charity number: 270822
TRANSCRIPT
THE ANCASTER TRUST
ACCOUNTS FOR THE
CONTENTS Page
THE ANCASTER TRUST
TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2017
The Trustees present their annual report and financial statements of the charity for the year ended
5 April 2017. The financial statements have been prepared in accordance with the accounting policies set out
in Note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS102) published on 16th July 2014.
Objectives and Policies The Funds of the Trust are to be applied for or towards such charitable purposes at such
time or times and in such manner as the Trustees shall in their absolute discretion think fit.
The objectives are fulfilled by the Trustees through consideration of appeals and making
grants or donations in response thereto.
Funds held pending disbursement may be invested in securities of whatsoever nature as the
Trustees think fit.
In accordance with our duties as stated in section 17(5) of the Charities Act, we have considered the
guidance provided by the Charity Commission in regard to public benefit. This public benefit has been
demonstrated by the activities undertaken since inception of the charity outlined above.
Activities and Achievements during the year The total funds held at 5 April 2017 were F3,273,286, which compared with F2,416,854 in the previous
year. During the year the Trust benefited from the termination of the Ancaster Voluntary Settlement
receiving cash and investments totalling F651,614. During the year grants were awarded totalling F90,584 (2016: F76,014) per note 6 in the accounts.
Structure, Governance and Management The Ancaster Trust is constituted by a Trust Deed dated 5 April 1965 and is a registered
charity number 270822. Under clause 15 the statutory power of appointing new or additional
Trustees rests in the Trustees. There is no maximum or minimum number of Trustees.
Trustees Baroness Willoughby de Eresby David Boulton Genders Susan Mary Simmons
Address Sayers Butterworth LLP
3rd Floor
12 Gough Square London EC4A 3DW Telephone 020 7936 1910 Fax 020 7936 4161
All enquiries should be addressed to Susan Simmons at the above address.
Bankers Ruffer LLP
Investment Advisors Ruffer LLP
Cater Allen Private Bank
National Westminster Bank Plc
CCLA Investment Management Ltd
Solicitors Goodman Derrick LLP
Page 1
YEAR ENDED 5 APRIL 2017
Bankers Scottish Widows Bank PO Box 12757 67 Morrison Street Edinburgh EH3 8YL
Accountants Sayers Butterworth LLP 3rd Floor 12 Gough Square London EC4A 3DW
Solicitors Roythornes Ltd
Independent Auditors Russell New Limited
The Courtyard, Shoreham Road
Upper Beeding, Steyning, West Sussex, BN44 3TN
Risk Factors The Trustees have examined the major strategic 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.
Investment Policy There are no restrictions in the Trust Deed. The Trustees operate a low risk policy with a balance between income and capital growth. The investments are currently held in a mixture of charity funds,
investments and cash deposits. During the year investment income totalled f78,854 compared to f77,286 in the previous year. There were unrealised gains of F218,171 and realised gains of 219,000. on the investments during the year. The property, Swinstead Hall, was revalued by Strutt 8 Parker in March 2014, at 2385,000.
Reserves Policy It is the Trustees policy to restrict resources expended to the available income. Clause 2 of the Trust Deed gives the power to apply the Trust Fund and the income thereof for such Charitable
purposes as the Trustees shall in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level.
Public Benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit.
Related Party Transactions During the year fees amounting to 215,204 (2016: f11,772 ) were incurred from Sayers Butterworth LLP,
of which D Genders is a consultant and S Simmons is an employee. It should also be noted that Baroness Jane Willoughby de Eresby is involved with many of the Charities to which the Trust donated during the year.
Page 2
Responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees' report and 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 8 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; ~ make judgments and accounting estimates that are reasonable and prudent; ~ state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and ~ prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient
to show and explain the charity's transactions and 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 Charity (Accounts and Reports) regulations 2008 and the provisions of the Trust Deed. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.
