this financial year Emma Shuckburgh was Director for Wales and Julian Ashley was Director for England.
The Board has a Finance Committee, which meets regularly. It monitors and questions the performance of the investment advisers, and reports to the Board as to the financial resources available. It also reviews the financial statements, recommends their approval to the Foundation and recommends to the Trustees the amount available for distribution on an annual basis for planning purposes.
Related parties
Other than the reimbursement of out of pocket expenses disclosed in note 5, there were no other related party transactions during the year.
Main objectives
The objects of the Foundation are very wide, but the Board have, in recent years, focused their attention in the following areas:-
1) Wales – Approximately half our funding goes to projects in Wales and we continue to maintain strong links with communities in mid Wales.
2) Rural – We are especially interested in projects that open up opportunity in areas (primarily in the Arts) where it might not otherwise exist and that help alleviate the isolation and other hardships that can affect rural communities.
3) Arts – We want to help bring art to those people that it can help, and help those who will go on to bring art to the people. As a result we support organisations that provide a wide range of educational and creative activities, including applied arts and crafts, music, drama, and textiles. We also fund arts education with a focus on helping promising young Welsh talent.
4) Community – We are attracted to projects that bring people together, to help each other out and make their community a better, more joyful place. We support a range of community projects, including those focused on helping people who suffer from isolation and/or social disadvantage, primarily through the Arts.
5) Small Charities – The Foundation has an affinity with small charities, the ones set up by people who are driven by love and kindness to help better the lives of those around them.
Through the Finance Committee, Trustees continue to follow a policy of identifying, at the beginning of each financial year, the sum available for meeting its administrative expenditure and for grants during the forthcoming year. Commitments under the key objectives are met first out of the income generated by the investments together with supplementation by realisations of capital from the investment portfolio where necessary. Training on investment principles is provided to trustees via our investment managers, Cazenove.
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THE ASHLEY FAMILY FOUNDATION
Report of the Trustees
For the year ended 30 September 2022
Grant making policy
The Trustees have focused their grant giving on the development of strong communities, social welfare and creative arts in England and Wales, with a particular emphasis on supporting rural communities and projects which deliver quality arts provision.
The Trustees of the Foundation include members of the Late Bernard and Laura Ashley’s immediate family. The Board also maintains around a 50% split of non-family Trustees with expertise in the Arts, Finance, Education and Culture.
The values of the Foundation are inspired by how Sir Bernard and Laura ran their business. While Laura Ashley PLC grew to be a global empire, it had its roots in mid Wales where Sir Bernard and Laura set up the company and raised their family. They brought employment and opportunity to a deprived area and the family forged strong links with their employees, many of whom spent their working lives at the company, and the communities that they lived in. Our three funding rounds per year support a broad range of arts, community and social welfare projects in England and Wales, with a particular interest in supporting creative arts in rural communities in Wales.
Achievements and performance
£615,134 was distributed to over fifty organisations, many of which work on a grassroots level within the rural communities of Wales. Of this total were distributions of £177,598 towards arts, crafts, costume and textile projects and £80,067 towards community and social welfare projects within Wales.
The full list of grants is appended to these accounts in note 3. Examples of our recent grants can be seen on our website www.ashleyfamilyfoundation.org.uk.
During the year the Covid - 19 pandemic continued, and new challenges of rising prices and fuel poverty have affected our beneficiaries. The Foundation has maintained its flexible and supportive approach to its beneficiaries, allowing them to repurpose grants where needed or retain funds despite significant delays to delivery. The Trustees continue to be impressed by the tenacity and creativity of their grant holders in responding to the mounting challenges and ensuring their beneficiaries are supported through new and inventive initiatives.
The Foundation itself has not been unduly affected, due to the services of the Investment Managers, Administrators and Advisers who have maintained delivery and performance despite rising challenges with costs and economic uncertainty.
Plans for the future
The Cefndryd Advisory Board of ‘next generation’ Ashley Family members met in December 2021 to review their direction. A nontrustee member attended the AGM during the year to represent the group, the Trustees look forward to welcoming more members to meetings throughout the year. Trustees also aim to recruit a member as a Trustee of the Foundation during the 2022/23 financial year.
