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 2024
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 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Independent Examiner's Report | 8 | ||
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | to | 11 |
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 21 |
FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024
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 2024. 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 2023-24 the Foundation's activities have been 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 environmental matters, including 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 2024
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.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Foundation's activities suffered even more than before from the effects of the continuing series of severe droughts and very dry periods. The estancia's cattle have suffered some losses but the effects of losing almost the whole of 4 seasons of cropping had significant negative effects on our reserves, but there have been negative effects on our reserves. The Foundation also again faced very high inflation levels, which reduced during 2024 but remained high, at close to 50% pa, and triggered once again partial inflation accounting affecting the statement of values in our accounts.
In terms of the official US$ exchange rate for the peso at March 2025 (little changed from the equivalent rate in June 2024, though now overvalued because of continuing inflation at 40-50% pa), the Foundation's revenues for 2023-24 were about US$0.9m, a decline of over 30% as compared with 2022-23. The proportion of our farming income deriving from cropping was this year over 90% of farming income.
We have had to de-risk some cropping risk by renting out more of our cropping land for organic production. We also have to rebuild our long ley pasture reserves as most of them, despite being deep-rooted alfalfa, could not survive the droughts. We will therefore need to go through a further period of reserve-building, the length of which will depend critically on future weather.
Our plan to develop organic milk production at the farm advanced towards completion, with around 115 cows, in 2024-25. Milk from the first small group of cattle continues to be distributed in Arias, the nearest town, free as a charitable activity. A large, but reliable, local marketing partner has already been identified to purchase the output.
Despite difficult conditions for our tree planting and corridor building activities, our conservation officer developed an active work programme with much increased volunteer participation, particularly in the eradication of exotic species from key areas of the estancia. Work on the estancia's rodent populations was renewed and enhanced. Detailed research on the habitat of the estancia's emblematic but near-threatened pampa grassland bird species, the tachurí canela (Polystictus pectoralis, a species of tyrant flycatcher) was undertaken.
In the research field this year we developed closer links with the Argentinian government's agronomic research body, INTA, and developed a research protocol with the most active university involved in research at the estancia, the Universidad de Rio IV, covering ecological and agronomic work. But the national government's successful and wide-ranging programme of research funding has now been cut to almost zero by the government which came to power in late 2023.
The Foundation became very active in promoting the nationwide private reserves network of areas with protected land (in line with international biodiversity targets from COP 15, the Kunming-Montreal Global Biodiversity Framework recommendations for protected land).
Biodiversity and related priorities were reaffirmed, enhanced and restated by the Foundation in March 2024 as part of the upgrading of our 2017 Conservation Management Plan with support from an expert from Parques Nacionales. Linked to this we began a series of discussions with the provincial government in Córdoba, leading to the creation of two provincial reserves on our land, one covering the whole of the Foundation's estancia, and the other covering the entire surroundings of Laguna las Tunas (ie land of several neighbours and near-neighbours, as well as overlapping with the estancia's part of the shoreline and bottom of the lake itself).
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024
FINANCIAL REVIEW
Reserves policy
Reserves: The Foundation maintains cash balances that are appropriate for the day-to-day running of the estancia business. In addition to cash, the reserves of the Foundation are its cattle stock and its grain stocks (the latter fluctuating considerably from year to year), all of which are readily marketable, as well as its land.
Funding: The Foundation relies on revenue from the estancia's operations in Argentina, and in this financial period did not seek grant funding for specific projects or activities.
FUTURE PLANS
The Foundation continues to capitalise the estancia 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 estancia 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 Managing Committee 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 estancia continues to be managed by the Director. He was supported during 2023-24 by one full-time manager and two 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 estancia 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 in Argentina and meetings with all 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.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
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. From 2017 on, as part of the Conservation Management Plan adopted by the Foundation's Managing Committee, with FVSA support and guidance, 100% of the estancia became an FVSA Reserva on the basis that it is managed as an integrated whole and under this formal Management Plan. The Plan was reviewed and upgraded in 2024, as described above under Charitable Activities. 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 and with Instituto Nacional de Tecnología Agropecuaria - INTA, the Argentinian government's large national research organization. The Foundation also played a significant role in creating a Regional Node in Central Argentina for the Red Argentina de Reservas Naturales Privadas, which has now developed a systematic coordinated approach for the country's many private reserves.
