2020-12-31-accounts

Charity No. 1010814

ALLERTON RESEARCH AND EDUCATIONAL TRUST

STATEMENT OF ACCOUNTS

31 DECEMBER 2020

CONTENTS

Page

1. Accountants' Report 2. Statement of Financial Activities 3. Balance Sheet

2. • 1. Notes to the Balance Sheet 7. Income and Expenditure Account 8. Research Project Income and Expenditure Account 9. Estate Income and Expenditure Account

3. Farm Income and Expenditure Account 11. Farm Gross Margins 12. Details of Farm Expenditure

FLETCHER & PARTNERS

CHARTERED ACCOUNTANTS

SALISBURY

Page 1

REPORT OF THE ACCOUNTANTS TO THE TRUSTEES OF THE GAME AND WILDLIFE CONSERVATION TRUST ON THE ACCOUNTS OF THE ALLERTON RESEARCH AND EDUCATIONAL TRUST

We report on the management accounts of the Allerton Research and Educational Trust which are set out on pages 2 to 12, and which have been compiled from the accounting records of the Allerton Research and Educational Trust and from information and explanations which have been supplied to us.

The Allerton Research and Educational Trust is the subject of a Uniting Direction issued by the Charity Commission on 8 March 2006 whose effect is that the accounts of the Allerton Research and Educational Trust are combined with those of The Game and Wildlife Conservation Trust for reporting purposes.

We have not been instructed to carry out an audit of the accounts of the Allerton Research and Educational Trust. For this reason, except in the context of our audit of the consolidated accounts of the Game and Wildlife Conservation Trust, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us, and we do not, therefore, express any opinion on these accounts.

Salisbury

FLETCHER & PARTNERS Chartered Accountants

Page 2

ALLERTON RESEARCH AND EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Funds Funds INCOME AND EXPENDITURE INCOME Activities in furtherance of the charity's objects Farm income 248,339 - Farm subsidies 91,797 - Lectures and tours 15,478 - Research contracts and grants 356,826 44,709 712,440 44,709 Investment income Dividends and interest 39,648 - Estate income 64,577 - 104,225 - Other income 10,784 - Total incoming resources 827,449 44,709 EXPENDITURE Activities in furtherance of the charity's objects Research project 456,935 22,000 Farm direct costs 252,403 - Farm overheads 10,828 - 720,166 22,000 Other Expenditure Estate expenses 89,618 - Farm management and admin 9,541 - Total resources expended 819,325 22,000 Net income/(expenditure) before transfers 8,124 22,709 Transfers between funds - - Net income/(expenditure) for the year before investment gains 8,124 22,709 Gains / (losses) on investments Realised - - Unrealised - - 8,124 22,709 Transfers between funds - - Net movement in funds 8,124 22,709 Fund balances brought forward 182,255 69,163 Fund balances carried forward £190,379 £91,872	Endowment Funds - - - - - - - - - - - - - - 4,150 - 4,150 (4,150) - (4,150) (58,259) 138,815 76,406 - 76,406 4,805,951 £4,882,357	Total 2020 248,339 91,797 15,478 401,535 757,149 39,648 64,577 104,225 10,784 872,158 478,935 252,403 10,828 742,166 93,768 9,541 845,475 26,683 - 26,683 (58,259) 138,815 107,239 - 107,239 5,057,369 £5,164,608	Total 2019
			189,837 96,826 19,061 365,377
			671,101
			73,325 102,516
			175,841
			87,068
			934,010
			514,377 196,231 20,041
			730,649 106,116 11,538
			848,303
			85,707 -
			85,707 31,181 186,832
			303,720 -
			303,720 4,753,649
			£5,057,369

Page 3

ALLERTON RESEARCH AND EDUCATIONAL TRUST BALANCE SHEET

AS AT 31 DECEMBER 2020

FIXED ASSETS Tangible assets Note 2 Investments Note 3 Endowment Fund A Endowment Fund B Other CURRENT ASSETS Stock Note 4 Debtors Note 5 Cash at bank and in hand CREDITORS: Amounts falling due within one year Note 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year Note 7 NET ASSETS Representing: CAPITAL FUNDS Endowments Note 8 INCOME FUNDS Restricted funds Unrestricted Funds TOTAL CAPITAL AND RESERVES	2019 2,173,523 2,079,202 316,052 500 2,395,754 4,569,277 108,603 479,154 483,898 1,071,655 255,313 816,342 5,385,619 221,011 £5,164,608 4,882,357 91,872 190,379 £5,164,608	2019	2019
	2,079,202 316,052 500 108,603 479,154 483,898 1,071,655 255,313	2,020,249 306,522 500 192,570 427,320 486,525 1,106,415 285,452	2,152,777 2,327,271
			4,480,048 820,963
			5,301,011 243,642
			£5,057,369
			4,805,951 69,163 182,255
			£5,057,369

