Reglslered number.. 07168674 Charlty number: 1134729 THE EAST MALLING TRUST (A company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ADIFTZZS 2111212024 COMPANIES HOUSE A19
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THE EAST MALLING TRUST IA ¢ompany limited by guarantee) CONTENTS Page Reference and administrative details'of the Company, its Trustees and advisers Tru8t¢M' report Independent auditoes report on the financial statsments Consolldat•d •tat•ment of finan¢lal actlvltle8 16 Consolidated balance sheèt 17-18 Comp•ny b•lanc• sheet Consolidated stst•ment of c•gh flows 19-20 2.1 Not•8 to the fin•nelal stst•ment8 22.37
THE EAST MALLING TRUST (A Company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustee5 present their annual reporl together wlth the audited finandal statements of the gTOUP and the ompany for Ihe 1 April 2023 10 31 March 2024. The directors confim that the Annual Report and financial slatemenls of Ihe company comply with the current slatulory requirements, Ihe requirements of Ihe companl$ goveming document and ihe provisions of the Statement of Recommended Practice ISORP). applicable lo charities prepanng their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102) {effeLlive 1 Jonuary 20151 as amended by Updale Bulletin 1 (effective 1 January 2015). STRUCTURE. GOVERNANCE AND MANAGEMENT L¢g¥l Structurn The East Malling Twst (The Twsl) is a company limited by guarantee and a registered charity Ino 1134729). The Trust was incorporated on 24 February 2010 and is govemed by ils Memorandum and Artides of Association. The Trust had. during the year, di¢11Y wholly owned subsidiary companies in East Malling Limited IEML), wthich carries out commercial activities on the East Malling E818le, and Bradbourne House Limited (8HL is a dormanl Gompanyl, Company registered number 07168674 Charlty reg18t•red nufflber 1134729 RegIStere oifice Bradbouine House East Malling Wesl Malling Kent ME196DZ Trustees Dr O P Doubleday (Chaifman) Miss Allis Beasley Mr Kevin Altwood Ivictrchairl Dr Jonathan Knight Mr Tim Chambers Dr Celia Caulcott Mr Keith Newman Mr Robert James Page 1
THE EAST MALLING TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR TE YEAR ENDED 31 MARCH 2024 Management Control and direction of Ihe Trusi Is exeru8ed by the 808rd of Trustees who has adopted 8 comprehensive inlernal govemance framework for the fulfilmenl of it5 charitable objectives, in which the responsibility is deady allocated as follows.. Stralegic leadership through the Board of Trustees Operalional iunning of the East Malling Estate and business aclivilies by the Director and senior staff The day lo day management of ihe Chaiity 18 de18galed by the board lo the Executive and caTTie¢ out by Ms Karyn Hood. Company gecrntsry KMHood Tnjstee Effoctiv•n•*s Following their appointment lo the board, each trustee is given a complete briefing on the Twsvs govemance arrangemenls. objectives and aclivilies. A pack containing the Charity Governance code and the Charity Commission Truslee guidance is a150 provided. The Trustees are leading members of Ihe horticulture, research. business. political and academic sectors. New TrLtstees Are eleded by agreement of the Board, so as lo mairblain a balance of relevanl experien available lo th8 board. Trustee Board meetings are held to review the operations and strategy. Charity Governanc• Cod• The new Charity Govemance Code was publlshed in July 2017 wilh the support of the Charity Commission for En9land 8nd Wales, The Code is a practical tool to help Iruslees achieve high slandards of govem8nce. Th Code has seven basic principles.. organizational purpose. leader5hlp; integrlty., deci51on making, risk and control. board effecliveness,. diversity: openness and accounlabiity. It sets out both core outcomes, and recommended practices. The Trustee5 and Management have reviewéd the Code and strongly support the seven p'rincrples. The Trust have a written assessment lor Ihe code detailing each recommended practice. evidencing our compliance and noting areas for improvement. Following last years full governance review. conducted by Furley Page and improvements have been made to our govemance docurrienl. The review confirmed besl praciirA in most areas and with the identified improvements rneels and exceeds the Charity Commi55i0n guidelines. PROFESSIONAL ADVISERS Independent auditor Crowe U.K LLP. Medway Bridge House, 1-8 Fairmeadow, Maidstone. Kent, ME14 1JP Bank•rn Hande15banken. 4th Flix)r, Riverside House. 4046 Huh Street. Maidstone, Kenl. ME14 1JH SolicStor• Brachers. Sometheld House, 59 London Road, Maidslone, Ken( ME16 8JH Page 2
