THE ASHDEN TRUST ANNUAL REPORT 5 APRIL The Peak 5 Wilton Road London SW1V 1AP.

Transcription

1 ANNUAL REPORT 5 APRIL 2015 The Peak 5 Wilton Road London SW1V 1AP

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3 -- CONTENTS PAGE 1 The Trustees' Report Statement of Financial Activities 14 3 Balance Sheet 15 4 Cash Flow Statement 16 5 Notes to the Accounts Statement of Trustees' Responsibilities 22 7 Independent Auditors' Report

4 -... Legal and Administrative The Ashden Trust (No ) was established under a trust deed dated 27 November Trustees Mrs S Butler-Sloss Mr R Butler-Sloss Miss J S Portrait OBE Registered Office The Peak 5 Wilton Road London SW1V 1AP Website Address Principal Officers Mr A Bookbinder Mr P Spokes Mrs K Everett Mrs S Ferguson Mr M Woodruff Director Finance Director (Retired 31August2015) Finance Director (Appointed 27 July 2015) Executive Executive Bankers Child & Co 1 Fleet Street London EC4Y 1 BO Solicitors Portrait Solicitors 21 Whitefriars Street London EC4Y 8JJ Auditors Crowe Clark Whitehill LLP St Bride's House, 10 Salisbury Square London EC4Y 8EH Investment Advisers Schroder & Co. Limited 12 Moorgate London EC2R 6DA Investment Powers Objects The Trust deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees. The objects of the Trust as given in the Trust Deed are for general charitable purposes

5 -... Organisation The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration. Policies During the year the Trustees continued to support initiatives under seven categories which are shown below: Sustainable Development UK Sustainable Development International People at Risk Sustainable Regeneration Arts & Sustainability Ashden - sustainable solutions, better lives General There is also a Low Carbon Fund, which draws directly from the Trust's capital. The Low Carbon Fund makes grants and social investments in the following areas: Climate Change Collaboration Cultural Shift Social Investment in Low Carbon Technologies The Climate Change Collaboration ('the Collaboration') was created in 2009 by four of the Sainsbury Family Charitable Trusts -the Ashden Trust, the JJ Charitable Trust, the Mark Leonard Trust and the Tedworth Charitable Trust. The primary aim of the Collaboration is to support projects that accelerate progress towards a low carbon society. The Collaboration brings additional funding to this important area of work and encourages stakeholders to share best practice and research. Since January 2015, the Collaboration has supported the global Divest Invest movement, which discourages investment in fossil fuels and encourages investment in 'climate solutions'. Proposals to The Ashden Trust are generally invited by the Trustees or initiated at their request. Unsolicited applications are not encouraged unless they are aligned with Trustees' interests. The Trustees prefer to support innovative schemes that can be successfully replicated or become selfsustaining. Grants are not normally made to individuals. There have been no significant changes in the grant-making policies of the Trust during the year under review. Environmental Policy Both management and staff are committed to reducing the environmental impact of the Trust's day-to-day activities and supporting the implementation of an environmental management system in the Sainsbury Family Charitable Trust's offices. Reserves Policy It is the policy of the Trustees to approve grants for payment over a number of years, subject to the fulfilment of certain conditions over the life of the grant. We consider this an important objective of the Trust in order to give recipients long term support. The Trustees consider that when possible it is appropriate to hold unrestricted funds, both to meet the short term working capital needs of the Trust, and in anticipation of the potential payment of subsequent grant instalments. However, if these are insufficient, any shortfall could be met from - 3 -

