Charity Registration No. 801444 (England andwales) The l.IL Asprey Family Charitable Foundation Trustees. report and unaudited financial statements for the year ended 5 April 2024
The [JL Asprey Famlly Charitable Foundation Trust inforniation Trustees John Asprey Charles Asprey Ronald Psprey Charlotte Asprey Charity registration number 801444 Principal office 71 Queei Victoria Street London EC4V 4BE Independent Examiner TimothyAdams ACA 71 Queen Victoria Street IA)ndon EC4V4BE Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Charles Ru55ell LLP S Fleet Place London EC4M 7RD Investment Manager5 Cazenove l London Wail Place London F.C2Y SAU Accountants Saffery LLP 71 Queell Virtoria Street London EC4V 4BE
The J.R. Asprey Family Charitable Foundation Contents Page Report of the trustees Independent examinerfs report Statement of financial artivities Balance sheet Notes to the accounts 7-11
The J.IL Asprey Family Charitable Foundation Report of the trustees For the yearended 5 Aprll 2024 The trustee5 present the'.r annual report and financial statements for the year ended 5 April 2024. Objects The [.]L Asprey Family Charitable Foundation was set up for generat charitable purposes with particular reference to Lie advancement of education in the decordtive and plastic arts. The charity was set up to promote such charitable purposes and charitable institutions as the Trustees think fit Artivltles and achievernents during the year During the year the charity made donations of £24,500 (2023: £37.000] to various organisations in Ilne with its objects. Financial review Durlng the year rhe Tnr had inc)ming resources ot E54.749 (2023: £29.260) and had total outgoing resources of £35.265 (2023.. £51.511) which resulted in net income of £19,484 (2023.. outgoing £22,251). The Trustmade a total profit on investments during theyear of £31,778 (2023- total loss on investments of £59,770J. Overall, the Trust showed a net increase in fund5 of £51,262 (2023: decrease of£82.021J from £933.895 to £985.157. Statement of tru5te& re5ponslbilitKes The trustees are responsible lor preparing the Trustees. Report and the financial Statements in accordance with applicable law and United KiDgdomAccountin% Standard5 (United Kingdo Generally Accepted Accounting Practice). The law applicable to charities In England and Wales requires the tNstee5 to prepare financial statements for each financial year which Eive a true and fair view of the State of affairs of the charity and ofthe incorning resources and application of resources of the charity lor that period. In preparing these financlal statements, the trieS are required to: select suitable accounting policies and then apply them consistently. observe the methods and prinaples in the Charities SORP (FRS 102): ake judgements and estimates that are reasonable and prudent: State whether appllcable accounring standards have been tollowed 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 nnancial 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 charitys website. Legislation in the United Kingdom gDverning the preparation and dissemination of financial rtatements may differ from legislation in other jurisdictions. Page I
The l.R. Asprey Family Charitable Foundation Report of the trnstees (continued) For the year ended 5 April 2024 Governing document The governing documents of the charity are.. l. Deed of Settlement dated 29 March 1989. 2. Deed of Retirement of a Trustee dated 14 luly 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 l June 1999 to change name of Charitable TrusL 6. Deed of Retirement of a Trustee and Appointmentola new Trustee dated 27 May 2002. 7. Deed of Appointment and Retirementof Trustee dated 16 May 2019. The full name of the charity is The l.R. Asprey Family Charitable Foundation. Organisation and management 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, asse55 grant applications and tnake 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 trnstees recognise the need to maintain a level of reserves in order forthecharitytocontinue. Free reserves attheyear-endwere£71,552 (2023: £39,496). 