THE EAST MALLING TRUST IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TRusfEES' RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Group strategic report. the Trustees, report and the financial slalements in accordance wllh applicable law and UnÉled lfjngdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Company law requires the Trustees lo prepare financial ststemenls for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied Ihal Ihey give a true and lair view of the stale of affairs of Ihe trust and of the inMing resources and application of resources, induding the income and expenditure. of the group for Ihat period. In preparing these financial slalements, the direclorg are required lo.. select suitable ac£ounting polici85 and then apply them consistently.. observe the wnethod5 and principles in Ihe Chanties SORP., make judgmenls and accounting estimates Ihal are reasonable and prudent; prepare Ihe finanryal slalernenls on the going concem basis unless il is inappropriate to presume that the group will continue In operation. The Truslees are responsible for keeping adequate accounling records Ihat are sufficient to show and explain the trusl'5 Ironsactions and disclose wilh reasonable accuracy at any time the financial position of the group and enable Ihem to Ensure Ihal the fin8nryal slalemenls comply wilh Ihe Companie5 Act 2006. They are also responsible for safeguarding the asse15 of the Irusl and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Oversight of remuneratlon All siaff are covered by Ihe same remuneTation policy which is revlewed by exleinal benchmarking. The remuneration policy is approved by the board and subject to periodic review. To ensure clear governance and tTan5parency, the remuneration of the CEO is overseen by the Chair of the 8oard and Chair of the Finance and General Purpose committee. Rl•k Manag•ment In response to the recommendations sel out in Ihe Financial Reporting Standard applicable in the UK and Rewblic ol Ireland {FRS102), the Iru51ees consider the risk register on a regular basis. The Trustees review the risks faced by The Trust and agree a programme to manage the identified risks. The principle risks and uncertainties faced by The Trust are as follows.. Ability for The Tnjst's remaining trading subsidiary East Malling Limited to become profitable. Operations are outsourced to third parties lo miligale this Nsk and East Malling Limiled in Ihe currenl year has generaled a profit. Akm'lty of The Trust to generate trading surpluses al an adequate level which will enable it lo make significant future grants lo NIAB and other horticuRural research charities and organisalions. Careful managernenl of the Trust's property and business slrategy miligates this risk. The Trustees do not consider that the risks listed 8t)ove or any other8 will Impact on 118 reserves in the immediate fvture. Page 3
THE EAST MALLING TRUST IA company Ilmlted by guarantee TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES The Trust's objectives as set out in the Memorandthi and Artic4es of Assocbation are The advancement of suence for public benefrt, prlmarily through the support ol researth and Fulfilling the duty of care to Bradboume House. a Grade 1 listed building induding its heritage and The Truslees have agreed that the role of the Trust should be more broadly based Ihan adrnini$tralion of assels and have defined The Trust's strategic objeGtive5 as follows." The diss8mination ol lunds lor rese8h puwises The allocalion of funds is generally fnade by the Board, largely in support ol research fof the benefil of the perennial crops industry. During the year under teview supporl was directed to NIA8 an unrelated registered charity to underpin their horticultural