THE DOUGLAS BOMFORD TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity number 1121785 CompgJ]y number 06355202 LANDERS ACCOUNTANTS LTD Chartered Accountants & Registered Auditors ChuTch View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS
THE DOUGLAS B0]IoRD TRUST CONTENTS OF THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS Reference and adrninistrthve details Trustees. Report Trustees, Responsibilities Statement 13 Independent Examiners Report 14 Statemfflt of Financial Activities (incorporating income and expenditure account) 15 Balance Sheet 16 Notes to the Financial Statements 17
THE DOUGLAS BOMFORD TRUST REFERENCE AND ADMIIYISTILITKVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 The tntees, who are also directors of the charity for the pUoseS of the Companies Act, submit their annual report and the financial statements for the year ended 31 March 2024. The tteeS have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" second edition issued in 2019 in preparing the annual report and fuiancial statements of the charity. I. REFERENCE AIYD ADMINISTRATION l. I Charitable Companies Name: The Douglas Bomford Trust 1.2 Charity Registration NumbeT'. 1121785 1.3 Company Registration Number: 06355202 1.4 Registered Office and Operational address Bullock Buildin& University Way, Cranfield Bedford, MK43 OGH Telephone. 01234 750856 e-mail" en uirRes dbi.or 1.5 Trustees and Directors Mr Nick August hair) Dr Mark Moore (Vice Chair) Mr Jonathan Bornford (FamilyRepr¢Jentatlve and1elInei oificer) Mr Richard E Robinson Mr Clive Blacker Mr John R Baines Prof Simon Pearson Ms Rebecca Geraghty Prof Jane Rickson Ms Julia Lucas Fanner Engineerlmanufacturer Chartered Accountant Engineerlmanufacturer Director/Consultant Consultant University Professor Research Scientist University Professor Chartered Accountant Dr Paul C H Miller Research/Consultant (EmerituJ Tnistee) Mr John V Fox (Emerift45 Tn4Stee) Engineering Consultant (retired) 1.6 Secretary Mr Alan Plom (until 2J November 2023) Mr David White (from 21 November 2023) 1.7 Financial administration: Mrs Elizabeth Stephens 1.8 Relevant organisations and people: Fund Managers CCLA Investment Management Limited 80 Cheapside, London EC2V 6DZ Investec Wealth & Investment Ltd 30 Gresham Street, London EC2V 7PG
THE DOUGLAS BOMFORD TRUST REFERENCE AND ADMINJSTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Deposit Fund COIF Charities Deposit Fund CCLA Investment Managetnent Limited 80 Cheapside, London EC2V 6DZ Bankers HSBC Bank plo 12 Allhallows, Bedford MK40 ILJ Legal Advisers Withers LLP, 16 Old Bailey, London, EC4M 7EG Independent Examiners Landers Accountsnts Ltd, Church View Chambers, 38 Market Squar4 Toddington, DunstablA Bedfordshire, LU5 6BS
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 0635S202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 2. STRUCTURE, GOVERNANCE AND TrI4NAGEMENT 2. 1 Background: The Dougl&s Bomford Trust (The TnL8t) is concerned with all aspects of engineering to support agriculture (food production, energy crops and environmental cropping schemes), horticulture (food production and ornamentals) and foresty. The Trust celebrated its 50 Aj1verSary in 2021 having been established under a settlement dated l May 1972. 2.2 The Trust operates as a registered charity and was incorporated as a Company Limited by Guarantee on 29 August 2007 (Company number 06355202). As a consequence of this incorporation, arrangements were put in place for the Trust to be merged into The Douglas Bomford Tiust (Charity number 1121785) with effect from I" April 2008 with new Artides of Association that retain the primary objectives of the Orinal trust. 2.3 The original aim of the Trust 'fto advance education, training and researth in the science and practice of agriculturat neerIng and mechanisation" has remained broadly the same over the past 5 decades, although this was expanded in 1980 by a Memorandum of Wishes (written by Douglas Bomford's widow). Funding criteria were revised in 2004 to reflect the change in land llge and agriculture in society. During th¢ Trust's 50th year, a new Strategy was developed to help make more effective use of available funds by focusing on key themes and priority topics. 2.4 The Board.. General Management (Board) Meetings (GMM) are held biannually (in April and November) when Trustees review the management and perforniance of the Trust, the strategy and take decisions on major funding ap'plications. The Annual General Meeting (AGM) PTecedes the GNLM in NovembeI. 2.5 The Board endeavors to ensure trustees represent the wide range of interests across the sector, to ensure relevant. current advice and decisions. New tnteeS are nominated and appointed (at an AGM), initially for a period of three years, and generally serve six - longer if elected to ch'r or Vice-chair. The Bomford Family representative is not restricted and, exceptionally, forn]er trustees rnay be granted the honorary tid¢ of Emeritus Tnte¢ to continue to share their expertise. 2.6 A re8lSter of Trustees. interests is mainlained, and trustees are required to declare any confiicts of interests at every GMM, or in relalion to specific issues as they arise, e.g. to ensure independence when evaluating or mentoring projects which might have commercial implications or potential conunon interests in areas of research. 2.7 Administration and Support: The Secretary caffies out the day-to-day running of the Trust with advice from the Chair or other trustees as appropriate, working closely with the Finance Adrninistration Officer, who provides support on administrative as well as financial matters, As the Trust is essentially a grant awarding charity, most decisions nonnally relate to the awarding of funds. Applications for sponsorship are usually received via the Trust's email account or website. The Secretary assesses their relevance and consults Trustses as appropriate. 2.8 A 'Training and Induction Pack, has been produced to infornl new Trustees and Officers of the Trust's established policÈes and procedures. It includes tsmplate documents to fflsure continuity and consistency. Trustees are infomied of relevant training opportunities, e.g. on the role of Trustees in governance and managmg investments.