Signed on beh If of the Trustees:
Baroness Nfilloughby de Eresby David Boulton Genders
Date Date
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ANCASTER TRUST
We have audited the accounts of The Ancaster Trust for the year ended 5 April 2017 set out on pages 6 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including
Financial Reporting Standard FRS102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditors As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on
the financial statements in accordance with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the accounts An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient
to give reasonable assurance that the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial
statements. In addition, we read all the financial and non-financial information in the Trustees Annual Report to
identify material inconsistencies and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we
become aware of any apparent material misstatements or inconsistencies we consider the implications for
our report.
Opinion on accounts In our opinion the accounts:
give a true and fair view of the state of the charity's affairs as at 5 April 2017 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland'; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Page 4
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ANCASTER TRUST
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
the information given in the trustees report is inconsistent in any material respect with the financial statements: or
sufficient accounting records have not been kept; or
the accounts are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Other matters The prior year's financial statements were not audited as the charity was under the audit threshold. An independent examination of the accounts was done by Russell New Limited and a clean report issued.
Mark Cummins FCCA, FCIE (Senior Statutory Auditor)
On behalf of: Russell New Limited Statutory Auditors The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
oatsd: 2 fear ~ Z4&8
Page 5
Income from:
2017 Total
78,854 78,854
2,727 654,341
Total expenditure
14,860 99,074 113,934 97,459
Net gains/(losses) on investments 16 237, 171 237, 171 (67,186)
Net (Expenditure) / Income and net movement in Funds Reconciliation of funds Total funds brought forward
873,925 (17,493) 856,432 (87,359)
2,378,112 38,742 2,416,854 2,504,213
Total fund balances carried forward 3,252,037 21,249 3,273,286 2,416,854
All activities relate to continuing operations The notes on pages 9 to 19 form part of these financial statements.
Page 6
K E
Investments at fair value
Inland Revenue
Capital account Income account
Cater Allen Limited
13 13
3,252,037 21,249
2,378,112 38,742
The accounts were approved by the Trustees on. .~H:.; . .~.;.. . .~.'6. . . .
tI,I(g~4, g t-~l ) Lady Jane Willoughky de Eresby
Page 7
Note Expendable Unrestricted Endowment Income
F E
2017 Total
Cash flow from operating activities:
Net cash (used in) / provided by operating activities 15 (170,526) (96,880) (267,406) (95,612)
Cash flow from investing activities:
Proceeds from sale of investments
Purchase of investments
16 287,528
16 (299,336)
Interest and dividends received 17 81,581 81,581 77,286
Net Cash (used in) /provided by investing activities 378,038 (15,299) 362,739 (23,033)
Change in cash equivalents in the year 378,038 (15,299) 362,739 (23,033)
Change in cash equivalents brought forward 99,367 23,538 122,905 145,938
Change in cash equivalents carried forward 477,405 8,239 485,644 122,905
Page 8
YEAR ENDED 5 APRIL 2017
1 Legal status The Ancaster Trust is an unincorporated charity, registered in England and Wales. The registered number
number and principal office address can be found on the legal and administrative information page.
2 Accounting polices
(a)
(b)
Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with
items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on
16th July 2014 and the Financial Standard applicable in the United Kingdom and Republic of Ireland
(FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in pounds sterling and rounded to the nearest pound.
There are no material uncertainties regarding the charities ability to continue and so the going concern basis has been adopted.
Income resources Investment income is accounted for in the period in which the charity is entitled to receipt. Investment income received by the Charity qualifying for repayment of income tax has
been grossed up for tax recoverable and this gross amount is recognised in the Statement
of Financial Activities.
(c)
(d)
(e)
Taxation No provision for taxation is included in the accounts as the Charity is entitled to the
exemption for tax afforded by part 11 of the Corporation Taxes Act 2010.
Expenditure Expenditure is included on an accruals basis and includes irrecoverable value added tax.
Donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such donations being recognised as expenditure
when the conditions attaching are fulfilled. Donations offered subject to conditions which have
not been met at the year end are noted as a commitment, but not accrued as expenditure.
Support costs (including governance costs) include those costs associated with meeting the
constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity.
Investments Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(g)
(h)
(k)
Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in income or expenditure.
Cash at Bank and in hand Cash at bank and 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.
Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third party and the amount due
to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund accounting Details of the nature and purpose of each fund is set out in note 12.
Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling
at the balance sheet date. Day to day transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the dates of the transactions. Exchange differences are taken into
Page 9
YEAR ENDED 5 APRIL 2017
3 Investment Property Swinstead Hall, Lincolnshire
The Hall was conveyed to the Trust by the Earl of Ancaster on 14 December 1977 subject to a lease in
favour of the Children's Family Trust Ltd. The property is currently leased to Mr and Mrs Ridley on a 34 year improving lease. In accordance with the terms of the lease the annual rent was increased to 615,557 with effect from 24th
February 2014.
valuation continues to be appropriate
Fair value at 5 April 2017
Fair value at 5 April 2016
Historical Cost
March 2014 at 2385,000. The trustees are of the opinion that the at the year end.
385,000
385,000
15,000
4 Investment Income
Rent on Swinstead Hall lease Income from securities Bank interest received
2017
6 Charitable Activities - Grant making Annual Payments Under Standing Order Payment
2017 2016
Big Issue Foundation Scotland British Limbless Ex-Servicemen's Association - Ancaster Award
British Legion Women's Society British Legion Poppy Appeal Lincolnshire
Bourne Civic Society Bourne Darby & Joan Camfed Cancer Vaccine Children's Family Trust Council for Preservation of Rural England
Edithweston Parochial Church Council
Edenham Parochial Church Council
Edenham Regional House Fauna & Flora Preservation Society Fine Cell Work Friends of the Elderly
Freedom from Torture
Friends of the Royal Academy Game and Wildlife Conversation Trust
Grantham 8 District Society for Mentally Handicapped Children
Gurkha Welfare
Sept March
200 200 200 200 250 200 100 100 200 300 300 300 200 100 200 200 300 200 200 300 200 100 300 250
200 200 200 200 250 200 100 100 200 300 300 300 200 100 200 200 300 200 200 300 200 100 300 250
Carried forward 5,100 5,100
YEAR ENDED 5 APRIL 2017
6 Charitable Activities - Grant making
Brought Forward
The Howard I eague Kesteven Blind Society Lines Trust Nature Conservation Lincolnshire Integrated Voluntary Emergency Services Lincolnshire Churches Trust Lincoln Cathedral - Fabric Fund
Matthew Trust
National Playbus
National Trust for Scotland for places of Historical Interest and Natural Beaul
National Trust New Bridge Order of St John Ophthalmic Hospital
Order of St John - Hospital Account
Passage 2000 Peoples Dispensary for Sick Animals
Practical Action
Project Trust
Queen Elizabeth's Foundation for the Disabled
Rare Breeds Survival Trust
Royal Society for the Relief of Indigent Gentlewomen of Scotland
Royal Commonwealth
Scottish Society for the Protection of Cruelty to Animals
Scottish Wildlife Trust
Send a Cow
Spilsby Fabric Fund
St Pauls Church Knightsbridge
Swinstead PCC Fabric The Connection formerly St Martins Social Club
Toynbee Hall
Zoological Society
March
April
February
March
August
April
August
March
March
January
July
August
200 200 200 200 100 200 100 300 200 300 100 200 100 100 300 250 200 200 200 300 300 200 200 200 300 100 100 100 300 100 50
400 200 100 250 200 300 200 100 300 100 100 200 200 200 250 200 200 200 200 200
200 200 200 200 100 200 100 300 200 300 100 200 100 100 300 250 200 200 200 300 300 200 200 200 300 100 100 100 300 100 50
