2022-03-31-accounts - John Innes Foundation

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INDEX					Page
Report ofthe trustees					3-12
Independent	auditor's report				13-15
Consolidated	statement	offinancial	activities		16
Consolidated	balance sheet				17
Charity aggregated balance sheet					18
Consolidated	statement	ofcashfiows			19
Consolidated	summary	income and	expenditure	account
Accounting	policies and	notes to the	financial statements		20-33

				Unrestricted	Endowment	Total funds	Total funds
			Note	funds	funds	2022	2021
Income and endowments	from:
Charitable activities —rental		income		118,250		118,250	117,858
Other trading activities				48,226		48,226	48,134
Investments			2	929,391	47,285	97e,67e	872,858
Other income							36,691
Total				1,095,867	47,285	1,143,152	1,075,541
Expenditure on:
Raising funds:
Investment Manager costs				20,433	125,377	145,810	140,709
Legal and other Professional		Fees		4,950	25,670	30,620	35,410
Cost ofraising funds				25,383	151,047	176,430	176,119
Expenditure on charitable	activities:
Grants and donations			3	702,598		702,598	2,979,116
Depreciation				263,523	74,600	338,123	338,123
Support and overhead costs			4	108,432		108,432	93,048
Cost ofcharitable activities				1,074,553	74,600	1,149,153	3,410,287
Total expenditure				1,099,936	225,647	1,325,583	3,586,406
Net income / {expenditure)				(4,069)	(178,362)	(182,431)	(2,510,865)
Net gains / (losses) on investments				447,674	1,953,333	2,401,007	6,120,994
Unwinding ofdiscounts on	investment
sale			12				810,013
Other recognised gains / {losses)			12		(238,774)	(238,774)	(111,940)
Net movement in funds				443,605	1,536,197	1,979,802	4,308,202
Reconciliation offunds:
Total funds brought forward				6,482,344	38,654,496	45,136,840	40,828,638
Total funds carried forward			14	6,925,949	40,190,693	47,116,642	45,136,840

			Unrestricted	Endowment	Total funds	Total
Fixed assets:		Note	funds	funds	2022	funds 2021
Tangible assets		7	3,742,471	1,244,700	4,987,171	5,325,294
Investments Total fixed assets		9	5,625,746 9,368,217	32,832,291 34,076,991	38,458,037 43,445,208	36,155,605 41,480,899
Current assets:		10
Debtors			155,216	2,807,234	2,962,450	2,893,355
Cash at bank and in Total current assets	hand		830,476 985,692	3,708,168 6,515,402	4,538,644 7,501,094	4,912,426 7,805,781
Liabilities:
Creditors: Amounts	falling due within one
year Net current assets or liabilities			(1,125,817) (140,125)	(401,700) 6,113,702	(1,527,517) 5,973,577	(1,335,748) 6,470,033
Total assets less current liabilities			9,228,092	40,190,693	49,418,785	47,950,932
Creditors: Amounts	falling due after more
than one year		11	(2,302,143)		(2302 143)	(2814092)
Net assets			6,925,949	40,190,693	47,116,642	45,136,840
The funds ofthe charity:		13
Endowment funds				40,190,693	40,190,693	38,654,496
Unrestricted funds			6,925,949		6,925,949	6,482,344
			6,925,949	40,190,693	47,116,642	45,136,840

			Charitable	Charitable
			Company	Trust
			Unrestricted	Endowment	Total funds	Total funds
Fixed assets:		Note	funds	funds	2022	2021
Tangible assets investments Total fixed assets		7 9	3,742,471 5,625,746 9,368,217	1,244,700 32,832,291 34,076,991	4,987,171 38,458,037 43,445,208	5,325,294 36,155,605 41,480,899
Current assets:		10
Debtors Cash at bank and in Total current assets	hand		985,692 155,216 830,476	6,515,402 2,807,234 3,708,168	7,501,094 2,962,450 4,538,644	7,805,781 2,893,355 4,912,426
Liabilities:
Creditors: Amounts falling due within one year Net current assets or liabilities		11	(1,125,817) (140,125}	{401,700) 6,113,702	(1,527,517) 5,973,577	(1,335,748) 6,470,033
Total assets less current liabilities			9,228,092	40,190,693	49,418,785	47,950,932
Creditors: Amounts	falling due after more
than one year Net assets		11	(2,302,143) 6,925,949	40,190,693	(2,302,143) 47,116,642	(2,814,092) 45,136,840
The funds ofthe charity:		13
Endowment funds Unrestricted funds			6,925,949	40,190,693	40,190,693 6,925,949	38,654,496 6,482,344
			6,925,949	40,190,693	47,116,642	45,136,840
Reconciliation offunds:		14
Totai funds brought forward Net movement in funds Total funds carried forward			6,482,344 443,605 6,925,949	38,654,496 1,536,197 40,190,693	45,136,840 1,979,802 47,116,642	40,828,638 4,308,202 45,136,840