research projects and secuie the fU1u of horticullur81 research in the UK. m8inten8nce olrepulation To mainlain ils repulatson of probity, good advice and involvement wrlh the concerned horticuliural industry, academia and Ihe research sector through ils actions as 8 charity and Ihrough Ihe reputalions and 8bililies of rts ndividual TTuslees. Use ofinlluence To use Ils slalus as a body and Ihal of Ils individual Tru51ees to highlight the natlonal and local Importance of horticullural researth and it5 fiJnding. This will involve periodic 8nd strUctud discussion5 wlh senior political figures al nalional and county level e.g. Members ol the House ol Lord6, Ministers. Members of Parliament and local govemmenl. It will also involve interactions wih others invofved at a senior level wilh researth policy, fvndin9 and delivery, e.g. in the Research Councils. Aclivili8s forlhe public good To maintain B Portlolio of adlvilies that is seen lo be sustaining the horticultural industry in general and its benefits to the community. heallh ond Ihe environment Ihrough the promotion and funding of horticultural research. Development olslralegic alh'ancas To assist, through Ils stalus in the induslry, adeMiS and business, in the development of slralegic alliances that might prove benefiGi81 lo horticultural research in general and specific organisgtions in p8rticul8r. Ulijisalion of as'spls To manage ils financial assets in line with the agreed Investment slralegy. To develop and ulilise its non finanaal assets lo oplimise, in the longer tefm, the generation of funds to support horticultural research. To manage ils property assels, taking a longer term view. Page 4
THE EAST MALLING TRUST (A company limited by guaranteel TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENOED 31 MARCH 2024 Dislribulion ol grants genernlly To make grants in fulfilment of its objectives to a level which, over the long lem. does not erode the assel base.. In the shorl term, this principle may be varied in specific circumstances. provided that a longer term recovery can be foieseen. Specific support for NIAB operatitms based 81 E8sl Malling To assisl in the longer lem development of NIA8, an unrelated charily. This may be through provision of additional funds for short term operational needs or proiects and ILtnding for longer term infraslwcturfj improvernenl which benefit NIAB as tenants of the sile.11 may also indude the provision of speafic experiise and advice from individual Trustee8 and speafic resources we are oble to provide. Such support does not exclude support for research elsewhere. The Trustees consider that The Trusl's objeclives are for the public benefit and that its activities, athievements and performance are enlifely consislenl with ils objective$. The key aclivities that arise from these 0.eCtiveS are.. Leth'ng and m8inlenance ol The Tmsl's property assels The Trugt ensures that nel income from this aclivily is oplimised and Ih81 Ihe duties of care lo the lenanl$ and the Grade 1 listed building, Bradboume House, are fulfilled. Oay lo day management of the property portfolio is delegated to managing agenis, Savills. The overall objective Is lo maintain and develop a su51ainabl& development plan for the es181e and lo ensure the eslale is well fflanaged lo m8inlain overall income, appreciation levels and quality of assets. ACHIEVEMENTS AND PERFORMANCE The Trust makes grants e8¢h year lo various benefiuaries in the world ol horticullural research in line with ils cuffenl charitable objeclives. The m8in beneficiary of gr•nl$ 8nd Support 1$ Ihe charity, NIAB. During the year Ihe Trust worked in ¢ollaboralion with NIAB and in line with rts charitable objective, grants and support co$1$ were awarded tolalling £686k. This was broken down into £125k support for the Wine Innovalion Centre capital equipment. £200k Diredors award grant. E193k support for overheads on new glasshouses and £168k rent gifted back. The direclors granl is for 5 yoars has, and since inception on 31 Oclober 2021, covered funding shortlalls on 19 UKRI projecls. 11 has also helped fund early career researchers. UKRI data shows Ihat Ihe Tru51 funding has leveraged more Ihèn £11.7m ol granl funding in research al the East Malling sile. Through this funding the Trusl supported 43 grower and commercial company partner inleraclion5. Since 2022, highligh15 of Ihe research from NIA8 scienlisls have been shared wilh growers and the fruit supply Chain through 36 trade press artides and 14 Pfess releases 8$ shown below. Page 5