400 200 100 250 200 300 200 100 300 100 100 200 200 200 250 200 200 200 200 200
Total 15,100 15,100
YEAR ENDED 5 APRIL 2017
6 Charitable Activities - Grant making
School Fees Ardvreck School —iona Aldridge Fees Beestone School G Philippi Fees Beestone School J Philippi Fees Cheltenham Ladies College - Hermione Miller Fees Cheltenham College - Merlin Miller Fees Glemalmond College - Charlie Aldridge Fees Kilgraston School - iona Aldridge Fees Royal Agricultural University - Hermione Miller Fees
2017 E
9,000 9,000
10,455 12,000 8,000
59,290 48,779 Other Payments Made during the Year A A Charity
Animal Asia
FQMS Freedom from Torture Grimsthorpe and Drummond Trust - Lincolnshire Old Churches Trust
Grimsthorpe and Drummond Trust -Men of Stones Grimsthorpe and Drummond Trust - Kingsmill Lunch Hoping Inside Intelligence International Voluntary Service Jitegemee School Lincoln Community Medecins Sans Frontieres Men of Stones Parish of Boston Peterborough Cathedral Music Appeal Small Library Appeal Send a Cow
South Lincolnshire Blind Society St Denys Church
St James Episcopal Church
St Marys Church Horncastle
500
Support Costs Total
The objectives of the Trust are fulfilled by the Trustees through consideration of appeals and
making grants in response thereto. All grants made are for the general support of the recipient.
Expendable Unrestricted 2017 Endowment Income Total
E E E
2016 Total
YEAR ENDED 5 APRIL 2017
7 Support costs (including Governance costs) 2017 2017 2017 Endowment Unrestricted Total
E K E
Legal Fees Accountancy, taxation and trustees fees Independent Examiner / Audit fees Strutt 8 Parker
Bank Charges
7,200 720
3,564 480
10,764 1,200
913 7,572
720 1,674
independent examiners fees of Fnil (2016: F720).
8 Trustees None of the Trustees (or any persons connected with them) received any remuneration or reimbursed any expenses from the charity during the year.
9 Employees There were no employees during the period.
10 Related Party During the year fees amounting to F15,204 (2016: F11,772 ) were incurred from Sayers Butterworth LLP,
of which D Genders is a consultant and S Simmons is an employee. At the year end f10,560 (2016: F3,000) remained outstanding.
It should also be noted that Baroness Jane Willoughby de Eresby is involved with many of the
Charities to which the Trust donated during the year.
11 Controlling Party No one party has overall control of the Trust.
12 Funds Unrestricted funds comprise those funds which the Trustees are free to use in accordance with
the charitable objects. The expendable endowment fund represents those assets, that are held by the charity on a more permanent
basis. Income arising on the endowment fund can be used in accordance with the objects of the charity and is
included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
investment management charges and legal advice relating to the fund are charged against the fund.
13 Analysis of net assets between funds
Fund balances at 5 April 2017 are represented by:
Fixed assets Current assets Creditors: amounts falling due within one year
Expendable Endowment
YEAR ENDED 5 APRIL 2017
14 Comparative funds - Statement of Financial Activities for the year ended 5 April 2016
Incomin from:
Investment Income
Charitable Activities
(55,899)
(11,287)
(55,899)
(11,287)
Net (Expenditure) / Income and net movement in funds (81,311) (6,048) (87,359)
Reconciliation of funds
Total fund balances carried forward 2,378, 112 38,742 2,416,854
15 Reconciliation of Net Movement in Funds to Net Cash flow from operating Activities
2017 Expendable
(as per Statement of Financial Activities)
Adjustment for:
Donation
18,016 (16,169)
Net cash (used in) / provided by operating activities 170,526) (96,880) 14,125) 81,487)
Page 14
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ACCOUNTS FOR THE
CONTENTS Page
THE ANCASTER TRUST
TRUSTEES ANNUAL REPORT YEAR ENDED 5 APRIL 2017
The Trustees present their annual report and financial statements of the charity for the year ended
5 April 2017. The financial statements have been prepared in accordance with the accounting policies set out
in Note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS102) published on 16th July 2014.
