Charity registration number 1040076
Company registration number 2873432 (England and Wales)
THE MURRAY DOWNLAND TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE MURRAY DOWNLAND TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Simon Ward FRICS | |
|---|---|---|
| Claire Norwood BSc FCA CTA | ||
| J G Murray CDA CDFM | ||
| Mike Edwards BSc FRES | ||
| Nicholas Sherwin MA LLM Solicitor | ||
| Michael Hadley | ||
| Robert Windle FRICS FAAV | ||
| Alice Parfitt BSc(Hons) | ||
| P D Stevens | (Appointed 19 November 2024) | |
| Secretary | Claire Norwood BSc FCA CTA | |
| Charity number | 1040076 | |
| Company number | 2873432 | |
| Principal address | Heyshott Farmhouse | |
| Leggs Lane | ||
| Heyshott | ||
| Midhurst | ||
| West Sussex | ||
| GU29 0DJ | ||
| Registered office | Piper House | |
| 4 Dukes Court | ||
| Bognor Road | ||
| West Sussex | ||
| Chichester | ||
| 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 |
THE MURRAY DOWNLAND TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 13 |
THE MURRAY DOWNLAND TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and financial statements for the year ended 31 March 2025.
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.
Financial review
See Treasurer's Report.
It is the policy of the company that unrestricted funds held in the current bank account which have not been designated for a specific use should be maintained at a level 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. Investments are retained at such a level to generate sufficient income to allow activities to be maintained. 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:
Gerard Ryan QC MA Deceased (Resigned 20 November 2024) Simon Ward FRICS Claire Norwood BSc FCA CTA J G Murray CDA CDFM Mike Edwards BSc FRES Nicholas Sherwin MA LLM Solicitor Michael Hadley Robert Windle FRICS FAAV Alice Parfitt BSc(Hons) P D Stevens (Appointed 19 November 2024)
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 2025
The charity is administered by a board of 9 directors/trustees who meet approximately 8 times a year including governance 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.
Nicholas Sherwin MA LLM Solicitor
Trustee Dated: 15 July 2025
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THE MURRAY DOWNLAND TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MURRAY DOWNLAND TRUST
I report on the financial statements of the company for the year ended 31 March 2025, which are set out on pages 4 to 13.
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:
-
(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the 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:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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have not been met or
-
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Alain Mardle FCA
Chartered Accountant Greens Court West Street Midhurst West Sussex GU29 9NQ
Dated: 13 November 2025
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THE MURRAY DOWNLAND TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds Notes £ £ Income from: Donations and legacies 3 20,963 - Charitable activities 4 26,135 - Investments 5 18,755 - Total income 65,853 - Expenditure on: Charitable activities 6 42,407 398 Total resources expended 42,407 398 Net (losses)/gains on investments 10 5,896 - Net movement in funds 29,342 (398) Fund balances at 1 April 2024 458,390 14,789 Fund balances at 31 March 2025 487,732 14,391 |
Total 2025 £ 20,963 26,135 18,755 65,853 42,805 42,805 5,896 28,944 473,179 502,123 |
Total 2024 £ 206,862 8,291 13,116 228,269 17,285 17,285 (2,327) 208,657 264,522 473,179 |
|---|---|---|
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 2025
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the company Restricted income funds 16 Unrestricted funds |
2025 £ 14,350 132,324 146,674 1,430 |
£ 111,729 245,150 356,879 145,244 502,123 14,391 487,732 502,123 |
2024 £ 5,000 119,168 124,168 1,001 |
£ 110,759 239,253 |
|---|---|---|---|---|
| 350,012 123,167 |
||||
| 473,179 | ||||
| 14,789 458,390 |
||||
| 473,179 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 15 July 2025
Claire Norwood BSc FCA CTA
Trustee
Company registration number 2873432 (England and Wales)
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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, West Sussex, Chichester, 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 concern 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 or grantors 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 date of receipt.
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.
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
Reserve expenditure includes £16,863 in relation to replacement fencing.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings No depreciation Equipment 20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 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.
