Charity Registration No. 801444 (England and Wales)
## The J.R. Asprey Family Charitable Foundation
Trustees’ report and unaudited financial statements for the year ended 5 April 2021
The J.R. Asprey Family Charitable Foundation
## Trust information
|Trustees|John Asprey|
|---|---|
||Charles Asprey|
||Ronald Asprey|
||Charlotte Asprey|
|Charity registration number|801444|
|Principal office|71 Queen Victoria Street|
||London|
||EC4V 4BE|
|Independent Examiner|Saffery Champness LLP|
||71 Queen Victoria Street|
||London|
||EC4V 4BE|
|Bankers|Coutts & Co|
||440 Strand|
||London|
||WC2R 0QS|
|Solicitors|Charles Russell LLP|
||5 Fleet Place|
||London|
||EC4M 7RD|
|Investment Managers|Cazenove|
||1 London Wall Place|
||London|
||EC2Y 5AU|
The J.R. Asprey Family Charitable Foundation
## Contents
||Page|
|---|---|
|Report of the trustees|1 – 3|
|Independent examiner’s report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 11|
The J.R. Asprey Family Charitable Foundation
Report of the trustees For the year ended 5 April 2021
The trustees present their annual report and financial statements for the year ended 5 April 2021.
## Objects
The J.R. Asprey Family Charitable Foundation was set up for general charitable purposes with particular reference to the advancement of education in the decorative and plastic arts. The charity was set up to promote such charitable purposes and charitable institutions as the Trustees think fit.
## Activities and achievements during the year
During the year the charity made donations of £60,950 (2020: £34,450) to various organisations in line with its objects.
## Financial review
During the year the Trust received incoming resources of £95,507 (2020: £35,787) and had total outgoing resources of £73,215 (2020: £46,528) which resulted in net incoming resources of £22,292 (2020: outgoing £10,741). The Trust made a total profit on investments during the year of £229,427 (2020: total loss on investments of £183,526). Overall, the Trust showed a net increase in funds of £251,719 (2020: decrease of £194,267).
## Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 1
The J.R. Asprey Family Charitable Foundation
## Report of the trustees (continued) For the year ended 5 April 2021
## Governing document
The governing documents of the charity are:
1. Deed of Settlement dated 29 March 1989.
2. Deed of Retirement of a Trustee dated 14 July 1995.
3. Deed of Retirement and Appointment of a new Trustee dated 22 April 1997.
4. Deed of Appointment dated 4 March 1999 by the Executors of Mrs M P Asprey (Deceased).
5. Supplement Deed dated 1 June 1999 to change name of Charitable Trust.
6. Deed of Retirement of a Trustee and Appointment of a new Trustee dated 27 May 2002.
7. Deed of Appointment and Retirement of Trustee dated 16 May 2019.
The full name of the charity is The J.R. Asprey Family Charitable Foundation.
## Organisation
The trustees who have served during the year and since the year end are set out on the information page. Trustees are appointed by the Board of Trustees. The trustees meet regularly to review appeals, assess grant applications and make distributions of income, and to review the performance of the investment portfolio.
## Reserves policy and grant making policy
Grants and donations made by this charity are entirely at the discretion of the trustees and there are no material fixed obligations or undertakings. However, the trustees recognise the need to maintain a level of reserves in order for the charity to continue. Free reserves at the year end were £73,169 (2020: £43,738). The charity owns an investment portfolio and although the trustees have the power to use investments as income, those investments are not regarded as reserves. The trustees have identified that reserves other than the investment portfolio need only to be at a minimal level and that this level continues to be maintained. To maintain the reserves necessary to continue in the future, the trustees recognise that total expenditure during the year should match total income, in so far as it is possible, whilst also recognising that the trustees (in conjunction with the investment managers) may need to consider repositioning the investment portfolio where appropriate to maintain the historical level of income.
## Investment policy
There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees at such times as they deem this necessary and takes account of recent demand for funds and the quality of the funding applications. The trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The unrestricted funds may be invested in any type of investment. The strategy is reviewed regularly with the Trust’s investment managers. The investment policy has provided sufficient income this year to cover all grants made.
## Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Page 2
The J.R. Ksprey Family CharTtable Foundatlon
Repart of the trustees (continued)
For the year ended 5 April 2021
Investment powers
By virtue of the governin8 document the trustees have (subject to the matters therein mentioned) all the
investment powers of beneficial owners.