Objectives and Policies The Funds of the Trust are to be applied for or towards such charitable purposes at such
time or times and in such manner as the Trustees shall in their absolute discretion think fit.
The objectives are fulfilled by the Trustees through consideration of appeals and making
grants or donations in response thereto.
Funds held pending disbursement may be invested in securities of whatsoever nature as the
Trustees think fit.
In accordance with our duties as stated in section 17(5) of the Charities Act, we have considered the
guidance provided by the Charity Commission in regard to public benefit. This public benefit has been
demonstrated by the activities undertaken since inception of the charity outlined above.
Activities and Achievements during the year The total funds held at 5 April 2017 were F3,273,286, which compared with F2,416,854 in the previous
year. During the year the Trust benefited from the termination of the Ancaster Voluntary Settlement
receiving cash and investments totalling F651,614. During the year grants were awarded totalling F90,584 (2016: F76,014) per note 6 in the accounts.
Structure, Governance and Management The Ancaster Trust is constituted by a Trust Deed dated 5 April 1965 and is a registered
charity number 270822. Under clause 15 the statutory power of appointing new or additional
Trustees rests in the Trustees. There is no maximum or minimum number of Trustees.
Trustees Baroness Willoughby de Eresby David Boulton Genders Susan Mary Simmons
Address Sayers Butterworth LLP
3rd Floor
12 Gough Square London EC4A 3DW Telephone 020 7936 1910 Fax 020 7936 4161
All enquiries should be addressed to Susan Simmons at the above address.
Bankers Ruffer LLP
Investment Advisors Ruffer LLP
Cater Allen Private Bank
National Westminster Bank Plc
CCLA Investment Management Ltd
Solicitors Goodman Derrick LLP
Page 1
YEAR ENDED 5 APRIL 2017
Bankers Scottish Widows Bank PO Box 12757 67 Morrison Street Edinburgh EH3 8YL
Accountants Sayers Butterworth LLP 3rd Floor 12 Gough Square London EC4A 3DW
Solicitors Roythornes Ltd
Independent Auditors Russell New Limited
The Courtyard, Shoreham Road
Upper Beeding, Steyning, West Sussex, BN44 3TN
Risk Factors The Trustees have examined the major strategic 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.
Investment Policy There are no restrictions in the Trust Deed. The Trustees operate a low risk policy with a balance between income and capital growth. The investments are currently held in a mixture of charity funds,
investments and cash deposits. During the year investment income totalled f78,854 compared to f77,286 in the previous year. There were unrealised gains of F218,171 and realised gains of 219,000. on the investments during the year. The property, Swinstead Hall, was revalued by Strutt 8 Parker in March 2014, at 2385,000.
Reserves Policy It is the Trustees policy to restrict resources expended to the available income. Clause 2 of the Trust Deed gives the power to apply the Trust Fund and the income thereof for such Charitable
purposes as the Trustees shall in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level.
Public Benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit.
Related Party Transactions During the year fees amounting to 215,204 (2016: f11,772 ) were incurred from Sayers Butterworth LLP,
of which D Genders is a consultant and S Simmons is an employee. It should also be noted that Baroness Jane Willoughby de Eresby is involved with many of the Charities to which the Trust donated during the year.
Page 2
Responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees' report and 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 8 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; ~ make judgments and accounting estimates that are reasonable and prudent; ~ state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and ~ prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient
to show and explain the charity's transactions and 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 Charity (Accounts and Reports) regulations 2008 and the provisions of the Trust Deed. They are also responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.
