REGISTERED COMPANY NUMBER: 02936866 (England and Wales) REGISTERED CHARITY NUMBER: 2936866
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022
FOR
FOUNDATION RACHEL AND PAMELA SCHIELE
(A COMPANY LIMITED BY GUARANTEE)
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
FOUNDATION RACHEL AND PAMELA SCHIELE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, and are known as Managing Committee members, present their report with the financial statements of the charity for the year ended 30th June 2021. The Managing Committee have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objects of the Foundation are:
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the conservation and protection in Argentina of birds, animals and plants which are threatened or endangered and the conservation and protection of the soil and the environment generally for the benefit of the public;
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the protection and preservation for the benefit of the public of the estancia Las Dos Hermanas in the Province of Córdoba, Argentina, which is designated as a "Refugio de Vida Silvestre" by the Fundación Vida Silvestre Argentina as a reserve for the conservation of wildlife and flora;
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the advancement of education in Argentina;
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the relief of poverty in Argentina;
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the relief of the aged in Argentina;
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the promotion of education and research into organic and sustainable farming and the publication of the useful results of such research.
The immediate aims and activities of the Foundation are to carry on a sustainable organic farming business planned so as to conserve the soil, flora and fauna of the whole of its land; to promote environmental and organic farming research and training; to practise ever more profound conservation values and practices on our land; to exercise influence on surrounding areas which may affect conservation values and/or the organic viability of our land; and to demonstrate to the public how the Foundation's work towards these goals leads to current and future benefits for society as a whole.
During 2021-22 the Foundation's activities are based on the following main pillars:
a) Conservation of its land, including its Conservation Management Plan;
b) Management and development of the Charity's farming activities including increasing production and production efficiencies and developing new routes to market;
c) Support for environmental research and education in relation to the flora and fauna present on the estancia and the benefits to flora and fauna of the organic farming methods used in the charity's activities;
d) Organic farm management training, involving devoting parts of the farm to hosting trialling and training activities for organic farming and environmental management best practice;
e) Outreach, involving work with the local community on understanding and controlling excessive pesticide use and understanding flora and fauna conservation.
Public benefit
In shaping our objectives and planning our activities for the year, the Managing Committee have given consideration to the duties set out in Section 17(5) of the Charities Act 2011 to have due regard to public benefit and to the Charity Commission Guidance on public benefit. In particular, the Managing Committee have considered how the planned activities will contribute to the overall aims and objectives that they have set.
The Managing Committee believe that the paragraphs on the "Objectives and Activities" and "Achievements and Performance" for the year, relate in detail the benefit that the Charity provides to the public.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2022
OBJECTIVES AND ACTIVITIES
Operation of the Farm
The objects and principal activities of the Charity are carried out through the operation of the farm in Argentina. The Managing Committee also considers the costs of running the farm, in addition to grants made, to be the total cost of charitable activities.
The assets of the business are held and operated by the Foundation so as to protect the land, wildlife and surrounding area in accordance with the objectives of the Foundation.
The business is not run on a profit-maximising basis and any gains from its operations are expended in support of the land, buildings and charitable activities of the Foundation.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Foundation's activities recovered well from Covid problems but suffered during 2021-22 from the effects of two severe droughts. The Foundation once again faced very high inflation levels, this year well over 50% per annum, which again triggered partial inflation accounting affecting the statement of values in our accounts, as discussed elsewhere. The drought was followed by a much wetter year (for the period ending June 2022) but most of the rain was concentrated into two very short periods which led to problematic flooding. A considerably worse drought has ensued in 2022-23, but the estancia has proved to be resilient.
The Foundation's farming activity demonstrated profitability similar to the previous year, with the supply chain being, in practice, little affected by COVID. However, the US market was not very receptive this year to our NOP certified cattle, but the domestic market for organic steers continued to perform reasonably well for us. Crops performed much better this year than in 2020-21, and, as then, sunflower performed particularly well as a crop and in terms of its marketing. Our crop income rose to 30% of our total income, from an average of around 20%. Renting out of some 2H land for the production of organic groundnuts continued, but the tenant still struggled to get a reasonable return.