THE DOUGLA BOMFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 2.9 Funding: Financial support offered by the TnLSt ranges from relatively small one-off 'minor' awards (e.g. for travel or short-terni Iow-COSt projects, donations and other discretionary awards). to funding or co-sponsoring 'maJor' projects (mostly PhD research. but other initiatives may be onsidered). 'Majorf Awards: Amounts over £5K allocated mostly for co-sponsoring PhD research projects. These aTe considered by the Board twice yearly, at GMMS. Applicats'ons rn$t be submitted using the ternplate posted on our website, indicating key outcomes. potential impact, milestones. reporting aTrangements, other funding obtained, and the payment schedule. These may be modified in discussion with the applicant and co-sponsors. If approved, the agreed tern are incorporated in a fornial 'offer letter,, which constitutes The Trust's written contract. This is prepared by the Secretary on behalf of the Trust and agreed by a representative of the recipient organisation. Sminor, Awards: Applicatt'ons for amounts less than £5k do not have to be referred to a GMM and can be approved by two Trustees at any time. Recipients are required to provide a brief report of the outcomes and personal benefits of their grant. These are monitored by the Secretary, shared with TnteeS and posted on the website when appropriate, to illustrate the wide range of topics and initiatives we support and to share useful infornlaiion. 2.10 Mentorfng: Trustees with relevant expertise, experience or interest are allocated as a mffltor to major projects. to advise sponsored students and their supervisors. Recipients are ffApected to provide regular update5, and to organise review meetings with their Mentors, who monitor progress against the agreed deliverables and milestones. The Trust reserves the right to withhold or moth'fy payments at any siage of a project or under-iaking, with due notice, if the agreed outcomes are unlikely to be achj'eved to the Trust's satisfaction. To enswe consistency in selecting and monitoring projects. aide-rnernoires are available. 2.11 Inforniation: Documents associated with supported applications are retained in a secure cloud-based data store (fornierly Dropbox, now (as of 2024) Microsoft OneDrive). Unsuccessful applications are retained &8 emails. for further consideration by trustees should applicants appeal or provide additional inforntion. A register of all applications received and the decision to support or not h&q been maintained since November 2021. This record will be retained for 3 years. Peisonal data is only used for the purposes of the TrLLSt and is retained as necessary - and then for a limited period (up to 6 years), in accordance with the Trust's General Data Protection Regulations (GDPR) Policy. 2. 12 Strategy and Risk Management: The Secretsry routinely reviews the Trust's overall strategy, communications policy and business risk assessment, considering cuent advice from the Charities Commission, the Governrnent website, investors and other sources. to identify any emerging issues relating to management of finances. administration or ieputation of the Trust. Trustees review the overall strategy annually in November and the risk assessment every 6 months, at GMMS. ''skS, are 'RAG' rated (i. e. red, amber, or green), b&8ed on their assessed probability and impact and are revised to reflect significant changes that may afft the operation of the TrusL 2.13 Potenti Fin¢[al implications arising from cancellation of events or injuries incurred during sponsored travel are covered by suitable 'risk mitigation. clauses in our stsndard 'offer letter,. Recipients advised that the Trust has limited liability and appropriate precautions, and sufficient insurance cover/indenmity must be provided bylfor recipients of funding.
THE DOUGLAS BOMFORD TRUST REGISTERED NIJMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 3. AIMS, OBJECTIVES AND ACTtVlTIES 3. 1 The Trust's overall aim "To advance knowledge, umlerstanding, practice, and competence tightened monitoring of projects in the application ofengineering and technologv ro achieve sustainable agriculthral, food and biological systemsfor the benefit ofthe environment and mankin&, was supplemented in 2022-23 by new 'Vision' and 'Mission' ststements: Vision: "To make aposirive difference lo enhance globalfood security and climale change by encouraging innovaiion in agricultural engineering" Mission: "To provide resources to help advance the applicallon ofengineering and technologv io achieve sustainable agricultural, foo4 and biological systems, for ihe benefit of the environmep71 and mankind and with a link to the UK. ' 3.2 To achieve these, the Trust provides funding to enable competent individuals and organisations to pursue: Education, training, research and knowledge transfer. Innovation and the application of science and technology with respect to the design, development, construction and evaluation of equipmen( systems and techniques. Travel to acquire or disseminate knowledge. The development, maintenance and recognition of professional competencies. The development or acquisition of new sknlls, techniques and capabilities. 3. 3 Edueation, Training and Research: Achieved principally by supporting the higher education of inthviduals with potential, and who are aiming to become professional engineers or scienlists applying their expertise to agricultural and land-related problems. Priority is given to those worknng in areas of national or lechnical importance that will advance agricultural engineering. and who are able to obtiin co-sponsorship from other sources. 3.4 Knowledge Transfer and Trnvel: These complementary objectives supporting personal development, understanding and communication of knowledge and research findings are achieved by sponsoring students to attend national and international technical events and conferences, to present papers or posters, undertake focused study tours. etc. Now that events and conferences are being held face-to-face again, requests for travel awards have increased significantly. Online events can still attract delegates, fees. 3. 5 Supporting the Professlon: The Trust seeks to encourage more engineers into the a]Cultural sector and help to enhance their competence and career progression by actively prornoting professional qualificats'ons and personal development. The Trust stimulates enty into the profession prinwily through funding student membership of the Institution of Agricultural Engineers (IAgrE) for undergraduates and postgraduates studying relevant courses or undertaking related research (including at universities not running tradits. onal 'agricultural engineering, courses). The Trust also engages with young people pre-university. by supporting A-level students interested in wicultural engineering (through the Arkwright Stholarship Scheme). 3.6 The IAgrE (like other professional bodies) continues to face the challenge of retaining student members after they leave full-time education and start work. The Trust continues its sponsorship (up to a MlmuM £7.5klyear) and is working with the IAgrE to find new ways to increase engagement and improve the level of support provided for student members. This is subject to annual review.
