THE ASMARLEY CHARITABLE TRUST Registered Charity No. 294684 ACCOUNTS 31ST JULY 2024
THE ASMARLEY CHARITABLE TRUST Registered Charity No. 294684 ACCOUNTS 31ST JULY 2024
THE ASMARLEY CHARITABLE TRUST ACCOUNTS YEAR ENDED 31ST JULY 2024 CONTENTS PAGE Report of the Trustees ststement of Financial Activities Balance Sheet Notes to the Accounts Independent Examiners, Report to the Trustees
Page 1 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2024 The trustees present their report along with the accounts of the Trust for the year ended 31 sl July 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the tNst deed, the Charities Act 2011 and Accounting and Reporting by Charities .' Stalemcnt of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK alld Republic of Ireland (FRSI 02) (effective I st January 2019). OBJECTIVES AND ACTIVITIES Objectives The objectives of thc Trust are to apply the income, and so much of the capital of the Trust as the trnslees may determine, to charitable purposes for the following.. lo assist callcer and heart research at Royal Brompton Hospilal. or elsewhere if Royal Brompton Hospital no longer undertakes such research. and to assist general medical research at Royal Brompton Hospital, or elsewhere if Royal Bro]npton Hospital no longcr undenakes such research or no longer requires charitable funds for such research. Activities The Trust's main activity for the year has been to generate the necessary incomc from its investments lo fulfil the requirements of the governing documcnt and to detennine the policy for distributing such income. As the Trust generates its in¢ome from its investments il is not dependent upon the services of volunteers or donations. The Tst has been in regular contaci with persomiel at Royal Brompton Hospital to ascertain their research needs and to decide ihe most appropriate level of ndIng to provide the support requcstcd. The trustees have referrcd to tILe guidan¢¢ Contained in thc Charity Commission's general guidan¢e on public IKnefit when reviewiThg thc Trust's aims and objectives and in planning its future aciiviiies. tn particular, the trustees consider how planncd activities will contribute to the aims and objeclives they have set. ACHIEVEMENTS AND PERFORMANCE The trustees, thrnu Mr D E Goldsn]ith. maintain close contact with the Head of the National Heart and Lung Institute at Royal Bron]pton Hospital and are fully assured that the wishes of ihe late Thomas and Margaret Oakley arc b¢ing maintained with the hclp of the research grants made as shown in the annual accounts. Thc invcstment managers are aware of the research grant commitments and include ihe r¢quirements within their inveslmenl strategy. In addition to Mr Goldsmith's contact with Royal Brompton Hospital, personnel at Royal Brompton Hospital produce amiual reports to the Irustees which are Carefully considered.
Page 2 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2024 ACHIEVEMENTS ATrID PERFORMANCE (coniinu¢d) The trustees have agrccd to provide a funding grant of £240,000 per armum, payable quarterly for the five year period endillg Scptember 2025, to Royal Brompton Hospital. The first quarterly payment was made in December 2020. The funding supports long temi resear¢h by the provision of a Chair of Research (named the Asmarley Chair) in conjunction with Imperial College, London, a lectureship position and the appointment of an Asmarley Fellow to undertake molecular pathology research. Currently the funding is used tOWd5 invesiigating genetic prcdisposilion to the development and severity of fibrosing lung diseases, rccognising lh¢ associated increased risk of lung cancer in fibrosing lung disorders and the genetic basis of the variable response to opiate painkillers in patients suffering from canccr. The trustees feel that by the above grants ihey have honoured the wishes of the late Thornas and Mary Oakley in the continuing support of Royal Brompton Hospital. FINANCIAL REVIEW Results The results of the Trust for the year are sel oul in the Statement of Financial Activities on page 6, atLd show that the Trust generated total income of £74,501 (2023 - £75.093). The Trust spent £20,212 {2023 - £21,570) of ils resources on maThagcmcnt and administration costs for the year, which together with the research grants paid to Royal Brompton Hospiial of £240,000 (2023 £240,000). During the year the investment portfolio realised gain of £15,929 (Realised loss 2023 £13,125) and had unrealised gains of £166,036 {Unrcali5cd losses 2023 - £42,085). As a result of the above combined factors the Trust's total fvnds, after commitmcnls, increased by a net amount of £236,254 (decreased in 2023 - £1,687) during the year. The accounts bave bccn prepared on a continuing and accruals basis with unrestricted fvnds. Investment policy and perform4Dce The Trust's investment portfolio is matLaged on a discretionary basis by Rathbones Investment Management Limitcd. The fund is managed in order lo achicve a balance between capital and income growth whilst adopling a medium risk pr()file. The dividend income of the nd decreased by just over 5 /.. The underlying value of the trust's assets decreased by less than 0.20/0 during the year.