The charity's conservation programme continued; but the recruitment of a conservation officer had to be postponed. The creation of wildlife corridors was progressed too, partly through engagement with stakeholders/volunteers. The Foundation's tree planting programme was stepped up, but the seedlings' survival rate was affected by the successive droughts. The 2H community resident on the estancia expanded significantly as a result of COVID and became more engaged with the estancia's mission than before, but the number of people resident on the estancia declined again after COVID.
Soil conservation work continued and support was sought via INTA (the government's Agricultural Technology Institute) for a much wider form of soil testing to strengthen our soil analysis programme. New systems for farm water supply investment were also studied with a view to improving cattle welfare and also weight gain performance.
Our plan to develop organic milk production at the farm has progressed, slowly. Milk from the first small group of cattle continued this year to be distributed free in Arias, the nearest town.
FINANCIAL REVIEW
Reserves Policy: The Foundation maintains cash balances that are appropriate for the day-to-day running of the farm business. In addition to cash, the reserves of the Foundation are its cattle stock (and each year also its grain stocks), which are readily marketable, as well as its land.
Funding: The Foundation relies on revenue from farm operations in Argentina, and in this financial period did not seek grant funding for specific projects or activities.
Investments: The Foundation holds no investments apart from its shares in MOO, the meat marketing organisation, which were purchased in 2018.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2022
FUTURE PLANS
The Foundation continues to capitalise the farm so as to improve its organic farming practices, while conserving its population of native grasslands, and to promote the marketing of organic products, as well as to demonstrate the benefits of its farming system to the public. The focus of the Foundation's research and education activities will continue to be hosting externally-funded research into flora and fauna and the new goal of developing onsite training activities at the farm for organic farming practitioners.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Foundation is a charitable company limited by guarantee without a share capital, in the United Kingdom, incorporated on 8th June 1994 and registered as a Charity on 16th June 1994.
The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the Trustees are elected at the Annual General Meeting to serve for a period of three years.
Charity constitution
Foundation Rachel and Pamela Schiele, a registered Charity governed by Memorandum and Articles of Association, is a Company Limited by Guarantee, not having a share capital. Each of the members of the Company is liable to contribute £1 towards the liabilities of the Company in the event of liquidation.
Election of new members to Managing Committee
Any person who is to be elected to be a member of the Foundation under the provisions of Article 5(2) must be proposed for election by a member of the Managing Committee and fourteen days' notice shall be given to the members of the Managing Committee of the meeting at which it is intended to propose such person for election stating the object of the meeting, the name and address of the person to be proposed and the name of the member of the Managing Committee proposing such person. No new members were elected during this year.
Organisational structure
The farm continues to be managed by the Farm Director. He was supported during 2021-22 by two full-time managers and one part-time manager. The Director's authority is bound by a detailed manual called the Management Principles controlled by the Managing Committee, which sets out the basis on which the farm and all its activities should be managed and detailing which decisions should be made with the approval of the Managing Committee.
Induction and training of new trustees
The principal training for the members of the Managing Committee is in ensuring an awareness of organic farming practices and environmental issues. An important element in this is regular visits to the farm and meetings with stakeholders there. Though there is no formal training process, the trustees are encouraged to keep themselves familiar with their responsibilities under the Companies and Charities Acts before and after appointment. Trustees are also required to keep themselves abreast of issues affecting organic farming across the world in order to advise management appropriately.
Relationship with other Charities and Organisations
A substantial part of the Foundation's land was in 1989 registered as a Reserva of FVSA, the Argentinian branch of WWF, and managed under their guidance. As part of the Conservation Management Plan adopted by the Foundation's Managing Committee in 2017, FVSA now regards the whole of the farm as an FVSA reserve on the basis that it is managed as an integrated whole and under an agreed Management Plan. As part of its Plan, the Foundation hosts several teams of conservation researchers from Universidad Nacional de Río Cuarto. The Foundation is a leading participant in Argentina's national organic farming organisation, MAPO, and its regional group, Pampa Orgánica, which promotes practical organic farming methods in central Argentina. The Foundation continued working with its Pampa Orgánica partners in a series of practical organic farming research experiments which are coordinated with Instituto Nacional de Tecnología Agropecuaria - INTA, the Argentinian government's large national research organization.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
Because the environmental and charitable activities of the Foundation are solely supported by, and are integral to the farming business, the Foundation is subject to many of the normal risks associated with farming but is also dependent on the viability of organic farming in Argentina. The farm's cattle and crops businesses are essentially resilient against inflation as well as devaluation, but leads and lags can have significant short-term effects.