Signed on beh If of the Trustees:
Baroness Nfilloughby de Eresby David Boulton Genders
Date Date
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ANCASTER TRUST
We have audited the accounts of The Ancaster Trust for the year ended 5 April 2017 set out on pages 6 to 19. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including
Financial Reporting Standard FRS102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditors As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on
the financial statements in accordance with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.
Scope of the audit of the accounts An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient
to give reasonable assurance that the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial
statements. In addition, we read all the financial and non-financial information in the Trustees Annual Report to
identify material inconsistencies and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we
become aware of any apparent material misstatements or inconsistencies we consider the implications for
our report.
Opinion on accounts In our opinion the accounts:
give a true and fair view of the state of the charity's affairs as at 5 April 2017 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland'; and
have been prepared in accordance with the requirements of the Charities Act 2011.
Page 4
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE ANCASTER TRUST
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
the information given in the trustees report is inconsistent in any material respect with the financial statements: or
sufficient accounting records have not been kept; or
the accounts are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Other matters The prior year's financial statements were not audited as the charity was under the audit threshold. An independent examination of the accounts was done by Russell New Limited and a clean report issued.
Mark Cummins FCCA, FCIE (Senior Statutory Auditor)
On behalf of: Russell New Limited Statutory Auditors The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
oatsd: 2 fear ~ Z4&8
Page 5
Income from:
2017 Total
78,854 78,854
2,727 654,341
Total expenditure
14,860 99,074 113,934 97,459
Net gains/(losses) on investments 16 237, 171 237, 171 (67,186)
Net (Expenditure) / Income and net movement in Funds Reconciliation of funds Total funds brought forward
873,925 (17,493) 856,432 (87,359)
2,378,112 38,742 2,416,854 2,504,213
Total fund balances carried forward 3,252,037 21,249 3,273,286 2,416,854
All activities relate to continuing operations The notes on pages 9 to 19 form part of these financial statements.
Page 6
K E
Investments at fair value
Inland Revenue
Capital account Income account
Cater Allen Limited
13 13
3,252,037 21,249
2,378,112 38,742
The accounts were approved by the Trustees on. .~H:.; . .~.;.. . .~.'6. . . .
tI,I(g~4, g t-~l ) Lady Jane Willoughky de Eresby
Page 7
Note Expendable Unrestricted Endowment Income
F E
2017 Total
Cash flow from operating activities:
Net cash (used in) / provided by operating activities 15 (170,526) (96,880) (267,406) (95,612)
Cash flow from investing activities:
Proceeds from sale of investments
Purchase of investments
16 287,528
16 (299,336)
Interest and dividends received 17 81,581 81,581 77,286
Net Cash (used in) /provided by investing activities 378,038 (15,299) 362,739 (23,033)
Change in cash equivalents in the year 378,038 (15,299) 362,739 (23,033)
Change in cash equivalents brought forward 99,367 23,538 122,905 145,938
Change in cash equivalents carried forward 477,405 8,239 485,644 122,905
Page 8
YEAR ENDED 5 APRIL 2017
1 Legal status The Ancaster Trust is an unincorporated charity, registered in England and Wales. The registered number
number and principal office address can be found on the legal and administrative information page.
2 Accounting polices
(a)
(b)
Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with
items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on
16th July 2014 and the Financial Standard applicable in the United Kingdom and Republic of Ireland
(FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in pounds sterling and rounded to the nearest pound.
There are no material uncertainties regarding the charities ability to continue and so the going concern basis has been adopted.
Income resources Investment income is accounted for in the period in which the charity is entitled to receipt. Investment income received by the Charity qualifying for repayment of income tax has
been grossed up for tax recoverable and this gross amount is recognised in the Statement
of Financial Activities.
(c)
(d)
(e)
Taxation No provision for taxation is included in the accounts as the Charity is entitled to the
exemption for tax afforded by part 11 of the Corporation Taxes Act 2010.
