THE
.éiASPINALL
FOUNDATION
Charity No. 326667
Annual report and financial statements
For the year ended
31 December 2020

The Aspinall Foundation
Report and flnancial statements
For the year ended 31 December 2020
Contents
Page
Reference and administrative information
Trustees, annual report
Independent auditors. report
25
Statement of Financial Activities
29
Balance Sheet
30
Statement of cash flows
31
Notes to the financial statements
32

The Aspinall Foundation
Reference and admlnlstratlve informatlon
For the year ended 31 December 2020
Trustees..
Damian Aspinall (Chairl
Robin Birley
Charles Filmer
Ben Goldsmrth
Tansy Aspinall
Maarten Petemiann lappointed 29101120201
Charity number..
326567
Registered office..
Port Lympne Reserve
Lympne
Nr. Ashford
Kent
CT 214PD
Auditors:
Goldwins Limited
75 Maygrove Road
West Hampslead
London
NW6 2EG
Bankers
Barclays Bank pl¢
93 Baker Street
London
W1A 4SD
Solicitors
John Byrne &Co
Sheraton House
Castle Park
Cambridge
CB3 OAX
Investment advisors
Slater Investment Limited
Nicholas House
3 Laurence Pounlney Hill
London
EC4R OEU
Page 1

The Aspinall Foundation
Truste8$' Annual Report
For the year end9d 31 Decembgr 2020
The Aspinall Foundation I"Foundalion" or"TAF"I was established as a ¢harilable trust by a Trust Deed on 30
March 1984 and regislerd as a charity under number 326567 on 27 April 1984. The Iruslees present their
report and financial statements for the year ended 31 December 2020.
Introduction
Following the creation of Howlells and Port Lympne zoological parks in 1959 and 1975 respectively. The
Aspinall Foundation was founded in 1984 as a UK registered charity (under the name of The Howletts and
Port Lympne Foundation, and eventually The Aspinall Foundalionl. the vision of which has always been lo
contribute lo global species consoNalion through inlegraling ex silu and in silu aclivilies.
Our global wildlif8 conservation work, again spanning over thirty years, covers divelse issues including tackling
the illegal wildlife trade, the 're-wilding and eventual release of wild-born animals confiscated from the illegal
wildlife trade and of caplive-born animals, the reinlroduclion of species lo siles where they have become locally
extirpated, the reinforcement of small isolated populations of Ihfealened species. the co-managemenl of
protected areas with national governments, the scientific evaluation of wild, reintroduced and Captive wildlife
populations, and the recovery of threatened specie5 through community-based conservats'on. Some eXaMp￿S
of this long-lerm work, with links lo lurther information, Include..
the virtual liminalion of th
al trade in live western
orillas in Congo-Brazzaville
the Creation and co-managemenl, with the
ovemmenlofcon
o and th Wildlife Conservation Societ
WCS , of a long-temi project focussing on lacklin
the ille al wildlife trade in Con
o-Brazzaville
the reintroduction of western lowland
orillas lo the Baléké Plateau region of Central Africa, in Congo-
Brazzaville and Gabon. using both wild-born l¢onf15caled
ans of th
al wildlif trade
and
caplive-born release stock
the co-managemenl with national governments of proteded areas in Con
resulting in the recovery of depleted wildlife populations
the reinforcement of small isolated ￿,
rizzled lan
ur and ebon lan
ur populations in Java,
Indonesia. again using wild-born lconfiscated from the illegal wildlife Iradel and caplive-born animals
the transfer of Ca live-born Criticall Endan
ered eastern black rhinoceros from UK lo protected
reserves in South Africa, which bred and contributed substantially lo a population that was
subsequently used to provide rhinos for reinlroduclion to Rwanda and elsewhere
the transfer of captive-bL)rn eastern black rhino from UK lo protected reserves in Tanzania, who have
subsequently bred and contributed lo a growing rhino population
the Iranslocalion of ca
live-born Euro
Carpalhian Mountains in Romania
for successful reintrodUct￿n projects in the
0-8razz
ville and Gab
an
the rewilding of z¢)o-bom
South Africa and Zimbabwe
Ihern chee
h and brown h
aena for release into protected reserves in
the development of
curren
inca
enelic studies lo assess the
in European zoos
tential conservation rol of mammal
ecies
the use of
anal
51S to assess the conservation nee
Ihiealened species, and of reintroduced
ulalions
s of wild
ulalions of
Page 2

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 Decembor 2020
the implementation of a communily-based species survival programme for the Crf(ically Endangered
reater bamboo lemur in Mada
ascar. resulting in the species recovering from only 100 wild
individuals lo over a thousand in a decade ofcommunily-basod conservation. and being removed from
the list of the 25 most endan
ered
rimales in the world
the im
lemenlation of communit -based ro ecls lo conserve other highly threatened lemur species
in Madagascar including black-and-while ruffed lemur, indri diademed Sifaka, Crowned sifaka and
mon
oose lemur
2020 was a particularly challenging year for all our teams in the field for obvious reasons but we are extremely
proud of our efforts. We hope that you enjoy reading about them.
Page 3

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 Decembgr 2020
OVERSEAS CONSERVATION PROJECTS
THE
THE
S'PINALL rfISPINALL ￿SpINALL kiS'PINALL
FQ)LIN r)ATION
FOUNI)A-I I()N
FOUNDATION FOUNDATION
CRY OF
THE WILD
INDONESIA
MADAGASCAR
GABON
GORILLA
PROJECT
LEMUR
CONGO
GORILLA
PROJECT
PROJECT
Page 4

The Aspinall Foundation
Trustees. Annual R8port
For the year ended 31 December 2020
Con
In Congo, 2020 has seen subslanlial pfogress in bolh Kebu and
Fubu. Having spent over 2 years acclimalizing to their new
surroundings. being closely monitored by their dedicated team of
rangers, both males have been diredly observed Consuming
more and more wild foods, with Fubu learning how lo open up
banana plant stems lo enjoy for himself. extremely encouraging
behavior and a positive step towards full independence.
The dynamics bebNeen the two has remained stable throughout
2020, although Fubu's confidence has grown tremendously and
he is spending much more twne indepèndently. Kebu still tends
lo spend the majority of his lime in the forest, coming lo the
savannah regularly forsupplemenlary feeding. Following on from
a brief loss of body condrtion in 2019 both are now of optimum
-ia weight and we estimate them to be ready for release in the very
near future.
Loukelela and
Bomassa, the young male orphans currently under our care.
have only slrenglhened the bond beiween them during
2020. The two are inseparable and spend their days trekking
through the lush forests of Congo with their eare givers,
exploring and learning, which fruits. vegetables. plants and
grasses lo eat, which areas to cover during which seasons
for the best food retums and generalty how to live wildly.
Bomassa particularly, has grown in confidence throughout
2020, having spent most of 2019 recovering from his early
life trauma. he now depends on Loukelela for emotional
support and will actively display his jealously when
Loukelela initiates interactions with rangers during their daily
trek5.
Yambo the 35-yearwold silverback eonlinues to live solitary on his rglir&menl island. Throughout 2020 we have
nOtI￿d, as is expected with age, that Yambo has been more prone to nasal infections, as has been
onlinuous issue throughout his life due to contracting polio in his much younger years, onty exacerbated by
age. He has undergone antibiotic Irealmenl on 3 occasions and this is being very closely monitored moving
forward. Kelle, the silverback has spent all of 2020 solitary, displaying spectacularly al passersby and chasing
boats along the river's edge al an incredible pa￿. Djeke has also spent the majority of 2020 solitary, with one
Page 5

The Aspinall Foundation
Trust99s' Annual Report
For the year ended 31 December 2020
notable indirect observation, potentially with up lo 2 females, which could be the females he lost lo Kelle during
2018, whether or not he maintains his new found group will be closely followed by the team. Makoua still
presides over the largest group in the reserve, numbering over 30 individuals wrth al least 2 births confirmgd
with direct obseNalions during the course of the year. One male, Teke, who emigrated from Makoua's group
in March of 2017. having been born into the group in 2004. and was also the first wild born gorilla lo released
gorillas in the reserve, has been seen on ¢ame¥a trap on 2 occasions throughout 2020 stalking Makoua's
group in the hope of acquiring some females from the group.
Page 6

The Aspinall Foundation
Trustees, Annual Report
For the year gnded 31 December 2020
Gabon
At the Batéké Plateaux National Park, 2020 was an interesting year. Djongo and Mayombe have continued to
progress together as a pair, with numerous more matings sighted by camera trap. Mayombe's confidence
grows slowly bul surety, with any form of change from the monitoring staff lo the weather making her neNous.
never-the-less She is certainly making small. posltive steps in the right dire¢lion. Djongo manipulates the items
of supplementary food provided. always taking the best pickings for himself, however, Mayombe has quickly
learnt how lo adapt lo Djongo's behaviour during feeding limes, avoiding any fom) of conflict.
L¥
'rl.
Rafa and Mbwambe were spotted as a pair in ear
2020, without Okeli. Both in great condition and
¢onlinuing to cover18rge distances, often crossing paths
with the other Gorilla groups within the reserve. although
has not yet been successful in acquiring additional
females. having lost Okeli back to Boumango's group in
late 2019.
Page 7