In addition to the weather risks inherent in farming, the two principal threats are from contamination by GMOs from neighbouring farms and from changes to the markets for its products, which are dependent in part on world commodity prices. The risk of crop failure is mitigated by the fact that the farm is situated at the edge of the wet pampa in a good zone for cropping. However, organic farming depends more critically on soil preparation and tillage, which can result in a loss of soil moisture and reduce crop yields, or conversely from excess weeds.
The farm management continues to conduct a number of trials involving cropping methods, such as no-till, pasture varieties and variations and animal health and welfare.
The threat from GMOs is countered by safeguards such as checking every batch of seed to be sown, and every batch of grain to be sold. This leads to extra costs, due to very specific and costly tests. The farm's harvest and mowing contractors' machinery and every lorry transporting grain are also carefully cleaned.
The world market for organic grain, soya and sunflower gives the farm a reasonable organic premium. The market for organic beef is showing signs of structural change but still affords only a small premium over the price of conventional beef when taking the whole animal into account. The Foundation has in recent years been able to develop a fairly widely diversified market for its beef products, while its grain continues to see demand on the world market.
As regards health and safety risk and employees, trustees instigate and participate in a health and safety review at the farm every 18 months. The last onsite review by the Managing Committee was carried out during 2019; the farm machinery and the farm's working practices were inspected and steps were taken to ensure that recommendations were implemented. Subsequent monitoring has been able to be carried out remotely.
As regards wider risks in this area, procedures are in place for managing visits by young people, and the farm takes care to ensure that the various scientific researchers who do work at the farm are covered by their own insurance.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02936866 (England and Wales)
Registered Charity number
2936866
Registered office
Crofts Woodside Road Chiddingfold Godalming Surrey GU8 4RF
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30TH JUNE 2022
Trustees
P Landa M Measures Mrs J G M Murray K G D Murray D M Peck Mrs L V Peck Mrs M Harteneck
Company Secretary Mrs J G M Murray
Independent Examiner John Thacker FCA DChA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Banks
Banco de la Nación Argentina Arias Provincia de Córdoba Argentina
Banco de Galicia y Buenos Aires San Martín 601 2600 Venado Tuerto Provincia de Santa Fe Argentina
Lloyds TSB Bank plc PO Box 1000 Andover BX1 1LT
Registered Charity Number in Argentina IGJ00059
Working Name in Argentina Las Dos Hermanas
Farm Director (in Argentina) Dr (Vet) Marcelo A Frías
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Foundation Rachel and Pamela Schiele for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 18th August 2023 and signed on its behalf by:
D M Peck - Trustee
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOUNDATION RACHEL AND PAMELA SCHIELE
Independent examiner's report to the trustees of Foundation Rachel and Pamela Schiele ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th June 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded A$250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
John Thacker FCA DChA
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Date: 18[th] August 2023
Page 7
FOUNDATION RACHEL AND PAMELA SCHIELE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30TH JUNE 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 2 Farm Operations Other income Total EXPENDITURE ON Charitable activities 3 Farm Operations Grant-making and education Support costs Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund A$ 438,574 177,466,021 (176,477) 177,728,118 160,677,070 7,100,535 359,158 811,448 168,948,211 8,779,907 380,823,793 389,603,700 |
2021 Unrestricted funds as restated A$ - 171,852,734 1,785,152 173,637,886 155,145,174 6,767,814 3,915,756 6,594,330 172,423,074 1,214,812 379,608,981 380,823,793 |
|---|---|---|
The notes form part of these financial statements
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FOUNDATION RACHEL AND PAMELA SCHIELE (REGISTERED NUMBER: 02936866)
BALANCE SHEET 30TH JUNE 2022
