2023-04-05-accounts

Charity registration number 1036494

THE STRANGWARD TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE STRANGWARD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	A S R Jones
	A Allured
	P W Goakes
	C O'Callaghan
Charity number	1036494
Principal address	Glebe House
	Catworth
	Huntingdon
	Cambridgeshire
	PE28 0PA
Independent examiner	Carolyn Rossiter
	Rutland House
	Minerva Business Park
	Lynch Wood
	Peterborough
	PE2 6PZ
Solicitors	VSH Law
	Montague House
	Chancery Lane
	Thrapston
	NN14 4LN

THE STRANGWARD TRUST

CONTENTS

	Page
Trustees' report	1 - 2
Independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Notes to the financial statements	6 - 16

THE STRANGWARD TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their annual report and financial statements for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Trust's 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Trust's objects are to provide funds for the care and treatment of physically or mentally handicapped people. There has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance

The trustees continue to look at opportunities to invest in buildings in order to increase the future revenues from rental income. The trustees anticipate that the improved income stream from the properties, together with a reduction in expenditure on property improvements and repairs, will provide a significant amount of income in future years. The trustees made a wide range of donations in line with the objects of the Trust and within the financial constraints.

Donations made during the year are set out in the notes to these financial statements. The trustees will consider all cases of need which come to their notice and where donations would be within the objects of the Trust.

Financial review

The trustees believe that investment in converting agricultural buildings to residential will enhance the value of the agricultural portfolio beyond the historical cost and they have continued to improve the quality of the investment properties by investment and refurbishment as appropriate, and they keep under review the cost of generating funds and governance as set out in notes 7 and 9.

This year there was an excess of total income over expenditure of £40,458. The previous year saw an excess total income over expenditure of £18,235 as shown on page 4. FRS102 has removed the distinction between realised and unrealised gains and losses. The Trustees have monitored this position closely and have continued to take decisions since the year end to reduce the risk within the portfolio and protect the Trust's financial position.

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at an adequate level to fund both further improvements to the property portfolio as may be necessary or to invest in opportunities to increase the portfolio of investment properties as may arise from time to time. This level of reserves has been maintained throughout the year.

At the year end, the Trust held total reserves of £10,793,951 (2022: £10,753,493)

The trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees obtain professional advice in the selection of investments. They have a policy of avoiding investments where the sources of income or market performance may have an adverse impact on the welfare of physically or mentally handicapped people.

Structure, governance and management

The Trust was established by a charitable trust deed on 29 March 1993.

The trustees who served during the year and up to the date of signature of the financial statements were: A S R Jones

• 1 -

THE STRANGWARD TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

A Allured P W Goakes C O'Callaghan

All trustees are unpaid volunteers, who understand the meaning and purpose of the Trust as set out in the Trust Deed and subsequent minuted meetings with Thelma Strangward, one of the founders. The appointment of new trustees would follow an interview process with all existing trustees and a unanimous decision in favour of the candidate at a full Trustee Meeting.

The trustees rely on trusted 3rd party professionals to assist them in all respects of running the Trust but, if it is deemed to be of benefit, trustees will attend relevant training courses to be paid for by the Trust.

Any trustee can be removed by a unanimous decision by all of the other trustees at a full Trustee Meeting. Notice for such a meeting will be a minimum of 15 days. There is no appeal mechanism.

All of the trustees reaffirm their empathy for the objectives of the Trust.

The trustees have made grants and donations totalling £127,792 (2022 : £120,643). The individual amounts are set out in the notes to the accounts.

The registered number of the Trust is 1036494. The Trust was accepted by the Inland Revenue as a charity within the definition of section 506(1) Income and Corporation Taxes Act 1988 on 6 May 1994, effective from 19 March 1993. The trustees make all decisions regarding the management and future strategy of the Trust.

Funds

The Trustees are mindful of the wishes of the late Mr H R Strangward and the late Mrs T A Strangward, the Founder Trustees, that the principal source of income should be from farming activity carried out on the agricultural land and buildings owned by Mr H R Strangward, and which he farmed for many years. In keeping with the wishes of Mr and Mrs Strangward, the Trustees consider the capital value of the freehold land and buildings to be Designated Funds, and all income and other assets to be Unrestricted Funds.