The Trustees are committed to ensuring the long-term efficiency and sustainability of the Foundation in order to protect the original endowment. The administrative support to the Foundation’s Directors for England and Wales allows the Trustees to take a more proactive approach in identifying projects and charities they wish to support.
Financial Review and reserves policy
The Trustees monitor investment performance and continue to set the managers the task of preserving the capital while looking for long-term sustainable growth without undue risk. The investment managers report on this element in their reviews. At the same time, the Foundation looks to continue to distribute income and an element of realisation of capital profits.
The Trustees review funds at the beginning of the year and for 2021 - 2022 adopted a guideline of 4% of the value of capital fund as the amount available for administration expenditure and grants.
During this year expenditure £766,912 has exceeded the total income and capital gains and led to a decrease in in the value of the General Funds. This is set out in detail in the Statement of Financial Activities on Page 14.
The deficit for the year ended 30 September 2022 of (£1,167,943) (after investment losses) has resulted in a decrease in the reserves available to the Foundation at 30 September 2022 to £13,004,469 (2021 : £14,172,412).
Investment policy
The charity has a portfolio of listed investments with a market value as at 30 September 2022 of £13,013,352 (2021 - £14,233,799).
During the year the Foundation had unrealised losses of £697,592 and realised losses of £60,703 as shown in note 6. There are no restrictions on the charity's power to invest.
The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed.
The charity aims to maintain the real value of the portfolio from year to year and to commit approximately 4% of the fund value at the beginning of the year to charitable expenditure. At 1 October 2021 , 4% of the value of the fund was £569,352. The actual amount committed in the year was £766,912. The fund decreased in value during the year, after all disbursements, by £1,220,447. The trustees are satisifed that their investment target for 2022 has been met.
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THE ASHLEY FAMILY FOUNDATION
Report of the Trustees
For the year ended 30 September 2022
Fundraising statement
The charity does not actively solicit donations and therefore is not registered with the Fundraising Regulator and does not subscribe to any fundraising codes of practice. When donations from individuals are received, the charity aims to protect personal data and never sells data or swaps data with other organisations.
During the year ended 30 September 2022 , the charity received no complaints about fundraising activities.
Public Benefit
The Trustees have considered the guidance issued by the Charity Commission in relation to public benefit and believe that as a grant giving Foundation to local communities, health and education; they meet all the requirements of the public benefit tests.
Trustees’ Responsibilities Statement
The Trustees (who are also the directors for purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
@@ Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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@#charitable company will continue in business.
The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
@@ In so far as the Trustees are aware:
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There is no relevant audit information of which the charitable company’s auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
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information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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THE ASHLEY FAMILY FOUNDATION
Report of the Trustees
For the year ended 30 September 2022
Key management remuneration policy
The key management of the Foundation are regarded as its Trustees. The Trustees do not receive any remuneration or benefits in kind.
Going Concern
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Because the Foundation's income is derived from its portfolio of investments, the value of which it maintains, the Trustees take the view that the Foundation is a going concern, and the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.
Auditor
Buzzacott LLP have been appointed auditors for the year ended 30 September 2022.
Anita George Trustee
9 March 2023
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Independent Auditor’s Report to the Members of The Ashley Family Foundation
9
Independent Auditor’s Report to the Members of The Ashley Family Foundation
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Independent Auditor’s Report to the Members of The Ashley Family Foundation
Gumayel Miah (Senior Statutory Auditor)
For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London
EC2V 6DL
Date : 21 March 2023
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THE ASHLEY FAMILY FOUNDATION
Principal accounting policies
For the year ended 30 September 2022
Basis of preparation and going concern
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), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of approval of the financial statements. The Trustees conclude that there are no material uncertainties about the Charity’s ability to continue and accordingly the financial statements are prepared on a going concern basis.
The Ashley Family Foundation 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.
Income
Income is included in the Statement of Financial Activities (SOFA) when the Foundation is legally entitled to the income and it is probable that the income wil be received, and the amount can be quantified with reasonable accuracy.
Investment income is included in the financial statements on an accruals basis and is gross of any tax recoverable. This includes dividends declared before the year end but paid after.