| Notes FIXED ASSETS Tangible assets 8 Investments 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund A$ 340,780,081 2,047,793 342,827,874 81,813,178 24,500,110 14,733,139 121,046,427 (74,270,601) 46,775,826 389,603,700 389,603,700 389,603,700 389,603,700 |
2021 Unrestricted funds as restated A$ 315,447,457 3,365,954 318,813,411 97,167,929 22,278,231 1,763,954 121,210,114 (59,199,732) 62,010,382 380,823,793 380,823,793 380,823,793 380,823,793 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE (REGISTERED NUMBER: 02936866)
BALANCE SHEET - continued 30TH JUNE 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18th August 2023 and were signed on its behalf by:
D M Peck - Trustee
The notes form part of these financial statements
Page 10
FOUNDATION RACHEL AND PAMELA SCHIELE
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 A$ 49,686,245 49,686,245 (36,717,060) - (36,717,060) 12,969,185 1,763,954 14,733,139 |
2021 as restated A$ 1,414,201 1,414,201 (6,302,074) 2,109,096 (4,192,978) (2,778,777) 4,542,731 1,763,954 |
|---|---|---|
The notes form part of these financial statements
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30TH JUNE 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2022 | 2021 | ||
| as restated | |||
| A$ | A$ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 8,779,907 | 1,214,812 | |
| Adjustments for: | |||
| Depreciation charges | 14,479,876 | 4,198,728 | |
| Loss/(profit) on disposal of fixed assets | 176,477 | (1,785,152) | |
| Arising as a result of restatement | - | 24,940,033 | |
| Investment revaluation | 1,318,161 | 283,916 | |
| Fixed Asset revaluation | (3,271,915) | 162,777 | |
| Decrease/(increase) in stocks | 15,354,751 | (47,000,645) | |
| Increase in debtors | (2,221,879) | (12,740,789) | |
| Increase in creditors | 15,070,867 | 32,140,521 | |
| Net cash provided by operations | 49,686,245 | 1,414,201 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1/7/21 A$ 1,763,954 1,763,954 1,763,954 |
Cash flow A$ 12,969,185 12,969,185 12,969,185 |
At 30/6/22 A$ 14,733,139 14,733,139 14,733,139 |
|---|---|---|---|
The notes form part of these financial statements
Page 12
FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
In accordance with IAS 29, Financial reporting in hyper-inflationary economies, the accounts have been prepared in terms of a a measuring unit current at the period end, and the comparatives have been restated in terms of the measuring unit current at the end of the latest reporting period, including restatement of non-monetary assets from the date of acquisition,
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, including taking into account any potential impact of the Covid-19 pandemic, and on that basis the charity is considered to be a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Incoming resources are recognised on an accruals basis, accounted for in relation to the period that they relate and comprise the value of goods supplied to third parties.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable expenditure comprises direct expenditure attributable to activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on grants is recorded once the Charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
- at varying rates on cost
The Charity does not have a minimum value for the capitalisation of fixed assets.
Recognition and measurement
Fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
1. ACCOUNTING POLICIES - continued
Stocks
Livestock is valued at probable realisable value at the year end. Other stocks are stated at the lower of cost and net realisable value.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in sterling are translated into Argentinian Pesos at the rate of exchange ruling at the balance sheet date. Transactions in sterling are translated into Argentinian Pesos at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
These financial statements are presented in Argentinian Pesos (A$). The exchange rate to sterling at the date of accounts approval was A$445.15 to £1.
2. INCOME FROM CHARITABLE ACTIVITIES
| Activity Farm operations Farm Operations |
2022 A$ 177,466,021 |
2021 as restated A$ 171,852,734 |
|---|---|---|
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
3. CHARITABLE ACTIVITIES COSTS
| Farm Operations Grant-making and education Support costs |
Direct Costs A$ 160,677,070 7,100,535 359,158 168,136,763 |
|---|---|
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets (Deficit)/surplus on disposal of fixed assets Independent Examiner's fee |
2022 A$ 14,479,875 176,477 347,168 |
2021 as restated A$ 4,198,728 (1,785,152) 244,492 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30th June 2022 nor for the year ended 30th June 2021.