In the opinion of the Trustees, all of the funds of the Trust are unrestricted funds but are designated for the objects of the Trust. The greater part of the funds is represented by land and buildings but the Trustees continue to maximise the level of donations given the need to maintain an adequate level of working capital.

The trustees' report was approved by the Board of Trustees.

A S R Jones

Trustee Dated: 20 September 2023

• 2 -

THE STRANGWARD TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STRANGWARD TRUST

I report on the accounts of the Trust for the year ended 5 April 2023, which are set out on pages 4 to 16.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of FCA.

It is my responsibility to:

• (i) examine the financial statements under section 145 of the 2011 Act;

• (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• (iii) to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

• (a) which gives me reasonable cause to believe that in any material respect the requirements:

• (i) to keep accounting records in accordance with section 130 of the 2011 Act; and

• (ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;

have not been met or

• (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Carolyn Rossiter FCA Rutland House Minerva Business Park Lynch Wood Peterborough PE2 6PZ

Dated: 20 September 2023

• 3 -

THE STRANGWARD TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Unrestricted funds funds general designated 2023 2023 Notes £ £ Income from: Charitable activities 3 228,484 - Investments 4 22,653 - Total income 251,137 - Expenditure on: Raising funds 5 55,455 - Charitable activities 6 137,459 10,237 Total expenditure 192,914 10,237 Net gains/(losses) on investments 12 (7,528) - Net movement in funds 50,695 (10,237) Fund balances at 6 April 2022 1,390,151 9,363,342 Fund balances at 5 April 2023 1,440,846 9,353,105	Total Unrestricted Unrestricted funds funds general designated 2023 2022 2022 £ £ £ 228,484 180,431 - 22,653 7,079 - 251,137 187,510 - 55,455 71,669 - 147,696 137,280 10,237 203,151 208,949 10,237 (7,528) 49,911 - 40,458 28,472 (10,237) 10,753,493 1,361,679 9,373,579 10,793,951 1,390,151 9,363,342	Total 2022 £ 180,431 7,079
		187,510
		71,669
		147,517
		219,186
		49,911
		18,235 10,735,258
		10,753,493

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 4 -

THE STRANGWARD TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes Fixed assets Tangible assets 13 Investment property 14 Current assets Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Income funds Unrestricted funds - designated Unrestricted funds - general	2023 £ £ 429,940 9,187,641 9,617,581 18,959 1,100,328 108,404 1,227,691 (51,321) 1,176,370 10,793,951 9,353,105 1,440,846 10,793,951	2022 £ £ 440,177 9,187,641 9,627,818 12,260 1,085,885 61,966 1,160,111 (34,436) 1,125,675 10,753,493 9,363,342 1,390,151 10,753,493	2022 £ £ 440,177 9,187,641 9,627,818 12,260 1,085,885 61,966 1,160,111 (34,436) 1,125,675 10,753,493 9,363,342 1,390,151 10,753,493
			9,627,818 1,125,675
			10,753,493
			9,363,342 1,390,151
			10,753,493

The financial statements were approved by the Trustees on 20 September 2023

A S R Jones Trustee

• 5 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Strangward Trust is a charity trust. The registered number of the trust is 1036494.

The principal place of business is Glebe House, Catworth, Huntingdon, Cambridgeshire, PE28 0PA.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Whilst the impact of coronavirus has dissipated to some degree, the legacy of its effect continues to be felt throughout most sectors of the economy. Other matters such as supply chain issues and rising prices, particularly fuel and energy, are impacting across all businesses. Going concern is therefore an important area that the trustees are keeping under close scrutiny. No immediate concerns in relation to the charity’s long term future have been identified, but this area continues to be monitored. The trustees are satisfied that the steps taken in the short term are appropriate and effective.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

• 6 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Rental income is recognised in the period to which it relates.

1.5 Expenditure

Resources expended are analysed to their moat appropriate heading. All expenses of running the charitable operations are allocated to their relevant operation within the furtherance of the charity's objects. Governance costs are those incurred in the general running of the charity and compliance with relevant legislation.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Agricultural plant and machinery 2% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

• 7 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Current Asset Investments

Current asset investments are initially measured at transaction price and subsequently revalued to market value through net income/(expenditure).