1.8 Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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 Income from donations and legacies
| Unrestricted | Unrestricted | Unrestricted | |
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations and gifts | 5,072 | 105,929 | |
| Membership fees | 1,541 | 933 | |
| Legacies | 14,350 | 100,000 | |
| 20,963 | 206,862 | ||
| Charitable activities | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Performance related grants | 26,135 | 8,291 |
4 Charitable activities
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from listed investments | 13,770 | 12,547 |
| Interest receivable | 4,985 | 569 |
| 18,755 | 13,116 |
6 Charitable activities
| Nature reserve care Support costs Sundry expenditure Legal and professional fees 2025 2025 2025 2025 £ £ £ £ Depreciation and impairment 1,379 - - - Operating costs 37,023 357 - - Other expenditure - - 1,235 2,811 38,402 357 1,235 2,811 38,402 357 1,235 2,811 Analysis by fund Unrestricted funds 38,004 357 1,235 2,811 Restricted funds 398 - - - 38,402 357 1,235 2,811 For the year ended 31 March 2024 Unrestricted funds 13,637 638 708 2,302 |
Total 2025 £ 1,379 37,380 4,046 42,805 42,805 42,407 398 42,805 |
Total 2024 £ 910 13,365 3,010 |
|---|---|---|
| 17,285 | ||
| 17,285 | ||
| 17,285 - |
||
| 17,285 | ||
| 17,285 |
Reserve expenditure includes £16,863 in relation to replacement fencing.
7 Description of charitable activities
Conservation of grassland Upkeep of nature reserves
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the company during the year, but 5 (2024: 6) of them were reimbursed a total of £4,389 (2024: £3,208) for postage, printing, stationery and sundries.
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
9 Employees
There were no employees during the year.
10 Net (losses)/gains on investments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Revaluation of investments | 5,896 | (2,327) |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
| Cost At 1 April 2024 Additions At 31 March 2025 Depreciation and impairment At 1 April 2024 Depreciation charged in the year At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 |
Land and buildings Equipment £ £ 107,121 4,548 - 2,349 107,121 6,897 - 910 - 1,379 - 2,289 107,121 4,608 107,121 3,638 |
Total £ 111,669 2,349 |
|---|---|---|
| 114,018 | ||
| 910 1,379 |
||
| 2,289 | ||
| 111,729 | ||
| 110,759 |
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 31 March 2024 | 239,253 |
| Valuation changes | 5,896 |
| At 31 March 2025 | 245,149 |
| Carrying amount | |
| At 31 March 2025 | 245,149 |
| At 31 March 2024 | 239,253 |
Fixed asset investments revalued
The historic cost of the investments is £224,635 (2024 - £224,635).
14 Debtors
| Amounts falling due within one year: Other debtors 15 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2025 £ 14,350 2025 £ 710 720 1,430 |
2024 £ 5,000 |
|---|---|---|
| 2024 £ 281 720 |
||
| 1,001 |
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THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
16 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 April | At 1 April | Resources | At | 31 March | |
|---|---|---|---|---|---|
| 2024 | expended | 2025 | |||
| £ | £ | £ | |||
| Warden Fund | 7,000 | - | 7,000 | ||
| Ash Tree Fund | 7,789 | (398) | 7,391 | ||
| 14,789 | (398) | 14,391 | |||
| Previous year: | At 1 April | Resources | At | 31 March | |
| 2023 | expended | 2024 | |||
| £ | £ | £ | |||
| 14,789 | - | 14,789 |
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | Gains and | At 31 March | |
|---|---|---|---|---|---|
| 2024 | resources | expended | losses | 2025 | |
| £ | £ | £ | £ | £ | |
| General funds | 458,390 | 65,853 | (42,407) | 5,896 | 487,732 |
| Previous year: | At 1 April | Incoming | Resources | Gains and | At 31 March |
| 2023 | resources | expended | losses | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 249,733 | 228,269 | (17,285) | (2,327) | 458,390 |
Unrestricted
18 Analysis of net assets between funds
| Unrestricted Restricted £ £ Fund balances at 31 March 2025 are represented by: Tangible assets 111,729 - Investments 230,759 14,391 Current assets/(liabilities) 145,244 - 487,732 14,391 |
Total £ 111,729 245,150 145,244 |
|---|---|
| 502,123 |
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