6 -... the Trust's expendable endowment. The need for unrestricted income funds will vary from year to year and the Trustees will continue to review the position. Investment Policy and Performance In making investment decisions, environmental and social issues are taken into account to align investments with the Trust's policies whilst still seeking maximum return. The long term goal of the Trust is to move into suitable investments in companies which rely on or are based on sustainable resources. The Trustees regularly meet the investment managers to discuss strategy and review performance. The Trustees are committed to using some of the Trust's expendable endowment for impact investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Trust's objectives. Initially, focus will be on four different sectors: forestry, microfinance in developing countries, renewable energy and clean technology infrastructure. The Trustees are interested in sharing their experience in impact investing with other investors to improve their own knowledge in these areas, and also to encourage more investors to adopt this approach. A specialist advisor has been appointed by the trustees to advise on investment opportunities in this area. During the year under review, the discretionary portfolio produced a total return of 11.6% slightly below the Trust's own benchmark of 12.7%, but above the ARC Steady Growth return of +8.6%. Unrealised gains shown on the Statement of Financial Activities are due to a rise in global stock markets over the year. The Trust is now a signatory to Divest Invest which commits the trust to sell any shares in fossil fuel holdings and invest a proportion of the endowment in 'climate solutions', such as renewable energy, energy efficiency and clean tech. A strong ethical case not to invest in fossil fuels and invest in climate solutions aligns with a strong financial case. The future value of return from investments in fossil fuel companies is now far less certain due to falling costs of renewable energy and the increasingly likely introduction of policies to limit emissions of greenhouse gases which is anticipated to result in some fossil fuel assets being devalued. The Trust's holdings did not include fossil fuel assets as these were divested several years ago. Risk Assessment The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to manage potential risks as identified by the Trustees. The Trustees continue to be vigilant and to keep processes under review. Charity and Public Benefit Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust's aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries and through them to the public that arise from those activities. -4-

7 -- Financial Overview The Trustees met several times during the year to make grants and review investments. The Settlor made a generous donation of 500,000 in the year which has been added to expendable endowment. A ra lly in the stock markets and the gift from the Settlor increased the asset value of the Trust from 33.4 million at 5 April 2014 to 35.2 million at 5 April 2015, an increase of 5.2%. Improved market conditions were also reflected in dividend income resu lting in total unrestricted funds for the year of 1,180,399 (2014-1,105,129), a 6.8% gain on the previous year. Staff and office costs have been allocated to grant-related support costs and governance costs as required by SORP Trustees would like to record their grateful thanks to Paul Spokes for his enormous contribution, help and assistance as Finance Director over the last 26 years. His care and attention have been unstinting and he will be greatly missed. During the year the Trustees approved 47 grants totalling 1,555,661 some of which are payable over more than one year. Payments made during the year totalled 1,411,358. Grants approved during the year may be analysed by number and value; payments made may be analysed by value in the categories set out below: Sustainable Development UK Sustainable Development lnternatiofilal People at Risk Sustainable Regeneration Arts & Sustainabi lity As hden Sustainable solutions, better li11es General Low Carbon Fund (from capital) - Specialist support to beneficiaries - Avoiding Deforestation - Climate Change Collaboration - Cultural Shift - Green Fin ance - Social Investment in Low Carbon Technologies Grants Approved Payments Made Number % % 5 c 189, % 169, % 3 C'" 270, % 160, % 5 r,. 140, % 16.3, % 6 117, % 7 6, % 10 c. 258, % 130, % 3 L 399, % 38 6, % 7 60, % 47, % 1 2, % 2, % , % 6 73, % 96, % '- - 75, % , % 1 l 45, % 45, % 47 1 ~555, % 1,411, % - 5 -

8 GRANTS APPROVED AND PAID The following gives a brief description of grants approved in the year, and lists payments made with additional information in the case of grants not included in the lists of new approvals. SUSTAINABLE DEVELOPMENT UK The Trust initiates and supports work to address key sustainability challenges in the UK with a focus on agriculture, climate change and transport, including reducing the negative environmental and social impacts of aviation. The Trust aims to take a broad approach supporting research, practical action, awareness-raising, and organisations that aim to influence policy. APPROVED GRANTS - 189,220 Carbon Tracker - 50,000 The Ashden Trust has made two grants totalling 50,000-20,000 for in-kind business support and 30,000 towards core costs. Garage Sale Trail - 20,000 Towards a UK pilot project in three communities in the UK - Brighton & Hove, Hackney and Todmorden. Schumacher College - 69,220 (over two years) Towards the student bursary fund and to support teaching fellowships. Soil Association - 50,000 (over two years) Towards its new soil campaign. PAYMENTS MADE -169,073 (Descriptions included only when differenj from above.) Campaign for Better Transport 30,000 Towards Campaign for Better Transport's core costs to enable it Charitable Trust to deliver its programme to mainstream sustainable transport, especially cycling. Total grant 90,000 over three years (30,000 in 2013/14, 30,000 in 2014/15 and 30,000 in 2015/16). Carbon Tracker CHEM Trust (Chemicals Health and Environment Monitoring Trust) Organic Research Centre Schumacher College Soil Association Sustainable Food Trust 13,353 As above. 30,000 Towards core costs. 20,000 For the Eco-energetic Communities that is exploring the potential to use waste wood from hedgerow and woodland management for community biomass schemes. The grant is conditional that the Centre secures EU lnterreg funding for the project. 30,720 As above. 25,000 As above. 20,000 To the Sustainable Food Trust for the UK True Cost of Food Project. Total grant of 60,000 over three years (20,000 in 2013/14, 20,000 in 2014/15 and 20,000 in 2015/16). -6 -

