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2021-03-31-accounts

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Charity Registration No. 1040076

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Company Registration No. 2873432 (England and Wales)

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|THE MURRAY DOWNLAND TRUST | ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS | FOR THE YEAR ENDED 31 MARCH 2021

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THE MURRAY DOWNLAND TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees G Ryan QC MA | SClaire Ward FRICSNorwood BSc FCA CTA J Murray CDA CDFM M Edwards BSc FRES N Sherwin MA LLM Solicitor M Hadley R Windle FRICS FAAV Alice Parfitt BSc(Hons) (Appointed 17 May 2021) Secretary Claire Norwood BSc FCACTA Charity number 1040076 Company number 2873432 Principal address Heyshott Farmhouse Leggs Lane Heyshoit Midhurst West Sussex GU29 ODJ Registered office Piper House 4 Dukes Court Bognor Road Chichester West Sussex PO19 8FX Independent examiner Alain Mardle FCA Greens Court West Street Midhurst West Sussex GU29 9NQ Bankers Lloyds TSB Bank plc 5 The Square Petersfield Hampshire | GU32 3HL | | |

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THE MURRAY DOWNLAND TRUST

CONTENTS

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||||| |---|---|---|---| |Page| |Trustees’|report|1-2| |Independent|examiner's|report|3| |Statement|of financial|activities|4| |Balance|sheet|5| |Notes|to|the accounts|6-11|

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THE MURRAY DOWNLAND TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's governing document, the Companies Act 2006 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) (effective 1 January 2015)”

Objectives and activities

See Chairman's Report and reserve reports.

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

Achievements and performance

See reserve reports. | t[[A]] | Financial review See Treasurer's Report.

It is) the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a Jevel equivalent to between six and twelve month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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

Structure, governance and management The trust is a company limited by guarantee (no. 2873432) incorporated on 19 November 1993 and is a registered charity (no. 1040076). The trust's objects are the preservation, protection, development and improvement of land of specific interest or natural beauty. The trust achieves its objects with the help of volunteers and paid contractors as necessary.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: G Ryan QC MA S Ward FRICS Claire Norwood BSc FCA CTA J Murray CDA CDFM M Edwards BSc FRES N Sherwin MA LLM Solicitor M Hadley R Windle FRICS FAAV Alice|Parfitt BSc(Hons) (Appointed 17 May 2021)

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

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THE MURRAY DOWNLAND TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The charity is administered by a board of 9 directors/trustees who meet approximately 8 times a year including govemance meetings and site visits. Under the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit.

The Trustees’ report was approved by the Board of Trustees.

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N Sherwin MA LLM Solicitor TrusteesDated: So(A Gnly E(

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THE MURRAY DOWNLAND TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MURRAY DOWNLAND TRUST

| report on the financial statements of the company for the year ended 31 March 2021, which are set out on pages 4 to 11.

Respective responsibilities of Trustees and examiner

The company’s Trustees, who are also the directors of The Murray Downland Trust for the purposes of company law, are responsible for the preparation of the financial statements. The 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.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My |examination was camied 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements present a ‘true and fair view and the report is limited to those matters set out in the next statement.

independent examiner's statement

In connection with my examination, no matter has come to my attention:

Alain Mardle FCA

Chartered Accountant Greens Court West Street Midhurst West Sussex GU29 9NQ | |

Dated: lb O OF 2H

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THE MURRAY DOWNLAND TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Restricted Total Total
funds funds 2021 2020
Notes £ £ £ £
Incomeand
endowme		 om:
Donations and legacies 3 2,933 - 2,933 8,896
Charitable activities 4 13,016 - 13,016 10,156
Investments 5 8,031 - 8,031 9,632
Otherincome 6 1,800 - 1,800 -
Total income andendowments 25,780 - 25,780 28,684
Expenditure on:
Charitable activities 7 14,500 - 14,500 27,638
Total resourcesexpended 14,500 - 14,500 27,638
Net losses/(gains) on investments 11 25,837 - 25,837 (32,001)
Net
movement infunds		 37,117 - 87,117 (30,955)
Fund
balances at 1 April 2020		 222,973 7,000 229,973 260,928
Fund
balancesat31March		 2021 260,090 7,000 267,090 229,973

The |statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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THE MURRAY DOWNLAND TRUST

BALANCE SHEET

AS AT 31 MARCH 2021

2024 2020
Notes £ £ £ £
Fixed assets
investments 12 229,402 203,565
Current assets
Debtors 14 2,637 -
Cash
atbankand in hand		 36,254 26,716
38,891 26,716
Creditors:amounts fallingdue within
one \year 15 (1,203) (308)
Net currentassets 37,688 26,408
Tota] assets less current liabilities 267,090 229,973
Income
funds
Restricted funds 16 7,000 7,000
Unrestricted funds 260,090 222,973
267,090 229,973

The dompany is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on slaiz)

Claire Norwood BSc FCA CTA Trust ' Company Registration No. 2873432

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| THE MURRAY DOWNLAND TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 | 1 Accounting policies Company information The Murray Downland Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Piper House, 4 Dukes Court, Bognor Road, Chichester, West Sussex, PO19 8FX. |

1.1) Accounting convention The accounts have been prepared in accordance with the company's governing document, the Companies Act 2006 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 2019). The company is a Public Benefit Entity as defined by FRS 102. The company 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 company. 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 company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 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 company. 1.4 Incoming resources Income is recognised when the company 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. | Cash donations are recognised on receipt. Other donations are recognised once the company 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.

| Legacies are recognised on receipt or otherwise if the company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. | -6-

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| |THE MURRAY DOWNLAND TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

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1 | Accounting policies (Continued)
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts
receivable for goods and services provided in the normal course of business, net of discounts, VAT and
other sales related taxes.
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(Continued)
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1.5 | Resources expended
| Liabilities are recognised on an accruals basis.
| Charitable expenditure includes those expenses directly related to charitable activities and includes related
| support costs.
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1.6 | Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 | 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.