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 expendimre during the year should match total income, in so far as it is possible, whilst also recognising that the trustees (in conjunction with the investfflent 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 charitys power to invesL The investment strategy is set by the trustees at such times as they deem this necessaryand takesaccountof recentdemand forfunds 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 tern]. The unrestricted funds may be invested in any type of investment. The strategy is reviewed regularly with the Trusvs investment managers. The investment policy has provided Su7clent income this year to cover all grants made. Risk management The trustees have examined the major strategic. business and operational risks which the charityfaces and confirni 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 l.IL Asprey Family Charitable FouDdatloD Report ofthe trustees (continued) Foi. the year endtd S Aprll 2024 Investment powers By virtue of the govemlng dllment the tTh5tees have [subJett to the matters thereln rnentioned) all the investsnentpowers of benehcial owner& Plans for future period5 The trustees intsnd for the Charityto continue op¢rating with the same and obiecdves as set out above in this Tepurt for the foreseeable futur¢ Public beneflt The trustees have referred to the guidance contalned in the CharityCommlssion'$general gL[1dan on public btn¢fit when rewewing the aims and objectlves and In plannlng the future activlde& In parricular the rru5tees coThsider how planned donations wll contrtbute to the aim5 and oblectlves they have sei The trustees conslder thtcurrent policy for makingdonations delivers public benefit Details of the objects which forni the bA5is ol this pollry are given in the 'objects and grant making poli section ofthts reporL On behalf of the trustses Ronald AspTey Trustee 11-12- 2024
The l.IL Asprey Family Charitable Foundation Independent examinerfs report to the trnstees of The l.IL Asprey Family Charitable Foundation For the year ended 5 April 2024 I report to the trustees on my examination of the accounts of The l.IL Asprey Family Charitable Foundation (the Trust) for the year ended 5 April ?024. 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 CharitiesAct 2011 ('the Act?. I iepurc ILI r¥speit oli)iy exaininatioii of the Trust's account5 carried out under 5cction 145 ofthe 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 ACL Basis of independent examiuerfs report My examination was carried out in acconlance with the general Directions given by the Charity Commission. An examination includes a review o". the accounting records kept by the charity and a cornparisotk of the accuunts presented with those records. It also includes consideration of any unusual items or disclosure5 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 Eiven as to whether the accounts present 2 'te and fair view, and the report is lirnited to those tnatters sei out in the statetnent below. Independent examinerfs starement I have completed my exarnination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respert of the Trust as required by section 130 of the Art: or 2. the accounrs do noi accord wtth those records: or 3. the accounts do not complywith the applicable requirements COnrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirernent that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. f have no concerns and have come across no othermatters in connection with the examination to whith attention should be drawn in this report in order ro enable a proper understanding of the accounts to be reached. li TIM Adams ACA Saffery LLP 29 January 2025 71 Queen Victoria Street London EC4V 4BE Pace 4
The l.R. Asprey Family Charitable Foundation Statement of financial activities For the year ended 5 April 2024 Unrestrirted Fund: 2024 2023 Note Income resources: Donations and legacies Income from investments 6,250 48,499 29.260 Total income 54,749 29,260 Expenditure on: Raising funds Investment management fees 4.231 6.412 Charitable activities Management and Administration of Charity Donations in furtherance of charitable objects 6,534 24,500 8,099 37.000 Total expenditure 35,265 51.511 Net income/(expenditure) for the year before gain on investments 19.484 (22.251) Net gain/(10s5] on investments 31,778 {59,770) Net income/(expenditureJ for the year 51,262 {82,021) Funds at 5 April 2023 933.895 1.015,916 Funds at 5 April 2024 985.157 933,895 The notes on pages 7 to 11 forni part of these financial statements. Page 5
The l.R. Asprey Famlly Cbarlthble Foundatlo Balance sheet At 5 Aprll 2n?.4 2024 2023 Notes Fixed assets Investments 913.605 894399 Current assets Debtors r3.Eh at bank and in hand 10.901 65,343 5536 392SO 76244 44,786 Current Ilabillties". amoints trallint due wIthi one year io (4h92) (5190) Net current assets 71552 39.496 Total assets less current lftabilities 98i.IS7 933,895 Represented by Unrestricted funds 985.157 933,895 985,157 933,895 The accounts Vre approved bythe trustees on.....l..I.- IZ- Z<Q.*ndsigned on thelrbehalf bw. Ronald A5prey Trurtee PaAp6