9 -.._ SUSTAINABLE DEVELOPMENT INTERNATIONAL The Trust recognises the vital role that forests play in sequestering and storing carbon and providing of ecosystem services that regulate the planet's weather. In view of the vital role that forests play and acutely concerned by their rapid destruction, the Trust makes grants to projects which address the issues from a number of perspectives and simultaneously help to alleviate poverty and support sustainable community development. These could be, for example, community-based reforestation/plantation projects, energy efficient cookstoves. Christian Aid - 120,000 (over three years) APPROVED GRANTS - 270,000 To support learning and dissemination across Christan Aid's improved cookstoves projects in Africa. FARM Africa - 75,000 (over two years) To support a pilot project to promote small scale plantation development in in Rural Ethiopia. Greenpeace - 75,000 (over two years) For its programme to halt deforestation in Indonesia. PAYMENTS MADE - 160,000 (Descriptions included only when different from above.) Christian Aid - 40,000 As above FARM Africa 37,500 As above. --- Greenpeace 37,500 As above. Original Beans Company 45,000 Towardsthe project in Virunga. --- PEOPLE AT RISK Grants are made to organisations that help people at risk of homelessness to obtain support, secure permanent accommodation, regain economic independence and reconnect with important family and social networks. For example, a grant was made to the Maya Centre which provides long term counselling and psychological support to some of the most vulnerable women in our community; women who have experienced severe trauma through domestic violence, abuse in childhood or overseas in war and conflict. Over the years the Trust has provided considerable help to projects where there is awareness of the value for people in cultivating their sense of personal identity, of aspiration for life and livelihood, and of belonging among family and friends. In this and the Sustainable Regeneration category, the Trust assists projects that pioneer fresh approaches in self-help and peer support, education and training, and opportunities leading to employment for people at risk, and other socially excluded groups, especially where social enterprise can lead to inspiration and achievement. CARIS Camden -40,000 (over two years) APPROVED GRANTS - 140,000 Towards the C4WS winter shelter's all year resettlement and support service

10 -.._ Colne Open Door Centre - 30,000 (over two years) Towards food and fuel emergency relief. Manna Society - 10,000 Towards relief of need among day centre users near London Bridge. Maya Centre - 40,000 (over two years) For services to women at risk of homelessness. Time to Change (West Cumbria) Project CIC - 20,000 (over two years) Towards the Calderwood House hostel and community enterprise for homeless ex-services people in Egremont. Cardinal Hume Centre Trust CARIS Camden Colne Open Door Centre PAYMENTS MADE -163,000 (Descriptions included only when dif!'!rent from above.) 20,000 Towards the Moving Forward service for year olds. 20,000 As above. 16,000 As above. - Dens Action Against Homelessness 10,000 Towards the Rental Property Cleaning and Decoration Enterprise. Lancashire Young Homeless Project 5,000 For support to homeless young people in Blackpool as they Limited resettle. Maya Centre New Opportunities & Horizons Ltd (NOAH) Shekinah Mission (Plymouth) Ltd Single Homeless Project Time to Change (West Cumbria) Project CIC 20,000 As above. 20,000 Towards the relief of need among homeless people in Luton, especially mindful of the need for shelter at night. 20,000 Towards the Growing For Life horticultural movement of social businesses for resettling ex-prisoner and other homeless people. 22,000 To develop gardening and food-growing opportunities at hostels in London. 10,000 As above. SUSTAINABLE REGENERATION Funding in this category is for projects which support the development of sustainable communities especially projects that encourage greater links to the natural environment and growing food in deprived communities. APPROVED GRANTS - 117,500 Bee Urban - 20,000 (over two years) Towards core costs to enable it to increase its fundraising capacity and extend its services promoting sustainable urban living including bee-keeping. Camden School for Girls - 5,000 For its solar panel project conditional on this being matched by further fund raising. Green Synergy - 45,000 (over three years) Towards core costs to develop its community food-growing and gardening activities in Lincoln