						Total funds	Total funds
					Note	2022	2021
Net cash used	in operating	activities			15	(1,303,223)	2,747,726
Cash flows from activities:
Interest and dividends						976,676	872,858
Cash provided	by investments		and activities			(326,547)	3,620,584
Cash flows from other sources:
Transfer to investment funds						(47,235)	(3,044,813)
Change in cash	and cash equivalents			in the year		(373,782)	575,771
Cash and cash	equivalents	brought forward				4,912,426	4,336,655
Cash and cash	equivalents	carried forward				4,538,644	4,912,426

		2022	2021
Total income		1,143,152	1,075,541
Total expenditure		(1,325,583)	(3,586,406)
Gains/(losses) on	investments	2,401,007	6,120,994
Income discounted	cashflows		810,013
Other recognised	gains/(losses)	(238,774	(111,940)
Net income / expenditure for year		1,979,802	4,308,202

Investment income
	Unrestricted	Endowed	2022	2021
	funds	funds
				E
Investments	928,852	47,285	976,137	871,370
Bank Interest	539		539	1,488
	929,391	47,285	976,676	872,858
Other income				36,691

3a:Grants Payable 2022
Reconciliation ofgrants payable	Studentships	Research	Education	Other	2022
	E
Commitments at 1st April 2021	1,906,530	1,743,314	93,750	104,823	3,848,417
Commitments made in the year	430,000	43,500	113,320	122,828	709,648
Grants cancelled or recovered			(6,500)	(550)	(7,050)
Grants payable forthe year (Note 3b)	430,000	43,500	106,820	122,278	702,598
Grants paid during the year	(422,609)	(530,567)	(120,570)	(146,438)	(1,220,184)
Commitments at 31stMarch 2022	1,913,921	1,256,247	80,000	80,663	3,330,831
Within one year	443,921	424,104	80,000	80,663	1,028,688
After more than one year	1,470,000	832,143			2,302,143
	1,913,921	1,256,247	80,000	80,663	3,330,831
Grants Payable 2021
Reconciliation ofgrants payable	Studentshlps	Research	Education	Other	2021
	E
Commitments at 1stApril 2021		1,398,540	88,500	53,950	1,540,990
Commitments made in the year	2,284,530	494,112	81,017	139,457	2,999,116
Grants cancelled or recovered			{20,000)		(20,000)
Grants payable for the year	2,284,530	494,112	61,017	139,457	2,979,116
Grants paid during the year	(378,000)	(149,338)	(55,767)	{88,584)	(671,689)
Commitments at 31stMarch 2022	1,906,530	1,743,314	93,750	104,823	3,848,417
Within one year	417,609	447,143	64,750	104,823	1,034,325
After more than one year	1,488,921	1,296,171	29,000		2,814,092
	1,906,530	1,743,314	93,750	104,823	3,848,417


Studentships					JIC	430,000
Research grants:					JIC	43,500
Education:
Women ofthe future (Accrual for event cancelled)					JIG	(6,500)
Year in Industry					JIC	17,500
FFDT annual operations					Food Farming 8 Discovery Trust	20,000
Pulse project					LEAF Education	23,000
Summer Science Challenge	Book				SAW Trust	5,000
Voice ofYoung Science					Sense About Science	7,670
Annual grant as per Governing		Document			Rutlish Foundation	1,000
Agricultural bursaries					Individuals	39,150
Education total						106,820
Other grants:
Rare books collection - administration					JIG	13,129
Rare books airconditioning	units over		accrued		JIC	(550)
Student support activities					JIG	12,000
Recreation Centre Manager					JIC	17,199
Science Evidence Week					Sense About Science	5,000
AIP Seed Enterprise Fund					AIP	75,000
Other					Other	500
Other grants total						122,278
4. Analysis ofsupport		and overhead		costs
					2022	2021
Support and overhead		costs			f	f
Trustee costs and	expenses		including	meetings	39,966	37,367
Clerk toTrustees	and	Financial Administration			49,052	39,017
Auditors remuneration					12,107	9,600
Other professional	fees				404	1,004
Insurances					5,507	4,897
Other costs					1,396	1,163
					108,432	93,048

						2022	2021
						f	f
	Trustees'	remuneration				37,000	37,000
	Trustees'	indemnity		insurance		5,507	4,897
	Trustees'	and	clerk's	expenses		2,966	367
	Auditor's	remuneration				12,107	9,600
	Auditor's	remuneration			—non audit fees	404	1,004
	Administrator's		fees			49,052	39,017
	Other support		costs			1,396	1,163
						108,432	93,048
	Trustees	remuneration
						2022	2021
						f	f
P	D lnnes					10,000	10,000
K	R Norman					6,000	6,000
Dr D Lawrence						5,000	5,000
D	M Hill					5,000	5,000
DrT LBarsby						6,000	6,000
Prof R Hails						5,000	5,000
						37,000	37,000

