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2023-12-31-accounts

Charity number: 1091660

THE ALBORADA TRUST

ER RR TE sD

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE ALBORADA TRUST

CONTENTS

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Page
Reference and Administrative Details of the Trust, its Trustees and Advisers 1
Trustees’ Report 2-5
Independent Auditors’ Report on the Financial Statements 6-9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12-25
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THE ALBORADA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees E KE
Rausing
R Lerner
Captain J Nicholson
R TA Goff
L Pillard
AE
Traub
Charity registered
number 1091660
Principal office Lanwades Stud
Moulton Road
Kennett
Newmarket
CB8 8QS
Director G Harris
Independent auditors Peters Elworthy & Moore
Chartered Accountants
StatutoryAuditors
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers Julius Bar
Bahnofstrasse 26
Zurich
CH-8010
Investment manager Longbow Finance SA
Route De Lavaux 36
Lutry CH-1095
Switzerland

Page 1

THE ALBORADA TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report along with the audited financial statements of the Trust for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, Governance and Management

The Alborada Trust, a private philanthropic trust founded by Kirsten Rausing, is an unincorporated registered charity, established by a Deed of Trust dated 1 October 2001 and amended by a supplemental deed dated 5 March 2002. Under the terms of the Deed, the trustees shall hold the capital and the income of the Trust Fund upon trust to apply the income, and as far as necessary the capital, for or towards such charitable purposes and to make grants to such charitable bodies or institutions at such time or times and in such manner as the trustees may in their absolute discretion think fit. Trustees serve an indefinite term based on their relative experience and contribution to the Trust as a whole. The trustees keep the skill requirements of the trustee body under review and in the event that a trustee retires or additional new trustees are required, the existing trustees collectively discuss the change. There is no formal induction or training of new trustees. However, appointment is by nomination and the trustees review the skills of each nominated person to select members with the relevant experience and skills.

The power of appointment of new trustees is vested in and exercisable by the continuing trustees.

At the trustees' meetings held during the year the trustees agree the strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The trustees who served during the year and the principal address of the trust are detailed on page 1.

Risk Management

The trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider market price risk and credit risk to be the most significant investment risks. Market price risk is managed by investment in a diverse portfolio managed by an independent fund manager. Credit risk is managed by investment in investment grade securities.

Objectives and Activities

The Trust's aims are the funding of medical and veterinary causes, research and education and for the relief of poverty and of human and animal suffering, sickness and ill-health.

The main objectives for the year are shaped by these strategic aims with a view to continue funding chosen general charitable causes in line with the Trust Deed.

Grant Making Policy

The trustees’ funds are fully committed and unsolicited applications are not requested.

The trustees will donate the annual available income to approved charities and prefer to support grants to charities whose work they have researched and which is in accordance with the aims and objectives of the Trust for the year.

The trustees request regular updates from those charities that they have supported to provide details of how the grants have been allocated and spent. Grants are only continued where the applicant provides sufficient relevant information to the trustees and satisfies the trustees that continuation of funding is in the interests of the Trust and its aims and objectives.

Page 2

THE ALBORADA TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Performance for the Year

The trustees try to predict the level of income that they expect to receive each year so that they can plan the level of grants for each financial year. Investment returns comprised investment income of £185,268 (2022 - £154,122) and gain on revaluation of £1,469,663 (2022 - loss of £3,667,342). The trustees distributed £5,875,036 (2022 - £7,490,239) by way of grants paid in the year. The Trust's income for the year ended 31 December 2023 included gift aid receivable, dividends and interest amounting to £310,268 (2022 - income of £1,479,112). Realised and unrealised gains and losses on investments amounted to an overall gain of £1,469,663 (2022 - loss of £3,667,342).

The Trusts' net assets and total unrestricted reserves as at 31 December 2023 amounted to £4,941,721 (2022 - net assets of £13,480,664).

The trustees report net expenditure before other gains and losses for the year of £8,568,647 (2022 - £6,436, 386).

Reserves

The reserves policy of the Trust is to ensure that at all times it has sufficient reserves to meet its commitments for the next three months. The Trust like many grant making charities has very low fixed costs. The founding trustee funds the Trust and makes donations from time to time to ensure that the Trust can meet its grant obligations as they fall due. At the end of the year the Trust was in a net asset position, resulting in there being sufficient reserves available to meet the grants awarded by the Board of Trustees as they fall due. This includes some multi-year grants.

Investment Policy and Performance

The trustees have a balanced investment policy and aim to maintain free reserves in unrestricted funds at a level which is sufficient to wholly distribute the income of the Trust fund whilst retaining capital for the maintenance and growth of the Fund.