11 -- Justice Prince - 5,000 To provide healthy meals for young people participating in the in the Working Roots programme. Urban Biodiversity - 30,000 (over two years) Towards the development of the new community orchard in Newquay. Manchester Veg People - 12,500 (over two years) Towards staffing costs and conditional on a grant from the Mark Leonard Trust. PAYMENTS MADE -76,242 (Descriptions included only when different from above.l _ Bee Urban 10,000 As above. Chester District Housing Trust- 20,000 For the - Chester Wide Allotment and Garden Project in partnership with the Hoole Allotment and Garden Association. Total grant 60,000 (20,000 in each of 2012/13, 2013/14 and 2014/15). Green Synergy Justice Prince London Wildlife Trust Urban Biodiver~ity 15,000 As above. 15,000 As above ,000 As above. _ 11,242 Towards the New Roots project at Pentonville Prison. Total grant 17,884 over two years. ARTS & SUSTAINABILITY The Trust continues to support the rapidly developing field of arts and sustainability, in particular initiatives that encourage artists, writers and arts organisations to engage with current environmental issues through their work. The guiding aim is to encourage people to think about climate change in as many different ways as possible, to break down the idea of climate change, which has become heavily politicised, into a variety of narratives (risk migration, resource shortage, climate science and social justice) and to encourage responses that have imaginative force on the one side and academic rigour on the other. Artsadmin - 30,000 (over three years) Towards core costs. APPROVED GRANTS - 258,500 Ashden Directory of Environment and Performance -17,000 10,000 - Towards the costs of archiving the Ashden Directory and Ashdenizen and producing the Ashden Directory book. 7,000 - Towards the costs of producing and launching the Ashden Directory book. Battersea Arts Centre (BAC) - 45,000 (over three years) Towards core costs. Free Word - 45,000 (over three years) Towards core costs. Julie's Bicycle - 50,000 (over two years) Towards core costs

12 Open University - 21,500 1,500 -Additional costs relating to the book "Culture and Climate Change Narratives" and its launch. 5,000 - Towards the development costs of the Climate Change in Residence project. 15,000 - Towards the pilot of the Climate Change in Residence project. Platform - 50,000 (over two years Towards core costs. Artsadmin Artsadmin Ashden Directory of Environment and Performance Ashden Directory of Environment and Performance Ashden Directory of Environment and Performance Battersea Arts Centre (BAC) Free Word ~u~~e's Bicycle Open University Platform 300,000 - Towards 2015 Awards. PAYMENTS MADE - 130,813 (D~scriptiofl incl11_de~onltwhen differer1_!from above.) 15,000 Second payment of 15,000 towards the charity's core costs and to support the development of the Road less Trip. 10,000 As above. 2, 113 Towards the costs of archiving the Ashden Directory and Ashdenizen, and advice on the future development of support for this funding category Towards the production costs of Landing Stages, a book of selections from the Ashden Directory 17,000 As above. 15,000 As above. 15,000 As above. 25,000 As above. 6,500 As above. 25,000 As above. Ashden - sustainable solutions, better lives APPROVED GRANTS - 399,620 80,000 - To cover shortfall in funding for Ashden for the 2013/2014 financial year. 19,620 (over three years) - To Ashden for its partnership with Forum for the Futures online magazine, Green Futures. PAYMENTS MADE -386,540 (Descriptions_Lnqj!Jded only when different from above_) Ashden Sustainable solutions, better lives - Ashden Awards 386,540 As above

13 ~ GENERAL APPROVED GRANTS - 60,333 Dr Graham's Homes, Kalimpong - 1,000 Towards Dr Graham's Homes school in Kalimpong. East Tytherley Church, Romsey - 3,000 (over three years) Annual donation. Hull Collegiate School - 3,333 To set up a Sustainable Development prize for pupils. Medecins Sans Frontieres - 30,000 Towards its work to tackle the Ebola outbreak. Resurgence Trust - 2,000 Towards core costs. Stephen Lloyd Awards - 15,000 (over three years) To support the Stephen Lloyd Award. The Sainsbury Archive - 6,000 (over three years) Towards core costs. PAYMENTS MADE-47,654 _(Df!_sc_ript_j!}ns i'!e_luded only when qif!e_rent from above.) Dr Graham's Homes, Kalimpong 1,000 As above. East Tytherley Church, Romsey 1,000 As above. Hull Collegiate School 3,333 As above. Medecins Sans Frontieres - Doctors without Borders 30,000 As above. Resurgence Trust 2,000 As above. Stephen Lloyd Awards ,000 As above. The Sainsbury Archive 2,800 As above. University of Bristol 2,521 Towards the scientific study of the Lightning Process at Bristol University