1.8 |Financial instruments

The company 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 company's balance sheet when the company 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.

asic financial assets

asic 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 ffective 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 i classified as receivable within one year are not amortised.

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THE MURRAY DOWNLAND TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 fp 1 | Accounting policies

(Continued)

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[year][or][less.][If][not,][they][are][presented][as][norn-current][liabilities.][Trade][creditors][are][recognised][initially] |[one] of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within | at transaction price and subsequently measured at amortised cost using the effective interest method. | Derecognition of financial liabilities[cancelled.] |[or] Financial liabilities are derecagnised when the company’s contractual obligations expire or are discharged

2 Critical accounting estimates and judgements

In the application of the company’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.

3 ‘Donations and legacies

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| Unrestricted Unrestricted
| funds2024 funds2020 j
Donations and gifts 1,444 7,210 1
Membership fees 1,489 1,686 q
4 chatable activities q
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£ £
Performance related grants 13,016 10,156 |
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THE MURRAY DOWNLAND TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

|5|||Investments||||||||| |---|---|---|---|---|---|---|---|---|---| ||||||||Unrestricted|Unrestricted|| |||
|||||||funds|funds|3
q| ||||||||2021|2020|1| |||
£
£
:||||||||| ||||Income from listed investments|||||8,031|9,632|1| |6||
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||Otherincome||||Unrestricted
funds||Total|:| ||||||||2024|2020|| |||||||||£|£|| |||Otherincome|||||1,800|-|| |7||Charitable activities|||||||| ||||Nature|Support||Sundry|Total|Total|| ||||reserve care|costs||expenditure|2021|2020|| ||||2021|2021||2021|||| ||||£||£|£|£|£|| |||Operating costs|13,647||673|-|14,320|26,618|| |||Otherexpenditure|-||-|180|180|1,020|| |||||13,647||673|180|14,500|27,638|| |||||~~
13,647|——|673|——
180|——
14,500|—___
27,638||

8 Description of charitable activities

Conservation of chalk grassland Upkeep of nature reserves

! 9 Trustees

|None of the Trustees(or any persons connected with them) received any remuneration or benefits from the jcompany during the year, but 5 (2020: 4) of them were reimbursed a total of £1,256.31 (2020: £1,570.02 ) for postage, printing, stationery and sundries.

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|[|] inNOTES MURRAY TO THE FINANCIALDOWNLANDSTA T EMENTSRUST (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

10 | Employees

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |There|were|no employees|during|the|year.| |11|||Net (losses)/gains on investments| |||2021|2020| |£|£| |||Revaluation|of investments|25,837|(32,001)| ||| |12|||Fixed asset investments| |||Listed| |||investments| |Cost|or|valuation| |At 31|March|2020|203,565| |||ValuationAt|31|March changes2021|229,40225,837| |Carrying|amount| |At|31|March|2021|229,402| |||At 31|March 2020|203,565| |||Investments|exceeding|5%|of the|total|market value| ||| |M&G|Charibond|Charities|Income,|number of shares|79,670.76|valued|at £98,409.33|(2020|£98,146.41)| |M&G|Charifund|Equities,|number|of shares|8,382.92|valued|at £123,430.97|(2020|£100,215.31)| |Fixed asset investments|revalued| |The|historic|cost|of|the|investments|is|£202,734|(2020|-|£202,734).| ||| |13|| Financial instruments|2021|2020| || Carrying amount of financial assets| || Instruments|measured|at|fair value|through|profit|or loss|229,402|203,565| |44|Debtors| |||2021|2020| || Amounts|falling|due within|one|year:|£|£| |Trade debtors|2,637|.|

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THE MURRAY DOWNLAND TRUST

lie TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

15 | Creditors: amounts falling due within one year | 2021 2020 | |Other creditors 1,203 308

16 | Restricted funds

| The income funds of the charity include restricted funds comprising the following unexpended balances of j donations and grants held on trust for specific purposes: q | |Movement Movement q | in funds in funds 4 | 14 BalanceApril 2019 at resourcesIncoming _1 BalanceApril 2020 at resourcesIncoming 31 MarchBalance2021 at ’ £ £ £ £ £ : | |Warden Fund 7,000 - 7,000 - 7,000

|17|[Analysts ofnetassetsbetweenfunds
||Unrestricted
£|Restricted
£|Total
£| |---|---|---|---|---| ||[Fund balances at31 March 2021 are represented by:
investments
cuentassets/(liabilities)|222,402
37,688|7,000
-|229,402
37,688| ||||260,090|7,000|267,090|

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