Page 4

ALLERTON RESEARCH AND EDUCATIONAL TRUST NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2020

1. ACCOUNTING POLICIES

a. Basis of Accounting

The Accounts have been prepared under the historical cost convention, modified for the revaluation of investments, and in accordance with the Charities Act 2011 and applicable accounting standards. In preparing the accounts the Trust follows best practice as set out on Charities SORP FRS 102 issued in January 2019.

b. Income

Income is accounted for on the receivable basis, provided that it is known with reasonable certainty that an item of income will be received and it can be measured with sufficient reliability. Where relevant, income is stated net of Value Added Tax. Otherwise no expenditure is netted off against income.

c. Expenditure

Resources expended are allocated to the appropriate headings on the Statement of Financial Activities. Where employees work on more than one area of the Trust's activities then the relevant costs are apportioned on the basis of the time spent.

d. Tangible Fixed Assets

Tangible fixed assets are depreciated on a straight line basis over their estimated useful economic lives using the following annual rates:

Freehold land Nil Buildings and improvements 1% to 4% Plant and equipment 10% to 33%

A nil rate is used for freehold land because the Trustees consider that its life is indefinite.

e.

Investments

Investments are carried in the Balance Sheet at market value. Unrealised gains on investments are shown in the Statement of Financial Activities and are credited to the funds in which the respective investments are held.

f. Farm stocks

Farm stocks are valued on the following basis:

Growing crops: At estimated cost. Stock in store: At the lower of cost and net realisable value. Crops in store and sheep: At estimated market value.

g. Liabilities

Liabilities are recognised when the Trust has a (legal or constructive) obligation arising as a result of past events.

h. Fund Accounting

Funds held by the Trust fall into the following four groups:

(i) Unrestricted General Fund

This consists of funds which can be used, at the discretion of the trustees, in accordance with the charitable objects of the Trust.

(ii) Research Fund

This fund consists of income which has been designated by the Trustees specifically for expenditure on certain research projects.

(iii) Restricted Funds

These are funds which can only be used for particular purposes within the objects of the Trust. Restrictions arise either when they are specified by the donor or when funds are raised for a specific purpose. In most cases the restriction is that the funds have to be spent on a specific research project or group of research projects.

(iv) Endowment Funds

These are capital funds which were created at the inception of the Trust. The income is available for the Trust's general purposes and (as explained in Note 10) some of the capital may also be spent for specific purposes.

h. Pension Costs

Contributions in respect of the Trust's defined contribution scheme are charged as expenditure in the period to which they relate.

i. Forestry Costs

Planting and similar costs, less grants received, are charged to expenditure in the year in which they are incurred.

Page 5

ALLERTON RESEARCH AND EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED) AS AT 31 DECEMBER 2020

2. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST At 1 January 2020 Additions Disposals At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for the year Disposals At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019	Freehold Land, Buildings & Improvements 2,504,905 86,051 - 2,590,956 509,177 36,880 - 546,057 £2,044,899 £1,995,728	Research Plant & Equipment 193,304 8,075 - 201,379 170,615 7,994 - 178,609 £22,770 £22,689	Farm Plant & Equipment 374,924 - - 374,924 240,564 28,506 - 269,070 £105,854 £134,360	Total
				3,073,133 94,126 -
				3,167,259
				920,356 73,380 -
				993,736
				£2,173,523
				£2,152,777

3. INVESTMENTS

INVESTMENTS
Endowment Endowment Fund A Fund B Market value at 1 January 2020 2,020,249 306,522 Additions at cost 1,052,350 162,383 Disposals at opening market value (859,881) (113,600) Unrealised gains on revaluation 120,858 17,957 Increase/(decrease) in cash (254,374) (57,210) Market value at 31 December 2020 £2,079,202 £316,052 Cost at 31 December 2020 £1,623,874 £255,545 Cost at 31 December 2019 £1,623,874 £255,545	Other 500 - - - - £500 £500 £500	Total
		2,327,271 1,214,733 (973,481) 138,815 (311,584)
		£2,395,754
		£1,879,919
		£1,879,919

Page 6

ALLERTON RESEARCH AND EDUCATIONAL TRUST NOTES TO THE ACCOUNTS (CONTINUED)

AS AT 31 DECEMBER 2020

4. STOCKS

STOCKS
Growing crops Stock in store Crops in store	2020 25,803 51,563 31,237 £108,603	2019 7,622 47,178 137,770	2019
		£192,570

