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 2023
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 2023
The trustees present their annual report and financial statements for the year ended 5 April 2023.
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 £37,000 (2022: £107,950) to various organisations in line with its objects.
Financial review
During the year the Trust received incoming resources of £29,260 (2022: £89,813) and had total outgoing resources of £51,511 (2022: £122,827) which resulted in net outgoing resources of £22,251 (2022: outgoing £33,014). The Trust made a total loss on investments during the year of £59,770 (2022: total profit on investments of £66,031). Overall, the Trust showed a net decrease in funds of £82,021 (2022: increase of £33,017).
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 2023
Governing document
The governing documents of the charity are:
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Deed of Settlement dated 29 March 1989.
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Deed of Retirement of a Trustee dated 14 July 1995.
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Deed of Retirement and Appointment of a new Trustee dated 22 April 1997.
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Deed of Appointment dated 4 March 1999 by the Executors of Mrs M P Asprey (Deceased).
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Supplement Deed dated 1 June 1999 to change name of Charitable Trust.
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Deed of Retirement of a Trustee and Appointment of a new Trustee dated 27 May 2002.
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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 £39,496 (2022: £47,003). 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
10 August
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 2023
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 2023.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 11 August 2023 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 2023
| 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 (expenditure)/income for the year before gain on investments Net gain/(loss) on investments Net income/(expenditure) for the year Funds at 5 April 2022 Funds at 5 April 2023 |
Total 2023 £ - 29,260 29,260 6,412 8,099 37,000 51,511 (22,251) (59,770) (82,021) 1,015,916 933,895 |
Total 2022 £ 69,842 19,971 |
|---|---|---|
| 89,813 | ||
| 6,287 8,590 107,950 |
||
| 122,827 | ||
| (33,014) 66,031 |
||
| 33,017 | ||
| 982,899 | ||
| 1,015,916 |
All the above activities relate to continuing operations.
The notes on pages 7 to 11 form part of these financial statements.
Page 5
10 August 2023
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements For the year ended 5 April 2023
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 Income
Investment income is accounted for on a receivable basis and is shown gross of recoverable tax suffered.
Donations are recognised in the year of receipt or at the point that the charity becomes irrevocably entitled to the receipt of the donation and this is earlier. Gift aid is added to the value of the donation to which it relates.
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
Accrued investment income and other debtors are recognised at the settlement amount due.
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 2023
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 the Charity’s purpose.
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 |
2023 £ 28,402 858 29,260 |
2022 £ 19,968 3 |
|---|---|---|
| 19,971 |
Page 8
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2023
5. Governance and other costs of grant making
| Accountancy fees Bank charges Legal & Professional Fees 6. Grants and donations Air Ambulance Kent Surrey Sussex Alderney Wildlife Battersea Dogs & Cats Home British - Ukrainian Aid Client Earth Comar Youth Theatre Crisis Deal Museum Trust DEC Ukrainian Humanitarian Appeal Disasters Emergency Committee Donkey Sanctuary Ethiopia Aid Friends of the Elderly Global Canopy International Rescue Committee - Ukraine Appeal Medical Detection Dogs RAF Benevolent Fund Salvation Army Searchlight St Mungo's The Gurkha Welfare Trust Turquoise Mountain War Memorials Trust Woodgreen Pets Charity Alder Hey Children's Charity Alzheimer’s Society Blue Marine Foundation British Exploring Society British Red Cross - Ukraine Appeal Dementia UK Fauna & Flora International Institute of Contemporary Arts |
2023 £ 8,016 - 83 8,099 2023 £ 1,000 10,000 850 2,500 2,500 1,000 2,000 1,000 1,000 400 1,000 500 500 1,350 2,500 1,000 1,500 500 1,500 500 2,000 2,000 650 250 - - - - - - - - |
2022 £ 8,412 33 145 |
|---|---|---|
| 8,590 | ||
| 2022 £ 1,500 10,000 - 2,000 5,000 - 2,000 3,000 1,000 - - - - 10,000 1,000 - - - - - 1,000 - - - 1,000 500 1,500 2,000 1,000 750 500 10,000 |
Page 9
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2023
| International Rescue Committee Jenner Vaccine Foundation Mike Campbell Foundation Royal Society for Blind Children St. Leonard's Church The London Community Foundation The Museum of Modern Art The Nucleo Project The Piers Arts Centre The White Review Ltd Uncashed cheques from earlier periods: DEC Ukranian Humanitarian Appeal Crisis Fine Cell Work Total |
- - - - - - - - - - (1,000) 37,000 |
1,000 1,000 1,000 1,000 300 1,000 32,500 500 10,000 8,000 (2,100) (2,000) (100) |
|---|---|---|
| 107,950 |
Page 9
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2023
7. Fixed asset investments
The investments represent the investment portfolio held with Cazenove Capital.
| Market value as at 6 April 2022 Additions Disposals Gain on revaluation of investments Market value as at 5 April 2023 No. held Artemis Income Fund - Units Class - I - GBP Income 14,540 Polar Capital European Ex UK Income Fund Sares - S - GBP Income 2,600 Schroder Asian Alpha Plus Fund Units Class - S - GBP Income 29,873 Schroder Strategic Credit Fund Shares - S SV - Distribution 578 Vontobel Fund SICAV - TwentyFour Absolute return Credit Fund 201 iShares USD Treasury Bond 20+yr UCITS ETF Shares GBP Hedged Distribution 1,000 Schroder Diversified Alternative Assets Shares - S - GBP Distribution 590 Morgan Stanley Global Asset Backed 515 SUTL Cazenove Charity Responsible 1,226,411 Total Investments |
Book cost £ 69,016 19,084 13,390 58,808 20,798 5,762 60,286 12,324 657,000 |
£ 968,913 791,315 (806,059) (59,770) 894,399 Market value £ 36,928 25,558 34,563 50,800 19,171 3,665 57,077 11,979 654,658 |
|
|---|---|---|---|
| 946,468 | 894,399 |
The historical cost of fixed asset investments at 5 April 2023 was £946,468 (5 April 2022: £853,233).
Page 10
The J.R. Asprey Family Charitable Foundation
Notes to the financial statements (continued) For the year ended 5 April 2023
| 8. Debtors Accrued investment income Income tax recoverable 9. Cash Cash held in current account Cash held in reserve account Cash held by investment managers 10. Current liabilities Accounts payable Accruals |
2023 £ 5,536 - 5,536 2023 £ 5,000 16,928 17,322 39,250 2023 £ 790 4,500 5,290 |
2022 £ 248 29,842 |
|---|---|---|
| 30,090 | ||
| 2022 £ 4,000 10,645 8,778 |
||
| 23,423 | ||
| 2022 £ 2,010 4,500 |
||
| 6,510 |
11. Related party transactions
No remuneration is paid to the Trustees.
Donations in the year of £0 inclusive of gift aid (2022: £50,000) were received from trustees.
Page 11