THE DOUGLAS B MFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 3. 7 The Trust sponsors IAgrE Conferences and Prizes and continues to rent a pernwAent office in the IAgrE headquarters at Cranfield University, Bedfordshire. Although the Trust's Officers primarily work from home and rarely use the office (since Covid), it does provide important storage space and an occ&sional meeting point for Trustees and staff. Liaison with IAgrE's CEO and Secretariat is nIntained through regular email or 'virtual' contact. Inth'vidual Trustees are also members of IAgrE's Executive an(Vor Council, enhancing the Trust's relationship with the professionaj body. 3.8 Prizes: To recogrnse good academic perfornKqnce and the contribution of individuals to the profession, a number of prizes are presented each year. These include an annual Award presented to the author(s) of the best paper published in one of the IAgrE's publications ('Biosystems Engineering, or 'Landwards') and two awards recognising the contribution of engineers to improving the environment are also now offered. Recipients are selected by the IAgrE AWdS Panel, which includes a representative of the TrLL8t. 3. 9 Pri7£s are also presented annually to outstanding students on courses compatible with the aims of the Trust. Traditionally, these have been awarded to students at three universities.. Cranfield, Harper Adams (HAU) and the Royal Agricultural University (RAU), but other academic establishments running relevant courses or research are invited to norninate suitable students. 3.10 Scholanhips: Scholarships are awarded each year to support individual undergraduate or Masters-level students in their studies or project work, and to help their personal development. This is a competitive process, based on the quality of proposals, perforn]ance in interview and evident commitment to engineering. A panel of Trusiees inlerviews those selected from the candidates nominated by their university. In particular, the Trust works closely with the Harper Adams Development T( which manages their well-established Scholarship Programme and the Trust encourages other universities to adopt their approach. 3. 1 l Awards usually range from £1,000 to £2,000 and are typically used to fund travel. equipment and materials for personal projects. extra-curricular training; reference materials, IT software and hardware (computers, 3D printers, etc.) to assist their research and S'eS. or other purposes to aid personal development. Discretionary grants are also occasionally awarded when deemed appropriate by the Panel. 3.12 Equal opportunities: All applicants, regardless of age, sex, race, nationality, creed or status are treated equally. Individuals suffering from genuine financial hardship or whose disability is inhibiting their study are also supported. Requests for sponsorship and opportunities to support and enable women to progress in the predominantly male environment of agncultural enneering are also considered positively. 4. ACHIEVEMENTS AND PERFORMANCE 4. 1 Overview: Trustees look back with satisfaction on the Trust's 51. year, during which the TnLSt held the DBT Strategy Sununit meeting on 8 November 2023 held at the Agri-EPI Centr NewporL Shropshire. The Trust continued to raise its profile in the agricultural, engineering and academic sectors, and enhanced its relationship with relevant charities and indu5ty organisations, as well as maintaining our support and involvement across a wide range of activities. Trustees confirnied they were satisfied with the Secretariat's administration, financial control and extemal reporting arrangements at the GMMS held in April 2023 and November 2023.
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE AR ENDED 31 TrL4RCH 2024 4.2 Stratw Summit The Trust convened the Summit to share TnL8tees' concerns and aspirations for the contribution of agricultural engineering, and to instigate discussions between all parts of the industy. It brought together nearly 50 delegates, representing farniers, equipment ManaCturerS and dealers, the education and training sector, research and sponsors. etc. Relevant Government Departments were unable to send representatives but have a8Teed to discuss the recommendations arising from the meeting. 4.3. An interactive group workshop session, led by questions posed by the Trust, prompted delegates to convey what believe is needed to enable "agricultural engineering" (in its widest sense) to contribute more effectively to sustainable food production on UK famls. DBT'S Trustees considered the broad recommendations at their GMM on 21st November 2023, and actions are under consideration by the Board 4.4 Patron.. The Trust's first Patroo Dr David Llewellyn (CBE, FIAgrE) continues in this role. A fonner Vice-chancellor at Harper Adan University, Dr Llewellyn is still active in several organisations infiuencing national agricultural and educatt'on polÉcy. 4. 5 Neiv Approach: The rnajor development during The Trust's Jubilee year was the production of a new Strategy for identifying and selecting research proposals (and other initiatives). Since the Trust W&8 established in 1972 it has adopted a 'passive' approach, accepting and supporting proposals that aligned with the Trust's broad objectives. However, over recent years there have been sigNficant changes in the industry in the UK and in sources of funding and locations for research in 'agricultural engineering,. Recruiting UK students to undertake relevant higher degree studies at UK universilies has also become more difficult. 4.6 Having reviewed the Tnt'S role and perfornwice, the Board devised the new Strategy to enable the Trust to be more proactive and make more effective use of available funds, by focusing on key areas, Recognising that the Trust cannot do everything with its available resources and relatively small budget (compared to funds available for research nationally), the Board deviseAI a new 'Mission' and 'Vision' statements and identify priority topics to enable the Trust to be more proactive in future. [This is explained further in section 6.] 4. 7 Meetings: Trustees and support staff are mindful of the multiple benefits of saving time (and money) by holding most meetings on-line (e.g. to discuss particular issues as they emerge. or project review meetings). 'Virtual' meetings also allow greater flexibility in timing and other Trustees with an interesl can join in more easily. The GMM in April 2023 was held virtually via Zoom and the AGM/GMM in November 2023 was convened at Wrest Park Enterprise, Bedfordslu're. The Board weed in 2023 to hold alternate GMMS face-to-face, preferably at an academic institution. 4.8 Suecession: The Trust continues to identify and maintain representstion and expertise from across the industry (including governance/fllWAcial management and soils). The Trust's Secretary, Alan Plom, retired in November 2023 at the AGM. David R Wbite (ex-DBT Trustee) is the new Secretary. The Trust's Financial Administrator is due to retire in the next 2-3 yvars.