THE EAST MALUNG TRUST IA Company Ilmlted by guarant) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 •¥mm•ry Hth• v•J•#¢• Wb•tM•llln• thWVI•V• ••11•0 byfh• Qlp•¢tor •r•At T•tal PvolaEt L••d 04ft1. oJrAJ 04111. OJA4 04124. oan Oi olor+41• k ••i•i •dki••btlvn b •PPli•o-wln9 droiophll• 579.404 •t.1• 0•>32 21.170 3.394 New av$101rtarJle •olullOn ¢0 •• htallhy thJlt Irarn Bpoiled wing 410gophll. 87OP-8POT lux S•2• 8.620 2•.072 Pr eld ILiK. I.J60,22• 9-1 No22 0.7SO 1•.324 Au9rn•Trlyd bvwry 4•l•h. tO.Ilm• iu 244,S• •-2D 8•p22 4.77• 2.•J7 A no%el t0191cll qWv•Gi bj &ira¢egyforeontyoi oi •ooN•o wlTr79 O¢O$OPhSla' ÈIOWIL QBSRC InJDlullun•l lrtiern• Dr Foyni•ln IVK 120.4Vg $•p-11 S•PZ2' 2.7F• 4.J46 Pral X 283.000 0th-22 r-?J 4.•7• wllh pr•clBlon-doiinq lfflw pro&ucllt4iy. •nd w•b •n¢J •rn14•40n• In r•pbeiryprOdudl&n Producllan iu polnl Or $iwIO• 9.20 1.1)? lJ.•24 ¢On•urn•l• Prvlxu Pr•¥icUn9 1t1brry fvul 62.styj J2.SOO Phvvomon• vl •ppl• N4w lo m•n•••m•ni •1 • r •m•r9ln9 9•11 Dr Foun*ln 25.005 V•d-22 Jyl.lJ 3.708 2,681 Page 6
THE EAST MALLING TRUST {A company limited by guarantee) TRUSTEES. REPORT {CONTINUEOI FOR THE YEAR ENDED 31 MARCH 2024 LoJsè8 th cot r¢c4MiryIEI ¢•Yré4Y byWT gr•llt Toial prafvci 10121. Fuhd• stsrt End 04122. 03123 04QJ- 03124 04a4- oJr15 Oe¥lopm•ni ol ph•r•monvs lor innoYdll%t m8nagemeni o For¢sl 8ug, 8n lmerglng p•si or¢h4rdb.' FOReuG Screening 'raslsknCt' Io SPQtsd r050phila iuzuklll In i•Epb¢ orM9n IUK 239.811 gr.22 •r-24 6.790 7.702 500 OrFouni•ln IUK IGKIWJ 119.7JO 0(1.24 3.873 1.703 SIr4Orry accessians Invea¥inq w•du suit¥•bIlIty kn UI< KUre.. In¥Es9aig the poleThUo1 grounrf¢O DrO'erf•Th IUK IGKWA) 475.203 15.177 17.425 7JOO heihh. Inue8sln9 and ¥iiILiinoblllty th UK 1110.. pot£nY•I Imp•u gr¢urid¢o mènagemenl on 0911 Dr ryefli IUK IGK@ 475.203 gr-lg D•£-22 21,176 2,394 £hcIng vth•r+J ecpkngy fo Improwd resllience ID ¢llm8le Ch•n91 and •ppl• dis¢•se cr¢asln9 ItrbIE ici& kn lioTr le¥B15 Ul tom4loes 10 •nh•nc• hum•n T>utrOn Ind plgniibiott¢ ¥w•8s thler•n Oheing pttrelsknn proitsetioft hnolagy oichJi¢JS Rwjing ¥rrtl rivlng Spen coir subslr•i• Aob150n- o>r IUK IGKW 205,583 l+r.22 S•p34 3,717 1.245 IVK IGKW 574.240 W.22 Oth24 8OA49' 20,400 Or W)Ilfr•td iu 4.500.0 OA.23 S•27 8.750 50.000 DrP•pp-Rup•r IUK 143.073 Ar.25 24,875 Is.9 Uslng endophy•s lo m•n•9¢ B8SRC 256,00 Otl-23 sèp25 6,250 27.$00 Di•oJl crop rnin•9•m•ni fo 91oStllthlB• p••ts and IUK 940,328 23 26 47.$00 27.SLS3 11.795,668 56.OZJ 176.021 171,3US 264.11 .' 88SRC. B1•iechrtogy•n1 elaloolc Selonc•• gts••rth Cwndl.. IUK- InThob•t• UX.. IUK IGKQPAJ- ltyno%té UK Ofowlhg Keni 6 ldwaySengLfv In P¢#ee; ". Ih)cluoin9 eo1o•••s in uslftg gl••hwi• f•cifd•i. +" P4wD$l4NJenslon 9ronl. Page 7
THE EAST MALLING TRUST (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We are pleased to Teport that the £6.7m ring fenced funds. used lor the construction of glasshouses. new laboralories, and offices Completed in June 2022 are fully operational and Ihe Wine Innovation Centre has been provided wilh the capital equipment. Aside from financial support. Ihe trust worked closely with NIA8 management on joint initiatives providing lirne, support and $OurCes. NIA8 Ltd is a division of NIA8 Trust. The Trust engages with NIAB Limited and NIAB Trust lo discuss and formulate future plans lo ensure we deliver the best support to the science carried out on sile. Oelails of the activities of NIAB can be found on their websile at wMv.niab.com. The Trust has also made available ils facilities lo local charitable and community groups lo enable and support Ihem with their fund raising activities. This has induded. The Larkfield Run. Land is provided on a nominal rent lo a local charity Comrnunigrow. This project enables local schools, vulnerable groups and communty members to leam lo grow produce and sell lo¢ally. The Trust has a colledion of historical materials