The Aspinall Foundation
Trusteo$' Annual Report
For the year ended 31 Decgmber 2020
Djala has spent all of 2020 solitary, enjoying lime in
the southern side of the reserve Iravelling shorter
distances than has been previously recorded bul
maintaining fantastic physical condition. Djala is
approaching 40 in the next year and still continues to
thrive in the wild, an impressive age for a silverback,
with previous studies suggesting a silverback's
lifespan lo be 35 years. Djala continues lo feed on
aframomum and other native foods, which are readily
available lo him in the forest.
Boumango's group has grown throughout 2020 with the birth of a male noted in May 2020, bringing the group
up lo 15 individuals. Boumango remains a relaxed leader of 7 females, with Okeli returning lo the group in late
2019.
The Tongas have spent the vast majority of 2020 trailing deep in the forest, with irregular sightings by the
team. Despite this, we are confident that the group has grown in size due to indirect camera trap footage. with
at least 3 of 8 females carrying small
infants. Following on from last year,
Belinga, the only female lo still actively
approach the river's edge during diiecl
observation
encounters
has
now
stopped doing this al all.
Page 8

The Aspinall Foundation
Tru$toe$' Annual Report
For the year endgd 31 December 2020
Dja5ta and Ima have almost completely separated
from one another throughout the first 3 months of
2020 bul remain in Irernendous condition, with Ima
showing more maturity and gaining impressive stie
and muscle throughout the year. Djalla has been
-￿¥.+ directly observed making remarffable displays at the
team although still has some slalure to gain to
become a fully grown silverback.
Our camera traps have captured a number of other threatened species throughout 2020 including. civets, side
striped jackal, forest elephants, leopards, pangolins, mandrills and golden cats. As well as, over the last 4
years 1 male lion and one hyena
the remarkable return of these headline-making species is not only an
indicator of the suecess of over 25 years of hard work, bul has inspired TAF and its partners lo keep pushing
the resloralion of the national park forward lo the next level.
Page 9

The Aspinall Foundation
Trustees, Annual Report
For Iheyearended 31 December 2020
Indonesia
In 2020, alongside the team offorestry rangers of wesl and easljava. TAF IP team have rescued orconfiscaled
primates from the illegal pet trade in java. All rescued victims have been transferred lo the primate rehabililalion
cenlres in wesl and east java lo spend lime rehabililaling and undergoing a series of lesls lo aS￿rtain their
h$aSth slalus Pfior to re-release. Summary of ligures..
2020 -Rehabilitated Primates:
Nutnbers of Primcltes Received in 2020
Numbers of Rehabililat
Prirnates from 2011 to 2020
$1IYeffy￿bb¢n vjawan *GrfnIedi¢•l￿kn￿ .
Numbers of Rehab'lilated fv-imaie In 2020
Sllvory q5bb
.Mitèred leal JavaD$lo￿lQ[ls
, Gi12zled mmkry. Sl&mnNg
.8orneoglbMn
I￿rY 41L
Javan
Avil￿￿d Ipaf mDnkeyryJh¥Ifi4o￿t￿lS
Page 10

The Aspinall Foundation
Trustees. Annual Report
For the year ended 31 December 2020
Our primate reinlrodLtclion plans have had lo be re-scheduled on a number of occasions throughout 2020 due
lo the global pandemic, Covid-19. However. in the laller part of 2020 we were finally given specialist
permissions lo continue our conseNation work, under additional safely measures, allowing us lo release a
total number of 21 primates June- December consisting of 18 Javan langurs, 2 Javan gibbons and 1 grvzzled
langur.
2020 -Reintroduced Primates
2020 Primate's Released
2012 to 2020 Primate's Released
Silvery gib￿￿ ll Javan langur
Grizzled leaf rtK)nkey
21 individuals
180 individuals
Behavioural observations of primates in the
rehabililalion phase of rewilding during this 12
month period have been mainly posf(ive wlh
healthy appetites, normal levels of physical activity
and vocall visual interaction with neighbouring
primates.
Obseryalions of released primates has continued
bul to a lesser level during January - July due lo
local lockdown reslrictiolls. However. in the laller
part of the year this has increased again and
despite the break in sightings all released primates
appearto bewell and in great condition with 2 births
noted.
Education and Awareness:
The emerging of Covid-19 in early 2020 consequent
affected our awareness campaign plans for the year. All
school visits and communty campaigns and meetings
had lo be rescheduled or in some cases even cancelled.
There were a few activities that could still be executed by
following a strict Covid-19 protocol, with some events and
meetings being replaced by online platforms. The total
number of participating audience5 al the awareness
activities this year decreased, primarily due to lockdown.
Outreach Campaign 2020
a47
1L¥J
School ll Unlverslly B Communlty D Government
Page 11

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 De¢ember 2020
Mada
The Aspinall Foundation's communily-based conserval
of lemurs and other highly threatened endemic wildlife in
Madagascar during 2020 focussed on three main
geographical areas. the Maevalanana-Ambal(FBoeny
IMABI dry fore515 and wetlands of western central
Madagascar, the western, high elevation, part of the
Ankeniheny-zahamena rainforest corridor ICAZ Wesll in
eastern hlladagascar, and the Andrianlanlely lowland
rainforest and other lowland habilal fragments also in
eastern Madagascar. A small grant was also obtained to
increase our community-based work on isolated greater
bamboo lemur groups in the Vohibe and Vohitrambo forest
fragments within the Nosivolo New Protected Area.
Our eastern projects conserve over haw the total wild
population of Critically Endangered greater bamboo lemurs,
plus significant populations of black-and-while ruffed
lemurs. indri and diademed sifaka, all Critically Endangered,
and another eight lemur species that occur in the same
forest$. Our western siles proted Critically Endangered
mongoose lemurs and crowned sifaka. plus rufous brown lemurs and al least two species of nocturnal lemurs,
in addition lo Critically Endangered Madagascar fi'sh eagles and Madagascar big-headed turtles. and other
threatened specie8 such as Madagascar flying foxes, Madagascar heron, and various endemic freshwater
cichlid fish.
Our Andrianlanlely project is of major global
conservation importance. Andrianlantely is one of tho
few remaining patches of lowland rainforest still in
good condition in Madagascar. 11 is the only lowland
forest known lo support four of the most Critically
Endangered large-bodied lemurs, Indri, Black-and-
White Ruffed Lemur. Greater Bamboo Lemur and
Diademed Sifaka, which are also listed in the lop 100
most evolulionarily4islincl and globally-endangered
mammals by the ZSL EDGE programme. With the
support of different partners, including signifi'cant
funding from IUCN SOS, we run monitoring and conservation activities in Collaboration with local communit￿S
in the area. During 2020 we continued to empkjy two national wimalologists lo coordinate the field aclivf(ies
of this project. They supervised 25 local community rangers monitoring 12 siles within which are living over
500 greater bamboo lemurs (plus over 50 infants born in October and November., dats for December not yel
available), over 200 black-and.while lemurs, over 500 indri. and approximately 75 diademed sifaka. Seven
botanical plots are also monitored for monthly phenok)gy studies. These community patrollers also ensure
threats such as hunting and habilal loss are identified quickly and dealt with efficiently. Infractions are reported
lo the Ministry responsible for Forest and the Environment. Law enforcement interventions in collaboration
with the Regional represenlalive of the hftinisty were supported lo deal with major infradions, resulting in some
arrests. We worked with local communities and schools lo continue our long-lerm awareness-raising and
education programme. NumeTOUS awareness-raising sessions were organized, including during the World
Lemur Day celebrations at tha end of November. Posters and calendar$ were dislribuled, as were school
writing books fealurino local lemurs and information on forest conservation laws. We support 8 local community
associations Ivolsl based around Andrianlanlely lo implement simplrfied forest management plans developed
in previous years. We are currently supporting the running of 8 seedling nurseries within 8 villages where our
Page 12

The Aspinall Foundation
Trustee$, Annual Report
For the year ended 31 December 2020
Vol are based (Lanonana. Mangabe. Amboditavolo, Ambodimanga, Sahamananlsy, Ambodialafana,
Vohiposa, Manakanal. Over 15,000 saplings were planted in the community reforestation zones during 2020.
From 2020 10 2025 we aim to reloresl 183 ha of degraded land around Andrianlanlely. Projects aiming lo
increaselimprove mombers, income {whi¢h is part ol the forest management plan and aiming the reduction to
the need lo harvest forest products) like ginger farming and market gardening were supported.
Our MAB project, facililaling communily.based conservation of dry forests and wetlands in western central
Madagascar, progressed very well during 2020. Indeed 2020 has seen the Culmination of the community-
based work undertaken during the four years of the CEPF-funded project lo dale. Towards the end of 2020,
six new communily-managemenl agre8menls were finalised, validated, and signed. covering over 30.000
heclaies within the project area. and including over 11,000 ha of dry deciduous forest and over 1,200 ha of
river and gallery forest designated for community-based prolecl¢on, almost 4,000 ha of freshwater lakes
designated for improved communily-based management, and over 1,800 ha designated for community-based
reforestation. This is a remarkable achievement by all involved, especially considering the issues related lo
insecurity that have impacted the project since the beginning, in addition to the impacts of the Covid-19
pandemic over the past year. These six new communily-conservalion areas support the long-tem
conservation of several gf the most unique and threatened species of vertebrates in the world. Madagascar
big-headed turtles. a spectes with the highest EDGE score of
any terfeslriaS vertebrate anywhere it) the world, occurs in at
least four of the new siles. Madagascar fish eagles. another
Critically Endangered species endemic to western
Madag8scar, nest al three of the siles and feed in the wetland
areas of al least five. Madagascar herons have been reporteij
al four of the new siles and Madagascar flying fox roosts are
present at three of the siles. The Critically Endangered
endemic cichlid fish PaTrlroplus maculatus has been found al
four of the siles, and al least two other highly threatened
endemic fish species are also protected by the new
agreements. Critically Endangered crowned sifakas and
mongoose lemurs occur at 811 six of the siles, and Vulnerable rufous brown lemurs al five. One other
communily-managed site is also part of the project, created back in 2012, whi¢h also supports the three diurnal
lemurs, and a flying fox roost. Between them all. these seven communily-managed siles created since 2012
cover 37,363 hectares, remarkably almost exactly equal lo 1 OOA oflhe lolal area of Kent {which covers 373.600
hectares). The new community-based management agreements will empower bcal people to protect these
Page13