5. DEBTORS 2020 Trade debtors 113,928 VAT recoverable 17,323 Other Debtors 57,903 Loan to Scottish Demonstration Farm 290,000 £479,154 6. CREDITORS: Amounts falling due within one year 2020 Mortgage 18,659 Trade creditors 47,312 Hire purchase 4,888 Due to Game & Wildlife Conservation Trust 137,465 Due to Game & Wildlife Conservation Trading Ltd 21,848 Accruals and deferred income 25,141 £255,313 7. CREDITORS: Amounts falling due after more than one year 2020 Mortgage 209,633 Hire purchase 11,378 £221,011 8. ENDOWMENTS Property Endowment Endowment Fund Fund 'A' Fund 'B' As at 1 January 2020 2,160,088 2,247,108 398,755 Net expenditure (4,150) - - Realised losses on investments - (51,368) (6,891) Unrealised gains on investments - 120,858 17,957 Transfer to unrestricted funds - - - As at 31 December 2020 £2,155,938 £2,316,598 £409,821	2019 84,764 10,560 41,996 290,000	2019
	£427,320
	2019 16,900 65,595 10,879 126,538 39,040 26,500	2019
	£285,452
	2019 227,376 16,266	2019
	£243,642
	Total
	4,805,951 (4,150) (58,259) 138,815 -
	£4,882,357

Page 7

ALLERTON RESEARCH AND EDUCATIONAL TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Project (p 8) Education Research Office and General Estate (p9) Estate Grazing Woodland ARET Shoot Non-productive Farm (p10) Farm TOTAL		2020	Surplus/ (Deficit) 23,771 45,141 (80,402) (11,490) 2,088 (1,384) (806) (12,695) 75,403 62,606 (24,433) £26,683		2019
	Income 165,855 256,095 45,495 467,445 29,775 2,679 915 24,575 98,430 156,374 248,339 £872,158	Expenditure 142,084 210,954 125,897 478,935 27,687 4,063 1,721 37,270 23,027 93,768 272,772 £845,475		Income 220,130 246,998 77,703 544,831 35,226 2,969 1,916 52,648 106,583 199,342 189,837 £934,010	Expenditure 163,581 199,335 151,461 514,377 24,884 3,555 (959) 49,328 29,308 106,116 227,810 £848,303	Surplus/ (Deficit) 56,549 47,663 (73,758)
						30,454
						10,342 (586) 2,875 3,320 77,275
						93,226
						(37,973)
						£85,707

Page 8

ALLERTON RESEARCH AND EDUCATIONAL TRUST RESEARCH PROJECT INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

FOR THE YEAR ENDED	31 DECEMBER 2020
INCOME Lectures and tours Research contracts and grants Donations Sponsorship Hire of community centre Investment income Sundry receipts EXPENDITURE EMPLOYEE COSTS Salaries and wages Pensions and life cover Recruitment and training VEHICLES AND TRAVEL COSTS Running costs and repairs Public transport Accommodation and subsistence RESEARCH PROJECTS AND FIELD WORK Direct costs of research projects OVERHEAD CHARGES AND MAINTENANCE Repairs and maintenance Loose tools and equipment Light and heat Rates and water ADMINISTRATIVE AND FINANCIAL EXPENSES Books, stationery and computer software Postage, telephone, printing and publications Meetings, conferences and public relations Audit and accountancy Legal and Professional fees Training courses Sundries Bank charges and loan interest Community centre expenses Recharge to GWCT Trust DEPRECIATION TOTAL EXPENDITURE NET EXPENDITURE TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT	2020 15,478 372,212 29,323 8,500 1,780 39,648 504 467,445 267,952 22,079 - 290,031 4,358 741 - 5,099 118,217 118,217 14,543 46 8,876 (19,695) 3,770 1,175 7,016 - 2,500 9,211 19,992 1,119 6,314 894 (10,964) 37,257 24,561 24,561 478,935 (11,490) £	2019
	15,478 372,212 29,323 8,500 1,780 39,648 504 267,952 22,079 - 4,358 741 - 118,217 14,543 46 8,876 (19,695) 1,175 7,016 - 2,500 9,211 19,992 1,119 6,314 894 (10,964) 24,561	19,061 421,908 7,680 - 13,704 73,325 9,153 255,600 13,145 50 5,576 2,838 981 136,789 15,766 341 7,976 6,762 864 7,320 547 2,500 12,799 15,252 1,451 - 7,836 - 19,984	544,831
			268,795 9,395 136,789 30,845 48,569 19,984
			514,377
			30,454 £