The J.R. Asprey Family Charitable Foundation Notes to the financial statements For the year ended 5 April 2024 Accounting policies Basis of preparation The FiTLancial statements havebeen prepared under the historic cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recolnmended 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 sterlin& which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. 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. Exemption from preparing a cash flow The Trust has taken the exemption provided in Update Bulletin l 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. Income Investment income is accounted lor 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. Expenditure Donations made are accounted for on payment or. if earlier. atthe point at which a constructive obligation arise.% to make the paymenL Other expenditure is recognised when incurred. Investments Investments are included at market value. Debtors Accrued investment income and other debtors are recognised at the settlement amount due. 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 ofthree month5 or le55 from the date of acquisition or opening of the deposit or similar accounL Page 7
The l.R. Asprey Family Charitable Foundation Notes to the financial statements (continued) For the year ended 5 April 2024 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 arnount due to settle the obligation can be n]easured reliably. i.io Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initiallyrecognised attransaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the elfective interest method. i.ii Fund accounting policy Unrestricted funds are spent or applied at the discretion of the trustees to further any of the Charity's purpose. 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. Taxation As a charity the Trust is not liable for any tax on its wholly charitable activities. Investment income 2024 2023 Income from investment portfolio Interest received 47,099 1,400 28,402 858 48,499 29,260 Page 8
The l.R. Asprey Family Charitable Foundation Notes to the financial statements (continued) For the year ended 5 April 2024 Governance and other costs of grnnt making 2024 2023 Accountancy fees Bank charges Legal & Professional Fees 6,534 8,016 83 6,534 8,099 Fixed asset investments The investments represent the investment portfolio held with Cazenove Capital. Market value as at 6 April 2023 Additions Disposals Gain on revaluation of investments 894,399 219,700 (232,272) 31,778 Market value as at 5 April 2024 913,605 No. held Book cost Market value SUTL Cazenove Charity Responsible 1,650,000 878,196 913,605 Total Investments 878,196 913,605 The historical cost of fixed asset investsnents at 5 April 2024 was £878,196 (5 April 2023: £946,468) Page 9
The l.R. Asprey Family Charitable Foundation Notes to the financial statements (continued) For the year ended 5 April 2024 Grants and donations 2024 2023 Mike Campbell Foundation Alderney Wildlife Ukraine Relief Aid Client Earth Horatio's Garden Debra UK British Exploring Society RAF Benevolent Fund Fields in Trust Clapton Common Boys Club Air Ambulance Charity Kent Surrey Sussex The Royal Soaety for Blind Children Fauna & Flora International Worshipful Company of Cloclanakers MS Society The University of Durham The Salvation Arrny The Gurkha Welfare Trust InterAct Stroke Support Blue Marine Foundation Crisis UK Stowe House Preservation Trust Turn2us Battersea Dogs & Cats Hotne British - Ukrainian Aid Comar Youth Theatre Deal Museum Trust Disasters Emergency Committee Donkey Sanctuary Ethiopia Aid Friends of the Elderly Global Canopy International Rescue Committee - Ukraine Appeal Medical Detection Dogs Searchlight St Mungo's Turquoise Mountain War Memorials Trust 1,000 6,250 1.000 2,500 500 500 2.000 500 500 500 1.000 500 500 500 500 500 500 2.000 500 500 500 1.500 500 10,000 2,500 1,500 1,000 500 2,000 2,000 850 2,500 1,000 1,000 400 1,000 500 500 1,350 2,500 1,000 1,500 500 2,000 650 Cancellation of uncashed cheques from earlier periods: Woodgreen Pets Charity (250) 250 Total 24,500 37,000 Page 10
The l.R. Asprey Family Charitable Foundation Notes to the financial statements (continued) For the year ended 5 April 2024 Debtors 2024 2023 Accrued investment income 10,901 5,536 10,901 5,536 Cash 2024 2023 Cash held in current account Cash held in reserve account Cash held by investment managers 5,000 36,898 23,445 5,000 16,928 17,322 65,343 39,250 io. Current liabilities 2024 2023 Accounts payable Accruals 192 4,500 790 4,500 4,692 5,290 ii. Related party transactions No remuneration is paid to the Trustees. Donations in the year of £5,000 exclusive olgift aid (2023: Enil) were received from trustees. Page 11