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 Decemb&r 2020
species and the fore51 and wetland habilals they depend upon. and to improve their management and use of
their local natural resources.
Page 14

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 December 2020
South Africa
The Aspinall Foundatlon's newty established team in South Africa is making signif￿an1 progress in establishing
the organisation as a conservation leader in the Region, de8pile the impact of Covid 19. W8 have implemented
a two-prong approach to our aclivilps which includes rewilding of captive animals and implementing
emergency interventions lo rescue wildlife al risk.
We achieved another ground-breaking slep in our rewilding
interventions by translocating Saba and Nairo, bNo captive
born cheetah brothers, from Howlells lo South Africa. The
ploject was implemented in phases. The first phase was
flying the cheetahs from the United Kingdom lo Cape Town in
February 2020, where they were quarantined al Ashia
Cheetah Conservation Centre. This enabled them lo
acelimalise and be closely monitored by an expert team for
approximately three months. The second phase included
transporting the cheetahs 500km to Mount Camdeboo Private ¥.
Game Reserve, a 19 700 acre reserve In the Eastern Cape
Province of South Africa. The brothèrs were fitted with a satellite tracking unil so that our TAF monitoring team
n monitor them on daily basis and they also provide very important data on the movement of the cheetahs
and how they utilise the reserve. They were initially released into a custom built hunting enclosure of 1000
acres, which was stocked with prey animals. The purpose of this enclosure was to provide the brothers with
adequate hunting opportunities lo leach them how lo hunt. Astonishingly. Nairo made his first kill within 24
hours of being released into the hunting enclosure. Saba and Nairo look approximately three months to
develop their hunting skills and were released into
the greater reseNe in November 2020, where
they have been self-sufficienl ever since. They
have SUC￿5sfUllY killed kudu bulls, kudu cows,
eL4nd cows, blesbok. elc. They have been
interacting with other cheetahs and they will be
introduced to a female cheetah for breeding
purposes in 2021. This has been an extremely
successful project and has proved that cheetah
can Successfully be released into the wild.
Due lo the success of Saba and Nairo, we initiated another rewildlng intetvenlion where we partnered wrth
Imire Rhino and Wildlife Conservation, in Zimbabwe in the proposed rewilding of two eheetah brothers from
Canada. We have developed the release boma and initiated the CITESllranslocation permilling process to
translocale the cheetahs from Canada lo Zimbabwe. Imire is a magnificent reserve in close proximity to Harare
in Zimbabwe, which will be the perfect habitat for the two brothers named Kumbe and Jabari. We anticipate
that this translo¢alion and rewilding will be done in February 2021.
Page 15

The Aspinall Foundation
Tru$tees' Annual Report
For the year ended 31 December 2020
The TAF team has also been extremely busy with emergency inlervenlions
and Iranslocalions in South Africa. The first of these operations was the
rescue and transl(Kation of five elephants from an area lo the South of the
Kruger National Park. These elephants broke out of a reserve and were
Causing problems on a main road in the area. The Aspinall Foundation team
mobilised external funding and a response team within 48 hours. The
elephants were successfully Iranslocated lo a new reserve,
We then implernenled a ground-breaking elephant Iranslocalion where we
moved three elephant luskers from Tembe Elephant Park lo different
reserves in the Kwa-zulu Natal Province and the Eastern Cape Province of
South Africa. Tembe Elephant Park has the last remaining lusker genetics in
South Africa and TAF believes il is critical lo distribute the genetics to other
reserves lo ensure these genetics are secured for future generations.
Although the three elephant bulls are young animals, they already have large tusks and are representatrve of
the very important Tembe genetics. The tuskers are doing very well in their new homes and ale adding value
lo tourism products and therefore boosting the
local economies of the area.
The Aspinall Foundation proudly partnered with
Somkhanda Community Game Reserve in the Kwa-zulu
Natal Province of South Africa in the translocation of iwo
rhino orphans. Mphilo and Makhosi {Bull and cowl were
translocaled from Zululand Rhino orphanage lo the
reseNe, which is well protected by the EmvokwenS Trust.
Mphilo was orphaned at Somkhanda about 4 years ago
and has now been brought home again, to a beller
protected home. This was an important proiect which
shows that ￿mmUnItY reserves Can in fact protect rhinos.
The operation was filmed by an American Production company and the drKumentsry has won numerous
awards.
The Walerberg Wild Dog Initiative contacted The Asplnall Foundation as they required urgent assistance in
the collaring of wild dog packs in the Waterberg region. These are the last free-roaming wild dog packs, outside
of Protected Areas in South Africa. The Aspinall Foundation provided Ihfee collars for the packs and funded
Page 16

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 December 2020
helicopter lime, veterinary costs and assisted in fitting the collars. These collars will allow the Vwalerberg Wlld
Dog Initiative lo actively monitor the dogs and ensure they are protected when they roam onto farmers lands
which don't want the doys there. These farmers sometimes shoot wild dogs and therefore these animals are
al risk. These dogs are now monrtored by satellite technology.
As part of our continued partnership with Mount Camdeboo Private Game ReseTve in the Eastern Cape, we
partnered with the reserve in the dehorning and collaring the reseNe's white rhino. The dehorning of the rhino
reduces the reward for poachers lo poach on the Teserve and the collars allows the anti-poaching team to
effectively monitor the rhinos. We also took the opportunf(y to adjust th8 satellite tracking collar on Harry, the
elephant bull which we re￿u$d in October 2019. His condition improved so much that his collar did not fit him
anymore.
Due to the travel limitations of the covid pandemic. we have been planning for many proiecl$ lo lake place in
2021. These projects include the potential expansion of our aclThiilies and footprint into Wesl Africa {specifically
The Gambial. We also have a numberof different animals lined up for rewilding in 2021, including roan, badger,
etc.
Page 17

The Aspinall Foundation
Trustees, Annual Rgport
For the year ended 31 December 2020
Statement of trustees. responsibillfjes
The Trustees are responsible for preparing the Trustees. Report and the financhal statements in accordance
with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102
The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalements for
each financial year which give a true and fair vifjw of the slate of affairs of the charity and of the income and
expenditure of the charty for that period. In preparing these financial statements, the trustees are required lo..
• select suitable accounting policres and then apply them consislentty..
• observe the methods and principles in the Charities SORP.,
• make judgments and accounting estimates that are reasonable and prudent.,
slate whether applicable accounting standards have been followed. Subject lo any materlal departures
disclosed and explained in the financial slalemenls, and
prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that
the charity will continue in business.
The trustees ale responsible for maintaining proper accounting records which disclose with reasonable
accuracy al any lime the financial position of the charity and enabl8 them lo ensure that the financial slalemenls
comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions
of the trust deedlconstf(ulion. They are also responsible for safeguarding the assels of the charity and hence
fol taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible forthe maintenance and inlegrily of the charity and financial information included
on the ¢hariWs website. Legislation in the United Kingdom governing the preparation and dissemination of
linanaal slalemenls may drffer from legislation in otherjurk8dictions.
The Trustees have commissioned a full and detailed Govemance Remew pr0¢8ss which has been carrled out
against the Charity Governance Code for Larger Charities 120201. The Report highlighted and identified
overreaching themes requiring addressing and listed recommendations lo enable the Found81ion lo achieve
robust governan￿ structure . The Foundation and the Trustees are currontly working lo address the issues
and meet these objectives.
Oblectlve$ and actlvltles
The objectives of the Foundation are..
1. The advancement and promotion (whether in Engknd or elsewhere in the worldl for the public
benefit of education and useful knowledge in relation to the science of zocilogy, the preservation an
exhibition of living animals and in particular {wilhoul prejudice lo the generality of the loregoingl all
wild animals in danger of extinction and the conseNalion of natural wildlife inhabilanls.
2. Such other charitable purpose5 as the Trustees may by Deed appoint.
Page 18

