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2021-03-31-accounts

INDEX Page
Report ofthe trustees
Independent auditor's report 12-14
Consolidated statement offinancial activities 15
Consolidated balance sheet 16
Charity aggregated
balance sheet		 17
Consolidated statement ofcashllows 18
Consolidated summary income and expenditure account 18
Accounting policies and notes to the financial statements 19-32

Unrestricted Endowment Totalfunds Totalfunds
Note funds funds 2021 2020
Income and endowments from:
Charitable
activities —rental		 income 117,858 117,858 106,483
Other trading activities 48,134 48,134 45,557
Investments 830,468 42,390 872,858 703,682
Other income 36,691 36,691 18,086
Total 996/60 79,081 1,075,541 873408
Expenditure
on:
Raising funds:
Investment
Manager costs		 18,522 122,187 140,709 86,736
Legal and other Professional Fees 5,975 29,435 35,410 18,906
Cost of raising funds 24/97 151,622 176,119 105,642
Expenditure
on charitable
activities:
Grants and donations 3 2,979,116 2,979,116 1,738,819
Depreciation 263,523 74,600 338,123 338,123
Support and overhead
costs		 4 93,048 93,048 110,797
Cost ofcharitable activities 3,335,687 74,600 3,410,287 2,187,739
Total expenditure 3,360,184 226,222 3,586,406 2,293,381
Net income / (expenditure) (2~363g724) (147~141) (2p510g865) (1~419g573)
Net gains / (losses) on investments 9 947,368 5,173,626 6,120,994 (2,452,795)
Unwinding
ofdiscounts on		 investment
sale 12 810,013 810,013 191,171
Other recognised
gains / (losses)		 12 (111,940) (111,940)
Net movement
In funds		 (1,416,356) 5,724,558 4,308,202 (3,681,197)
Reconciliation
offunds:
Total funds brought forward 7,898,700 32,929,938 40,828,638 44,509,835
Total funds carried forward 15 6,482,344 38,654,496 45,136,840 40,828,638

Unrestricted Endowment Totalfunds Totalfunds
Fixed assets: Note funds funds 2021 2020
Tangible assets 7 4,005,994 1,319,300 5,325,294 5,663,417
Investments 9 5,198,505 30,957,100 36,155,605 27,130,507
Total fixed assets 9,204g99 32,276,400 41,480,899 32,793,924
Non-current
assets:
Debtors: Amounts falling due after more
than one year 10 2,358,077
Current assets: 10
Debtors 86,121 2,807,234 2,893,355 3,124,995
Cash at bank and in hand 1,117,369 3,795,057 4,912,426 4,336,655
Total current assets 1,203/90 6,602,291 7,805,781 7,461,650
LIabilities:
Creditors: Amounts falling due within one
year (1,111,553) (224,195) (1,335,748) (391,382)
Net current assets or liabilities 91,937 6,378,096 6/70,033 7,070,268
Total assets less current liabilities 9,296,436 38,654/96 47,950,932 42,222,269
Creditors: Amounts falling due after more
than one year 11 (2,814,092) (2,814,092) (1,393,631)
Net assets 6,482,344 38,654,496 45p136,840 40,828,638
The funds ofthe charity: 14
Endowment
funds		 38,654,496 38,654,496 32,929,938
Unrestricted
funds		 6,482,344 6,482,344 7,898,700
6,482,344 38,654~96 45,136,840 40,828,638

Charitable Charitable
Company Trust
Unrestricted Endowment Total funds Total funds
Note funds funds 2021 2020
Fixed assets:
Tangible assets 7 4,005,994 1,319,300 5,325,294 5,663,417
Investments 9 5,198,505 30,957,100 36,155,605 27,130,507
Totalfixed assets 9,204,499 32,276800 41~0p899 32p793,924
Non-current
assets:
Debtors: Amounts falling due after more than
one year 10 2,358,077
Current assets: 10
Debtors 86,121 2,807,234 2,893,355 3,124,995
Cash at bank and in hand 1,117,369 3,795,057 4,912,426 4,336,655
Total current assets 1,203,490 6,602,291 7,805,781 7,461,650
Liabilities:
Creditors: Amounts falling due within one year 11 (1,111,553) (224,195) (1,335,748) (391,382)
Net current assets or liabilities 91,937 6,378,096 6,470,033 7,070,268
Total assets less current liabilities 9,296,436 38,654,496 47,950,932 42,222,269
Creditors: Amounts falling due after more
than one year 11 (2,814,092) (2,814,092) (1,393,631)
Net assets 6,482,344 38,654,496 45,136,840 40,$28,638
The funds ofthe charity: 14
Endowment
funds		 38,654,496 38,654,496 32,929,938
Unrestricted
funds		 6,482,344 6,482,344 7,898,700
6,482,344 38,654,496 45,136,840 40,$28,638
Reconciliation
offunds:
Total funds brought forward 7,898,700 32,929,938 40,828,638 44,509,835
Net movement
in funds		 (1,416,356) 5,724,558 4,308,202 (3,681,197)
Total funds carried forward 6,482,344 38,654,496 45,136,840 40,828,638