Page 3 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2024 FINANCIAL REVIEW (comrirtued) Reserves policy The trustees have considered the policy that should be adopted with regard to the rescrves of the Trust. The trustees have considered the amount of income requircd to support the annual grant payment and have taken steps to instruct thc investment manager accordingly. The trustees have decided to retain in investmeni the total general fund to maintain the tUre of the Trust. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Trust is an unincorporatcd trust, conslilul¢d under a trust dced dated 2nd June 1986 and is a rcgistcrcd charity, number 294684. Thc Trust was established by an initial gift of £5,000 from the late Thomas and Margaret Oakley, together with a subsequent legacy from the estate of Mr Oakley. The Trust does not actively fundraise and seeks to continue thc philanthropic work deternlined by the donor through the stewardship of the existing reSoUes. Appointment of trustees The power of appointing new or additional trnstees was vested in the seitlors and is now vested in the continuing trustees. To the extent necessary lo fvlfil their mle new trustccs arc instru¢ted by the existing trustees ond, if specifically required, would be provided with the necessary facilities to undertake additional iraining. Orga1$tio The names of the trustees who served during the year are set out on page 4. The trustccs m¢¢t annually, or more often if rcquircd, in order to.. review the Trust's financial perfonnance and discuss the investment strategy and results with the professional investment adviser. and delemiine the actions to bc taken to 1[11 the Trust's purw)se to as51St can¢¢r and heart research at Royal Brompton Hospital. The day to day manBgement of the Trust and liaison with Royal Brompton Hospital is undertaken by Mr D E Goldsmith in consuliation with rhe other trustees as neSSary. Risk management The trustees have considered the vulnerability of the Trust to factors which could seriously impair its ability to achieve its objectives. The main income sources are investment and interest income. The ability of the Trust io make grants is dependent on the strcam of dividend income and interest incom¢ received. To this end the trustees have appointed professional investment advisers to manage the Trust's portfolio of investmellts.
Pagg 4 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (ctsniinu¢d) Risk management (cohiinmed) The lrnstees have also examined the major strategic, business and operational risks which the Trust faces and confirni that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to managc these risks. REFERENCE AND ADMINISTIL4TIVE INFORMATION Trustees Mr D E Goldsmith Mr N J Ginger Mr C W Goldsmith Mr G Boughton Registered Office 260 - 270 Butterfield Great Marlings Luton Beds LU2 8DL Registered Charity Number 294684 Independent Examiner MrRACoxFCA Miller & Co Chartered Accounlanls 5 Imperial Court t2POrte Way Luton Bcds LU4 8FE Bankers CAF Bank Limitcd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Managers Rathbones Investment Management Limited I Curzon Street London WIJ 5JB
THE ASMARLEY CHARITABLE TRU8T REPORT OF THE TRUSTEE8 YEAR ENDED 318TJULY 2024 wbioh pve a true and fair iryew of th¢ Jtal¢ of #ffakn of the CTr1ty •nd of the of thc It to ell8uTr that th¢ a¢¢Thmts o)mpty vAth the Chartti# A¢t 2011. th¢ CbaritA¢8 MrNJ
Page 6 THE ASMARLEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST JULY 2024 Unres¢ric¢ed Funds 2024 2023 r4ote Income from: Investments 74,501 75,093 Expenditure on: Raising funds.. Investment rnallagemenl charges Charitable activities= Research grants Admiiiistraiion costs 11,486 11,762 8,726 9,808 Totsl (20,212) (21,570) Net gains on investments: Realised gains l (losses) on investment assets Unrealised gains l (losses) on investment assets 15,929 l66,036 {13,125) (42.085) 181,965 (55.210) (1,687) Iyet movement in funds 236,254 Reconeiliation of funds: Total funds brought fonvard 2,162,165 2,163,852 Total funds carried forward 2,398,419 2,162,165