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 4.9 Publicity: The Secretary continues to publicise the Trust's activities and sponsored projects. particularly through articles in the IAgrE's quarterly joumal 'Landwards' and Student e-Newsletter, and the Douglas Bonrford Trust website. The content is updated regularly, with copies of the latest articles. reports on projects, trips and award ceremonies posted on the News page. Linkedln is used to raise awareness of the Trust's activities and support, as well as to inforni 'alumni' and others about other sources of funding. Continued Professional Development (CPD) events and (post- graduate) job opportunities. 4.10 Eipenditure: Activities and, consequently, expenditure increased during the year, post- pandemic. The distribution between our main categories of expenditure was as follows, and ernples ate given below: 2023 Research and postgraduate study Studentships and thscretionary awards Other awards and donatsons Governance Investment charges 4.1 l Research and Postgraduate Studie8: Ten PhD projects were sponsored by the Trust during 2023-24. The onus is now being put on recipients to provide timely updates and supervisors to arrange Project progress review Meetings with their Mentors, rather than wait for a prompl from the Secretary. Project Assessrnent and Monitoring Check Lists aid the review process, as well as helping Trustees and the Secretary to assess suitability of projects for funding. Trustees also provide further support (in kind) through mentoring individuajs and research teams. 4. 12 The number and quality of PhD project applications continues to be disappointing. Most of those approved require further discussion on methodology or deliverables and it is difficult to identify similar research ongoing or complet. However. there continue to be a number of requests to support non-relevant projects and applications from individuals outside of UK to fund non-relevant degree courses. The Tnjst again funded an Msc group project to help the Board develop the framework for the new Strategy. 4.13 The Trust has continued to expand its contacts and involvement with a wider range of academic establishments, increasing awareness of the wide scope and potential impact of agricultural engineering, enshrined in the Trust's objectives. However, this leads to the speculative requests seeking sponsors]ll' p, particularly from overseas students who have been offered a place on courses in the UK but are unable to pay their course fees and living costs. These are rarely sufficiently aligned to wicultural enneering. Applicants are referred to the Agri-Food Charities Partnership (AFCP) website, where they can search for alternative sponsors. 4.14 Studentships and Discretionary Awards: Five students from HAU were awarded Scholars'ps after face-to-face interviews. The Panel were again impressed with interviewees, confidence, knowledge, range and standard of their proposals. The students, feedback on the value of their interviews was also very positive, and they report making effective use of their awards. It is also notable that several previous recipients (at HAU) have become more involved in their local IAgrE branch meetings and Committee, as well as organising the Engeering Society at HAU.
THE DOUGLAS BOMFORD TRUST EGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 4.15 The TnLSt continues to sponsor A-level students through the Arkwright Trust's Engineering Scholarship Scheme. The aim of the Scheme is to inspire students to consider studying agricultural engineering at university and for a career. They receive direct communication and advice from a Trustee Mentor. They are also encouraged to attend their local IAgrE Branch meetings andlor other meetings on-line. 4.16 Travel Awards: The Trust continues to provide Travel Awards to support individuals and groups to attend national and international conferences, techrrical shows and other events again in person. benefiting from exposure to a wider audience and face-to-face interaction with other students and 'experts'. 4.17 Prizes: The Trust's prestigious Award for the best paper by an IAgrE member published in 'Biosystems Enneering. w&s presented at the IAgrE's Awards Presentth'on in May 2023. Prizes are another way that the Trust recognises students, academic perfornunce and encourages their contribution to agricultural engineering. Trust-sponsored prizes awarded by universities in 2023 Énduded an annual award at RAU. and awards for two students at Cranfield University. Other universities are encouraged to nominate individuals. 4. 18 Supporting the Profession: The aim is to encourage more engagement by students with the professional body (IAgrE), in line with our shared objective to encourage students to opt for a career in the sector and enable them to progress within it. Retention of young professionals. post- graduation continues to be a challenge facing all professional bodies. To help alleviate this, the Trust's sponsorship for student membership of IAgrE was incre&8ed (up to a m&ximum of £7,5001year) and the Trust is seeking ways to m&ximise the outcomes of our sponsorship and forn]al Agreement with IAgrE. Students are encouraged to attend and become involved in Branches and Specialist Groups. This has been made easier by many meetings now being held online. The Secretary and Trustees continually look for opportunities to interact and encourage students and are exploring how the Trust can collaborate more effectively with other charities, universities and leading research organisations such as Agri-EPI, to provide opportunities. 5. FINANCIAL REVIEW 5.1 Policy 5. 1. l The Tnjst h&$ long-tenn equity investments, a deposit account, and bank current accounts. The equity investments are in the name of the Trust, with the Secretary as authorised correspondent and with the Investment Officer overseeing investment perforniance and advising the trustees on investment policy. The bank accounts require two SiatorieS from either the ChairnwL another trustee, or the Secretary. 5.1.2 Tnjstees continue to take the view that it is prudent to have some diversity in the approach to fund management, at least over the medium ternL &8 a precaution against the continuing 'gh levels of uncertainty across all asset classes in the market. 5.1.3 The underlying policy of budgeting project expenditure to the level that can be financed from current income has continued. Under nornial conditions sufficient funds to cover at least the budgeted annual expenditure are held as a reserve in a deposit account.