Expenditure
Grants payable
Grants payable are accounted for in the period in which the performance conditions attaching to the grant payment are met or, where no performance conditions apply, as soon as there is a legal or constructive obligation committing the charity to that grant, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Other expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the Foundation in the delivery of activities and services for its beneficiaries. It includes those costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include the audit fees and costs linked to the strategic management of the Foundation.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Items of expenditure involving more than one cost category are apportioned as appropriate.
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THE ASHLEY FAMILY FOUNDATION
Principal accounting policies
For the year ended 30 September 2022
Company status
The Foundation is a company limited by guarantee. The Members of the company are the Trustees named on page 3. In the event of the Foundation being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
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 Foundation and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Valuation of investment assets
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year.
The Foundation does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Foundation is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.
Gains/losses on investment assets
All gains and losses are taken to the Statement of Financial Activities as they arise.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Financial instruments
The company 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.
Critical judgements and estimates
There are no significant areas of judgement or key assumptions that effect items in the financial statements with respect to the next reporting period for the year ended 30 September 2023. The most significant areas of uncertainty that effect the carrying value of assets held by the Charity are the level of investment return and the performance of the investment markets and any outcome on the principal risks and uncertainties that face the Charity on a day to day basis, as explained within the reserves policy and principal risks and uncertainties sections of the Trustees’ report.
Cashflow exemption
The Charity has taken the exemption under the Charities SORP (FRS 102), as a smaller charity, not to prepare a Statement of Cash Flows.
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THE ASHLEY FAMILY FOUNDATION
Statement of financial activities
(including the income and expenditure account)
For the year ended 30 September 2022
| @@ @@@@ |
@@@ |
|---|---|
| Note Unrestricted Total 2022 £ Income from: Investments 1 357,264 Total 357,264 Expenditure on: Charitable activities: 2 (766,912) Total (766,912) Unrealised (losses)/gains on investments 6 (697,592) Realised (losses)/gains on disposal of investments 6 (60,703) Net (losses)/gains on investments (758,295) Net (expenditure) income being net movements in funds (1,167,943) Reconciliation of funds Fund balances brought forward at 1 October 14,172,412 Fund balances carried forward at 30 September 13,004,469 |
Unrestricted Total 2021 £ 255,333 |
| 255,333 | |
| (684,800) | |
| (684,800) | |
| 1,310,765 584,705 |
|
| 1,895,470 1,466,003 12,706,409 |
|
| 14,172,412 |
The Foundation has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing.
The accompanying accounting policies and notes form an integral part of these financial statements.
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THE ASHLEY FAMILY FOUNDATION
Company number: 1759854
BALANCE SHEET
As at 30 September 2022
| Notes Fixed assets Investments 6 Current assets Debtors 8 Cash at bank and in hand Total current assets Creditors: amounts falling due within one year 7 Net current assets (liabilities) Creditors: amounts falling due after more than one year 9 Total assets less liabilities Income Funds Unrestricted General Fund |
2022 £ 13,013,352 13,013,352 11,366 109,866 121,232 (114,115) 7,117 (16,000) 13,004,469 13,004,469 |
2021 £ 14,233,799 |
|---|---|---|
| 14,233,799 | ||
| - 96,434 |
||
| 96,434 (131,321) |
||
| (34,887) | ||
| (26,500) 14,172,412 |
||
| 14,172,412 |
These financial statements were approved by the Board of Trustees and authorised for issue on 9 March 2023 and are signed on their behalf by:
----- Start of picture text -----
…………………………….
Anita George
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……………………………. Jeremy McIlroy
The notes on pages 16 to 22 form part of these financial statements.