The Aspinall Foundation
Trustees, Annual Report
For the year ended 31 December 2020
Our commitment is lo conseryalion. through captive breeding, education and reintroduction. We are working
in some of the world's most fragile environments lo save 8ndangered animals and return them lo the wild. We
Seek lo meet our charitable objectives in three way8'.
To hall the extinction of endangered species in the wild by reintroducing animals and developing
sustainable conservation activities,. providing èconomic benefits lo local communities and helping manage
wilderness areas.
Provide the most natural environment possible for animals in both animal parks, and be Wor￿ leaders in
our animal husbandry and breeding programmes.,
Increase public understanding of animal welfare and how we can all act lo protect animals in their natural
environments.
Public benefit
The Charities Act 2011 require5 that charitable activities provide a public benefit. The Iruslee8 confirm th81,
when planning ils aclivilies, they have complied with the duty to 'have regard, lo the Charity Commission's
public benefit guidance when exercising any powers or duties to which the guidance is relevant.
The Foundation's work on the reintroduction of spg¢ie$. including scientific evaluations and co-managemenl
of protected areas, helps presetve the natural environment and natural resources for the public benefit. for
both current and future generations.
Appolntment and removal of Trustee$
The Charity is run by a boaTd of six Trustees. New Trustees may be appointed. up to a maximum of seven, by
the ¢xisling Trustees. The statutory poweT lo appoint a Trustee vests in the Chairman and shall be exercised
by deed. If at any lime, owing lo retirement, death or removal, the number of Trustees shall be reduced to less
than IhTee, then the Chairman shall immediately appoint one or more Trustees lo replace the Trustees who
have retired, died or beon removed. A Trustee may be removed by being given written notice from the
Chairman.
The Foundation Trust Deed requires that, where possible, only lineal descendant$ of the founder can be the
board chair.
Trustee Indudlon and tralnlng
New Iruslees are provided with an induction pack outlining their legal obligations under charity law, a copy
of the ¢harily'8 Trust Deed and recent financial performance ofthe ¢harity. They are also given the opportunity
lo visit the Parks for a briefing on our work on breeding and caring for rare and endangered spoc1￿,
Related partles and relatlonshlps wlth other organl$ation$
The Foundation works closely with an asSOC181ed charity, The Howletts Wild Animal Trust I'THWAfi which
has established world.class animal welfare and captive breeding programmes in r(8 iwo Parks in Kent.. Howlells
Park and Port Lympne Reserve. The Foundation re-introduces animals from the parks, caplive breeding
programs back into the wild. The success of these prDgTams can be measured by th8 numbèr ot captive births
and animal reintroductions set out elsewhere in this report.
This work lakes place alongside the other programmes the Foundation runs overseas, where it is protecting
animals from human development and poaching.
Pago 19

The Aspinall Foundation
Trustee$, Annual Report
For the year ended 31 D&¢ember 2020
Organlsatlonal structure
The Board of Trustees consideT that they comprise the key governance personnel of the Foundation.
The day lo day management is delegated lo relevant individuals from within the senior management team.
who are responsibl8 for various operational mallers including finance and employment. All delegated actions
are monitored by valious Trustees on behalf of the Board.
The Board of Trustees hold regular meetings and are responsible for the strategic direction and policies of the
Foundation.
Romuneratlot7 pollcy for key management p8rsonn•l
Key management personnel pay rates are sel in line with other charities or companies of a similar size and
with regard to our localK)n and the ne￿SSary skills and experience for the role.
Fundralslng activity
The Foundation's approach lo fundraising focuses on buikling Telalionships with individuals and businesses
that are committed lo protecting rare and endangered species.
The Foundation aims to ensure that our supporters and the wider public are treated fairly and with iespecl. 11
is Continually looking forways to improve and lo address new challenges and adopt new regulallons effectively.
Despite lurbulenl political and economic limes, the Foundation remains fully commilled lo its core fundraising
principles.
Fundraisin
roach..
The Foundation's fundraising approach is lo talk lo members of the public in pgrson and on the telephone.
These are vital ways lo engage people with the work of the Foundation and raise fund8. The Foundation
employs skilled fa¢e-lo-fa¢e in-house fundraisers lo carry out these aclivi11os. The Foundation also works with
external organisalions who have specific expertise in lace-lo-face and telephone fundraising which allows the
Foundation lo contact as many people as possible in the most cosl-effective way. Third-party fundraising is
supported by robust contracts 5pecfyins that the individuals who carry out these activities are trained lo adhere
lo applicable laws and codes, such as the Fundraising Regulator's Code of Fundraising Practice and data
protection laws. These organisalions are expected to voluntarily subscribe lo the Fundraising Regulator, and
lo reflecl the Foundation's val*Jes when speaking lo supporters.
The Foundation has chosen not lo uso third-party organisalions lo fundraise door-t￿d0or.
The FoundalM)n has a Personal Data Governance Framework in order lo maintain and domonslrate
compliance with the General Data Protection Regulation. and is transparent aboul how personal data is used
Fundraisin
Standards..
The Foundation voluntarily subscribes to the Fundraising Regulator and its Code of Fundraising Practice. The
Fundraising Regulator investigates and tskes appropriate action on cases of public concern. No failures to
compty with fundraising standards have been notified to the Foundation.
The Foundation has s￿ned up lo the Fundraising Preference Service which enab￿$ individuals lo opt out from
reeeiving fundraising communications from us, The Foundation received and actioned requests where
ne￿sSary from this serV￿e last year.
Page 20

The Aspinall Foundation
Trust8os' Annual Report
For the year ended 31 December 2020
Feedb8ck and com
lainls..
The Foundation had over 300,000 inleractlons with ils supporters last year through a wide range of channels,
including events, face-to-fa￿, telephone, email. in the press, through social media and on the website.
Complaints raised havg started lo be captured syslernalically in the current year. Supporter surveys hav8
regularly been undertaken in order lo get direct feedback from donors.
Where Shortcomings have been identrfied, guidance and training foT staff and fundraisèrs have been
expanded, and new processes put in place. both lo prevent r8curren¢e of the issues and lo improve supporter
experience. The Foundation provides contact details for ils complaints process, and will include these details
on ils website.
oleclion of vulner
The Foundation is especially Careful and sensitive when engaging with vulnerable people. This is reflected in
our fundraising practices through our guidance and training, and by choosing not lo fund raige door lo door.
Financial review
During 2020 the lolal income for the Foundation was £1.95m {2019.' £2.86ml. This was frrjm three main
sour¢es' donations from more than 9.000 regular supporters to th& charity, corporate donations, and Gift Aid
refunds. Income is directed towards the charitable work of the Foundation in both the UK and overseas in line
with the foundation's commrtmenls lo its supporters. The operating deficit for 2020 was £244,000 12019..
surplus of £1,818,000) and the new balance sheet position al 31sI DeGgmber 2020 was £37.67S.000.
Investment pollcy
All investments held by the Foundation have been acquired in aC￿rdan￿ with powers vested in the Trustees.
Slaler Investments Limited advises on the Foundation's investment portfolio. The Foundation had a net gain
of £700k {2019'. gain of £1,923kl on investments.
Resetv&s policy
At the year end Ihe Foundation had lolal reserves of £37,675k. Of this amount. £353k are reslricled and not
available for the general purposes of the charity.
Additionally. £35,120k was invested in long-lerm fixèd assets whtch consisted of Freehold and Long leasehold
properties, Fine Art and other items. The free reserves available lo the Foundation were therefore £2,202k.
There were no material amounts committed at the end of the reporting period.
The free re8erves held are in line with the Investment and Roserves Policy which notes that the Foundation
has limited fixed funding requirements and non-discretionary liabililigs. Ils annual adminislralive costs are
approximately £1.200k.11 is the policy of the Foundation lo predominantly pursue an investment strategy aimed
at maximising long-lerm Capital returns to preserve its reserves.
1118 difficult lo forecast with any degree of certainly what future funding streams will look like, especially in light
of the COVID-19 pandemic. Nevertheless, the trustees have adopted a policy lo ensure that the resources of
the Foundation are used in the most effective way to support ils objects and also lo ensure that the Foundation
remains financially resilient. Our reserves policy is therefore lo maintain sufficient reserves to enable the
Foundation lo continue ils activities should there be a drop in income. As such reseNes are required lo provide
an adequate level of woiking capbtsl to ensure the ongoing viability of our core work. cover for risks ol
unforeseen expenditure andlor unanlicipaled loss of income.
Page 21

The Aspinall Foundation
Trustg0$' Annual R&port
For the year ended 31 Decembgr 2020
The Trustees are also mindful of the fact that should the Foundation need to wind down its activilieg, there are
commitments that would need lo be met. including staff liabilities, operating costs commitments and the
repayment of reslricled fund donations.
In light ol the above, the Trustees aim lo maintain 8 level of TeseNes suffi'cient to cover 6 months of annual
adminislralive costs. As such the objects of the reserves policy have been successfully achieved.
The reserves policy is reviewed at least annualty by the Aspinall Foundation Investment Committee which
reports lo the Foundalion's Trustee Board.
Prlncipal risks and unc9rtalntles and rlsk managemgnt
The Trustees are very aware of the types of major risks lo which the Foundation is exposed, and they have
prepared an appropriate Risk Management Register, which both identifies those risks and indicates what
provision has been made for dealing with Ihom.
The principal risks lo which thè Foundation is exposed include..
Repulalional and financial risks arising from the Foundation's close assoclalion wf(h The Howletls Vvild
Animal Trust
Risks connected lo overseas operations, such as fraud. theft. injury to staff member, death of animals
Fraud or data breach in the Foundation
Adverse media
The Trustees continue lo keep under review the systems in pla￿, which they believe are appropriate to the
slze of the Charity and the nature of its operations. in order lo mitigate these risks.
These mallers are considered annually lor more fiequently if requiredl when we also delemiine which major
risks requiring regular monitoring, whi¢h are then reviewed quarterly.
Plans for thè futur8
The key component of the Aspinall Foundation's philosophy has been the Teinlroduclion of species lo the wild.
The Foundation is incr8dibly proud of ils successgs as a breeder of rare and endangeied animals. and 88
trailblazers in the world of rewilding. The Foundation has rewilded over 300 formerly captive animals into areas
of protected wilderness
In 2022 the Foundation wll be carrying out the biggest inteicontinenlal animal Iranslocalion that has ever been
atlempled, the transfer of a herd of 13 African elephants from Howletts Wild Animal Park lo a prolecled area
in Kenya. The Foundation is exploring two site5, each with its ¢)wn challenges and benefits. The larger of the
o has the potential for the herd to eventually mix with tens of thousands of other elephants., the smaller sile
needs rehabilitation. and our herd would help this process.
The Foundation is working with the government of Pakistan to plan the reinlroduclion of one-horned rhino and
¢heetah back into the country. There are challenges lo overcome for both spec*s but the Foundation's first-
hand experience of reintroducing Thinos and cheetahs in Africa will help enormously.
The Foundation is looking at a potential cheetah rewilding project in UAE which, it is hoped. will highlight and
pul a slop to the illegal trade in wild caught cheetah that was witnessed during ils extensivework in Somaliland.
The recent trend of people posting images of themselves with habituated cheetahs is quite common in the
UAE. This project will raise awareness within the country of the issues surrounding cheetah conservation and
Page 22