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 5.1.4 Investment perf0M]Ce is reviewed regularly through discussions and meetings with the respective fund managers and investment criteria adjusted accordingly. No specific ethical criteria are applied. 5.1.5 The Trust continues to seek contributions from donations and legacies as appropriate. Donations were received during the year from private inth'viduals (with no requests or conditions associated with these). 5.1.6 Investment income for the period has increased. Going forward, Investec income will be on an agreed Total Retum basis and CCLA income is usually accuratdy predicted, so income levels are e&sier to estimate. The trustees are confident that a combination of intelligt budgeting and the availability of reserves will allow all commitments to be met. 5.2 Remuneration and expenses None of the trustees received any remuneration. The Secretary and Financial Administrator continue to be paid on a self-employed basis. Trustees, the Secretary and Admi'nistrator are entitled to claim out of pocket expenses that are directly associated with carrying out Trust business. Potential liabilities for trustees and officers catrying out their roles on behalf of the Trust are covered by Public. Professional and Employees Liability Insurance (designed for charities and trusts) 5.3 Accounts 202&2024 The accounts for the year ending 31 March 2024 did not require that an audit be undertaken. Independent examiners have examined the accounts. The activities of the Trust resulted in a surplus of income over expenditure of £15,049 (2023.. £187,576) for the year. 5.4 Income Total income was £168.562 (2023.. £336,730), of which £164,457 (2023: £156,196) related to dividends and interest on investments. The remainder related to c&8h donations received. 5.5 Expendith Total expenditure w&8 £153,513 (2023.. £149,154), of which £28,944 (2023: £21,914) related to admmi'strats'on and governance. The balance of expenth'ture w&g for Gharitable purposes. 5.6 The Trust (Capital) Fund VaIuation of the combined investments at the year-end was £6,230,179 (2023: £5,737,619). this was an increase of £492.560 over the year. 5.7 Net Current Assets Net current assets stood at £191,455 (2023.. £161,392). 10
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 REPORT OF THE TRUSTELS FOR THE YEAR ENDED 31 MARCH 2024 6. FUTURE PLANS 6.1 The Board remains mindful of geo-political instability and infiationary pressures on our investments as well as individuals and organisations. The Board is also committed to nntaining Douglas Bomford's legacy through the Trust's new strategy and propose that up to 500/0 of the Tn]st's annual funds available for sponsoring projects will be allocated to the topics the horizon- scanning research suggests that our support will have most impact. Delivery of the new Strategy was dISc$sed with potential applicants and collaborators at the Summit in November 2023, when topics that will attTact funding by the Trust were highlighted. 6.2 For the next three years (at le&qt) the Trust will focu8 its support on 4 main themes: People Technology Collabor1¢ and Communicallon. 6.2.1 People: The Board recognises that 'getting the right people. and personal development underpins everythi'ng that we do. Encouraging students into the industry iemaÉns a priority, and the Tnjst's support for the Arkwright Tnjst Scholarship Scheme is being enhanced, Ihrough facilitating study tours, visits to universities and manufacturers. Continuing engagement with students at the undergraduate level is considered to be effective and good value for the relatively smal) amount of rnoney direcled at this group, e.g. through sponsoring studentships, prizes and travel for individual students or groups. Trustees will continue to monitor the quantity and quality of applications and encourage other establishments to consider nominating students to apply for sponsorship, awards and prizes. More publicity is Proposed for this annual 'open competition,, e.g. through AUC UK as well &s lAgrE and social medi& The Tt will continue to support travel, attendance at technical events and training for CPD and to enhance the irnage of agncultural engineers in the UIL 6.2.2 TechnoloLy'. Trustees will continue to analyse and explore the 'horizon-scanning' research within the framework of alternative economic, geo-political, technical 'scenarios' and potential topics for prioritising future funding identified by commissioned research. This will help to inform and th'rect allocation of up to s/0 of our available research funds to cost-effectivejpriority topics in accordance with our new Strate8y. For 2024-26 the Trust will encourage proposals for research on the following topics: Technologies, control systems and strategies that directly improve the perfomw]ce of sustainable wiculturaj production systems. Approaches to improve use of energy sources in agricultural situations particularly in relation to dimate change objectives. Techniques for innovative food production in controlled conditions. 6.2.3 Collaboration: The Board recognises that collaboration is vital to deliver the support for research and innovations needed to achieve the Trust's objectives. The growing inter&%t and increased UK Govemment support for 'AgTi-Tech' in the face of climate change, the 'carbon neutral, target and other challenges for farniing, food security (lu'ghlighted by the ongoing confiict in Ukraine), are expected to create further opportunities for the Trust to engage with various research and 'extension' organisations. Our conttibution will be enhanced in numerous ways, incluth'ng.. 11