Plans for fvture periods
The trustees intend forthe Charity to continue operating with the same aims and objedives as set out above
in this report for the foreseeoble future.
Public benefrt
The tru5tee5 have referred to the guidance contained In the Charity Commission's general guidance on
public benefit when reviewing the aims and objectives and in planning the future activities. In particular
the trustee5 consider how planned donations will contribute to the aims and objectives they have set. The
trustees consider the current policy for making donations delNers public benefit. Details of the objects
which form the basi5 Qf this policy are given in the 'objects and grant making policv section of this report.
On behalf of the trustees
Ronald Asprey
Trustee
2 August
2021
Page 3
## The J.R. Asprey Family Charitable Foundation
Independent examiner’s report to the trustees of The J.R. Asprey Family Charitable Foundation For the year ended 5 April 2021
I report to the trustees on my examination of the accounts of The J.R. Asprey Family Charitable Foundation (the Trust) for the year ended 5 April 2021.
## Respective Responsibilities of trustees and examiner
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Tim Adams ACA Saffery Champness LLP 2021 2 August Chartered Accountants 71 Queen Victoria Street Registered Auditors London EC4V 4BE
Page 4
## The J.R. Asprey Family Charitable Foundation
Statement of financial activities For the year ended 5 April 2021
|Note
Income and endowments from:
Donations and legacies
Income from investments
4
Total income
Expenditure on:
Raising funds
Investment management fees
Charitable activities
Management and Administration of Charity
5
Donations in furtherance of charitable objects
6
Total expenditure
Net income/(expenditure) for the year before
gain/(loss) on investments
Net gain/(loss) on investments
Net income/(expenditure) for the year
Funds at 5 April 2020
Funds at 5 April 2021|Total
2021
£
96,996
16,139
113,135
5,512
6,753
60,950
73,215
39,920
211,799
251,719
731,180
982,899|Total
2020
£
-
35,787|
|---|---|---|
|||35,787|
|||7,456
4,622
34,450|
|||46,528|
|||(10,741)
(183,526)|
|||(194,267)|
|||925,447|
|||731,180|
All the above activities relate to continuing operations.
The notes on pages 7 to 11 form part of these financial statements.
Page 5
The J.R. Asprey Famlly Charitsble Fotsndation
Balance sheet
At 5 April 2021
2021
2020
Notes
Flxed assets
Investments
909.730
687.442
Current assets
Debtors
Cash at bank and in hand
3.181
74.488
6,204
42,034
77,669
48,238
Current liabilities: amounts fallln8
due withln one year
io
I4.5C}
14,5(MJ)
Net current assets
73.169
43,738
Total a55ets less current Ilabllitles
982.899
731,180
Represented by
Unrestricted funds
982,899
731,180
982,899
731,180
The accounts were approved by the trustees on ........
zrtl . and signed on their behalf by:
Ronald A5prey
Trustee
Pate 6
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements For the year ended 5 April 2021
## 1. Accounting policies
## 1.1 Basis of preparation
The financial statements have been prepared under the historic cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 as amended in February 2016 in relation to smaller entities and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared on sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
## 1.2 Going Concern
After reviewing the Charity’s forecasts and projections, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.
## 1.3 Exemption from preparing a cash flow
The Trust has taken the exemption provided in Update Bulletin 1 updating Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) allowing small charities not to prepare a cash flow statement.
## 1.4 Investment Income
Investment income is accounted for on receipt and is shown gross of recoverable tax suffered.
## 1.5 Expenditure
Donations made are accounted for on payment or, if earlier, at the point at which a constructive obligation arises to make the payment. Other expenditure is recognised when incurred.
## 1.6 Investments
Investments are included at market value.
## 1.7 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
## 1.8 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 7
## The J.R. Asprey Family Charitable Foundation
## Notes to the financial statements (continued) For the year ended 5 April 2021
## 1.9 Creditors
Creditors are recognised when the Trust has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.
## 1.10 Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## 1.11 Fund accounting policy
- Unrestricted funds are spent or applied at the discretion of the trustees to further any of Charity’s purpose. Unrestricted funds can be used to supplement expenditure made from restricted funds.
## 2. Resources expended
No remuneration or expenses were paid to the Trustees in the year.
The charity has no directly employed staff.
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating income comprise those costs directly attributable to managing the investment portfolio and raising investment income.