Expenditure Expenditure is included on an accruals basis and includes irrecoverable value added tax.
Donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such donations being recognised as expenditure
when the conditions attaching are fulfilled. Donations offered subject to conditions which have
not been met at the year end are noted as a commitment, but not accrued as expenditure.
Support costs (including governance costs) include those costs associated with meeting the
constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity.
Investments Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
(g)
(h)
(k)
Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in income or expenditure.
Cash at Bank and in hand Cash at bank and 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.
Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third party and the amount due
to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund accounting Details of the nature and purpose of each fund is set out in note 12.
Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling
at the balance sheet date. Day to day transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the dates of the transactions. Exchange differences are taken into
Page 9
YEAR ENDED 5 APRIL 2017
3 Investment Property Swinstead Hall, Lincolnshire
The Hall was conveyed to the Trust by the Earl of Ancaster on 14 December 1977 subject to a lease in
favour of the Children's Family Trust Ltd. The property is currently leased to Mr and Mrs Ridley on a 34 year improving lease. In accordance with the terms of the lease the annual rent was increased to 615,557 with effect from 24th
February 2014.
valuation continues to be appropriate
Fair value at 5 April 2017
Fair value at 5 April 2016
Historical Cost
March 2014 at 2385,000. The trustees are of the opinion that the at the year end.
385,000
385,000
15,000
4 Investment Income
Rent on Swinstead Hall lease Income from securities Bank interest received
2017
6 Charitable Activities - Grant making Annual Payments Under Standing Order Payment
2017 2016
Big Issue Foundation Scotland British Limbless Ex-Servicemen's Association - Ancaster Award
British Legion Women's Society British Legion Poppy Appeal Lincolnshire
Bourne Civic Society Bourne Darby & Joan Camfed Cancer Vaccine Children's Family Trust Council for Preservation of Rural England
Edithweston Parochial Church Council
Edenham Parochial Church Council
Edenham Regional House Fauna & Flora Preservation Society Fine Cell Work Friends of the Elderly
Freedom from Torture
Friends of the Royal Academy Game and Wildlife Conversation Trust
Grantham 8 District Society for Mentally Handicapped Children
Gurkha Welfare
Sept March
200 200 200 200 250 200 100 100 200 300 300 300 200 100 200 200 300 200 200 300 200 100 300 250
200 200 200 200 250 200 100 100 200 300 300 300 200 100 200 200 300 200 200 300 200 100 300 250
Carried forward 5,100 5,100
YEAR ENDED 5 APRIL 2017
6 Charitable Activities - Grant making
Brought Forward
The Howard I eague Kesteven Blind Society Lines Trust Nature Conservation Lincolnshire Integrated Voluntary Emergency Services Lincolnshire Churches Trust Lincoln Cathedral - Fabric Fund
Matthew Trust
National Playbus
National Trust for Scotland for places of Historical Interest and Natural Beaul
National Trust New Bridge Order of St John Ophthalmic Hospital
Order of St John - Hospital Account
Passage 2000 Peoples Dispensary for Sick Animals
Practical Action
Project Trust
Queen Elizabeth's Foundation for the Disabled
Rare Breeds Survival Trust
Royal Society for the Relief of Indigent Gentlewomen of Scotland
Royal Commonwealth
Scottish Society for the Protection of Cruelty to Animals
Scottish Wildlife Trust
Send a Cow
Spilsby Fabric Fund
St Pauls Church Knightsbridge
Swinstead PCC Fabric The Connection formerly St Martins Social Club
Toynbee Hall
Zoological Society
March
April
February
March
August
April
August
March
March
January
July
August
200 200 200 200 100 200 100 300 200 300 100 200 100 100 300 250 200 200 200 300 300 200 200 200 300 100 100 100 300 100 50