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 8 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

3 Charitable activities

Charitable rental income Other income	2023 £ 187,571 40,913 228,484	2022 £ 128,904 51,527
		180,431

4 Investments

	**Unrestricted **	Unrestricted
	funds	funds
	general	general
	2023	2022
	£	£
Accummulation unit distributions	5,549	6,464
Interest receivable	17,104	615
	22,653	7,079
Raising funds
	2023	2022
	£	£
Investment property management costs
Support costs (see note 8)	55,455	71,669
Investment property management costs	55,455	71,669

5 Raising funds

• 9 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

6 Charitable activities

Depreciation and impairment Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds - general Unrestricted funds - designated For the year ended 5 April 2022 Unrestricted funds - general Unrestricted funds - designated	2023 £ 10,237 127,792 4,822 4,845 147,696 137,459 10,237 147,696	2022 £ 10,237 120,642 7,253 9,385
		147,517
		137,280 10,237
		147,517

• 10 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

7 Grants payable

Grants payable
	2023	2022
	£	£
AKU Society	2,000	-
Arthur Rank Hospice Charity	-	2,500
Assist Trust	3,000	2,000
Autism Bedfordshire	3,000	-
Aylsham & District Care Trust	2,000	-
Bedford Disabled Horse Riding Association	2,000	-
Beds & Northants MS Therapy Centre	-	3,000
Blind Veterans UK	-	2,000
Blue Smile	5,000	3,000
Brainwave	-	1,000
Brington C of E Primary School	2,000	-
Build, Norwich	2,000	3,000
Cambs CC Disabled Children's Social Work Team	1,250	-
Cambridge Cyrenians	-	3,000
Cambridgeshire Deaf Association	-	4,000
Caring & Sharing Trust	2,000	-
Catworth Village Hall	5,000	-
Centre 81	-	3,000
Changing Faces	-	2,000
Cogwheel	2,000	1,000
Crohns & Colitis UK	2,000	3,000
Cruse Northampton	-	3,000
DeafBlind UK	4,000	-
DEBRA	3,509	-
Disability Advice Service (East Suffolk)	2,000	-
Disability Huntingdonshire	7,500	-
Dogs for Good	-	2,000
FAB (Fight Against Blindness)	-	4,500
Families United Network	3,000	3,000
Frozen Light	-	2,500
Handicapped Childrens' Action Group	-	1,000
Happy Days Charity	3,000	-
R Harris	-	3,277
Headway Norfolk & Waverney (unused funds repaid)	(1,838)	3,770
Home Start	-	2,500
Huntingdon & District RDA	2,000	2,000
Huntington Disease Assoc	1,500	-
Jubilee Sailing Trust	3,000	-
Listening Books	-	2,000
Living Paintings Trust	2,000	-
MacIntyre	1,500	2,500
Macular Society	-	2,000
Maggie's Wallace (Cambridge)	3,000	1,000
Magpas	2,415	1,932
Meadowgate Academy	5,000	-
Motor Neurone Disease Association	1,500	2,500
MPS Society	-	2,500
MS Therapy Centre, Bedford	3,000	1,500
MS Therapy Centre, Norfolk	5,000	-

• 11 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Grants payable Multiple Sclerosis Therapy Fund Musical Keys NARA Nene Valley Care Trust Newlife, Bedfordshire North Norfolk Community Transport Oakfield Community Parkinsons Progressability.org Red 2 Green Romsey Mill Rowan Humberstone Royal Agricultural Benevolent Insitiution (RABI) Samaritans Northampton Sense Serve SHINE Stepping Stones, Norfolk Talking in Tune Tall Ships Youth Trust The Hamlet Centre Trust The Garage The Mobility Aids Centre The Norfolk Hospice Toms Trust Young People's Counselling Service Grants to institutions	(Continued) - 1,500 3,500 3,500 2,000 2,000 3,000 - 2,000 - 2,500 - 2,256 - - 1,000 3,500 3,000 5,000 - - 2,000 - 5,000 - 1,000 2,700 2,700 - 3,000 - 2,500 3,500 3,000 2,500 2,000 3,000 2,500 - 3,000 - 3,000 3,000 - - 1,964 - 2,000 2,000 - 3,000 - 127,792 120,643	(Continued) - 1,500 3,500 3,500 2,000 2,000 3,000 - 2,000 - 2,500 - 2,256 - - 1,000 3,500 3,000 5,000 - - 2,000 - 5,000 - 1,000 2,700 2,700 - 3,000 - 2,500 3,500 3,000 2,500 2,000 3,000 2,500 - 3,000 - 3,000 3,000 - - 1,964 - 2,000 2,000 - 3,000 - 127,792 120,643
		120,643