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, major threats derive 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 increasing because of climate change affecting the farm in the form of longer drought periods because the farm is situated at the edge of the wet pampa and the close to the semi-arid pampa, but this risk is mitigated by the fact that we employ rigorous organic practices including rotations and particular care for the soil in what is a relatively 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 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 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 in March 2024; the farm machinery and the farm's working practices were inspected and steps were taken to ensure that recommendations were implemented.
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.
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30TH JUNE 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02936866 (England and Wales)
Registered Charity number 2936866
Registered office Flat 314 8 Dean Ryle Street London SW1P 4DA
Trustees
P Landa M Measures Mrs J G M Murray (resigned 18/10/2023) K G D Murray (deceased 2/2/2025) D M Peck Mrs L V Peck Mrs M Harteneck
Company Secretary Mrs L V Peck
Independent Examiner
Dr Shona Wardrop C.A. 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
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FOUNDATION RACHEL AND PAMELA SCHIELE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number in Argentina
IGJ00059
Working Name in Argentina
Las Dos Hermanas
Farm Director (in Argentina)
Dr (Vet) Marcelo A Frías
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 15th March 2025 and signed on its behalf by:
D M Peck - Trustee
Page 7
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 2024.
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 $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 of Scotland, 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
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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.
Dr Shona Wardrop C.A. The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Date: 23[rd] April 2025
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FOUNDATION RACHEL AND PAMELA SCHIELE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30TH JUNE 2024
| 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/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted fund A$'000 3,349 845,415 2,261 851,025 910,989 35,431 451 (20,249) 926,622 (75,597) 3,075,062 2,999,465 |
2023 Unrestricted funds as restated A$'000 - 1,204,952 (3,625) 1,201,327 1,216,086 54,934 2,912 (27,140) 1,246,792 (45,465) 3,120,527 3,075,062 |
|---|---|---|
The notes form part of these financial statements
Page 9
FOUNDATION RACHEL AND PAMELA SCHIELE (REGISTERED NUMBER: 02936866)
BALANCE SHEET 30TH JUNE 2024
| Notes FIXED ASSETS Tangible assets 8 Investments 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2024 Unrestricted fund A$'000 2,586,311 - 2,586,311 529,328 54,505 44,267 628,100 (214,946) 413,154 2,999,465 2,999,465 2,999,465 2,999,465 |
2023 Unrestricted funds as restated A$'000 2,716,522 11,602 2,728,124 460,777 52,797 62,314 575,888 (228,950) 346,938 3,075,062 3,075,062 3,075,062 3,075,062 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 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 2024
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 15[th] March 2025 and were signed on its behalf by:
D M Peck - Trustee
The notes form part of these financial statements
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FOUNDATION RACHEL AND PAMELA SCHIELE
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of fixed asset investments Net cash provided by/(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 |
2024 2023 as restated A$'000 A$'000 (25,788) 76,062 (25,788) 76,062 (13,028) (41,514) - (3,994) 9,167 (2) 11,602 - 7,741 (45,510) (18,047) 30,552 62,314 31,762 44,267 62,314 |
|---|---|
The notes form part of these financial statements
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30TH JUNE 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Profit)/loss on disposal of fixed assets Investment revaluation Fixed Asset revaluation (Increase)/decrease in stocks Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2024 as A$'000 (75,597) 94,646 (2,261) - 41,687 (68,551) (1,708) (14,004) (25,788) |
2023 restated A$'000 (45,465) 91,782 3,625 2,381 (18,718) 52,371 (14,635) 4,721 76,062 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/7/23 Cash flow At A$'000 A$'000 Net cash Cash at bank 62,314 (18,047) 62,314 (18,047) Total 62,314 (18,047) |
30/6/24 A$'000 44,267 44,267 44,267 |
|---|---|
The notes form part of these financial statements
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024
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 the 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 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 2024
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$1,467.59 to £1.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying value 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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.
There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustments to the financial statements in a future period.
Financial instruments
The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method.