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THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
| 1 Investment income Dividends and income receivable from listed investments 2 Charitable expenditure Direct Costs Grants made Grants made during the year (note 3) Support Costs Bank charges Insurance Sundry expenses Stationery, packing and advertising Travel and subsistence Grant assessment costs (Wales) Grant assessment costs (other) Administration fees (Trust Partnership) Other professional fees Governance costs Audit fees Fund Management costs Cazenove Capital fund management fees Total expenditure |
Unrestricted Total 2022 £ 357,264 357,264 Unrestricted Total 2022 £ 615,134 604 2,283 728 569 815 28,903 16,775 31,234 8,309 90,220 8,250 53,308 766,912 |
Unrestricted Total 2021 £ 255,333 |
|---|---|---|
| 255,333 | ||
| Unrestricted Total 2021 £ 531,002 591 1,793 881 - - 35,518 11,732 28,436 6,255 |
||
| 85,206 8,250 60,342 |
||
| 684,800 |
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THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
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@@
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3 Grants
| Grants | ||
|---|---|---|
| Grants accrued at 1 October Grants made during the year: Grants paid in the year Grants accrued at 30 September |
Unrestricted Total 2022 £ 127,334 615,134 (651,848) 90,620 |
Unrestricted Total 2021 £ 137,056 531,002 (540,724) |
| 127,334 |
There were no grants made to individuals in the year to 30 September 2022
(Year to 30 September 2021 also £Nil). The grants made to institutions were the following.
| 2022 | 2021 | |||
|---|---|---|---|---|
| Beneficiary | Memo | £ | £ | |
| Abram Wilson Foundation for Creative Arts | Single Grant | 10,000 | - | |
| Activate Performing Arts | Single Grant | - | 3,120 | |
| Apollo Music Projects (Eng) | Single Grant | - | 5,000 | |
| Art and Science (Cymru) | Single Grant | 8,925 | - | |
| Artichoke Trust | Single Grant | 5,000 | - | |
| Arts Connection - Cyswylt Celf | Single Grant | - | 7,750 | |
| Arts Depot Trust Limited | Single Grant | 3,700 | - | |
| Arts Together | Single Grant | 8,000 | - | |
| Awwel Aman Tawe Cyf | Single Grant | 25,000 | - | |
| Bank of Dreams & Nightmares | Single Grant | 4,560 | - | |
| BCA Independent Advocacy Services | Commitment reduced | (2) | ||
| Berwick (Sussex) Conservation Trust | Single Grant | - | 2,000 | |
| Beyond the Border Storytelling Festival | Single Grant | - | 5,500 | |
| Big House Theatre Company | Single Grant | 8,000 | - | |
| Big Skill CIC, the | Single Grant | - | 8,122 | |
| Bigger Pictures | Single Grant | - | 1,500 | |
| Black Mountains Chamber Music Trust | Single Grant | - | 2,000 | |
| Black Mountains Chamber Music Trust | Single Grant | 1,000 | - | |
| Black Mountains College Ltd. | Single Grant | - | 15,000 | |
| Blaze Arts | Single Grant | 10,000 | - | |
| Blue Apple Theatre | Single Grant | 10,150 | - | |
| Bristol Music Trust | Single Grant | 8,000 | - | |
| British Red Cross | Single Grant | - | 20,200 | |
| British Red Cross | Single Grant | 100,000 | - | |
| Cae Tan CSA | Single Grant | - | 5,500 | |
| Cambridgeshire and Peterborough Foundatio | Single Grant | 6,000 | - | |
| Campaign for the Protection of Rural Wale | Single Grant | 5,000 | - | |
| CARAD | Single Grant | - | 8,000 | |
| CARAD | Single Grant | 2,987 | - | |
| Carousel Project | Single Grant | 1,950 | - | |
| Celf-Able Limited | Single Grant | - | 10,000 | |
| Cerebra (Cwm) | Single Grant | - | 3,500 | |
| Chapter (Cardiff) Ltd. | Single Grant | - | 5,000 | |
| Chepstow Festival of Arts | Single Grant | - | 2,800 | |
| Chloe's Community Cupboard | Single Grant | - | 10,000 | |
| Choirs for Good | Single Grant | 4,560 | - | |