Total funds Total funds
Note 2021 2020
Net cash used in operating activities 16 2,747,726 2,616,783
Cash flows fmm activities:
Interest and dividends 872,858 703,682
Cash provided
by investments		 and activities 3,620,584 $,320~5
Cash flows from other sources:
Transfer to investment
funds		 (3,044,813) (7,508,213)
Change in cash and cash equivalents in the year 575,771 (4,187,748)
Cash and cash equivalents brought forward 4,336,655 8,524,403
Cash and cash equivalents carried forward 4p912,426 4,$36,655

2021 2020
Total income 1,075,541 873,808
Total expenditure (3,586,406) (2,293,381)
Gains/(losses)
on		 investments 6,120,994 (2,452,795)
Income discounted cashtlows 810,073 191,171
Other recognised gains/(losses) (111,940)
Net income / expenditure
for year		 4,308,202 ($,6$1,197)

2. Investment
income
Unrestricted Endowed 2021 2020
funds funds
E E
Investments 828,980 42,390 871,370 667,667
Bank Interest 1,488 1,488 36,015
830,468 42,390 872,858 703,682
Other income 36,691 36,691 18,086
3. Analysis ofcharitable expenditure -grants and donations
2021 2020
E E
Premises for scientific research and learning 54,994
Studentships 2,284,530 356,500
Research grants 494,112 1,209,561
Education 61,017 80,963
Other grants and donations 139,457 36,801
2,979,116 1,738,819
Purpose Paid to 2021
E Paid and/or
accrued
Studentships JIC 2,284,530
Research grants:
Data driven science fellowship Earlham Institute 333,204
Amylose
Research fellowship		 Quadram Institute 160,908
Research grants total 494,112
Education:
Undergraduate
Summer		 School* JIC (20,000)
Women ofthe Future JIC 1,500
FFDTannual operations and Gaia Food Farming & Discovery
science event Trust 30,000
Pulse project LEAF Education 17,375
Annual
grant as per governing		 document Rutlish Foundation 1,000
Agricultural
bursaries		 Individuals 31,142
Education total 61p017
Other grants:
Rare books collection —administration JIC 29,847
Rare books air conditioning units JIC 90,000
Student support activities JIC 12,000
Diversity focused lectures JIC 700
Stakeholder
communications		 in science events Sense About Science 6,410
Other Other 500
Other grants total 139,457

2021 2020
Support ond overhead costs f f
Trustee costs and expenses including meetings 37,367 45,537
Clerk to Trustees and Financial Administration 39,017 49,235
Auditors remuneration 9,600 9,420
Other professional fees 1,004
Insurances 4,897 4,703
Other costs 1,163 1,902
93,048 110,797

2021 2020
f f
Trustees' remuneration 37,000 36,250
Trustees' indemnity insurance 4,897 4,703
Trustees' and clerk's expenses 367 5,162
Auditor's remuneration 9,600 9,420
Lega Ifees
Administrator's
fees		 39,017 48,855
Other Accounting fees 1,004 380
Othersupportcosts 1,163 486
93,048 105,256

Trustees remuneration
2021 2020
E E
P D Innes 10,000 10,000
K R Norman 6,000 6,250
Dr D Lawrence 5,000 5,000
D M Hill 5,000 5,000
Dr TLBarsby 6,000 5,000
Prof R Hails 5,000 5,000
37,000 36,250

Consolidate
Tangible fixed assets - land &		 Unrestricted Endowment Total funds
buildings funds funds 2021
f 6 f
Cost at 1stApril 2020 13,002,039 2,960,500 15,962,539
At 31stMarch 2021 13,002,039 2,960,500 15,962,539
Depreciation
at 1stApril 2020		 8,732,522 1,566,600 10,299,122
Charge for the year 263,523 74,600 338,123
At 31stMarch 2021 8,996,045 1,641,200 10,637,245
Net book value at 31st March 2020 4,269,517 1,393,900 5,663,417
Net book value at 31st March 2021 4,005,994 1,319,300 5,325,294

Aggregated
Tangible fixed assets - land &		 Unrestricted Endowment Total funds
buildings funds funds 2021
E E E
Cost at 1st April 2020 10,973,314 2,960,500 13,933,814
At 31st March 2021 10,973,314 2,960,500 13,933,814
Depreciation at 1st April 2020 6,703,797 1,566,600 8,270,397
Charge for the year 263,523 74,600 338,123
At 31st March 2021 6,967,320 1,641,200 8,608,520
Net book value at 31stMarch 2020 4,269,517 1,393,900 5,663,417
Net book value at 31stMarch 2021 4,005,994 1,319,300 5,325,294