• 12 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

8 Support costs

Support costs Governance costs £ £ Bank charges 104 - Drainage, rates, light & heat 3,722 - Planning and development 2,133 - Legal and professional 2,003 - Subscriptions 434 - Sundry expenses 6,684 - Insurance 5,607 - Consultancy 16,556 - Maintenance and repairs 18,212 - Accountancy and bookkeeping 4,822 4,845 60,277 4,845 Analysed between Fundraising 55,455 - Charitable activities 4,822 4,845 60,277 4,845	2023 Support costs Governance costs £ £ £ 104 100 - 3,722 6,947 - 2,133 353 - 2,003 2,963 - 434 284 - 6,684 6,063 - 5,607 4,811 - 16,556 37,694 - 18,212 15,417 - 9,667 4,290 9,385 65,122 78,922 9,385 55,455 71,669 - 9,667 7,253 9,385 65,122 78,922 9,385	2022 £ 100 6,947 353 2,963 284 6,063 4,811 37,694 15,417 13,675
		88,307
		71,669 16,638
		88,307

The following expenses were recognised in the year with respect to the independent examiner: £4,095 regarding independent examination fees. £ 750 regarding general advice.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022 Number Number Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

• 13 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

12	Net gains/(losses) on investments
		Unrestricted Unrestricted
		funds	funds
		general	general
		2023	2022
		£	£
	Revaluation of investments	(7,528)	(76,786)
	Gain/(loss) on sale of investments	-	126,697
		(7,528)	49,911
13	Tangible fixed assets
		Agricultural plant and
			machinery
			£
	Cost
	At 6 April 2022		511,835
	At 5 April 2023		511,835
	Depreciation and impairment
	At 6 April 2022		71,658
	Depreciation charged in the year		10,237
	At 5 April 2023		81,895
	Carrying amount
	At 5 April 2023		429,940
	At 5 April 2022		440,177
14	Investment property
			2023
			£
	Fair value
	At 6 April 2022 and 5 April 2023		9,187,641

Investment property comprises commercial, residential and agricultural property.

At the year end, the Trustees are of the opinion that the accounts disclose the fair value of the properties held.

• 14 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

15 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 16 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 17 Current asset investments Unlisted investments - COIF Charities Deposit Fund 18 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income	2023 £ 1,100,328 2023 £ 9,421 9,020 518 18,959 2023 £ 1,100,328 2023 £ 5,516 16,745 29,060 51,321	2022 £ 1,085,885
		2022 £ 4,188 7,554 518
		12,260
		2022 £ 1,085,885
		2022 £ 1,977 4,430 28,029
		34,436

• 15 -

THE STRANGWARD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

19 Analysis of net assets between funds General Fund Designated Fund 2023 2023 £ £ Fund balances at 5 April 2023 are represented by: Tangible assets - 429,940 Investment properties - 9,187,641 Current assets/(liabilities) 1,440,846 (264,476) 1,440,846 9,353,105	Total 2023 £ 429,940 9,187,641 1,176,370 10,793,951	General Fund Designated Fund 2022 2022 £ £ - 440,177 - 9,187,641 1,390,151 (264,476) 1,390,151 9,363,342	Total 2022 £ 440,177 9,187,641 1,125,675
			10,753,493

The Trustees have assigned the value represented by freehold land and buildings and the sale of the freehold property to the Designated Fund.

All income and expenditure, investments, current assets and all creditors are dealt with as the General Fund. Both funds are unrestricted.

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

• 16 -

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