The Aspinall Foundation
Tru$toes' Annual Report
For the yoar ended 31 Decèmbor 2020
consequently reduce demand for importing cheetahs, whilst facilitating law enfor￿ment when necessary. The
plan is to rewild cheetahs currently held captive in the UAE for release into restored and protected 51tes.
In South Africa the progress of the Howlells-born Cheetahs Saba and Nairo, will continije lo be monitored.
Their progress to dale has been nothing short of spectacular and thèy have provided priceless insights into
the rewilding of this species. The Foundation will also be building on the equally successful Iransf8r il organised
of two male cheetahs from Canada to a reSe￿e in Zimbabwo. The Foundation is keen lo foster such
partnerships with like-minded zoos and sanctuari8s around the world. The Foundation will provide the contacts
and experience, facililaling a mu¢h smoother reintroduclton programme that avoids multiple transloealions and
quarantines. The Foundation has plans to Teintroduce al least six cheetahs into southern Africa in the next 3
years. All this has been achieved dospite the countless zoo apparatchiks who insisted that this could never be
done.
The Foundation Is working with a reserye in Eswatini Iformerfy Swazilandl lo reintroduce 6 roan antelope. 10
sable and up to 4 kudu antelope from Howletts and Port Lympne, and is workinu with several private reserves
in South Africa to rewild many of the smaller predators kopl al the parks (honey badgers {11, cara¢al {31, serval
{61, mongoose16). Painted dogs are another southern African species Ihatwe are planning lo rewild al different
siles in South Africa and Zimbabwe. The Foundation is also supporting an organisalion in South Africa that is
currently breeding 2 pairs of vulnerable black-fooled cats wi(h up to 4 offspring destined lor release. The
Foundation is working with the park in the UK lo create a herd of 5 disease free Cape buffalo for transfer lo
Southern Afric8 within Ihe next 3 years. TB has become endemic in the region and this herd could play a
valuable eonseNation role for the species. All these species have been depleted throughout southern Afri¢a
and captive populations Should be pul lo good use reinforcing these areas.
The Foundation will conlinueto collaborate with organisalions in Kenya that are looking lo bolster the dwsndling
number of ¢rili¢ally endangered mountain bongo anletop8 by sending four males to a protected area near
Mount Kenya.
Other projgcls that the Foundation 13 re$ear¢hing include a protected area management partnership with a
kingdom in Ghana and possible black rhino reinlroduclions in Uganda, Tanzania and Rwanda. Not all these
projects will come lo fruition, and they may lake significant lime lo research bul we believe that such
partnerships are always worth exploring. The successful ones have been the cornerstones oflhe Foundation's
work. We have three female rhinos Crate trained and ready lo be released in their former rangè and will be
able lo reintrodu￿ an eslimaled three rhinos every other year from the UK.
The Foundation plans lo build on the recent successes that our emergency response team in Southern Africa
has had, rescuing and Iranslocaling elephants and rhinos al risk from human conflict, poaching and bad
management praclises across the region. The Foundation has built a reputation for rapid and dependable
interventions with local and regional governments and communities, so mu¢h so that they are coming to the
Foundation with projects they need help with. So far, 34 elephants have been rescued. and 5 rhin05 and
dehorned a further 311 rhinos, and has also recently been involved in the rescue and relocation of two captive
Siberian ligers.
In Congo the Foundation benefits from a collal)orative govemmonl partnership and we will be increasing our
Iranslocalions from the UK of Congolese species incl¥Jding several De Brazza monkeys, red river hogs {41 and
walerbuck151. The Foundation will also continue ils caplive.born gori118 reintroductions, with up to 5 eaptive
gorillas being reintroduced in the next three years.
In Gabon the reintroduced goT11￿ groups keep growing and the presence of the Foundation al ils base camp
in the heart of the national park continues to provide protection from incursions by poachers (often providing
Page 23

The Aspinall Foundation
Trustees, Annual Report
For the year gnded 31 December 2020
the only proleclionl. The park ha5 thrived because of this, with increased numbers of elephants and other large
mammals.
In Sumatra the Foundation is proposing lo build a new rescue and rehabilitation centre based on the same
model that has proved so successful in Java. Like Javan gibbons, siamang gibbons are kept as pets and there
is an urgent need lo provide the authorities with suitable facilities for homing and rewilding confiscaled
individuals.
The Foundalron is continuing to finesse ils Javan gibbon and langur reintrodudion projeds in Java. and a
continuous stream of primates is now rehabilitated and released back into the wild {over 180 so farl. More
transfers of captive primates are planned, including 9 gibbons and 6 langurs from the UK bul a backlog has
developed due lo Covhl reslriclions and sanitary health certificate updates.
The Foundation has had great success with ils European bison reinlroduclion project in Romania where we
successfully released a herd of 6 females into Vanalori Neaml Nature Park. The Foundation continues lo look
for other opportunities for releasing ils remaining European bison.
The Foundation's communily-based conservation piogramme for lemurs and other highly threatened endemic
wildlife in Madagascar focuse8 on three main geographical areas. dry forests and wetlands of western central
Madagascar, high elevation rainforest in oaslern Madagascar. and lowland rainforest and surrounding habitat
fragmenls also in eastern Madagascar. The Foundation will continue lo help conserve six critically endangered
lemur species as well as critically endangered Madagascarfish eagles and big-headed turtles, plus many other
endangered and endemic species of mammals, fish and birds. The Foundatlon has been able lo leverage ils
core funding 10 Successfully apply for several eonservalion grants from various organisalions which fund our
remarkably effective work in Madagascar.
Statement as to disclosure to our auditors
In so far as the Iruslees are aware..
There is no relevant audit information of which the charity's auditors are unaware., and
The Iruslees have tsken all steps that they ought lo have taken to make themselves aware of any
relevant audit informalbon and lo establish that the auditors are aware of that information.
Audltors
Goldwins Limited were re-appointed as the auditors of the charity during the year and have expressed their
willingness lo continue in that capacity.
e trustees, annual report has been approved by the trustees on 19 October 2021 and signed on their
alf by
Da
ian A$pinall
en Petermann
Page 24

Independent Auditor's report to the Trustees of The Aspinall
Foundation
Oplnlon
We have audited the financial statements of The Aspinall Foundation Ilhe 'charity'l for the year ended 31
De￿mber 2020 which comprise the Slalemenl of Financial Aclivilies, Balance Sheet, Slalemenl of Cash
Flows and notes lo the financial slatemenls, including a summary of significant accounting polici8s. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard
applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accopled Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the slate of the charity's affairs as at 31 December 2020 and of its income and
expenditure for Ihe year then ended".
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PraCtI￿-,
have been prepared in accordance with the requirements of the Charities Act 2011.
Bas1¥ for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII an
applicable law. OUT responsibilities under those standard5 are further described in the Auditor'5 re5ponsibililies
for the audit of the financial slalemenls section of our report. We are independent of the chafily and of the
parent charily in accordance with the ethical requirements that are relevant lo our audit of the financial
slalemenls in the UK, including the FRC'S Ethical Sl?ndard and we have fulfilled our other ethical
responsibilities in accordance with these roquirements. We believe that tho audit evidence we have obtained
is sufficient and appropriate lo provide a basis for our opinion.
Concluslons relatlng to going concern
In auditing the financial statements, we have concluded Ihal the trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied. we have not idenlilied any material uncertainties re￿tIng to &venls or
conditions that, individually or collectively, may cast signrfic8nt doubl on the charity's ability lo continue as
going concern for a period of at least ￿e1ve month$ from when the financial slalements are authorised for
issue.
Our re8ponsibililies and the responsibilities of the trustees with iespecl to going concern are described in the
relevant $eclion8 of this report.
Page 25