400 200 100 250 200 300 200 100 300 100 100 200 200 200 250 200 200 200 200 200
200 200 200 200 100 200 100 300 200 300 100 200 100 100 300 250 200 200 200 300 300 200 200 200 300 100 100 100 300 100 50
400 200 100 250 200 300 200 100 300 100 100 200 200 200 250 200 200 200 200 200
Total 15,100 15,100
YEAR ENDED 5 APRIL 2017
6 Charitable Activities - Grant making
School Fees Ardvreck School —iona Aldridge Fees Beestone School G Philippi Fees Beestone School J Philippi Fees Cheltenham Ladies College - Hermione Miller Fees Cheltenham College - Merlin Miller Fees Glemalmond College - Charlie Aldridge Fees Kilgraston School - iona Aldridge Fees Royal Agricultural University - Hermione Miller Fees
2017 E
9,000 9,000
10,455 12,000 8,000
59,290 48,779 Other Payments Made during the Year A A Charity
Animal Asia
FQMS Freedom from Torture Grimsthorpe and Drummond Trust - Lincolnshire Old Churches Trust
Grimsthorpe and Drummond Trust -Men of Stones Grimsthorpe and Drummond Trust - Kingsmill Lunch Hoping Inside Intelligence International Voluntary Service Jitegemee School Lincoln Community Medecins Sans Frontieres Men of Stones Parish of Boston Peterborough Cathedral Music Appeal Small Library Appeal Send a Cow
South Lincolnshire Blind Society St Denys Church
St James Episcopal Church
St Marys Church Horncastle
500
Support Costs Total
The objectives of the Trust are fulfilled by the Trustees through consideration of appeals and
making grants in response thereto. All grants made are for the general support of the recipient.
Expendable Unrestricted 2017 Endowment Income Total
E E E
2016 Total
YEAR ENDED 5 APRIL 2017
7 Support costs (including Governance costs) 2017 2017 2017 Endowment Unrestricted Total
E K E
Legal Fees Accountancy, taxation and trustees fees Independent Examiner / Audit fees Strutt 8 Parker
Bank Charges
7,200 720
3,564 480
10,764 1,200
913 7,572
720 1,674
independent examiners fees of Fnil (2016: F720).
8 Trustees None of the Trustees (or any persons connected with them) received any remuneration or reimbursed any expenses from the charity during the year.
9 Employees There were no employees during the period.
10 Related Party During the year fees amounting to F15,204 (2016: F11,772 ) were incurred from Sayers Butterworth LLP,
of which D Genders is a consultant and S Simmons is an employee. At the year end f10,560 (2016: F3,000) remained outstanding.
It should also be noted that Baroness Jane Willoughby de Eresby is involved with many of the
Charities to which the Trust donated during the year.
11 Controlling Party No one party has overall control of the Trust.
12 Funds Unrestricted funds comprise those funds which the Trustees are free to use in accordance with
the charitable objects. The expendable endowment fund represents those assets, that are held by the charity on a more permanent
basis. Income arising on the endowment fund can be used in accordance with the objects of the charity and is
included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
investment management charges and legal advice relating to the fund are charged against the fund.
13 Analysis of net assets between funds
Fund balances at 5 April 2017 are represented by:
Fixed assets Current assets Creditors: amounts falling due within one year
Expendable Endowment
YEAR ENDED 5 APRIL 2017
14 Comparative funds - Statement of Financial Activities for the year ended 5 April 2016
Incomin from:
Investment Income
Charitable Activities
(55,899)
(11,287)
(55,899)
(11,287)
Net (Expenditure) / Income and net movement in funds (81,311) (6,048) (87,359)
Reconciliation of funds
Total fund balances carried forward 2,378, 112 38,742 2,416,854
15 Reconciliation of Net Movement in Funds to Net Cash flow from operating Activities
2017 Expendable
(as per Statement of Financial Activities)
Adjustment for:
Donation
18,016 (16,169)
Net cash (used in) / provided by operating activities 170,526) (96,880) 14,125) 81,487)
Page 14
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