The trustees' policy is to invest the fund in secure markets, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. With this in mind, the trustees have appointed the services of investment managers to guide and act for them on a professional basis. The trustees monitor the performance of the investments in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investment managers at the trustees' meetings throughout the financial year.

Investments are shown at market value rather than book cost in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities.

The trustees confirm that the Trust's assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Trust have been acquired in accordance with the powers available to them under the Trust Deed.

Plans for Future Periods

The trustees are mindful of the importance of animal welfare and related research together with projects dealing with the relief of poverty, human suffering, sickness or ill health throughout the world. They would like to continue their current line of support by providing grants to selected organisations.

The Alborada Trust is a lasting testimony to the generosity and philanthropic concerns of the Founder.

Page 3

THE ALBORADA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Trust's Public Benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and in planning future activities. This is evidenced by the contributions paid to registered charities totalling £5,875,036 (2022 - £7,490,239).

Going Concern

The trustees have reviewed the Trust's investments and operations. The budget for charitable activities in 2024 is based on a commitment from the founding trustee that there will be sufficient cash resources available to meet pre-existing grant commitments and operational costs. The Trust holds reserves to supplement income requirements to meet its charitable objectives as required.

The trustees consider that there are no material uncertainties over the Trust's ability to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust's trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

THE ALBORADA TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

A resolution concerning the appointment of Peters Elworthy & Moore as auditor to the company, will be proposed at the Annual General Meeting.

Appyoved by order of the members of the board of Trustees and signed on their behalf by:

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E KE Rausing |
Trustee
Date: 29 4 D2
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Page 5

THE ALBORADA TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ALBORADA TRUST

OPINION

We have audited the financial statements of The Alborada Trust (the 'Trust') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

THE ALBORADA TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

THE ALBORADA TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Trust's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

To

address the risk of fraud through management bias and override of controls, we;

Page 8

THE ALBORADA TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date! 2A APRIL 2074

Peters Elworthy & Moore are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

THE ALBORADA TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Total Total
funds funds funds
2023 2023 2022
Note £ £ £
INCOME FROM:
Donations 4 125,000 125,000 1,325,000
Investments 5 185,268 185,268 154,112
TOTAL INCOME 310,268 310,268 1,479,112
EXPENDITURE ON:
Raising funds 6 52,920 52,920 41,349
Charitable activities T 9,945,658 9,945,658 4,206,807
TOTAL EXPENDITURE 9,998,578 9,998,578 4,248,156
NET EXPENDITURE BEFORE GAINS/(LOSSES) (9,688,310) (9,688,310) (2,769,044)
Net gains/(losses) on investments 12 1,469,663 1,469,663 (3,667,342)
NET EXPENDITURE (8,218,647) (8,218,647) (6,436,386)
OTHER RECOGNISED GAINS:
Gains on foreign exchange 29,704 29,704 160,599
NET MOVEMENT IN FUNDS (8,188,943) (8,188,943) (6,275,787)
RECONCILIATION OF FUNDS:
Total funds brought forward 13,480,664 13,480,664 19,756,451
Net movement in funds (8,188,943) (8,188,943) (6,275,787)
TOTALFUNDSCARRIEDFORWARD 5,291,721 5,291,721 13,480,664

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 25 form part of these financial statements.

Page 10

THE ALBORADA TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

2023 2022
Note £ £
FIXED ASSETS
Investments 12 15,865,429 20,600,567
15,865,429 20,600,567
CURRENT ASSETS
Debtors 13 42,420 17,155
Cash at bank and in hand 213,129 88,365
255,549 105,520
Creditors: amounts falling due within one
year 14 (3,950,758) (3,574,392)
NETCURRENT LIABILITIES (3,695,209) (3,468,872)
TOTALASSETS LESSCURRENT
LIABILITIES		 ——————
12,170,220		 —_—-
17,131,695
Creditors: amounts falling due after more
than one year 15 (6,878,499) (3,651,031)
TOTAL NETASSETS 5,291,721 13,480,664
CHARITY FUNDS
Unrestricted funds 17 5,291,721 13,480,664
TOTALFUNDS 5,291,721 13,480,664

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The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
feE Rausing <
Trustee
Date: 29 /y 2OLY
The notes on pages 12 to 25 form part of these financial statements.
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Page 11

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13 GENERAL INFORMATION

The Alborada Trust is an unincorporated Trust registered in England. The Trust's registered office is Lanwades Stud, Moulton Road, Kennett, Newmarket, CB8 8QS.