Independent Auditor's report to the Trustees of The Aspinall
Foundation
Other Information
The other infonration comprises the infomalion included in the Iruslees, annual report other than the financial
slalemenls and our auditor's report Ihereon. The Iruslees are responsible for the other information contained
within the annual report. Our opinion on the financial slalemenls does not cover the other information and,
except to the oxlenl olherni3e explicitly slated in our report, we do not express any form of assurance
conclusion Ihereon.
Our responsibility is lo read thè other information and, in doing so. consider wholher the olhei information is
materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or
othe￿ise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material
misslalemenls, we are required to determine whelherlhis gntes rise lo a material misslalemenl in the financial
stslemenls themselves. If, based on the work we have performed, we Conclude that there is a material
misslalemenl of this other information, we are required lo report that fact.
We have nothing to ￿pOrt in this regard.
Matters on whlch we are r8quired to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the ¢our$e of the
audit, we have not identified molerial misslalements in the Trustfjes, Annual Report.
We have nothing lo report in respect of the following matters in relation lo wh￿h the Charities Act 2011 requires
us lo report to you if, in our opinK)n'.
8ufficienl aceounling records have not been kept..
the financial statements are not in agreement with the acwunling rec￿d$ and returns,. or
we have not obtained all the infom)alion and explanations necessary for the purposes of our audrt.
Responslbllltles of the truste0$
As explained more fully in the Iruslees, responsibililtes slalem8nt, the Iwslees are responsible for th9
preparation of the financial statements and for being satisfied Ihal they give 8 true and fair view. and for such
internal control as they determine is necessary to enablo the preparation of financial slalemgnls that are free
from maleTial misstatement, whether due lo fraud or error.
In preparing the financial stalemenls. the trustees are responsible forassessing th? charity's ability lo continue
as a going concern, disclosing, as applicable, matters related to going con￿rn and using the going concern
basis of accounting unless the trustees either intend to Iwuidale the Charity or to cease operations, or have
no ￿81￿11¢ allernalive bul to do so.
Page 26

Independent Auditor's report to the Trustees of The Aspinall
Foundation
Our respon$lbllltlg$ for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whèther the financial slalements as a whole are free
from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that ineludes our
opinion. Reasonable assurance is a high lfjvel of assurance. but is not a guarantee Ihal an audit conducted in
accordance with ISA5 IUKI will always del￿( a material misstatement when it exists. Misslalemenls can arise
from fraud or error and are considered material if. individually or in the aggregate, they could Teasonably be
expected lo influence the economic decisions ol users taken on the basis of these financial slalements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design
procedures in line with our Tesponsibililies, outlined above, lo detect material misstatements in rgspecl of
iiregularilies, including fraud. The extent lo which our proc8duro$ are capable of detecting irregularities,
including fraud are sel out below.
Capablllty of the audlt In dote¢ting irregularities
In identifying and assessing risks of material misslalemenl in respect of irregularities. including fraud and non-
compliance with laws and regulations, our procedures included the following,.
We enquired of management, which included obtaining and reviewing supporting documenlalion.
concerning the charity's policifrs and procedures relating lo..
Identifying, evaluating, and complying with laws and regulations and whether they were aware of
any instances of non-compliance.,
Delecling and responding lo the risks of fraud and whether they have knowledge of any actual.
suspected, or alleged fraud,.
We inspecled the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the charity operates in,
focusing on those laws and regulations that had a material effect on the financial slalements or that had
a fundamental effect on the operations of the charity from our professional and sector experience.
We reviewed the financial st8lemenl disclosures and tested these to supporting documentalion to
assess compliance with applicable18ws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misslalement due lo fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness
ofjourn81 entries and other adjuslmenls. assessed whether Ihejudgemenls made in making accounting
e51imales are indicative of a potential bias and tested signifreanl transactions that are unusual or those
outside the normal course of business,
Because of the inherent limitations of an audit, Ihe¥e is a risk that wo will not delect all irregularities, including
those leading lo a material mi5slalemenl in the financial slalemenls or non-compliance with regulation. This
risk increases the more that compliance w((h a law OT regulation is removed from the events and transactions
reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non.compliance.
The risk is also greater regarding Irregularities OCCUfring due lo fraud rather than error, as fraud involves
intentional concealment. forgery. collusion, omission or misreprosenlation.
Page 27

Independent Auditor's report to the Trustees of The Aspinall
Foundation
A further description of our responsibilities for the audit of the financlal stalernenls is located on the Financial
Reporting Council's website al.. Iwww.frc.org.uklaudilorsresponsibilitiesl. This description forms part of our
auditor's report.
Use of our report
This report is made solety to the charity's trustees, as a body, in accordance wf(h section 144 of the Charities
Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that
we might stste lo the charity's Iruslees those matters we are required lo slate to them in an auditor's report
and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to
anyone other than the charity's Iruslees as a body. for our audit W￿k, for this report, or for the opinions we
have fomed.
Date: 21 October 2021
Goldwlns LlmSt8d
Statutory Audltor
Chartered Accountants
75 Maygrove Road
West Hampstead
London NW6 2EG
Page 28

The Aspinall Foundation
Statement of Flnanclal A¢tlvltSe$ {Including Income and Expènditure Accounti
For the Yfrar Ended 31 December 2020
Total
Fund8
2020
£'ooo
Total
Fund8
2019
£'oco
Unrestrlcted
Ftsnds
£'ooo
Restrl¢ted
Funds
£'ODO
Nota
Incom• from:
Donations and18gaci85
Other trading activities
Inveslmant Incomè
1,473
63
333
79
1,552
63
333
1,395
1.247
219
Totsl In¢ome
1.869
79
1.948
2.861
Expendlturn on,.
Raising funds
Charitable a¢tivtties
588
2,265
588
2,304
1.602
1.447
39
Totsl ex￿n￿lture
2,853
39
2.892
3,049
N8t 98in8 on inveslrnents
11
700
700
1,923
Net Incomgllexp?ndlturel for thg year
12841
40
12441
1,735
Gains on rèv8luat¢on of fixèd assèt5
83
Not mov•m•nt In funds
12841
40
12441
1.818
Rgeonciliation of funds..
Total funds brought fofward
18
37.606
313
37.919
36,101
Totsl fund$ Carrlgd forward
37.322
353
37.875
37,919
The Statement of Financial Activities include5 all gains and losses in the year. Incoming re$ource$ 8nd
rèsources expended dèrivtr trom eonlinuino activities,
Page 29

The Aspinall Foundation
Balance Sheet
As at31 Docam￿r 2020
Notes
2020
£'ooo
2019
£'ooo
£'ooo
rooo
Flxfrd ass•ts
Tangible assets
Investments
10
11
24,707
10,413
35,120
25.798
8.599
34,395
Current a5S8t8
Debtois
Cash at bank And in h8nd
12
2,204
2.763
4.967
2,209
2,180
4.389
Creditor8'. amounts falllng due wlthln ono
year
13
412
Nèt cuirent a55etS
4,555
Totsl assèts l•s$ eurrènt Il¥bllltl98
39,675
38,120
Credllors: amounts falllng due aft•r moro than
on• y￿r
14
12,0001
12011
Totsl ngt a¥$ets
37,675
37,919
Fund5 of the Charity
Restricted funds
UnrestrKted funds..
General reserves
Revaluation reserve
Total unr8slricted funds
353
313
18
24,126
24.064
13.542
37,322
37,606
Total lunds
37,675
37,919
Approved by the Trustees on 19 October 2021
Antl s￿ne￿ on their behalf by
A A8plna
Trustso
Page 30

The Aspinall Foundation
statèment of Ca$h Flows
For the Year Endèd 31 December 2020
2020
£'ooo
2020
£'ooo
2019
2019
£'Th)O £'OOD
Notes
Cash flowB from op*ratlng aetlvltles..
Net cash provided by I (used inl operatire activiti¥s
15
617
82
Cash flows frorn invèstlny a¢llvitie8:
InleTesV renu dividends from investments
Salel Ipurch8881 of fixed assets investments
Salel Ipurchasel of fixed assets
333
219
102
1,607
748
Cash prO￿ded by I (used inl invèstlng aetlvltle6
Chanoe In cash and cash •qulvalonts In thg year
583
2,010
Cash ar￿ cash equivalents at the bgginnlng ol tho year
2,180
170
Cash and cash equlvalgnts at th• •nd of the year
16
2.763
2,180
Page 31