14 -... LOW CARBON FUND (from capital) The Trust recognises the need for significant actions to be taken on climate change. Given this sense of urgency, the Trustees have made additional funding available from capital for projects and social business activities that address areas in which major savings in carbon emissions are likely to be made. 1. Climate Change Collaboration - The Trust is, in collaboration with three other Sainsbury Family Charitable Trusts (The JJ Charitable Trust, The Mark Leonard Trust and The Tedworth Charitable Trust), focusing on ways to enable households and communities to adopt low-carbon lifestyles and 'thought-leadership' to stimulate action on climate change beyond the environmental sector. The three areas of focus for the CCC are energy efficiency in the UK, behaviour change/social norms for low-carbon living and the development of low-carbon financial and economic systems, including the Divest Invest movement. A key way of working for the Collaboration is to encourage learning between grantees and stakeholders to improve practice and inform policy change. 2. Cultural Shift - The transition towards a low-carbon economy and low-carbon lifestyles has many cultural components. The work in this funding stream encourages projects in the arts and the media that imaginatively engage with this shift. 3. Social Investment in Low Carbon Technologies - This funding stream is available as investment finance for businesses in the UK and internationally, which are responding to the global task of reducing carbon emissions and improving social welfare. It is primarily to support former and current Ashden winners. APPROVED GRANTS in 2014/15-120,488 ~ Specialist support to beneficiaries - 2,055 ~ Ashden Social Investment Fund - 45,000 Green Thing -45,000 Converted loan to build the organisation's capacity to encourage more people around the world to "Do the Green Thing". ~ Climate Change Collaboration - 73,433 British Academy - 16,600 For its debate series on energy and climate change. Centre for Sustainable Energy - 16,000 To support the development of a SMART energy city roadmap for Bristol. Climate Coalition - 16,666 To support its work to engage the UK public to influence the new government around the December 2015 United Nations Framework Convention on Climate Change climate talks in Paris. Energy & Climate Intelligence Unit (ECIU) - 13,334 Towards core costs

15 ~ Environmental Funders' Network - 2,500 Towards core costs. National Trust - 8,333 Towards the core costs of the Fit for the Future Network. PAYMENTS MADE -278,036 (Descriptions included only when different from above.) - SpeciaiTsfSupport to beneficiaries 2,055 As above B otanic Gardens Co nservation 39,960 To support i~project in Africa to encourage use of International endangered tree species in forest restoration schemes and build local capacity in Africa to propagate and supply these tree species. ClientEarth ,000 To support its work to defend the UK Climate Change Act. Total grant 150,000 over two years (75,000 in 2014/15 and 75,000 in 2015/16). Climate Change Collaboration ,888 Towards the costs of the Climate Change Collaboration conference on 11th June. CAG consultants will be employed to assist in the management of the event. Climate News Network Energy Bill Revolution Forum for the Future Green Thing National Energy Foundation -National Trust -- Royal Society of Arts Severn Wye Energy Agency Severn Wye Energy Agency Share Action Share Action University of Leeds - School of Earth and Environment 7,000 8,333 10,000 45,000 5,000 8,333 31,667 10,517 3,505 20,000 3,333 4,445 Towards staff costs. Towards core costs. To establish the new Community Energy Coalition. As above. - - To manage the Federation of Oeen Homes. As above. Towards its thought-leadership project on climate change. For research into the role o f tradespeople in home maintenance and improvement to encourage home energy efficiency. Research into the role of tradespeople in home maintenance and improvement to encourage home energy efficiency. Towards the costs of the Green Ll ght Project. To join the ShareAction Charities' Responsible Investment Network. For research into the role of small tradespeople in home maintenance and improvement to encourage home energy efficiency. Social Investment Loans 40, ,000 A loan to Demand Logic to support the expansion of the business. A loan to Our Planet for the development of the Our Planet visitor centre on St Lucia. Approved by the Trustees on 19 October 2015 and signed on their behalf by: TRUSTEE.s::; ~ Report and Accounts - 5 April 2015