| Citrus Arts | Single Grant | 11,330 | - | |
| City and Guilds | Single Grant | - | 10,000 | |
| City of London Sinfonia | Single Grant | - | 10,000 | |
| Clear Village Charitable Trust | Single Grant | 9,962 | - | |
| Concrete Youth | Single Grant | 5,000 | - | |
| Cowshed The | Year 1 of 2 | 10,000 | - | |
| Cowshed The | Year 2 of 2 | 10,000 | - | |
| Dal Dy Dir | Single Grant | - | 9,830 | |
| Down Syndrome Cheshire | Year 1 of 3 | 3,333 | - | |
| Dressability | Single Grant | - | 900 | |
| Elemental Adventures Project CIC | Year 1 of 2 | 5,000 | - | |
| Elemental Adventures Project CIC | Year 2 of 2 | 5,000 | - | |
| Erlas Victorian Walled Garden | Single Grant | 15,000 | - | |
| Evolve Music | Single Grant | 9,970 | - | |
| Fashion Enter | Single Grant | - | 10,000 | |
| FIO | Single Grant | 9,920 | - | |
| First Llanidloes Scouts | Single Grant | 500 | - |
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Grants (cont'd) THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
| For the year ended 30 September 2022 @@ |
- | ||
|---|---|---|---|
| Friends of Bailey Hill | Single Grant | 1,000 | - |
| Friends of Ysgol Trefonnen (Cwm) | Single Grant | - | 2,000 |
| Gerddi Bro Ddyfi Gardens | Single Grant | 9,870 | - |
| Glasbren CIC | Single Grant | 9,900 | - |
| Green Man Trust | Year 1 of 2 | - | 10,000 |
| Green Man Trust | Year 2 of 2 | - | 10,000 |
| Group for Education in Museums | Single Grant | 8,900 | - |
| Gwyl Cerdd Dant Bro Nansi | Single Grant | - | 8,000 |
| Harbour Project (Swindon Refugee Asylum) | Single Grant | - | 4,134 |
| Homemakers Community Recycling (Cwm) | Single Grant | - | 2,000 |
| Imagine If Theatre Company (Eng) | Single Grant | - | 7,460 |
| Impelo (formerly Powys Dance) | Single Grant | 10,000 | - |
| Independent Film Trust | Single Grant | - | 10,000 |
| International Music Exchange | Commitment reduced | - | (500) |
| International Refugee Trust | Single Grant | 2,500 | - |
| International Spinal Research | Single Grant | 1,000 | - |
| Joy of Sound | Single Grant | 1,500 | - |
| Kirkgate Arts | Single Grant | - | 7,346 |
| Knucklas Castle Community Land Project | Single Grant | 3,717 | - |
| LAB 7even CIC | Single Grant | 10,000 | - |
| Leeway Productions Ltd | Single Grant | 8,500 | - |
| Legacy of War Foundation | Single Grant | 1,000 | - |
| Llanrumney Hall Community Trust | Single Grant | - | 9,800 |
| Llanyre Community Centre | Single Grant | - | 2,000 |
| Made in Roath | Single Grant | 7,930 | - |
| Manchester (MCR) Cares Ltd. | Year 1 of 2 | - | 5,000 |
| Manchester (MCR) Cares Ltd. | Year 2 of 2 | - | 5,000 |
| Melville Centre | Single Grant | 1,000 | - |
| Menter laith Rhondda Cynon Taf | Single Grant | - | 8,200 |
| Merched y Wawr | Single Grant | - | 6,600 |
| Methodist Homes | Single Grant | 1,500 | - |
| Mid Powys Youth Theatre | Single Grant | 10,000 | - |
| Mid Wales Arts (Centre) Ltd. | Year 1 of 3 | 5,000 | - |
| Mid Wales Arts (Centre) Ltd. | Year 2 of 3 | 5,000 | - |
| Mid Wales Arts (Centre) Ltd. | Year 3 of 3 | 5,000 | - |
| Music Masters | Single Grant | - | 3,000 |
| Music of Life Foundation | Single Grant | - | 10,000 |
| Music Traditions Wales (trac) Ltd | Single Grant | 3,000 | - |
| Musical Connections (Eng) | Year 1 of 2 | - | 5,000 |
| Musical Connections (Eng) | Year 2 of 2 | - | 5,000 |
| Musicfest Aberystwyth | Single Grant | - | 3,900 |
| Mynydd Clwb | Single Grant | 1,000 | - |
| National Eisteddfod of Wales | Single Grant | - | 5,000 |
| National Literacy Trust | Single Grant | - | 5,000 |
| National Museum of Wales | Single Grant | - | 8,240 |
| National Student Drama Festival Ltd. | Year 1 of 3 | - | 5,000 |
| National Student Drama Festival Ltd. | Year 2 of 3 | - | 5,000 |
| National Student Drama Festival Ltd. | Year 3 of 3 | - | 5,000 |