THE ASMARLEY CHARrrABLe TRUST BALANCE SHEET 318T JULY 2024 N•t• 2.690,866 1695.419 11179 14,750 14049 16,179 626 248J03 (231HT) 1233354) 2.462,165 NET ASSET8 1398.419 1162.16J 2,398,419 2.161165 6 to 12 apNoNryl by th• tru*<8 Mr D E Goldlmith
Page 8 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 ACCOUNTING POLICIES (a) Basis of preparation The accounts have been prepared under the historical cost convention, as modified to include the revaluation of invcsttnents to market value, and irL accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in thc UK and Republic of Ireland (bRS 102) (effective 1st January 2019), thc Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The presentation currency of the aount5 is in pounds sterling (£), which is ihe functional currency of the charity, rounded to the nearest £. Thc addrcss of the registered office is given in the chtY infornialion on page 4 of the accounts. Thc charity meets the definition of a public benefit entity under FRSIO2. The accounts 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 requitcd to provide a 'truc alld fair view,. This departure has involved following the Ac¢ountirLg and Reporting by Charities.. Statcmenl of Recommended Practicc applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} issued in October 2019 rather thau the Accounting and Reporting by Charities- Statement of Recommended Practice effective from I st April 2005 which has since been withdrawn. {b) Funds structure The funds are unrestricted and are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust. (e) Income recognition All income is re¢ognised once the Trust has entitlement to the income. it is certain that thc income will b¢ re¢¢ived and the monetary valuc of the income ¢an be measured wilh sufficicnt reliability. (d) Expenditure recognitio Liabilities arc recognised as expenditure as soon as there is a l¢gal or constructive obligation committing the Trust to the expenditure. All expenditure 15 accoullied for on an accrnals basis and has bccn classified under headings that aggregate all costs related to the category. Grants payablc are payments made to third parties in the furthcrance of the ¢haritable objectives of the Trust. Single or multi-year grants are accounted for when either the re¢ipient has a reasonablc expectation that they will receive a grant arkd the tnLStees have agr¢ed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attached to the grdnt is outside the control of the Trust.
Page 9 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31 ST JULY 2024 ACCOUNTINC POLICIES (d) Expenditure recognition (continued) Provisions for grants are made whcn the intention lo make a grant has been eortmiunicated lo the recipient but there is uncertainty about either the liming of the grant or the amoLml of the grdnt payable. (e) D¢bton Debtors with no statcd interest rate and rcccivable within one ycar are re¢orded at transaction price. Any losscs arising from impainnenl arc recognised in expenditure. (O Irreeoverable VAT IeCOVerabl¢ VAT is charged agairLSt the category of resources expcnded for which it was incurred. {g) Cost of raising funds The costs of raising funds consists of investment management charges. (h) Charitable activities Costs of charitable actlVLties consisls of grants made to Royal Brompton Hospital. and admiIllstration costs, including governance cost which comprisc all costs involving public awountability of the Trust and its compliance with regulations and g(K)d practice. lil Fixed asset investments Investments arc a fom] of basic finarLcial instrumcnl and are initially recognised at their transaction value and subscquently measured at their fair value as at the balance sheet date using the closing bid market value. Gains and losses on revaluation are takerL to ihe Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening canying valuc or their purchase value is acquired subsequent to the first day of the financial ycar. Unrealised gains and losses are calculatcd as the difference betwccn the fair value at the year end alld their ¢arrying value. RELATED PARTY TRANSACTIONS AND TRUSTEES REMUNEtL4TION The trustees received no emoluments (2023 - £nil). Expenses and profcssional fees relating lo the four trustees in the year ioialled £7,279 {2023 £8,423). Outstanding balances at 31st July 2024 due to three tru5t¢cs lolalled £7,276 (2023 £6,983). 2024 2023 INVESTMENT INCOME Dividends received Intcrest received Other interest Bank interest received 54,882 16,841 2,435 343 57.795 15.725 1,390 183 74,501 75,093