The Aspinall Foundation
Notts to tho Flnanclal Statements
For the Year Ended 31 Dgcgmber 2020
A¢¢ounting Pollek$
Tho followng accounts.ng polKi88 have been applled con¥istenlly in dealing with iterns which are considerad
material in relation to th8 chaiity's financial statem6nls.
Basls of P￿paratIon
The financial statements have been prepared in accordan￿ wilh Accounting and Reporting by Charits"85.'
Statem8nl of Re¢ommend8d Practs'rè applicable to charit￿$ preparing thelr 8ccount8 in accordan￿ wrth
the Fin8n¢ial Reporting Standard 8ppli¢able in th& UK and Republic ol Ireland IFRS 102 effective 1
January 20151. Icharilies SORP FRS 1021.
The charity m88ts the definition of a pu￿1¢ b9nefil entlty under FRS 102.
Golng concern
The trustee6 consider that there are no materi81 unc8rt3inties about th8 charitys ability to continuo as a
gotng ooncgrn. The tiust88s do not consider that th8re are any sources of estimation uncertainty al th8
reporting date that have a significant risk of causing 8 material adjustment to the carrying amounts ol
assets and liabilities within the n8Xt reportiro period.
Incom•
Income is r8cognised when the charity has entiuement to thè lunds, any performance conditions attached
to the Incotno h8ve been met, It Is probable that the income wll be weived aNJ that the arnounl can be
rneasured r6liab(y.
Donatlon8 of 91ft8, ￿￿VIC8S #nd facllltle8
Donated prof855ional servi￿$ and donatèd facilities are recognlsed 88 income when the charity has control
over the item or received the service, any condition5 associated with the donation have bèen met, the
ieceipt ol economlc bènefrt trorn the use by the charity of the item is piobable that economic benalil can b
m9asured reliably, 8nd is matorial to the accounts. In a¢cordance with the Ch8rilie8 SORP IFRS 1021,
volunteer time is not rècogni58d so refer to the Trust88S' 8nnual report for more inforrnalion about their
contribution.
On receipt, donated gift5, professional service5 and donated facilifjes alè recognised on the basis of t
V8Iu8 of the gift to the charity which is the amount tho charity would have wallin9 to pay to obtain
services or lacilitios o16quiva18nl economic benefit on the open market.. a correspoThling amount is thèn
recognised in expenditure in tho period ol receipt.
Int•rg$t r•¢eSvablo
Interest on funds h81d on deposit is included when receivab￿ and the amount can be measur6d reliably by
the charity", this is normally upon notificthon ol the interest paid or payable by (he bank.
Fund Accounting
Unrestricted funds are availab￿ for use at the discretion of the trustees in furth8ranc8 of the general
objectives of the charity. Unrestricted funds include a rev8lu8ty.on reserve rtpresenting re5ts1ement of
investrY18nt assets al marf(ot valuas.
Restricted funds are acwunted lor in accordance wrth the temis of the trust arising from tha 8xpress or
i￿￿￿d wishes of the donors. in so far as thèse 8re intended to b8 binding on the Iruslees.
Pag• 32

The Aspinall Foundation
Nots$ to tha Financial Statements
For thg Year Ended 31 Dec8mb•r 2020
Accountlng Pollc186 Icontlnugd)
Expgndltur• and Irrg¢ovorab18 VAT
Ew8nditure Is recognised once there 1$ 8 legal or constructive obltgation to mak6 a payment to a third
party. it is probable that settlernent will bg iéquired and the amount of the obluation can be measured
rèllably. Expenditure is classified under th8 following activity headings..
Costs ol raisiNJ funds comprise of trading costs 8ThJ the costs incurred by the charity in inducing third
Parties to make voluntary Contribution5 to it, as well as the cost of any activitiès with a fundraising
purpose.
ExpenditU18 on charitable activit￿$ includes th8 costs of delivering services undèrtakèn to further the
purp03es of the charity and their associated Jupport costs.
Other eypenditure repre58nts th050 Itams not falling into any other heading.
Irreeoverable VAT is charged as 8 cost againstthe activily lor which th8 eX￿nditUre was incurred.
Support costs are those funcbons that assist the work of the charty but do not direcuy uThYertakè charitable
activities. Support costs illelude back office costs, finance. personnel, payroll and govemance costs which
support the chaiity and Its activities. These costs havè beon allocated between cost ol raising funds and
expenditure on charitable activities. Expenditure is allocated to categories in accordance wrth the main
actimty ol tha staff cOn￿rned or the substaEK8 01 thè costs incUr￿d.
Tangibl• fixèd assets and depre¢l#tSon
Freehold land and works of art ara not depreciated, as these asS8t5 in the opinion of the trustees.
worth in ex￿$$ of their book valu85. Thè freehokj mansion is dgpreci8ted at the rate 012% per annum on
cost.
SofNvare & IT Equiprnenl, Motor vehldes. and Furniture. Fixtur85 and Equitxnent are stated al cost
less depreciation at a rat8 0125% reduciro balance.
The carrying values of tangible fixed a8sets arè ￿￿•Wed for impaimienl vthen 4￿nts or changes in
circurnstsncès fndlc8tè that the carrying value may not be recoverable.
Operating leas•s
Rental charge5 aro charged on a straight line basis overthè term ol the18ase.
Flxgd Asset In￿sIMOn￿
Inve$lmènts are a form ol basic financial instrument and are iniiially recognissd at their transaction value
and subsequently measured at their fair value as al the balance sheet d8te using the closing quoted market
pricè. Any change in lair valu8 will b8 r8¢ognised in the 8ts18rnenl of IinancLal activities. Unlisted
In￿StsmentS are staled al trustees, v81uation.
Debtors
Trade and other dtrbtors are recognised at thè satt1ement amount due atter any trade discount offered
Prepayments ar8 valued at the amount prepakl of any trade discounts due.
Ca¥h at bank and In hand
Cash al bank and cash in hand includes cash and short temi hlghly liquid inve5tr•ntS Wth 8 short maturity
ol th￿e months or18ss from the date ol acquisitr'on or op8ning of the deposit or similar account.
Page 33

The Aspinall Foundation
Notes to the Flnancial Ststements
Forth• Year Ended 31 Decembor 2020
Accountlng Poll¢l•s l¢ontlnu$dl
Cradltorn and provislon8
Creditors and provisions are rgcognised where the charity h85 a present obligation ￿su￿"n9 from a past
event that will probably 185uIt in the transfer ol funds to a Ihird party and the amount due to setNe the
obligation can be measured or eslirnat8d reliably Creditors and provisions are normally recognisod al thèir
88tt18m&nt amount after allowng for 8ny trade discounts due.
Flnanclal Instrument8
The Charity On￿ has financjal assets 8nd fin8nrial liabilit￿$ ol a kind that qualify as basic financial
Instrument$ Basi¢ financial instrum6nt5 8r8 initially recognised at Iransactlon value and subsequently
measured al th8ir sewement value with the exe6Ption of bank loans which are subsequently rneasured at
amortised eost using Ihe effective interest mèthod.
For819n Currgnclos
Transa¢ti¢n8 in f￿ign currenctes ara recorded us4ro the rat8 016xchan98 wling al the data of thè
transaction. Monetary assets and 118bilit￿o8 denorninaled in foreign currtrncie5 are translated using th6 rat8
of axehang& ruling at the Balance Shéèt d8t8. Gains or losses on translation are included in the Statement
ol Financial Acliviti8S.
Pen8lon8
The Foundation makes wntributions to a defined contrlbution $¢heme for certain staff membèrs. The ¢ost
of these wnln'buti¢￿s is charged to the Statement of FSnanual Activities when incurred.
Page 34

The Aspinall Foundation
Notes to thè Financial Ststom&nts
For tha Year Ended 31 D&¢gmber 2020
D•tal￿d comparatlvg8 for th• stat•mgnt of financial actlvltles
UnrgstTl¢ttd Rostrlcted
Fund$
Funds
£'ooo
£'LK)O
Total
Funds
£'(KJo
Ineom• from..
Donation8 8nd legacies
Other trading aclivits"85
Investment Income
1.344
1.247
219
51
1.395
1,247
219
Total Incomg
2.810
51
2,861
Expendlture on..
Raising funds
cha￿tab￿ activit￿$
1,602
1,445
1,602
1,447
Totsl expondlture
3,047
3,049
Nat Incomg I l•xp•ndlturel befor8 net galns I 110858sI on
Inv•stmonts
12371
49
{1881
Net gains I Ilossesl on investments
N•t Incomg
1,923
1,686
1,923
1,735
49
Gains on revaluation ol fixed a$8ets
Not Movement in funds
83
1,769
83
1.818
Recon¢lllatltsn of funds:
Total funds brought forward
35,837
36,101
Total funds carrlod fotward
37,606
313
37,919
Income from donatlons
2020
£'ooo
2019
£'ooo
Lega¢i85
Donations
Animal sponsorships
Grants
10
1,318
148
76
1.552
150
1,131
114
1,395
2020
£'ooo
2019
£'ooo
4 Ineome fr(Trm Other tradlng activitie¥
Dlnner
Other
1,123
124
1,247
62
Pagg 35

The Aspinall Foundation
Not8s to the Financial Statements
For the Year Ended 31 D8cembtrr 2020
Incomè from Investments
2020
£'ooo
2019
£'ooJ
Income from listed investmènts
Rental incomè
Interest on loan$
151
107
75
333
92
30
97
219
6 Expendltur•
201•
Tot
Pr4•¢B
Tèt*1
¢ost4 iar•eHythiat•d*o
274
IY8
641
782
InWHnc•
DlrKI
182
25
195
Supptsrt
13s
53
132
$3
212
43
747
vxpvnthtuio2DI1
Ortsty￿e>E￿￿￿èÈ3￿S3sV￿¥r•*dC￿d (Wqg. £1.852)¥￿ E285I$9Sx*s￿*rIEd(2Ol9. ￿.016.42J).
7 N?t Income l1oxpgndltur81 lor th? year
2020
£'ooo
2019
£'ooo
This is stated aftèr charging I Icraditingl..
Auditors, remungratDn
Depreciation
12
162
20
162
8 Taxatlon
The charity J5 ex8mpt from incomo lax as all its income is Charrtable and L% applied for ch&rilabl8 purposes.
Page 36