16 -- STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2015 Notes Incoming resources Donations and gifts lm.estment income 2 Bank deposit interest and other income Total incoming resources Resources expended Cost of generating funds: lm.estment management costs Charitable activi'ty Grant-making: Grant expenditure 3 Grant related support costs 4 Cost of Grant-making Gm.emance costs 4 Unrestricted Expendable Funds Endowment - 500,000 1, 177,976-2,423-1, 180, , ,901 1,323, , ,004-1,444, ,340 8,271 - Total Funds Total Funds , ,000 1, 177,976 1,098,302 2,423 6,827 1,680,399 1,605, , ,339 1,632,871 1,287, , ,419 1,753,875 1,413,242 8,271 8,054 Total resources expended 1,452, ,241 1,911,047 1,564,635 Net resources before other recognised gains and losses (272,407) 41,759 (230,648) 40,494 Other recognised gains and losses Gains and (Losses) on im.estment assets Realised Unrealised 7,10 Foreign exchange Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward - 253,339-1,698,016 7,425 24,775 (264,982) 2,017,889 6,147 33,479,576 (258,835) 35,497, ,339 (82,638) 1,698, ,086 32,200 (2,938) 1,752, ,004 33,485,723 32,643, ,238,630 33,485,723 The notes on pages 17 to 21 form part of these accounts There are no gains and losses in either the current or preceding year other than those recognised in the statement of financial acti"1ties

17 -- BALANCE SHEET AS AT 5 APRIL 2015 Notes FIXED ASSETS Tangible fixed assets 6 21,280 24,320 lm.estments 7 34,209,218 32,005,314 34,230,498 32,029,634 CURRENT ASSETS Debtors - amounts falling due with in one year 8 64,571 33,238 Cash at bank and in hand 1,629,371 1,871,590 1,693,942 1,904,828 CURRENT LIABILITIES Creditors - amounts falling due within one year 9 881, ,629 NET CURRENT ASSETS 812,512 1,246, 199 Debtors - amounts falling due after more than one year 8 195, ,890 NET ASSETS 35,238,630 33,485, 723 CAPITAL FUNDS Expendable endowment 10 35,497,465 33,479,576 INCOME FUNDS Unrestricted funds 10 (258,835) 6, ,238,630 33,485, 723 The financial statements were appro\ed and authorised for issue by the Trustees on 19 October 2015 and were signed on their behalf by : y~~~ TRUSTEE The notes on pages 17 to 21 form part of these accounts -15 -

18 CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2015 RECONCILIATION OF NET OUTGOING RESOURCES TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Net (outgoing)/incoming resources Depreciation charge (lncrease)/decrease in debtors Increase in creditors 2015 (230,648) 3,040 (17,063) 222, ,494 3,040 62, ,347 Net cash (outflow)/inflow from operating activities (21,870) 276, 164 CASH FLOW STATEMENT Net cash (outflow)/inflow from operating activities Capital expenditure and financial irn.estment: Purchase of investments Sale of investments Purchase of tangible fixed assets Effect of foreign exchange rate changes 2015 (21,870) (4,244, 100) 3,991,551 32,200 (220,349) , 164 (2, 695, 764) 2,595, 750 (2,938) (102,952) (Decrease)/increase in cash (242,219) 173,212 Analysis of decrease in cash during the year Cash at bank and in hand ,629, ,871,590 Change in year (242,219) The notes on pages 17 to 21 form part of these accounts