The Charity's functional and presentational currency is GBP.

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Alborada Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 INCOME

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time it becomes receivable.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives.

Page 12

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.3 EXPENDITURE (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.4 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 TAXATION

The Trust is a registered charity and as such is entitled to tax emptions on income and gains properly applied for its charitable purposes.

2.6 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments held as fixed assets are shown at cost less provision for impairment.

Forward foreign exchange contracts

Forward foreign exchange contracts to buy and sell currencies at future dates are marked to market and realised and unrealised gains are included in the Statement of Financial Activities.

2.7 DEBTORS

Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

2.8 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 13

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2: ACCOUNTING POLICIES (CONTINUED)

2.9 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 FINANCIAL INSTRUMENTS

The Trust has financial assets and financial liabilities in the form of both basic and non-basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Derivative financial instruments exist in the form of forward foreign exchange contracts as detailed above.

2.11 Pensions

2.12 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 14

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Valuation of investments

Investments are included in the Balance Sheet at fair value determined by the Investment Advisors. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. Valuation of forward contracts Investments are included in the Balance Sheet at fair value determined by the Investment Advisors. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

4. INCOME FROM DONATIONS

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Gift aid 125,000 125,000 1,325,000
Total2022 1,325,000 1,325,000

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THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5, INVESTMENT INCOME

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Dividends and distributions 121,266 121,266 136,498
Interest received from HMRC 839 839 2,219
Deposit interest income 63,163 63,163 15,395
185,268 185,268 154,112
Total2022 154,112 154,112

6. EXPENDITURE ON RAISING FUNDS

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Commission and other charges 38,271 38,271 23,307
Investment management fees 14,649 14,649 18,042
52,920 52,920 41,349
Total2022 41,349 41,349

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THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Te ANALYSIS OF EXPENDITURE BY ACTIVITIES

Grant
funding of
activities		 Support
costs		 Total
funds		 Total
funds
2023 2023 2023 2022
£ £ £ £
Grants 9,757,431 188,227 9,945,658 4,206,807
Total2022 4,067,446 139,361 4,206,807

ANALYSIS OF SUPPORT COSTS

Total Total
funds funds
2023 2022
£ £
Staff costs 115,601 74,779
Legal and secretarial fees 2,174 1,271
Audit and accountancy fees 31,633 39,572
Consulting fees 29,667 15,000
Trust administration expenses 9,152 8,739
188,227 139,361

Page 17

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. ANALYSIS OF GRANTS

Amount
Balance awarded/adj Amount Balance
b/fwd1 ustedinthe paid inthe c/fwd 31
January year year December
2023 2023 2023 2023
£ £ £ £
Addenbrooke's Charitable Trust 26,190 91,728 (39,306) 78,612
Alzheimer's Research UK - 5,000,000 (1,000,000) 4,000,000
Action Aid Somalia 369,593 - (130,097) 239,496
Action Aid Zimbabwe and Mozambique - 300,000 (149,496) 150,504
Action Aid Rohingya - 374,822 (124,941) 249,881
Anne Robson Trust 100,000 - (50,000) 50,000
David Shepherd Wildlife Foundation - 250,000 (250,000) .
DEKI - 25,000 (25,000) -
Ethiopiaid 5,000 20,000 (25,000) -
Horatio's Garden 25,000 - (25,000) -
Hope for the Young - 30,000 (30,000) -
International Rescue Committee UK - 200,000 (200,000) -
King's Global Health Partnerships/King's
College - 25,000 - 25,000
Lund University 300,000 - (100,000) 200,000
Littlelifts - 150,000 (50,000) 100,000
Mary's Meals - 72,252 (72,252) -
Medair UK - 150,000 (150,000) -
Médecins Sans Frontieres Doro Refugee
Camp - South Sudan 100,000 . (100,000) -
Médecins sans Frontiéres - Rohingya in
Balukhali, Bangladesh 100,000 - (100,000) .
Médecins sans Frontiéres - Mother and Child
Hospital Taiz Houban, Yemen 100,000 - (100,000) -
Médecins sans Frontiéres - Bentiu Secondary
Healthcare, South Sudan 100,000 - (100,000) -
Médecins sans Frontiéres - Kule and Tierkidi
Refugee Camp, Ethiopia 100,000 - (100,000) -
Mercy Ships 35,000 . (35,000) -
Murray Edwards College 35,000 - (35,000) -
Newmarket Charitable Foundation 100,000 - (50,000) 50,000
Parkinson UK - 25,000 (25,000) “
Priscilla Bacon Norfolk Hospice Care - 100,000 (100,000) -
Riding for the Disabled Association 20,000 - (10,000) 10,000
Royal National Orthopaedic Hospital - 40,000 (40,000) -
RVCVeterinaryResearchDrDebbieGuest 248,816 - (91,099) 157,717