2021 2020
Charity S Charity S
Group Trust Group Trust
f f f f
Listed investments and Cash 35,322,605 35,322,605 26,297,507 26,297,507
Investment in subsidiary undertaking 1,083,001 1,083,001
Provision (250,001) (250,001)
Investment in AIP LLP 833,000 833,000
36,155,605 36,155,605 27,130,507 27,130,507
Listed investments and cash Cash Portfolio Total 2021
Market value brought forward 1,969,073 24,328,434 26,297,507
Capital introduced 3,044,813 3,044,813
Additions to investments (7,592,149) 7,592,149
Disposal proceeds 3,233,951 (3,233,951)
Management fees (140,709) (140,709)
Gains on investments 6,120,994 6,120,994
514,979 34,807,626 35,322,605
2021 2020
Investment portfolio consists of: f f
Equities 26,430,547 17,116,953
Fixed interest securities 4,840,318 3,673,196
Alternative investments 3,536,761 3,538,285
Cash 514,979 1,969,073
Total 35,322,605 26,297,507

. Analysis ofcurrent a nd nonwurren t
assets
2021 2020
Charitya Charity8
Group Trust Group Trust
Debtors under 1year: f f f. f
prepayments
and accrued income		 86,121 86,121 62,966 62,966
Trade debtors 26,684 26,684
Sundry debtors - Newfound Farm
sale proceeds 2,807,234 2,807,234 3,035,345 3,035,345
Cash at Bank 4,962,426 4,962,426 4,336,655 4,336,655
7,855,781 7,855,781 7,461,650 7,461,650
Debtors over 1year.
Sundry debtors - Newfound Farm
sale proceeds 2,358,077 2,358,077
undry debtors Newfound Farm sale proceeds are discounted
at		 a rate of 6SSper annum having regard to rates
freturn
on investments		 (note 12).
. Analysis ofcurrent and long-term liabilities
2021 2020
Charity 8 Charity &
Creditors under 1year: Group
f		 Trust
f		 Group
f		 Trust
f
Trade creditors 31,285 31,285 24,027 24,027
Sundry creditors —Newfound Farm
disposal costs 161,655 161,655 55,704 55,704
Tax and social security 2,927 2,927 2,438 2,438
Committed
grants		 1,034,325 1,034,325 190,812 190,812
Other accruals and deferred income 105,556 105,556 118,401 118,401
1,335,748 1,335,748 391,382 391,382
Creditors over 1year:
Sundry creditors-
Newfound		 Farm disposal costs 43,453 43,453
Committed
grants		 2,814,092 2,814,092 1,350,178 1,350,178
Other accruals and deferred income 2,814,092 2,814,092 1,393,631 1,393,631

rn
on invest		 ments.
2021 2020
f f
Deferred income b/f 30,099 37,099
Transferred to income (30,099) (30,099)
Deferred
in		 year (Earlham Institute advance rent invoiced) 26,029 23,099
Deferred income c/f 26,029 30,099
2021 2020
Committed grants: f
8/f 1,540,990 388,745
Committed grants b/f paid in year (157,236) (114,266)
Commitments
made in year due after 31stMarch 2021		 2464 663 1266511
Committed grants c/f 3,848,417 1,540,990

roup and Charity analysis ofnet assets
Unrestricted Endowment
Year ended 31March 2021 fund Fund Total
E
Tangible fixed assets 4,005,994 1,319,300 5,325,294
Investments 5,198,505 30,957,100 36,155,605
Debtors due in 1year 86,121 2,807,224 2,893,355
Debtors due after 1year
Cash at bank 1,117,369 3,795,057 4,912,426
Creditors due in 1year (1,111,553) (224,195) (1,335,748)
Creditors due after 1year (2,814,092) (2,814,092)
6,482,344 38,654,496 45,136,840
Unrestricted Unrestricted Endowment Endowment
Year ended 31March 2020 fund Fund Total
E E
Tangible fixed assets 4,269,517 1,393,900 5,663,417
Investments 4,269,658 22,860,849 27,130,507
Debtors due in 1year 2,358,077 2,358,077
Debtors due after 1year 89,650 3,035,345 3,124,995
Cash at bank 892,402 3,444,253 4,336,655
Creditors due in 1year (272,349) (119,033) (391,382)
Creditors due after 1year (1,350,178) (43,453) (1,393,631)
7,898,700 32,929,938 40,828,638
16. Group and Charity aggregated analysis ofcharitablefunds
Discounted
Bal 8/fwd Income Expenditure Gains/losses Cashflows Fund C/fwd
E E E E E
Endowment
funds 32,929,938 79p081 (226,222) 5,061,686 810,013 38,654,496
Unrestricted
funds 7,898,700 996,460 (3,360,184) 947,368 6,482,344
Total 40,828,638 1,075,541 (3,586,406) 6,009,054 810,013 45,136,840

2021 2020
f 5
Net movement
in funds		 4,308,202 (3,681,197)
Add back losses / deduct gains on investments (6,120,994) 2,452,795
Investment income (872,858) (703,682)
Add back depreciation
charge		 338,123 338,123
Deduct Investment Management Fees paid from Broker Capital
Accounts 140,709 86,736
Decrease (increase) in debtors 2,589,717 3,241,287
Increase (decrease) in creditors 2,414,827 882,721
Net cash used in operating
activities		 2,797,726 2,616,783