2023-12-31-accounts

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Charity No. 1010814

ALLERTON RESEARCH AND EDUCATIONAL TRUST

STATEMENT OF ACCOUNTS

31 DECEMBER 2023

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 2023

Unrestricted Restricted Funds Funds INCOME AND EXPENDITURE Activities in furtherance of the charity's objects Farm income 194,092 - Farm subsidies 98,299 - Lectures and tours 85,443 - Research contracts and grants 501,658 113,837 879,492 113,837 Investment income Dividends and interest 60,437 - Estate income 139,322 - 199,759 - Other income 107,781 - Total incoming resources 1,187,032 113,837 EXPENDITURE Activities in furtherance of the charity's objects Research project 652,324 111,984 Farm direct costs 284,112 - Farm overheads 54,116 - 990,552 111,984 Other Expenditure Estate expenses 84,706 - Farm management and admin 11,764 - Total resources expended 1,087,022 111,984 Net income/(expenditure) before transfers 100,010 1,853 Transfers between funds - - Net income/(expenditure) for the year before investment gains 100,010 1,853 Gains / (losses) on investments Realised - - Unrealised - - 100,010 1,853 Transfers between funds - - Net movement in funds 100,010 1,853 Fund balances brought forward 512,480 140,792 Fund balances carried forward £612,490 £142,645	Endowment Funds - - - - - - - - - - 10,501 - - 10,501 4,150 - 14,651 (14,651) - (14,651) 10,619 112,077 108,045 - 108,045 4,861,847 £4,969,892	Total 2023 194,092 98,299 85,443 615,495 993,329 60,437 139,322 199,759 107,781 1,300,869 774,809 284,112 54,116 1,113,037 88,856 11,764 1,213,657 87,212 - 87,212 10,619 112,077 209,908 - 209,908 5,515,119 £5,725,027	Total 2022 199,233 93,386 15,925 587,882 896,426 50,607 119,219 169,826 101,792 1,168,044 624,930 196,146 54,975 876,051 101,342 9,310 986,703 181,341 - 181,341 (22,912) (216,403) (57,974) - (57,974) 5,573,093 £5,515,119

Page 3

ALLERTON RESEARCH AND EDUCATIONAL TRUST BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2,720,669 2,949,656 500 2,950,156 5,670,825 144,295 475,751 280,192 900,238 683,893 216,345 5,887,170 162,143 £5,725,027 4,969,892 142,645 612,490 £5,725,027	2022	2022
2,949,656 500 144,295 475,751 280,192 900,238 683,893	2,787,354 500 217,268 484,736 469,248 1,171,252 766,369	2,500,961 2,787,854
		5,288,815 404,883
		5,693,698 178,579
		£5,515,119
		4,861,847 140,792 512,480
		£5,515,119

Page 4

ALLERTON RESEARCH AND EDUCATIONAL TRUST NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2023

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 2023

2. TANGIBLE FIXED ASSETS

COST At 1 January 2023 Additions Disposals At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for the year Disposals At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 3. INVESTMENTS Market value at 1 January 2023 Additions at cost Disposals at opening market value Unrealised gains on revaluation (Decrease) in cash Market value at 31 December 2023 Cost at 31 December 2023 Cost at 31 December 2022	Freehold Land, Buildings & Improvements 3,004,351 15,327 - 3,019,678 621,413 35,618 - 657,031 £2,362,647 £2,382,938	Research Plant & Equipment 204,997 69,055 - 274,052 181,149 2,581 - 183,730 £90,322 £23,848 Portfolio 2,787,354 944,940 (873,900) 112,077 (20,815) £2,949,656 £2,625,891 £2,639,341	Farm Plant & Equipment 415,932 243,999 (82,800) 577,131 321,757 44,944 (57,270) 309,431 £267,700 £94,175 Other 500 - - - - £500 £500 £500	Total
				3,625,280 328,381 (82,800)
				3,870,861
				1,124,319 83,143 (57,270)
				1,150,192
				£2,720,669
				£2,500,961
				Total
				2,787,854 944,940 (873,900) 112,077 (20,815)
				£2,950,156
				£2,626,391
				£2,639,841

Page 6

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

AS AT 31 DECEMBER 2023

4. STOCKS

Growing crops Stock in store Crops in store 5. DEBTORS Trade debtors VAT recoverable Other Debtors Loan to Scottish Demonstration Farm 6. CREDITORS: Amounts falling due within one year Mortgage Trade creditors Hire purchase Due to Game & Wildlife Conservation Trust Due to Game & Wildlife Conservation Trading Ltd Accruals and deferred income 7. CREDITORS: Amounts falling due after more than one Mortgage 8. ENDOWMENTS As at 1 January 2023 Net expenditure Realised gains on investments Unrealised gains on investments As at 31 December 2023	2023 19,774 39,186 85,335 £144,295 2023 104,703 3,476 77,572 290,000 £475,751 2023 16,874 173,048 - 385,460 - 108,511 £683,893 year 2023 162,143 £162,143 Property Endowment Fund Fund 2,137,137 2,724,710 (14,651) - - 10,619 - 112,077 £2,122,486 £2,847,406	2022 28,621 68,891 119,756
		£217,268
		2022 95,424 18,761 80,551 290,000
		£484,736
		2022 16,534 122,404 - 594,849 116 32,466
		£766,369
		2022 178,579
		£178,579
		Total
		4,861,847 (14,651) 10,619 112,077
		£4,969,892

Page 7

ALLERTON RESEARCH AND EDUCATIONAL TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