Consolidate Tangible fixed assets - land &	Unrestricted	Endowment	Total funds
buildings	funds	funds	2022
	f		f
Cost at 1st April 2021	13,002,039	2,960,500	15,962,539
At 31st March 2022	13,002,039	2,960,500	15,962,539
Depreciation at 1st April 2021	8,996,045	1,641,200	10,637,245
Charge for the year	263,523	74,600	338,123
At 31st March 2022	9,259,568	1,715,800	10,975,368
Net book value at 31st March 2021	4,005,994	1,319,300	5,325,294
Net book value at 31st March 2022	3,742,471	1,244,700	4,987,171

Aggregated Tangible fixed assets - land &	Unrestricted	Endowment	Total funds
buildings	funds f	funds f	2022 f
Cost at 1st April 2021	10,973,314	2,960,500	13,933,814
At 31stMarch 2022	10,973,314	2,960,500	13,933,814
Depreciation at 1st April 2021	6,967,320	1,641,200	8,608,520
Charge for the year	263,523	74,600	338,123
At 31st March 2021	7,230,843	1,715,800	8,946,643
Net book value at 31st March 2021	4,005,994	1,319,300	5,325,294
Net book value at 31st March 2022	3,742,471	1,244,700	4,987,171

						2022	2021
						Charity &		Charity &
					Group	Trust	Group	Trust
					f	f	f	f
Listed investments		and		Cash	37,625,037	37,625,037	35,322,605	35,322,605
Investment	in subsidiary			undertaking		1,083,001		1,083,001
Provision						(250,001)		(250,001)
Investment	in AIP	LLP			S33,000		833,000
					38,458,037	38,458,037	36,155,605	36,155,605
Usted investments		and		cash		Cash	Portfolio	Total 2022
Market value brought			forward			514,979	34,807,626	35,322,605
Capital introduced						47,235		47,235
Additions to investments						(2,679,821)	2,679,821
Disposal proceeds						2,710,941	(2,710,941)
Management	fees					(145,810)		(145,810)
Gains on investments							2,401,007	2,401,007
						447,524	37,177,513	37,625,037
							2022	2021
investment	portfolio consists of:						f
Equities							27,480,548	26,430,547
Fixed interest securities							4,948,111	4,840,318
Alternative	investments						4,748,855	3,536,761
Cash							447,523	514,979
Total							37,625,037	35,322,605

. Analysis ofcurrent and n	onwurren	t assets
				2022		2021
				Charity &		Charity &
Debtors under 1year;			Group E	Trust f	Group f	Trust f
Prepayments and accrued income			122,239	122,239	86,121	86,121
Trade debtors			32,977	32,977
Sundry debtors - Newfound	Farm
sale proceeds			2,807,234	2,807,234	2,807,234	2,807,234
Cash at Bank			4,538,644	4,538,644	4,912,426	4,912,426
			7,501,094	7,501,094	7,805,781	7,805,781
Debtors over 1year:
Sundry debtors - Newfound	Farm
sale proceeds
. Analysis of current and lonQMrm		liabilities
				2022		2021
				Charity &		Charity &
			Group	Trust	Group	Trust
Creditors under 1year:			E	f	f	f
Trade creditors			49,933	49,933	31,285	31,285
Sundry creditors —Newfound	Farm
disposal costs			401,700	401,700	161,655	161,655
Tax and social security			2,621	2,621	2,927	2,927
Committed grants			1,028,688	1,028,688	1,034,325	1,034,325
Other accruals and deferred	income		44,575	44,575	105,556	105,556
			1,527,517	1,527,517	1,335,748	1,335,748
Creditors over 1year:
Committed grants			2,302,143	2,302,143	2,814,092	2,814,092
Other accruals and deferred	income		2,302,143	2,301,143	2,814,092	2,814,092

urn on i	nve	stments.
				2022	2021
				f	f
Deferred	income b/f			26,029	30,099
Transferred		to income		(26,029)	(30,099)
Deferred	in	year {Earlham institute	advance rent invoiced)	26,029	26,029
Deferred	income c/f			26,029	26,029

roup and Charity analysis ofnet	assets
	Unrestricted	Endowment
Year ended 31March 2022	fund	Fund	Total
Tangible fixed assets	3,742,471	1,244,700	4,987,171
Investments	5,625,746	32,832,291	38,458,037
Debtors due in 1year	155,216	2,807,234	2,962,450
Debtors due after 1year
Cash at bank	830,476	3,708,168	4,538,644
Creditors due in 1year	(1,125,817)	(401,700)	(1,527,517)
Creditors due after 1year	(2,302,143)		(2,302,143)
	6,925,949	40,190,693	47,116,642

	Unrestricted	Endowment
Year ended 31March 2021	fund	Fund	Total
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	2,807,234	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

14.	Group and	Charity aggregated	analysis of	charitable funds
						Other
						recognised
		Bal B/fwd	Income	Expenditure	Gains/Losses	losses	Fund C/fwd
		E	E	E	E
Endowment	funds	38,654,496	47,285	(225,647)	1,953,333	(238,774)	40,190,693
Unrestricted	funds	6,482,344	1,095,867	(1,099,936)	447,674		6,925,949
Total		45,136,S40	1,143,152	(1,325,583)	2,401,007	(238,774)	47,116,642