Financial Assets
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
1. ACCOUNTING POLICIES - continued
Financial Liabilities
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
2. INCOME FROM CHARITABLE ACTIVITIES
3.
| Activity Farm operations Farm Operations CHARITABLE ACTIVITIES COSTS Farm Operations Grant-making and education Support costs |
2024 A$'000 845,415 |
2023 as restated A$'000 1,204,952 Direct Costs A$'000 910,989 35,431 451 946,871 |
|---|---|---|
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets Surplus/(deficit) on disposal of fixed assets Independent Examiner's fee |
2024 as A$'000 94,646 (2,261) 2 |
2023 restated A$'000 120,371 3,625 1 |
|---|---|---|
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30th June 2024 nor for the year ended 30th June 2023.
Trustees' expenses
There was no reimbursement of expenses to the Managing Committee in this or last year.
6. STAFF COSTS
| Wages and salaries | 2024 as A$'000 155,209 155,209 |
2023 restated A$'000 209,081 209,081 |
|---|---|---|
Key management personnel (being the Trustees and the Farm Manager) remuneration amounted to A$46,149,048, (2023: A$17,450,487)
The average monthly number of employees during the year was as follows:
| Management and Office Staff Farm and Other Staff |
2024 4 13 17 |
2023 4 10 |
|---|---|---|
| 14 |
No employees received emoluments in excess of $60,000.
7. PRIOR YEAR ADJUSTMENT
As required by IAS 29, Financial reporting in hyper-inflationary economies, the accounts have been prepared in terms of a measuring unit current at the period end, and the comparatives have been restated in terms of the measuring unit current at the end of the latest reporting period, including restatement of non-monetary assets from the date of acquisition.
continued...
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
8. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1st July 2023 Additions Disposals Revaluations At 30th June 2024 DEPRECIATION At 1st July 2023 Charge for year Eliminated on disposal Revaluation adjustments At 30th June 2024 NET BOOK VALUE At 30th June 2024 At 30th June 2023 Cost or valuation at 30th June 2024 is represented by: Valuation in 2023 |
Freehold property A$'000 2,339,349 - - - 2,339,349 - - - - - 2,339,349 2,339,349 Freehold property A$'000 2,339,349 |
Plant and machinery A$'000 1,272,132 13,028 (24,551) (96,882) 1,163,727 894,959 94,646 (17,645) (55,195) 916,765 246,962 377,173 Plant and machinery A$'000 1,163,727 |
Totals A$'000 3,611,481 13,028 (24,551) (96,882) 3,503,076 894,959 94,646 (17,645) (55,195) 916,765 2,586,311 2,716,522 Totals A$'000 3,503,076 |
|---|---|---|---|
9. FIXED ASSET INVESTMENTS
The investment was sold during the year at a price approximating cost.
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
| 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses 13. MOVEMENT IN FUNDS At 1/7/23 A$'000 Unrestricted funds General fund 3,075,062 TOTAL FUNDS 3,075,062 |
2024 A$'000 529,328 2024 A$'000 54,493 12 54,505 |
as as |
||
|---|---|---|---|---|
| as | ||||
| Net movement in funds A$'000 (75,597) (75,597) |
||||
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds |
Incoming resources A$'000 851,025 851,025 |
Resources Movement expended in funds A$'000 A$'000 (926,622) (75,597) (926,622) (75,597) |
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/22 A$'000 3,120,527 3,120,527 |
Net movement in funds A$'000 (45,465) (45,465) |
At 30/6/23 A$'000 3,075,062 3,075,062 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources A$'000 1,201,327 1,201,327 |
Resources expended A$'000 (1,246,792) (1,246,792) |
Movement in funds A$'000 (45,465) (45,465) |
|---|---|---|---|
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FOUNDATION RACHEL AND PAMELA SCHIELE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024
14. CAPITAL COMMITMENTS
At the year-end, the charity had no commitments.
15. RELATED PARTY DISCLOSURES
The only related party transactions in the year were donations of A$3,348,542 by a trustee (2023 no transactions) Included in other creditors is a loan from D Peck, a trustee, of A$87.3M (2023: A$19.82M)
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