## 3. Taxation
As a charity the Trust is not liable for any tax on its wholly charitable activities
## 4. Investment income
|Income from investment portfolio
Interest received|2021
£
16,132
7
16,139|2020
£
35,765
22|
|---|---|---|
|||35,787|
Page 8
## The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2021
## 5. Governance and other costs of grant making
|Accountancy fees
Legal & Professional Fees|2021
£
4,000
2,753
6,753|2020
£
3,590
1,032|
|---|---|---|
|||4,622|
## 6. Grants and donations
|Radley Foundation
Falkland Islands Memorial Chapel Trust
British Exploring Society
Centre Point
RAF Benevolent Fund
Diverse Abilities
Theatre Development Trust
Kent, Surrey & Sussex Air Ambulance Trust
Tate Gallery
St. John of Jerusalem Eye Hospital
Deal Timeball Tower
King Edward VII Hospital
Stowe House Preservation Trust
Studio Voltaire
Global Canopy
RAF Benevolent Fund
Reed's Foundation
Fauna & Flora International
Gurkha Welfare Trust
Medical Detection Dogs
War Memorials Trust
Crisis
The Salvation Army
Client Earth
Total|2021
£
1,000
500
1,000
500
500
500
500
500
8,000
1,200
750
1,500
1,500
19,000
10,000
1,000
1,000
1,000
500
1,000
500
2,000
2,000
5,000
60,950|
|---|---|
Page 9
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2021
## 7. Fixed asset investments
The investments represent the investment portfolio held with Cazenove Capital.
|Market value as at 6 April 2020
Additions
Disposals
Investments donated
Gain on revaluation of investments
Market value as at 5 April 2021|£
687,442
195,610
(202,749)
17,628
211,799|
|---|---|
||909,730|
|No. held
Artemis Income Fund
38,564
Polar UK Value Opportunities Fund
7,500
Schroder Income Fund
230,000
Trojan Income Fund
115,000
BlackRock European Dynamic Fund
5,400
Polar Capital European Ex UK Income
2,600
JP Morgan US Equity Income Fund
4,750
Vanguard S&P 500 U CITS ETF
648
William Blair U.S. Small Mid Cap
164
Findlay Park American Fund
308
Schroder Asian Alpha Plus Fund
10,000
JP Morgan Global Emerging Markets
14,000
M&G Global Dividend Fund
20,872
Wellington Global Health Care
2,064
Polar Global Insurance Fund
2,000
iShares MSCI World Health Care
1,500
Atlas Global Infrastructure Fund
125
T.Rowe Global Technology Equity Fund
1,211
Robeco BP Global Premium Equities
190
Schroder Strategic Credit Fund
578
Vontobel Fund SICAV - TwentyFour
201
iShares USD Treasury Bond 20+yr
1,000
CG Portfolio Funds Plc - Dollar Fund
299
Ashmore Emerging Markets Total
140
Schroder Diversified Alternative
590
Total Investments|Book cost
£
99,016
89,100
128,461
123,070
9,788
19,084
14,962
24,908
18,687
19,761
13,540
14,792
10,753
16,421
10,630
6,851
14,293
8,840
21,365
58,808
20,798
5,762
30,000
18,406
60,286
858,382|Market value
£
94,030
92,400
122,544
107,387
13,117
22,100
17,741
35,580
27,608
37,346
13,390
20,300
23,441
19,151
11,611
6,894
14,722
14,728
24,060
57,098
20,767
4,878
31,236
16,365
61,235|
|---|---|---|
|||909,730|
The historical cost of fixed asset investments at 5 April 2021 was £858,382 (5 April 2020: £842,195).
Page 10
## The J.R. Asprey Family Charitable Foundation
Independent examiner’s report to the trustees of The J.R. Asprey Family Charitable Foundation
|8.
Debtors
Accrued investment income
9.
Cash
Cash held in current account
Cash held in reserve account
Cash held by investment managers
10.
Current liabilities
Accruals|2021
£
3,181
3,181
2021
£
3,000
62,608
8,880
74,488
2021
£
4,500
4,500|2020
£
6,204|
|---|---|---|
|||6,204|
|||2020
£
4,900
12,050
25,084|
|||42,034|
|||2020
£
4,500|
|||4,500|
## 11. Related party transactions
No remuneration is paid to the Trustees.
Donations in the year of £96,996 (2020: nil) were received from trustees.
Page 11