Page 18

THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Royal Veterinary College 277,354 (42,110) (50,341) 184,903
Safehands 30,860 - (30,860) -
Stroke Association 57,632 - (57,632) -
Suffolk Horse Society 25,000 (25,000) - -
The Brooke Hospital forAnimals 410,646 874,005 (410,646) 874,005
The Fortune Centre of Riding Therapy 25,000 (25,000) - -
The Prince's Trust 145,000 - (145,000) -
The Soulsby Foundation 50,000 - (25,000) 25,000
University ofCambridge - Africa Project
(CAPREx) 1,600,000 - (500,000) 1,100,000
University ofCambridge - Dept. OfSurgery 189,292 - (189,292) -
University ofCambridge - 'The Alborada
Professorship' 1,677,000 - (310,000) 1,367,000
The University of Cambridge - Deciphering
Preleukaemia (Prof. Green) 120,000 - (120,000) -
University ofCambridge Veterinary School
Trust ~ 240,240 (80,080) 160,160
University ofCambridge - Cancer Research
(Prof. Green) . 1,920,000 (480,000) 1,440,000
University ofSurrey"The Alborada Trust Well
Foal Study" - (11,006) 11,006 -
Wavertree Trust 60,000 10,000 (20,000) 50,000
We are Hope Church 17,500 (17,500) - -
Wolfson College Cambridge 480,000 (20,000) (160,000) 300,000
Total2023 6,929,883 9,757,431 (5,875,036) 10,812,278

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. ANALYSIS OF GRANTS - PRIOR YEAR

Amount
Balance awarded/adj Amount Balance
b/fwd 1 ustedinthe paid inthe c/fwd 31
January year year December
2022 2022 2022 2022
£ £ £ £
Action Against Hunger - 435,000 (435,000) -
Addenbrooke's Charitable Trust 857,950 - (831,760) 26,190
Alzheimer's Research UK 1,000,000 - (1,000,000) -
Action Aid Somalia - 369,593 - 369,593
Anne Robson Trust - 150,000 (50,000) 100,000
British Racing School - 10,000 (10,000) -
David Shepherd Wildlife Foundation - 242,000 (242,000) -
Ethiopiaid - 30,000 (25,000) 5,000
Goodwill Caravan 40,000 - (40,000) -
Hope for the Yound Ltd. - 30,000 (30,000) -
Horatio's Garden 50,000 - (25,000) 25,000
International Rescue Committee - UK - 150,000 (150,000) -
Kings Global Health Partnerships/King's
College 25,000 - (25,000) -
Lund University - 300,000 - 300,000
Littlelifts . 25,000 (25,000) -
Mary's Meals - 60,000 (60,000) -
Medair - 50,000 (50,000) -
Medecins Sans Frontieres Bentiu Secondary
Healthcare, South Sudan 200,000 - (100,000) 100,000
Medecins Sans Frontieres Kule and Tierkidi
Refugee Camp, Ethiopia 200,000 - (100,000) 100,000
Medecins Sans Frontieres Maban Doro
Refugee Camp, South Sudan 200,000 - (100,000) 100,000
Medecins Sans Drontieres Mother and Child
Hospital, Taiz Houban, Yemen 200,000 - (100,000) 100,000
Medecins Sans Frontieres - Pakistan Flood
Response - 100,000 (100,000) -
Medecins Sans Frontieres Rohingya,
Bangladesh 200,000 - (100,000) 100,000
MercyShips UK 70,000 - (35,000) 35,000
Murray Edwards College 70,000 - (35,000) 35,000
Newmarket Charitable Foundation - 150,000 (50,000) 100,000
Riding for the Disabled Association - RDA 30,000 - (10,000) 20,000
RVC Veterinary Research Dr Debbie Guest 248,816 - - 248,816
RoyalVeterinaryCollege - 277,354 . 277,354