| National Youth Arts Trust | Single Grant | - | 5,000 |
| National Youth Orchestra of Great Britain | Single Grant | - | 8,000 |
| Nerth dy Ben | Single Grant | - | 5,500 |
| Newton-Le-Willows Community Library | Single Grant | 500 | - |
| Newtown Textile Museum | Single Grant | 1,500 | - |
| Noah's Ark Children's Charity | Commitment reduced | - | (2,666) |
| North Wales International Music Festival | Single Grant | 1,500 | - |
| Northern Chamber Orchestra | Year 1 of 2 | 3,051 | - |
| Northern Chamber Orchestra | Year 2 of 2 | 3,000 | - |
18
Grants (cont'd) THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
| For the year ended 30 September 2022 @@ |
||
|---|---|---|
| Oasis Cardiff Single Grant Open Up Music Single Grant Orchestras for All Single Grant Outside Edge Theatre Co (Eng) Single Grant Outside Lives Ltd. Single Grant Parama 2 Single Grant Pentabus Theatre Single Grant Photographers' Gallery Single Grant Play for Progress Single Grant Playground Theatre Company Single Grant Polka Children's Theatre (Eng) Single Grant Portobello Dance School (L. Osman) Single Grant Pride in Pill Single Grant Radiate Arts CIC (Cwm) Single Grant Refugee Kindness - North Wales Single Grant Repair & Share CIC Single Grant Rhayader & District Community Support Single Grant Rhayader Food Bank Single Grant Rhosgoch Golf & Leisure Club Single Grant Ric Nic Single Grant Rowan Humberstone Ltd Single Grant Royal College of Art Year 1 of 2 Royal College of Art Year 2 of 2 Rule of Threes Arts Single Grant Seven Sisters Comm Single Grant Shakespeare Link Single Grant Shakespeare Link Single Grant Shallal Year 1 of 2 Sidney Nolan Trust Single Grant Sidney Nolan Trust Single Grant Snowdonia Slate Trail Single Grant Soundwell Music Therapy Single Grant South Molton Samba Single Grant Southwark Playhouse Single Grant SPAB Year 1 of 3 SPAB Year 2 of 3 SPAB Year 3 of 3 SparkedEcho CIC Single Grant St Margaret's Centre Single Grant St. John the Baptist Church Wales Single Grant Star of the Sea Culture CIC Single Grant Stitches in Time Year 1 of 3 Stitches in Time Year 2 of 3 Strata Florida Trust (Cwm) Single Grant Swansea Music Art Digital Single Grant Talk The Talk Single Grant Tall Ships Youth Trust Single Grant The Vineyard Community Centre Single Grant Theatre Royal Haymarket Masterclass Trust Single Grant Till Tomorrow Theatre Company Single Grant Told by an Idiot Single Grant University of the Arts - Chelsea Single Grant Venture Arts Single Grant Wilderness Trust Single Grant Wiltshire Music Centre Single Grant Women's Centre Sutton Single Grant Wyldwood Arts (Eng) Single Grant Wyldwood Arts (Eng) Single Grant Wyndham Vowles Community Single Grant Young Urban Arts Foundation (Eng) Single Grant Total |
- - 10,000 - - 10,000 - - 10,000 - - 1,000 - - 15,000 - 1,000 950 1,500 - 10,000 - - - - - 5,720 10,000 - 10,819 - 8,000 - 9,720 - - - - 5,000 - 10,000 10,500 10,500 - - 10,000 - 1,000 2,242 1,000 3,000 - 5,300 1,500 5,000 1,920 - 9,750 - - 615,134 |
9,500 10,000 - 5,000 10,000 - 5,000 5,000 - 1,500 5,000 - 1,500 6,940 - 7,838 - - - 1,500 - 11,250 11,250 4,000 1,000 6,864 - - 7,497 - 1,000 - 900 - 10,000 11,500 12,500 4,900 - 5,000 - - - 10,000 500 - 3,350 - - - - 15,000 - - - - 10,000 - 550 6,427 |
| 531,002 |
19
THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
| 4 Governance costs Audit Fees |
£ Unrestricted Total 2022 8,250 8,250 |
£ Unrestricted Total 2021 8,250 |
|---|---|---|
| 8,250 |
- 5 Staff costs and related party transactions
Employees
The charity did not have any employees during the year.(2021 : none)
Key management personnel remuneration
The key management personnel of the charity comprise the Trustees. They did not receive any remuneration or benefits in kind.