Page 10 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 2024 2023 ANALYSIS OF RESEARCH GIUNTS Grants to Royal Brompton Hospital.. Asmarley Chair, Lectureship and Fellowship Position ADMINISTRATION COSTS Governance costs Trustees, expenses and professional fees Indq)endent examiner's fee Bank charges 7,279 1,380 67 8,423 1.320 65 8,726 9,808 FIXED ASSET INVESTMENTS Movement in fixed asset lllvestwentS At I st August 2023 Addilions at cost Proceeds of disposals Realised investment gains l (losscs) Unrealised investment gains l (losses) 2.695,419 388,948 (575,466) 15,929 166,036 2,871,450 364,190 (485,011) (13.125) (42,085) Ai 31st July 2024 2,690,866 2,695,419 Inveslments at 31st July 2024 compris¢d: Equitics - managed Fixed interest sccurilies - managed Cash held within the investment portfolio 2,423,068 249,736 18,062 2,400,496 191,701 103,222 To¢•1 2,690,866 2,695,419 Htstorical cost at 31 si July 2024 2.147.198 2.115.022
Page11 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 21124 2023 DEBTORS Interest receivable 299 299 CREDITORS Amounts falling due within one yeydr ArualS and deferred in¢om¢ Grallts payable 8.626 240,000 8,303 240,000 248,626 248,303 Amounls falling du¢ aft¢r more than one year Grants payable 60,000 300,000 The Irustees have ac¢rued as a liability grants payable for the Asrnarley Chair, Lectureship and Fellowship position based on fullding it over five years and two months. Although the grant is subject to an annual review, the Trusl normally accepts thc progrcss report provided by Royal Brompton Hospital. Since the assessment of the progress of these projects is outside the control of the Trust, 11 acc1 is included in the accounts. EMPLOYEES The charity does not employ any staff.
Page 12 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2024 2024 2023 10. FINANCIAL INSTRUMEf4TS The canying amounts of the Charity's financial instrnments are as follows.. Financial assets.. Mcasured al fair value througb net incomc/cxpenditure'. Fixed asset listed investments (note 6) 2.690,866 2,695,419 The net gains / (losses) attribulabl¢ lo the charity's financial instruments are summarised as follows.. Nel gains l (losses) (including cbanges in fair value): Financial assets measured at fair value through net income/expenditurc 181,965 {55,210)
Page 13 THE ASMARLEY CHARITABLE TRUST INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024 We report to the clllrity's tnte¢S on our examination of thc accounts of The Asmarley Charitable Trust for the year ended 3 1st July 2024, which are set out on pagcs I to 12. REsPoNSIBITIEs AND BASIS OF REPORT As the charity Ilustees of the Ttijst you are responsible for the preparation of the accounts in accordancc with the requirements of tkne Charities Act 2011 ("the A¢t"). We report in respect of our examtllation of the Trust's accounts carried out under $e¢tioll 145 of th¢ 2011 Act and in carrying out our examination we have followed all Ihc applicablc Directiolls given by the Charity Conllnission under section 145(5)Ib) of the Act. INDEPENDENT EXAMINERS, STATEMENT We have COllLplcted our exatninalion. W¢ Conf that no material matters have Come lo our attention in connection with thc cxatuillation giving us cause to believe that in any tllaterial aspect: accounting records were not kept in respect of the Trust as required by sectioll 130 of the Act- or 2. the accounts do not accord with those ords. or 3. the accounts do not comply with the appliuble requirements concerning the forn] and corLtents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than ally requirement that the accoullls give a 'true and fair view, which is fLOt a matter considered as part of an independent examination. We bave no concerns and havc comc across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper utLderstanding of the accounts to be reached. MrRACoxFCA MILLER & CO Chartered Accountants 5 Imperial Court Laporte Way Luton Beds LU4 8FE