Trustees' expenses
There was no reimbursement of expenses to the Managing Committee in this or last year.
6. STAFF COSTS
| Wages and salaries | 2022 A$ 27,012,778 27,012,778 |
2021 as restated A$ 30,653,318 30,653,318 |
|---|---|---|
Key management personnel remuneration amounted to A$7,163,059, (2021: A$8,155,569)
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
6. STAFF COSTS - continued
The average monthly number of employees during the year was as follows:
| Management and Office Staff Farm and Other Staff |
2022 4 13 17 |
2021 4 12 16 |
|---|---|---|
No employees received emoluments in excess of A$9,135,799 (£60,000).
7. PRIOR YEAR ADJUSTMENT
As required by IAS 29, Financial reporting in hyper-inflationary economies, the accounts have been prepared in terms of a measuring unit current at the period end, and the comparatives have been restated in terms of the measuring unit current at the end of the latest reporting period, including restatement of non-monetary assets from the date of acquisition.
8. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1st July 2021 Additions Disposals At 30th June 2022 DEPRECIATION At 1st July 2021 Charge for year Eliminated on disposal Revaluation adjustments At 30th June 2022 NET BOOK VALUE At 30th June 2022 At 30th June 2021 |
Freehold property $ 292,073,848 - - 292,073,848 - - - - - 292,073,848 292,073,848 |
Plant and machinery $ 119,414,093 36,717,060 (5,501,646) 150,629,507 96,040,484 14,479,875 (5,325,170) (3,271,915) 101,923,274 48,706,233 23,373,609 |
Totals $ 411,487,941 36,717,060 (5,501,646) 442,703,355 96,040,484 14,479,875 (5,325,170) (3,271,915) 101,923,274 340,780,081 315,447,457 |
|---|---|---|---|
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st July 2021 Revaluations At 30th June 2022 NET BOOK VALUE At 30th June 2022 At 30th June 2021 Cost or valuation at 30th June 2022 is represented by: Valuation in 2022 |
Unlisted investments A$ 3,365,954 (1,318,161) 2,047,793 2,047,793 3,365,954 Unlisted investments $ 2,047,793 |
|---|---|
The investment is a 25% shareholding in Meat Organic Organisation (MOO), officially known as Bos Denaris SA. MOO is a limited company developing a brand and processing and marketing operations for organic meat in Argentina.
In the directors' opinion, the market value at 30.6.22 exceeds the cost price.
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
| 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses |
2022 A$ 81,813,178 2022 A$ 9,930,428 14,569,682 24,500,110 2022 A$ 43,087,834 29,402,879 1,432,720 347,168 74,270,601 |
2021 as restated A$ 97,167,929 2021 as restated A$ 4,050,707 18,227,524 22,278,231 2021 as restated A$ 21,323,598 35,785,024 1,690,192 400,918 59,199,732 |
|---|---|---|
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1/7/21 A$ 380,823,793 380,823,793 Incoming resources A$ 177,728,118 177,728,118 |
Net movement in funds A$ 8,779,907 8,779,907 Resources expended A$ (168,948,211) (168,948,211) |
At 30/6/22 A$ 389,603,700 389,603,700 Movement in funds A$ 8,779,907 8,779,907 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/20 A$ 379,608,981 379,608,981 |
Net movement in funds A$ 1,214,812 1,214,812 |
At 30/6/21 A$ 380,823,793 |
|---|---|---|---|
| 380,823,793 |
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2022
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources A$ 173,637,886 173,637,886 |
Resources expended A$ (172,423,074) (172,423,074) |
Movement in funds A$ 1,214,812 1,214,812 |
|---|---|---|---|
14. CAPITAL COMMITMENTS
At the year-end, the charity had no commitments.
15. RELATED PARTY DISCLOSURES
The only related party transaction was a donation of A$438,574 by a trustee.
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