Payments to Trustees and connected persons
No Trustee or person with a family or business connection with a Trustee, received remuneration in the year, (2021 - none) directly or indirectly, from either the Foundation or an institution controlled by the Foundation.
Expense reimbursements paid to Trustees were as follows
| 2022 | 2021 | |||
|---|---|---|---|---|
| £i | £i | |||
| Travel and subsistence expenses paid to | 3 | Trustees | 815 | - |
Other than the above, there were no other related party transactions during the period of the report (2021 : no other transactions)
20
THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
6.1 Fixed asset investments
| 6.1 Fixed asset investments | ||
|---|---|---|
| Shares and securities £ Market valuation At 1 October 2021 13,951,708 Additions 7,167,380 Net movement in cash Disposals (7,651,559) Realised losses on disposal (60,703) Unrealised losses (697,592) At 30 September 2022 12,709,234 Cost At 1 October 2021 11,665,138 At 30 September 2022 12,138,758 The analysis of investments is as follows ; Assets held in UK (27.5%) Assets outside UK (72.5%) Total Equities Bonds Alternatives Multi-Asset Funds (including RMAF fund) Cash Total Fund name and type Cazenove Cazenove Charity Responsible Multi-Asset Fund Multi-Asset Global Vanguard S&P 500 UCITS ETF, Shs Ptg. Exchange Traded Fund USD, GBP line, Vanguard Funds PLC, B7NLLS3 Equities North America 6.2 Reconciliation of accumulated unrealised gains Unrealised gains included above: On investment assets Reconciliation of movement in unrealised gains on investment assets Unrealised gains b/f Plus in respect of disposals Losses arising on Revaluation in the Year Unrealised Gains at 30 September 2022 The following investments of the Charity amounted to 5% (£650,668) or more of the total value of the net assets of the scheme at 30 September 2022 |
Cash £ 282,091 22,027 304,118 283,139 304,118 £ 3,583,480 9,429,872 13,013,352 4,250,270 362,673 1,540,138 6,556,153 304,118 13,013,352 £ 6,444,657 702,139 7,146,796 £ 570,476 2,285,523 (1,017,455) 1,268,068 (697,592) 570,476 |
Total £ 14,233,799 7,167,380 22,027 (7,651,559) (60,703) (697,592) |
| 13,013,352 | ||
| 11,948,277 12,442,876 % 50% 5% |
||
| 55% | ||
21
THE ASHLEY FAMILY FOUNDATION
Notes to the financial statements
For the year ended 30 September 2022
- 7 Creditors: falling due within one year
| 7 Creditors: falling due within one year |
||
|---|---|---|
| Grants Payable Trust Partnership fees Accruals (see note below) Accruals Provision for audit fees Insurance costs Provision for Accountant's fees Fund managers' fees 8 Debtors: falling due within one year Dividends receivable 9 Creditors: falling due after more than one year Grants payable |
2022 £ 74,620 12,176 27,319 114,115 8,250 2,283 4,500 12,286 27,319 2022 £ 11,366 2022 £ 16,000 |
2021 £ 90,040 10,794 30,487 |
| 131,321 8,250 7,598 14,639 |
||
| 30,487 2020 £ - 2020 £ 20,600 |
10 Trustees' Insurance
In accordance with commercial practice the Foundation has purchased insurance to protect Trustees from claims arising from negligent acts, errors or omissions occurring whilst on Foundation business. The insurance provides cover up to £1,000,000. The cost of this insurance amounted to £2,283 (2021 :£1,793) which is included in total insurance costs (note 2).
22