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 RIPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (i) Continuing to liaise with UK Agri-Tech Centre (established in 2024 after the merger of Agri-EPI, CHAP and CIEL), other research centres and coordinators. as well &8 the agricultural machinery sector in the UK to identify opportunities for collaboration. (li) A closer relationship being developed with the Agricultutal Universities Council (AUC UK), with one Trustee directly involved. (iii) Our support for young stLKlents through the knkwright Engineering Scholarsm'p Scheme is also being enhanced. by supporting a study tour. (iv) Contact through ow Jubilee event and The Summit helped to rejuvenate links with mmufacturers and the AEA and it is hoped this will lead to opporturuties for sponsored Sludents to gain useful insight into the industy through technical visits and discussions with company representatives. (v) The Trust will also continue to strengthen our links with other th&itable organisations operating in the agri-food sector, e.g. through active involvement in the AFCP, events and joindy supporting projects. 6. 2.4 Communication: Trustees are mindful that the income available for funding arising from the Trust's investments is relatively small compared to some other Charities, but our contribution is becoming increasingly significant. CollaboTation is vital and The Trust will raise awareness of how it can (and does) 'punch above its weight,, through various av&]ues. For example: (i) The Jubilee event and Summit helped to publicise the important role of the Trust and eslablished many new cross-sector and inter-disciplinary contacts. The list of contacts generated from the invitees .to the Jubilee event will be used to further expand The Trust's 'sphere of influence., e.g. by circulating infonnation about future developments and Opportunitie to 'Friends of the Trust,, who will be encouraged to share the infonnation within their network of contacts and to suggest anyone else who would Eike to become a 'Friend'. (li) The Summit held in November 2023 facilitated discussion directly with potential applicants. other research/funding organisations and stakeholders on how best to implement our new Strategy, and promote collaboration. (iii) The Trust will continue to promote its role in publications and via social medi4 to engage with leaders of the manufacturing, technical and academic research sectors. It is also hoped the publicity lSing from the events will also attract further donations, or other forn of support. (iv) Social media (Linkedln and X (fornierly Twitter) has generated a core group of 'followers' and will continue to be used io raise awareness of the Trust's activities, to infom 'alumni' and others about sources of funthng, events for personal developrnent, and (post-graduate) job opportunities. 7. ACKNOWLEDGEMENTS On behalf of the beneficiaries of the Trust and the family of the late Douglas Bomford, the Chair wishes to record their appreciation of the generous contribution of time and expertise provided by individual Tntees, the Secretary and Financial Administrator. without who the work of the Trust could not be continue(L so successfully. 12
THED GLAS BOMFORD TRUST REGISTERED NUMBER 06355202 TRUSTEES, RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The trustees (who are also th'rectors of the Chitable company for the purposes of Company Law) are responsible for preparing the Trustees, Report 2nd the fmancial statements in accordance with applicable law and United 'ngdoM Accounting Standards (United Kingdom Generally Ac£epted Accounting Practice). Company law requires the trustees to prepare financial statements for each fmancial year which give a true 2nd fair view of the state of affairs of the charitable company and of the incoming resources and applIclon of TesouTces, including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are rquired to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Chatities SORP. Make judgements and estimates that are reasonable and prudent. Prepare the fu]ancial ststements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also Tesponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preva]tion and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant infornlation of which the charitsble company's independent examiner is unaware. and the trustees have taken all steps that thffy ought to have iaken to make themselves aware of any relevant infom]ation and to establish that the independtht examiner is aware of that inf0mtion. This report has been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities (issued in January 2023) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. The trustees also confinn that they have taken due regard to Charity Con)rnission guidance on public benefit. Approved by the trustees on 19 November 2024 and si]ed on its behalf by., ugust CHAIRMAN OF T 19 November 2024 E BOARD OF TRUSTEES 13
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 TNnF.PENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's report to the trustees of the Douglas Bomford Trust ('the Company,) I report to the charity trustees on my examination of th¢ accounts of the Cornpany for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement I have completed my ¢xamination. I confirn] that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 3 86 of the 2006 Act; or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 3 96 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Robert Brown Institute of Chartered Accountants in England and Wales Landers Accountants Ltd 38 Market Square Toddington Dunstable Bedfordshire LU5 6BS 19 November 2024 14
DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 STATEMENT OF FINANCIAL ACTIVITIES CORPORATING tNCOME AND EXPENDITURE FOR THE YEAR ENDED 31 IVIARCH 2024 Unrestricted Restiicted Funds Funds 2024 21)24 Totsl Funds 2024 Total Funds 2023 Note Incoming resources Voluntary Income Activities for generating funds Investment income Donations 164.457 4.105 164.457 4.105 156,196 180,534 Total incoming resources 168,562 168,562 336,730 Resources expended Costs of geratIng income 15,Ol5 Costs of charitable activitles: Research programme Travel scholarships Studentships Student support (ArkwrighVIAgrE) Other award5 and donations 65.892 8,983 6,750 15,160 12,769 65,892 8,983 6,750.15 15,160 12,769 72,856 11,702 9,500 14,950 3,159 Total value of grants 109,554 109.554 112,167 Costs of grant making: Governance costs Total resources expended 28.944 28,944 21,914 153,513 153,513 149,154 Net incomins resources before other recognised gains and losses Realised gainsl(losses) on investment assets 15.049 15,049 187,576 (137) (137) 57,458 Net (expenditure)lincome for the year Unrealised gainsl(losses) on investment assets 14,912 507.711 14,912 507.711 245,034 (298.513) Net movement in funds Total funds brought forward 522,623 5,899,011 522,623 5,899,011 (53,479) 5.952.490 Total funds carried fonvard 6,421,634 6,421,634 5,899,011 The statement of financial activities includes all gains and losses recolsed in the year. All incorning resources and resources expended derÉve from continuing activities. 15
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments 10 6,230.179 5.737.619 CURRENT ASSETS Cash at bank and in hand 196,027 165,748 CREDoRs Amounts falling due withm one year 11 Total assets less current liabilities 191 161392 NET ASSETS Unrestricted funds General funds Revaluation reserve 4,643,023 1778611 4,420.548 1,478,463 TOTAL FUNDS 5899011 14 The company is entitled to trKemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the company. b) The financial statements have beffl prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the Board of TteeS on 19 Nove signed on its behalf by.. N August Chairn)an D White Secretary 16
THE DOUGLAS BOMFORD TRUST REGTSTERED NUMBER 06355202 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I. COMPANY STATUS The charity is a private company, lirnited by guarantee, registered in England and Wales. The members of the company are the trustees named on page l. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office is The Bullock Building (Building 53), University Way, Cranfield, Bedfordshire, MK43 OGH. 2. ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. Basis of accounting The financial statements of the charitable company, whtch is a public benefit entity under FRS 102, 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 l January 20 19), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Cornpanies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the function currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. F ds Structure The charity has a single funLt created on the fomiation of the Douglas Bomford Trust, by the Bomford Family. The income of this trust is unrestricted, the terms of the fund allow the income to be accumulated and the capital to be spent if the trustees so detern]ine. On the cessation of the SRI, the tnt and the Institute forn]ed an agreement where the certain assets were assigned and gifted to the trust. The objectives of the SRI were wider than the previous trust's objectives, no specific requirement was made for the monies or proceeds to be segregated from the renIning trust's capilal, therefore monies received from this source have been included withi'n the unrestricted fund. Filed assets All fixed assets are initially recorded at cost. These are CapitISed if they can be used for more than one year, and cost at least £ 1,000. 17
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 NOTES TO THE FtNANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Current &sset investments are short tern] liquid inveslments and are held at fair value. These consist of cash at bank and on deposit. Debtors and creditors receivablelpAyable within one year Debtors and creditors with no stated inlerest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnlent are reco8nised in expenditure. Recognition of incoming resources AJI incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular calegories of income.. Voluntary income is received by way donations and is included in full in the Statement of Financi Activities when receivable. Investment income is included when receivable. Members. subscriptions and fees received in advance are deferred to the period to which they relate. Resources expended Expenditure is reCOlSed on an accruals basis as a liability is incurred, Expenditure includes any V AT which unnot be fully recovered. Costs of generating funds comprise the costs incurred in managing the charity's fixed asset investments. Charitable expenditure comprises those cosls incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated th'rectly to such activities and those costs of an indirect natute necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent review fees and costs linked to the stralegic management of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to retlect the use of the resource. Costs relating to a particular aciivity are allocated directly, others are apportioned on a staff time basis. IrCOver&bIe VAT Itrecoverable VAT is charged against the category of resources expended for which it was incurred. 18
THE DOUGLAS BOMFORD TRUST EGISTERED NUMBER 06355202 TE TO THE FtNANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Grants and donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Gifts ID kind Gifts in kind for use by the charity are included in the SOFA as incoming r&80urces when revaluing. Volunteer Help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report Liability recogmition Liabilities are reCOlsed as soon as there is a legal or constructive obligation committing the charity to pay out resources. Governance Costs Governance costs include the preparation and examination of statutory accounts, the Costs of trustee meetings and cost of any legal advice to truste&8 on governance or constitutional matters. Grants wlth perfonnance conditlons GTants awarded are reviewed periodically and are subject to the condition of each grant demonstrating satisfactorily that they have progressed. As there is no condition outside of the trust, no liability has been accrued for subsequent years. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas. or p capit4 staff costs by the time spent and other costs by their usage. 19
