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 


**----- Start of picture text -----**<br>
Page<br>Reference and Administrative Details of the Trust, its Trustees and Advisers 1<br>Trustees’ Report 2-5<br>Independent Auditors’ Report on the Financial Statements 6-9<br>Statement of Financial Activities 10<br>Balance Sheet 11<br>Notes to the Financial Statements 12-25<br>**----- End of picture text -----**<br>




## THE ALBORADA TRUST 

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

|Trustees|E KE<br>Rausing|
|---|---|
||R Lerner|
||Captain J Nicholson|
||R TA Goff|
||L Pillard|
||AE<br>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: 

- ° select suitable accounting policies and then apply them consistently; 

- ° make judgements and estimates that are reasonable and prudent; 

- ° state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 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: 


**----- Start of picture text -----**<br>
E KE Rausing |<br>Trustee<br>Date: 29 4 D2<br>**----- End of picture text -----**<br>


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: 

- ° give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ° have been prepared in accordance with the requirements of the Charities Act 2011. 

## 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: 

- ° the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- ° sufficient accounting records have not been kept; or 

- ° the financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit. 

## 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: 

- e we obtained an understanding of the legal and regulatory framework applicable to the Trust and how the entity is complying with that framework; 

- e we obtained an understanding of the Trust's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; 

- e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Trust, including the Charities Act 2011; 

- e in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Trust's ability to operate or to avoid material penalties; and 

- e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing the minutes of trustees’ meetings. 

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; 

- e assessed the susceptibility of the Trust's financial statements to material misstatement, including how fraud might occur; 

- e evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; and 

- e tested significant transactions, in particular the evaluation of the business rationale for any which appeared unusual or outside the Trust's normal course of business. 

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: 

- e agreeing financial statement disclosures to underlying supporting documentation; e reading the minutes of meetings of those charged with governance; e enquiring of management as to actual and potential litigation and claims; and e reviewing any correspondence where available with relevant regulators such as the Charity Commission. 

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<br>LIABILITIES|||——————<br>12,170,220||—_—-<br>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|




**----- Start of picture text -----**<br>
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:<br>feE Rausing <<br>Trustee<br>Date: 29 /y 2OLY<br>The notes on pages 12 to 25 form part of these financial statements.<br>**----- End of picture text -----**<br>


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. 

- 2: ACCOUNTING POLICIES 

   - 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS 

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. 

- 2.3 EXPENDITURE 

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||



Page 15 



## 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||



Page 16 



## THE ALBORADA TRUST 

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

## Te ANALYSIS OF EXPENDITURE BY ACTIVITIES 

||Grant||||
|---|---|---|---|---|
||funding of<br>activities|Support<br>costs|Total<br>funds|Total<br>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|



Page 19 



## THE ALBORADA TRUST 

## 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|



Page 20 



## THE ALBORADA TRUST 

## 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|



Page 21 



## THE ALBORADA TRUST 

## 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|



Page 22 



## THE ALBORADA TRUST 

## 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). 

Page 23 



## THE ALBORADA TRUST 

## 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<br>2023|Income|Expenditure|Gains/<br>(Losses)|December<br>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|



Page 24 



## 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). 

Page 25