2023		2022
Expenditure 380,276 206,404 188,129 774,809 20,197 1,073 - 56,903 10,683 88,856 349,992 £1,213,657	Income 409,567 233,366 113,273 756,206 38,260 4,201 916 58,100 111,128 212,605 199,233 £1,168,044	Expenditure 256,608 204,653 163,669 624,930 25,351 - - 58,822 17,169 101,342 260,431 £986,703	Surplus/ (Deficit) 152,959 28,713 (50,396)
			131,276
			12,909 4,201 916 (722) 93,959
			111,263
			(61,198)
			£181,341

Page 8

ALLERTON RESEARCH AND EDUCATIONAL TRUST RESEARCH PROJECT INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

FOR THE YEAR ENDED	31 DECEMBER 2023
INCOME Lectures and tours Research contracts and grants Donations 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	2023 85,443 505,915 109,580 33,434 60,437 74,347 869,156 395,943 26,797 1,489 424,229 8,081 9,609 - 17,690 257,532 257,532 24,590 - 6,648 6,049 37,287 630 8,304 - 5,550 35,248 - 11,996 4,635 - (50,000) 16,363 21,708 21,708 774,809 94,347 £	2022
	85,443 505,915 109,580 33,434 60,437 74,347 395,943 26,797 1,489 8,081 9,609 - 257,532 24,590 - 6,648 6,049 630 8,304 - 5,550 35,248 - 11,996 4,635 - (50,000) 21,708	15,925 436,882 151,000 14,084 50,607 87,708 306,380 17,699 - 5,252 6,585 - 197,434 16,544 - 9,079 6,351 890 9,087 - 2,600 33,310 - 4,203 4,608 - (24,000) 28,908	756,206
			324,079 11,837 197,434 31,974 30,698 28,908
			624,930
			131,276 £

Page 9

ALLERTON RESEARCH AND EDUCATIONAL TRUST ESTATE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Woodland grants RENTAL ACCOUNT Cottage rents Other rent Grazing rent Repairs and maintenance Depreciation Other costs SHOOT Shoot income Shoot expenses (including recharged salaries) OTHER INCOME AND EXPENDITURE Single Payment Countryside Stewardship Solar power receipts Sponsorship and other income Stewardship costs Depreciation NET INCOME TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT	2023 916 916 43,789 16,800 2,328 (12,961) (8,308) - 41,648 55,817 (56,903) (1,086) 39,279 59,020 19,290 382 (7,170) (3,513) 107,288 148,766 £	2022	2022
	916 43,789 16,800 2,328 (12,961) (8,308) - 55,817 (56,903) 39,279 59,020 19,290 382 (7,170) (3,513)	916 38,260 16,650 2,638 (17,706) (7,573) (72) 58,100 (58,822) 49,112 44,274 2,655 - (14,315) (2,854)	916 32,197 (722) 78,872
			£111,263

Page 10

ALLERTON RESEARCH AND EDUCATIONAL TRUST FARM INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2023

2023 1,937 45,060 117,113 4,478 4 168,592 168,592 212,999 75,457 288,456 (142,408) 146,048 22,544 25,500 48,044 4,269 68,811 66,870 139,950 (1,886) 138,064 (90,020) 35,106 50,244 (19,470) 65,880 (155,900) £	2022	2022
1,937 45,060 117,113 4,478 4 212,999 75,457 288,456 (142,408) 4,269 68,811 66,870 139,950 (1,886) 35,106 50,244 (19,470)	24,075 24,785 115,861 9,705 23,623 138,998 133,314 272,312 (212,999) 3,363 69,779 67,960 141,102 (4,269) 27,903 39,382 (3,000)	198,049
		198,049 59,313
		138,736 1,184
		139,920 136,833
		3,087 64,285
		(61,198) £

Page 11

ALLERTON RESEARCH AND EDUCATIONAL TRUST FARM GROSS MARGINS FOR THE YEAR ENDED 31 DECEMBER 2023

Opening Valuation ARABLE Output Wheat (94,500) Barley (20,700) Rape Beans (3,825) Oats (731) (119,756) Variable Costs Seeds (1,873) Fertiliser (53,474) Sprays (9,275) Selling, haulage and sundries Growing crops (28,621) (93,243) ARABLE GROSS MARGIN TOTAL (£212,999)	Sales/ (Purchases) 117,113 45,060 1,937 4,478 4 168,592 (19,624) (9,065) (39,816) (6,952) - (75,457) £93,135	Closing Valuation 52,155 2,730 - 4,950 25,500 85,335 2,579 20,397 14,323 - 19,774 57,073 £142,408	Income/ (Expenditure) 74,768 27,090 1,937 5,603 24,773 (18,918) (42,142) (34,768) (6,952) (8,847)	2023 134,171 (111,627) 22,544 £22,544	2022 160,861 33,485 24,075 10,290 20,304
					249,015
					(19,975) (35,406) (39,175) (5,245) (10,478)
					(110,279)
					138,736
					£138,736

Page 12

ALLERTON RESEARCH AND EDUCATIONAL TRUST DETAILS OF FARM EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2023

LABOUR Salaries and wages Pensions and life cover DIRECT COSTS Implement repairs Fuel & oil Vehicle tax & insurance Contractors and equipment hire 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	2023 64,781 4,030 £68,811 5,730 11,006 5,165 29,886 - 15,083 £66,870 3,075 4,737 3,371 5,987 6,172 5,834 519 230 5,181 £35,106 12,787 37,457 (19,470) £30,774	2022 64,253 5,526 £69,779 11,633 14,382 1,728 31,305 2,681 6,231 £67,960 - 4,223 6,252 1,164 6,954 5,788 533 206 2,783 £27,903 13,558 25,824 (3,000) £36,382