Page 9

ALLERTON RESEARCH AND EDUCATIONAL TRUST ESTATE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

FORESTRY Sale of timber Woodland grants Staff costs Maintenance and management Depreciation RENTAL ACCOUNT Cottage rents Grazing rent Repairs and maintenance Staff costs Legal and professional fees Depreciation Other costs SHOOT Shoot income Shoot expenses (including recharged salaries) OTHER INCOME AND EXPENDITURE Single Payment Countryside Stewardship Donation / Sponsorship Solar power receipts Sponsorship and other income Staff costs Stewardship costs Hire of machinery Depreciation Other costs NET INCOME TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT	2020 - 915 (690) (942) (89) (806) 29,775 2,679 (17,931) (3,605) - (5,831) (4,383) 704 24,575 (37,270) (12,695) 66,210 25,587 - 6,544 89 (16,580) - (660) (2,854) (2,933) 75,403 62,606 £	2019	2019
	- 915 (690) (942) (89) 29,775 2,679 (17,931) (3,605) - (5,831) (4,383) 24,575 (37,270) 66,210 25,587 - 6,544 89 (16,580) - (660) (2,854) (2,933)	- 1,916 1,320 (160) (201) 35,226 2,969 (20,157) (2,665) - (5,417) (200) 52,648 (49,328) 65,170 29,656 2,000 8,739 1,018 (11,440) (500) (470) (2,854) (14,044)	2,875 9,756 3,320 77,275
			£93,226

Page 10

ALLERTON RESEARCH AND EDUCATIONAL TRUST FARM INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2020

ARABLE INCOME Oil seed rape Winter barley Winter wheat Beans Oats Less: COST OF SALES Valuation at 1 January 2020 Cultivation Less: Valuation at 31 December 2020 GROSS MARGIN (Page 11) OTHER INCOME Sundry income Less: DIRECT EXPENSES Valuation at 1 January 2020 Labour (Page 12) Other direct costs (Page 12) Less: Valuation at 31 December 2020 Less: OVERHEAD EXPENSES Overhead costs (Page 12) Recharges to other cost centres (Page 12) Depreciation (Page 12) Profit on disposal (Page 12) FARM (DEFICIT) FOR THE YEAR	2020 - 38,617 148,556 26,709 4,008 217,890 217,890 189,867 46,912 236,779 (103,696) 133,083 84,807 30,449 115,256 2,703 63,090 58,434 124,227 (4,907) 119,320 (4,064) 30,569 (50,247) 40,047 - 20,369 (24,433) £	2019	2019
	- 38,617 148,556 26,709 4,008 189,867 46,912 236,779 (103,696) 2,703 63,090 58,434 124,227 (4,907) 30,569 (50,247) 40,047 -	21,609 29,377 84,776 19,517 6,577 194,714 56,496 251,210 (189,867) 3,660 94,275 39,656 137,591 (2,703) 31,933 (46,182) 45,828 -	161,856
			161,856 61,343
			100,513 27,981
			128,494 134,888
			(6,394) 31,579
			(37,973) £

Page 11

ALLERTON RESEARCH AND EDUCATIONAL TRUST FARM GROSS MARGINS FOR THE YEAR ENDED 31 DECEMBER 2020

Opening Valuation ARABLE Output Wheat (105,876) Barley (23,000) Rape - Beans (3,944) Oats (4,950) (137,770) Variable Costs Seeds (12,127) Fertiliser (22,975) Sprays (9,373) Selling, haulage and sundries - Growing crops (7,622) (52,097) ARABLE GROSS MARGIN TOTAL (£189,867)	Sales/ (Purchases) 148,556 38,617 - 26,709 4,008 217,890 (13,855) (2,218) (20,111) (10,728) - (46,912) £170,978	Closing Valuation 34,350 - - - 17,213 51,563 4,050 9,069 13,211 - 25,803 52,133 £103,696	Income/ (Expenditure) 77,030 15,617 - 22,765 16,271 (21,932) (16,124) (16,273) (10,728) 18,181	2020 131,683 (46,876) 84,807 £84,807	2019 130,339 30,676 21,609 23,461 7,027
					213,112
					(16,572) (31,361) (49,402) (1,541) (13,723)
					(112,599)
					100,513
					£100,513

Page 12

ALLERTON RESEARCH AND EDUCATIONAL TRUST DETAILS OF FARM EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2020

LABOUR Salaries and wages (85% P Jarvis salary costs to LE1) Contract staff Pensions and life cover DIRECT COSTS Implement repairs Fuel & oil Vehicle tax & insurance Hire and contract farming Recycling expenses Light and Heat OVERHEAD COSTS Countryside stewardship expenditure Rent, rates & water Repairs Insurance Sundries Professional fees Telephone Bank charges Interest payable DEPRECIATION Buildings and land improvements Plant & machinery (Profit) on disposal RECHARGED TO OTHER COST CENTRES Recharged to other cost centres	2020 88,132 (45,894) 9,015 11,837 £63,090 14,794 11,321 3,279 23,325 1,396 4,319 £58,434 - 6,315 6,407 3,714 4,592 3,964 1,089 188 4,300 £30,569 14,897 25,150 - £40,047 (£50,247)	2019 85,847 - (785) 9,213 £94,275 6,725 11,904 2,699 11,095 2,596 4,637 £39,656 - 6,005 3,469 3,545 6,306 5,371 1,046 162 4,959 £31,933 17,320 28,508 - £45,828 (£46,182)