The Aspinall Foundation
Notes to the Flnancial Statemènts
For thg Yaar Ended 31 D&¢omber 2020
Analys18 of staff costs, trust¢0 r9munératlon and expensos, and the cost of key managémènt
per8onno1
2020
2019
£'ooo
£'c(Jo
Salariès and wages
Social security costs
P8nsion costs
other staff costs
569
46
14
12
640
70
31
21
641
762
Th8 number ol employees whose total employee benefits lexduding employer's nalsonal Insurance and
pension costs) for the reporting period amounting lo over £60,(M)O werè as follows..
2020
2019
No.
No.
£70,000- £79,999
£80,(K)0- £89.999
The averagè number olernploye85 during the period w8S'.
2020
2019
No.
19
19
Thg total employee gr05s salary and ben8h'ts, including 9rnployerfs nats'onal insuranee and pension
aontiibutions of the k8y management personnèl ￿Ere £131,395 12019.. £229,923).
The charity truste88 war6 not paid for etnpltswnent by. nor did thèy receive any other employment b&nefbts
Ir¢)m the Trust in tha year12019'. £nill. JDA Aspinall was reimbursed during the year a total of £4.25712019'.
£18,0031 for eKp8n5e5 incurred on b8hall ol the Foundats'on. No other trust98 received any reimbursement
ol expenses during the year12019.' £nill. No ch8rfy trustee received payment for prof8ssional or other
services supplied to the charity {2019." £nill.
Pagg 37

The Aspinall Foundation
Notes to th8 Flnancial Statom&nts
For the Year Ended 31 Decomljer 2020
10 Tan9lbl• Flx•d A88et6
Froghold
and Long
Leasehold
Property
£'ooo
Fumlture,
Flxtures,
Flng
and
Art Equipment
£'ooo
£'ooo
Total
£'ooo
C08t
At 1 January 2020
Additions
Disposals
At 31 De￿mber 2020
23,909
14
9571
22.966
3.1C6
1(
14
27.121
30
957
26,194
3.108
120
Dèprgclatlon
At 1 January 2020
Charge for the year
At 31 Decembaf 2020
1,272
148
1.418
53
16
69
1.325
162
1,487
Net Book Value
At 31 December 2020
21,548
3,108
51
24,707
At 31 December 2019
22,637
3,106
53
25.796
All ol thg above assets arè used for charitsble purposes.
Page 38

The Aspinall Foundation
Not8s to the Flnanclal Statemonts
For the Yoar Endod 31 December 2020
11 Flxed Asset Invostments
2020
£'ooo
2019
£'o
Invgstsngnts at falrvalue
Listed inv851ments- UK
Unli8led invtsslments at Trustees, v8lu8tlon
70,306
107
10.413
8,492
107
8,599
Movements
Market valuo at 1 January 2020
Additsons
Disposals
Income
Net investmentg8inslllossesl
Matkat value al 31 Decemb8r 2020
8.599
1.000
1381
152
700
7,779
11,1951
92
1.923
12 Debtors
2020
£'ooo
2019
£'ooo
Trad6 debtors
Long term debtors
Other debtors
Sundry debtors
Accrued inwma
Prepaym8nts
45
1,422
883
21
23
15
2,209
2,000
124
2,204
13 Credltors: amounts falllng dug wlthln onè y•ar
2020
£'ooo
2019
£'wo
Bank ovgrdraft
Trade cr8dltors
Othgr creditors
Other taxss and social security
Arxruals
13
132
472
118
15
249
412
664
14 Crodltors: amounts falllng due after more than one year
2020
£'(K)o
2019
£'oo)
Bank loaris
2,000
2.000
201
201
Page 39

The Aspinall Foundation
Notes to th$ Financial Stat&monts
For tho Year Endod 31 Docèmbgr 2020
16 Reconelllation of net Income I lexpendltur•l to not ca$h flow from opgratlng actlvltle$
2020
£'ooo
2019
£'ooo
Net loulgoingl Iineoming ￿SoUrceS before other recognisad gain3
Intsrest. rent and dividènds frcm investments
Depreciation
(Gainsll losses on inv95ttn8nts
(Lossy profit on the salg of fixed assets
Ilnereasel I decrease In debtors
Increas6 1 IderJeasel it) creditor$
Nel cash provided by I (used inl operating activities
12441
13331
162
I7￿)
1,735
12191
162
11,9231
195
1771
1,547
617
82
16 Analy818 of chang&s in cash flurlng the year
Totsl
2020
£'ooo
Total
2019
£'ooo
Cash at bank and In hand
2.783
2,763
2.180
2,180
17a Analy81$ of Net A$sels bgtW8èn Funds
Goneral Re8tr1et•d
Funds
Funds
£'ooo
£'ooo
Total
2020
£'ocKJ
T8ngible fixed assets
Investrn8nts
Current assets
Current liabil￿118$
Non-currenl liabilities
At 31 December 2020
24,707
10,413
4,614
14121
2,0001
37,322
24,707
10.413
4,967
14121
2,000
37,675
353
353
17b Analy$l¥ of Net Ass•ts bgtween Funds 2019
G?neral Restrleted
Funds
Funds
£'ooo
£'ooo
Total
2019
£'ooo
Tangible fixèd 8ssg18
Investments
Current assets
Current liabilitiès
Non-current liat%'lities
At 31 D8cember 2019
25.796
8,599
4.076
16641
201
37.606
25,796
8,599
4.389
16641
201
37,919
313
313
Page 40

The Aspinall Foundation
Notes to tho Flnanclal Statements
For the Yoar Endod 31 Decemb&r 2020
18 Movement In Funds
At tho stsrt
of th8 yèar
É'ooo
Income & Expen5e5 &
8alns
losses
£'ooo
£'ooo
Atthe end
Transfers ol the year
£'ooo
£'ooo
R9$11i¢tèd funds..
313
79
1391
353
Total restrict&d fvnds
313
79
1391
353
Unrestricted lunds..
General fvnds
37.606
2,589
12.8531
37,322
Total unrestricted fvnds
37.606
2,569
12,8531
37.322
Total funds
37,919
2,648
12,8921
37,675
Page 41

The Aspinall Foundation
Nolgs to the Financial Statements
For the Year Ended 31 December 2020
19 Rola1￿ Party Transaetlons
May 2020, JDA Aspinall. CPN Filmèr, B Goklsrnith and RM Birley, in their capacity ol Trustees of the
Foundation. entered into a Coronavirus Business Interruption Loan 'CBIL' of £2,000.000. No interest or
C8Pltal repayments are due during the 8usiness Int8rruplion Payment1'81PI period 112 months from Ihg
date of the first drawdownl. Thereafter, Inte￿st is charged at 2.09% a￿)ve base rate, ard 16 quarte¥ly
capital payments of £125,000 ar8 due. The loan is guaranteed by Howletts & Port Lympre Estates Lt¢J
I'HPLE'I and The H￿ett$ Wild An￿nal Trust I'THWAri.
The CBIL was subsequentty loan8d lo THWAT on thè same teims as those of th8 original loan. JDA
Aspinall is Chairman and truste8 of THWAT and T Aspinall is a trustee in THWAT. Th9 loan is aulhorised
by th6 FoundatI￿'S goveming documents.
At 31 Daearnber 2020. after t8kirKJ into account the ba18nca8 owed by the Foundation of £134,803. THWAT
and its subsidiary owed the Foundation £1,865,19712019- £1,735,243). JDA Aspinall is Chairnian and
tiuslee of THWAT and T Aspinall 15 a trustee ol THWAT.
During the year, thè Founda*'on was repaid the following loans from HPLE. which were mad8 for the
purpose of capital expenditure..
Addilionsl
At31
Interest (Repayment Dgcernber
charged
2020
Al 1 January
2020
Capital Expenditurè 2018
Restaurant Capital Expenditure 2017 8%
interest
Other Capital Exp8nditure 2017 8%
Interest
Capital Expenditvre 2016
380,{￿0
271,924
17.204
13.583
1397.2641
1285,5071
569,147
14.770
1583,9171
201,250
1,422,381
3.461
49,018
1204,7111
1,471,399
During tha year, the Foundation received income of £121.211 12019- £30,0001 from JDA Aspinall lor Ihe
Tent of Howletts Mansion and other rech8rges Al 31 DeCem￿r 2020, £8,089 was owed to th6 Foundation
by JDA Aspinall and this has Sin￿ beèn repaid12019- £113.122 tsw8d by the Foundation to JDA Aspinalll.
The rent has bèan calculated by reférence to an independent professional valuats'on ol Howlatts Mansion.
During th8 year, the Foundation was invoiced by Avarium £124,231 12019 - £64,304) at aTh's length for
aceounling servI￿s. CPN Filmer is a d1￿Ctor of Avarium. Fees are chargad at a discounted rate and
comprisè a fixed element lor day to day accounting and adrninistratwe work, and a time-based elernenl for
additsonal project-based work. All invoices are approved by the Chairman and by one of the indepe￿Ient
trust885.
During 2020, the Foundalion paid Mrs V Aspinall, the ￿fe of JDA A$pinall, £150.158 at atrn'$ length for
interior d6$vJn services 12019 - £12.5001. The fees charged were subject to a ngorous benchmarkiThJ
exercise to 8nsure that the Foundats'on recep￿1 value for mon8y.
Thesè paymenls to ￿lated parti85 are all authorised by tho Foundatrjn's governing documents.
DurirvJ 2018, JDA Aspinall, CPN Filmor and RM Birley. in their capaaty as Tmstees ol the Foundati
entered into a Limited Guarantee and Indemnity agreement with Barclays Bank PLC for the liabilitr.es of
THWAT18mounl £5.000,0001.
Page42