19 -... NOTES TO THE ACCOUNTS 1. ACCOUNTING POLICIES The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP 2005) "Accounting and Reporting by Charities", applicable accounting standards and the Charities Act 2011, and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act The principal accounting policies adopted are as follows: a) Income (i) Income is shown gross which includes the associated tax credit unless the tax so deducted is cons idered irrecoverable. (ii) Dividends are included by reference to their due dates. (iii) Interest is recorded only when it has been received. b) Grants payable Grants for which there is a legal obligation, or a valid expectation of receipt by the beneficiary at the year end, and for which conditions attaching to their payment have been fulfilled, are accounted for within the Statement of Financial Activities. Grants approved subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure (see note 3). c) Investments Net realised and unrealised gains and losses are reflected in the Statement of Financial Investments are shown at mid market value. Partial disposals are accounted for using average book value. Impact Investments are held at cost. d) Support costs Most of these costs support the grant-making activity of the Trust and are so allocated. They comprise in the main a share of the staff and office costs of the joint office of the Sainsbury Family Charitable Trusts, which are allocated in proportion to time spent on Trust matters and grants paid. e) Charitable activities The Trustees consider that grant-making is the Trust's sole charitable activity. f) Governance costs Governance costs comprise all costs in\qlving the public accountability of the charity and its compliance with regulation and good practice. These costs include fees for statutory audit, legal fees where relevant, together with an allocation of support costs. e) Depreciation Fixed assets are depreciated at rates which reflect their useful life to the Trust. The following rate has been used: Leasehold improvements - 10% per annum straight line. 2. INVESTMENT INCOME Income received on investments may be analysed as follows: 2015 % Government fixed interest 14,867 1 Other fixed interest 71,858 6 UK equities 1,020, Overseas equities 42,225 4 Impact investments 28, , 177, % 14, , , , , ,098,

20 NOTES TO THE ACCOUNTS 3. GRANTS PAYABLE Reconciliation of grants payable: Commitments at 6 Apri l , ,994 Grants not accrued at 6 April 2014 Grants appro-.ed in the year Grants cancelled or refunded Grants not accrued at 5 April 2015 Grants payable for the year 188,850 1,555,661 (111,640) 1,632,871 99,960 1,416, 713 (40,000) (188,850) 1,287,823 Grants paid during the year (1,411,358) (1, 116,491) Commitments at 5 April 2015 Commitments at 5 April 2015 are payable as follows: Within one year (note 9) 836,839 = , , ,326 Commitments In addition to the amounts committed and accrued noted abo-.e, the Trustees ha-.e also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2015 was 111,640 (2014: 188,850). The amount payable in the year consisted of the following: Sustainable Development UK Schumacher College 69,220 Ashden - sustainable s olutions, better lives Soil Association 50,000 From income 313,080 Carbon Tracker 49,999 From capital 80,000 Campaign for Better Transport Olaritable Trust - Fern 30,000 Low Carbon Fund (from capital} Net grants payable up to 20,000 40,000 - Specialist support to beneficiaries 2,055 Sustainable Development International - Climate Change Collaboration Olristian Aid 80,000 Climate Coalition 16,666 FARM Africa 75,000 British Academy 16,600 Greenpeace 75,000 Centre for Sustainable Energy 16,000 People at Risk Energy & Climate Intelligence Unit (ECIU) 13,334 IV1aya Centre 40,000 Severn Wye Energy Agency 10,517 CC..RIS Camden 40,000 National Trust 8,333 Colne OpenDoor Centre 30,000 University of Leeds - School of Earth and Environn 3,335 Net grants payable up to 20,000 60,000 Environmental Funders' Network 2,500 Sustainable Regene r ation - Cultural Shift Urban Biodiversity 30,000 ClientEarth 75,000 Green Synergy 30,000 - Green Finance Net grants payable up to 20,000 40,000 Share Action 20,000 Arts & Sustainability - Social Investment in Low Carbon Technologies Julie's Bicycle 50,000 Green Thing 45,000 Platform 50,000 General Net grants payable up to 30, ,500 Medecins Sans Frontieres - Doctors without Borde 30,000 Net grants payable up to 10,000 22,732 Total grants payable per Statement of Financial Activities 1,632,

21 NOTES TO THE ACCOUNTS 4. ALLOCATION OF SUPPORT COSTS THE ASHDEN TRUST Grant- Governance Total Grant- Governance Making Allocated Making Staff costs 87,825 3,675 91,500 90,910 3,590 Share of joint office costs 19,600 19,600 21,200 Direct costs including tra\/el 4,717-4,717 4,355 Legal and professional fees 2,568-2,568 3,746 Consultancy 3,254-3,254 2, 168 Depreciation 3,040-3,040 3,040 Auditors' remuneration - 4,596 4,596-4, ,004 8, , ,419 8,054 Included abo\/e is 2,568, 1,284 is included in creditors, payable for legal services to Portrait Solicitors, a firm in which Miss J S Portrait is a partner. No Trustee recei\/ed remuneration or was reimbursed expenses during the year. 5. ANALYSIS OF STAFF COSTS Wages and salaries Social security costs Other pension costs ,054 76,236 8,641 8,863 8,805 9,401 91,500 94,500 As mentioned in Note 1(d), the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1. 7% of the total support and administration costs of these Trusts ha\/e been allocated to the Ashden Charitable Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2014/15. Staff costs equivalent to 1.1 full time employees were charged to the Ashden Charitable Trust in 2014/15 (2013/14-1.2). 6. TANGIBLE FIXED ASSETS Leasehold Improvements Cost At 6 April ,400 30,400 At 5 April ,400 30,400 Depreciation At 6 April ,080 3,040 Charge for the year 3,040 3,040 At 5 April ,120 6,080 NET BOOK VALUE At 5 April ,280 24,320 NET BOOK VALUE At 5 April ,320 27,