THE DOUGLAS BOMFORD TRUST EGISTERED NUMBER 06355202 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 3. INVESTMENT INCOME 2024 2023 Dividends & interest on investments Inter¢st on cash deposits 159,590 4.867 155.448 748 4. INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations.. Audtey Lambden Estate Tillett and Hague Delta-T Devices Private donation 145,825 30,000 509 105 Donations (including Gift Aid reliefj in both years consist entirely of cash amounts. S. COSTS OF GEIYERATING INCOME 023 Costs of managing investments 6. TOTAL VALUE OF GRANTS Purpose for which antS made Grants to individuals Institutions Total un Reseatch Progran]me Travel Grants Studentships Student support (ArkwrightrlAgrE) Other Awards and prizes 882 7,658 6,750 9.660 65,010 1,325 65,892 8,983 6,750 15.160 5.500 29,109 80.445 109,554 20
THE DOUGLAS BOMFORD TRUST EGISTERED NUMBER 06355202 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GRANTS MADE TO INSTITUTIONS Total amount of grants paid Names of Institutions Purpose Harper Adams University Cranfield University University of Gl&qgow University of Hartpury University of Lincoln Smallpeice Foundation IAgrE Cranfield University Cranfield University Harper Adams Engineering student Earth Trust Contribution to weather ststion IAgrE Commercial membership AgriFood Charities Partnership MembersFll'P subscTiption/event AgriEpi Centre Subs 2024 QI and 2 University of Birmingham Refund following student withdrawal Postgraduate researd] PoStaduate research Postgraduate research Postgraduate research Postgraduate research Sponsorship of agritech student visitslstudy tour Support for student membership scheme Group project Travel to conference Sponsorship of US exchange trip 21,563 18,932 12,400 11.095 10,667 6.000 5,500 5,100 1,325 1.000 600 500 300 210 (14,747) Total Grants to Institutions 80,445 7. ANALYSIS OF GOVERNANCE COSTS 2023 Marketing and publicity General admi'nistration Independent Examiners/Audit Fee Strategy summiVTrust Anniversary event 6,462 14.730 4,572 3,180 28,944 408 13,839 4,356 3,311 21,914 21
E DOUGLAS BOMFORD TRUST EGISTERED NUMBER 06355202 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . STAFF COSTS AND EMOLUMENTS The average number of employees during the year was Nil (2023: Nil). No salaries or wages have been paid to employees, including the members of the con]mittee, dwing the year. The Trust Secretaries were paid an Honoraria totaling £6.000 (2023: £6,000) in relation to their services. The trust administrator is paid on a 5elf-employed basis. No employees had emoluments in excess of £60,000. 9. NET INCOMING RESOURCES FOR THE YEAR This is stated after charging.. 2024 2023 Independent Examiner's fee 4,572 4.356 Fees were inclusive of VAT. 10. ANALYSIS OF MOVEMENTS OF INVESTMENTS 02 Carrying value (market value) I" April Addiiions to investments at cost Disposals at carrying value Realised gains/(losses) Unrealised gains/(losses) Management fees deducted from portfolio Income retained for reinvestment Carrying value (market value) at 31 March 5,737,619 5,853,645 140,000 (137) 507,712 (15,015) 57.458 (298,513) (15,072) 101 5.737,619 6,230,179 Historic cost at 31 March nve5Éments are held in the followlng categorAes at Éhe year end Inside UK Outside UK Tot Propety funds Listed equity shares Fixed interest securities C&gh and near c&sh Other investments 233,182 233,182 980,146 4,173.396 5.153,542 460,422 46,456 506,878 168,414 168,414 168 163 168 163 2 010,327 4,219,852 6.230,179 22
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIARCH 2024 The investments held within portfolios are divided between three main investment firn. The trustees consider there are no investments which are inth'vidually material to the portfolios, perfornwice. 11. CREDITORS AND ACCRUALS Amounts falling due within one year 2024 2023 Accruals 4,572 4,572 4,356 4J56 Total 12. FINANCJAL U¥STRUMENTS The carrying amounts of the charity's financial instruments are as follows.. 2024 2023 Me&8ured at fair value through net incomejexpenditure: Fixed asset listed investments (note l O) 6,230.179 5,737,619 Debt instruments measured at amortised cost.. - Short tenn deposits 196,027 165,748 Total 6,426,206 5,903,367 The income, expenses, net gains, and net losses attributable to the charity's financial instruments are summarised as follows: 2024 2023 Income and expense Financial assets measwed at fair value through net incomelexpenditure 148,168 140,374 Financial assets measured at amortised cost (4,867) 748 Net gains and losses (including Changes In fair value) Financial assets me&sured at fair value through net income/ffApenditure 503,981 (241.055) Total 647,282 (99,933) 23
THE DOUGLAS BOMFORD TRUST REGISTERED NUMBER 06355202 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. RELATED PARTY TIL4NSACTIONS AND TRUSTEES) REMUNERATION None of the trustees have been paid any remuneration or received any other benefits from employment with the charity or a related entity £ NIL (2023: £ NIL). 14. MOVEMENT IN FUNDS Unrestricted funds At l April Incoming Outgoing 2024 resources resources (inc gains) (inc losses) Transfer At31 March 2024 Revaluation fund Ga]eral fund Total unrestricted funds 1,478,463 4 420 548 300.148 1,778,611 300 148 4 643 023 67L) 866 157 243 Designated funds The revaluation reserve fund is required by the Companies Act 2006 and represents the amount by which the market value of investments exceed their historical cost. 15. FORWARD COMMITMENTS The Trust has committed to funding ongoing research projects ending within the next flve years, with the amounts committed SummSed in the table below. Research Projects £123,930 £ 51,900 £ 56370 232 200 Within l year: Between l and 2 years: Between 2 and 5 years: These grants are subject to perforniance related conditions, with biannual reviews. and will therefore be recO1Zed in the SOFA once the conditions have been met. These commitments will be funded out of investment income. 16. ULTIMATE COIYTROLLING PARTY The charitable company is controlled by the Board of TnL8tees. Collectively these fonn the ultimate controlling party.