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Safehands - 30,860 - 30,860
Southern Thailand Elephant Foundation - 10,000 (10,000) -
Spinal injuries association . 20,000 (20,000) -
Stroke association 115,265 - (57,633) 57,632
Suffolk Horse Society - 25,000 - 25,000
The Brooke Hospital forAnimals Ltd 762,446 - (351,800) 410,646
The Fortune Centre of Riding Therapy - 25,000 - 25,000
The Prince's Trust - 145,000 - 145,000
The Soulsby Foundation 75,000 - (25,000) 50,000
The Virtual Doctors - 60,000 (60,000) -
United Kingdom for UNHCR - 97,639 (97,639) -
University of Cambridge - Africa Project
(CAPREx) 2,600,000 - (1,000,000) 1,600,000
University ofCambridge - Dept. Of Surgery 189,292 - - 189,292
University of Cambridge "The Alborada
Professionship" 2,261,000 - (584,000) 1,677,000
University ofCambridge Stem cell ProfTony
Green 240,000 5 (120,000) 120,000
University ofCambridge - paid by Barclays
account - 1,250,000 (1,250,000) -
University ofSurrey"Alborada Trust Well Foal
Stufy" 17,907 - (17,907) -
Wavertree Trust 60,000 - - 60,000
WeAre Hope Church - 25,000 (7,500) 17,500
Wolfson College Cambridge 640,000 - (160,000) 480,000
Total2022 10,352,676 4,067,446 (7,490,239) 6,929,883

10. AUDITORS' REMUNERATION

2023 2022
£ £
Fees payable to the Trust's auditor for the audit ofthe Trust's annual
accounts 13,250 22,800
Fees payable to the Trust's auditor in respect of:
Accountancyandotherservices 2,750 4,056

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. STAFF COSTS

2023 2022
£ £
Wages and salaries 95,000 72,000
Social security costs 10,601 2,779
Contribution to other pension schemes 10,000 -
115,601 74,779

The average number of persons employed by the Trust during the year was as follows:

2023 2022
No. No.
Employees 2 2
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2023 2022
No. No.
Intheband£60,001-£70,000 1 -

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Trustees are considered to be key management personnel and no trustee received remuneration in the current or prior year.

During the year, the trustees received no reimbursement (2022 - £155) of fees for travel costs. No amounts were outstanding at the year end in the current or prior year.

12. FIXED ASSET INVESTMENTS

Listed Cash held at
investments brokers Total
£ £ z
Valuation
At 1 January 2023 20,326,001 274,566 20,600,567
Additions 1,429,938 - 1,429,938
Disposals (proceeds: £10,310,897) (9,515,483) - (9,515,483)
Revaluations 674,249 . 674,249
Cash movement - 2,676,158 2,676,158
icine 12,914,705 2,950,724 15,865,429

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. DEBTORS

2023 2022
£ £
Prepayment and accrued income 16,953 17,155
Financial instruments 25,467 -
42,420 14155
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Grants Payable 3,933,779 3,278,852
Accruals 16,979 27,358
Financial instruments - 268,182
3,950,758 3,574,392
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ 7s
Grants Payable 6,878,499 3,651,031
16. FINANCIAL INSTRUMENTS
2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 12,940,172 20,326,001
2023 2022
, £ f
Financial liabilities
Derivative financial instruments measured at fair value through income and
expenditure - (268,182)

Financial assets measured at fair value through income and expenditure comprises the market value of investments of £12,914,705 (2022 - £20,326,001) and derivative financial instruments measured at fair value of £25,467 (2022- liability of £268,182).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR

Balance at
Balance at 1 31
January
2023		 Income Expenditure Gains/
(Losses)		 December
2023
£ £ £ £ £
Unrestricted funds
General Funds 13,480,664 310,268 (9,998,578) 1,499,367 5,291,721
STATEMENT OF FUNDS - PRIORYEAR
Balance at
Balance at 31
1 January Gains/_ December
2022 Income Expenditure (Losses) 2022
£ £ £ £ £
Unrestricted funds
GeneralFunds 19,756,451 1,479,112 (4,248,156) (3,506,743) 13,480,664

STATEMENT OF FUNDS - PRIOR YEAR

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted Total
funds funds
2023 2023
£ £
Investments 15,865,429 15,865,429
Current assets 255,549 255,549
Creditors due within one year (3,950,758) (3,950,758)
Creditors due in more than one year (6,878,499) (6,878,499)
Total 5,291,721 5,291,721

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THE ALBORADA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted Total
funds funds
2022 2022
£ £
Fixed asset investments 20,600,567 20,600,567
Current assets 105,520 105,520
Creditors due within one year (3,574,392) (3,574,392)
Creditors due in more than one year (3,651,031) (3,651,031)
Total 13,480,664 13,480,664

Total

19. RELATED PARTY TRANSACTIONS

The Charity has not entered into any related party transaction during the current or prior year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2023 (2022 - ENil).

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