22 -... NOTES TO THE ACCOUNTS 7. FIXED ASSET INVESTMENTS Market value 6 April 2014 Less: Disposals at book value Add: Acquisitions at cost Net gains on revaluation Market value 5 April 2015 Historical cost 5 April , 005,314 31, 100,852 (3,738,212) (2, 678,388) 4,244, 100 2,695, 764 1,698, ,086 34,209,218 32,005,314 26,775, ,983,018 The investments held as at 5 April 2015 were as follows: Direct investment in listed UK and overseas securities Government fixed interest Other fixed interest UK equities Overseas equities 2015 Cost Market Value 1,038,939 1,279,202 2, 121,536 2,395,092 17,989,510 24,199,811 4, 179,390 4,889, Cost Market Value 1,038,939 1,298,057 2, 121,536 2,353,648 16,613,669 22,510,835 4, 147,964 4, 781,864 Unquoted Investments Impact Investments 1,445,732 1,445,732 26,775, ,209,218 1,060,910 1,060,910 24,983,018 32,005,314 UK equities include investment in J Sainsbury pie, which at 5 April 2015 had a market value of 2,834, DEBTORS Income tax recoverable Loans* Other debtors Debtors falling due after one year Loans* Loa ns * Ashden - sustainable solutions, better lives Demand Logic Green Thing Our Planet ,367 17,968 18,540 9,270 35,664 6,000 64,571 33, , , , , , , ,000 45, , , , ,

23 NOTES TO THE ACCOUNTS 9. CREDITORS Grants payable within one year Professional charges lm.estment management fee Other creditors THE ASHDEN TRUST ,839 5,880 38, , ,326 6,492 35, , ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 5 April 2015 are represented by: Tangible fixed assets Investments Current assets Current liabilities Debtors - amounts falling due after more than one year Total net assets Unrestricted Expendable Funds Endowment 21,280 34,209, ,286 1,326,656 (626, 121) (255,309) 195,620 (258,835) 35,497,465 Totals ,280 34,209,218 1,693,942 (881,430) 195,620 35,238,630 Unrealised gains On investment assets (see note below) Total unrealised gains at 5 April 2015 Unrestricted Expendable Funds Endowment 7,434, 111 7,434, 111 Totals ,434, 111 7,434, 111 Reconciliation of movements in unrealised gains on investment assets Unrealised gains at 6 April 2014 Add in respect of disposals in year Add: net gains arising on revaluation in year Unrealised gains at 5 Apri l 2015, as above 7,022,296 (1,286,201) 5,736,095 1,698,016 7,434, 111 7,022,296 (1,286,201) 5,736,095 1,698,016 7,434,

24 -... STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE ACCOUNTS The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net outgoing resources for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; make judgments 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 to operate. The trustees are responsible for keeping proper 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 and detection of fraud and other irregularities

25 -... Independent Auditors' Report to the Trustees of The Ashden Trust We have audited the financial statements of The Ashden Trust for the year ended 5 April 2015 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes numbered 1 to 10. 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). This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of trustees and auditor As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed as auditor 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 Ethical Standards for Auditors. Scope of the audit of the financial statements 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 Report of the Trustees to identify material inconsistencies with the audited financial statements 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 financial statements In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 5 April 2015 and of its outgoing resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 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 Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements 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. Co-c... 0 J'\.. v..-.i.c. ~ LJP Crowe Clark Whitehill LLP Statutory Auditor London Crowe Clark Whitehill LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act u ". lb St Bride's House 10 Salisbury Square London EC4Y 8EH