relating to Bradboume House and the History of East Malling Research. Investment has been made and 1$ ongoing to collale and archive this material wrth the purpose of preseprfing the history and enabling public access eilher through the public tour5 run OT through our webslte. The Trust'5 income 15 derived in part from ils own resources in terms of property and previously financial investments bul also through the operation ol ils commercial subsidiary. East Malling Lirnited. During Ihe year. East Malling Limited contued lo outsource the events and G41ering business lo Baxter Storey. The performance of The Trust's current diredly held Gubsidiary companie$, Ihe results of whi¢h are included in Ihe consolidated report, are del8ile¢J below.. Ea•1 M•llSng Llmlt•d The Companvs prinPaI activities during the year under review were the operation of the Events and Catering business. Eagl Malling Limited made a profil for the year before and after lax of £20,412 {2022123 - £31,740) and a grft aid payment to The Trust was not possible due to accumulated previous losses (2022r23 NIL). At 31 March 2024 East Malling Limlled had nel Ilabililies of £131.032 and has a letter of support from The Trust (2022123 - £151.444). vents & Catering For the perfod under review, operations inojme did nol exceed Ihe contracted minimurn guarantee commi55ion Payment. The weddings have not bounced back fully bul continued improvemenl will be shown in the upcoming rinanc4al year. Bradboume Hou80 LSmlted Bradbourne House Limited is a dormant company. At 31 March 2024 shareholders funds were £10.0001202212& £10,000). Page 8
THE EAST MALLING TRUST IA company limited by guarantee) TRUSTEES, REPORT {CONTINUEO) FOR THE YEAR ENDED 31 MARCH 2024 FUTURE DEVELOPMENTS The Trust is working dosely with NIAB io f3alilale ihe achievemenl of their research business plan and io achieve a higher profile for the importance of horticultural research. C>ver the next year The Trust will continue irnplemenling and developing 11$ property and business strategy lo ensure il maximises ils return on assets (bolh revenue and capilall lo enable il lo continue to fulfil ils charrtable objectives. Land, surplus to research requirements, was idenllfled on the estale for housing in line with the TM8C local plan process. A sile, SUTpIu5 to research requirements, is in the proress of assessment and a planning submission ha$ been submitted during the year 2024-2025 wilh a View lo bnnging forward in 202512026. Any capital receipls likety will be reinvested into The Trusts assets. This wll include developmenl of new scientific facilib"es, upgrading of sile infrastructure and considered investment to produce an ongoing Income for charitable acts"vilies. GOING CONCERN Accounting standards require Ihe Truslees lo consider the approprialeness of the going concern basis when preparing the financial slalements. The Truslees have given due consideration lo the current economic dimale and the effect on The Easl Malling Trust. They have reviewed 8udgets and Cash flow and are satisfied that il will not affect the ability of the Trust to continue in operation81 exijlence for the foreseeable fulure. Thus they continue to 8dopl the going concern bo81# of accounting in preparing the annual financial 5talemenls. FINANCIAL REVIEW Regults The principal accounlng policies adopted for the period are detailed in note 110 the accounts. The fesufts and reserves of each subsidiary are given in the achievemen15 and performance seclion of this report. In the yeaT. the total consolidated incoming resources of £3.317,477 {202212023- £2,665,308) was exceeded by lolal consolidated expenditure of £3.399.962 (202212023- £2,960,768) by £82.485 {2022123 - £295.460). Nel cash inllow dunng the year was £5.551,366 (2022Q023 - oufflow of £8,913,212). The nel cash at 31 March 2024 was £17,460.3201202212> £11,908,954). Page 9
THE EAST MALLING TRUST IA eompany limited by guarantee) TRUSTEES, REPORT ICONllNUED) FOR THE YEAR ENDED 31 MARCH 2024 RESERVES POLICY The Truslees set the level of reseNes so as lo prolecl againsl unanlicipated drops in incfjme and to 8111)w Thè Trust some flexibility to lake advantage of new unforeseen opportunilies. In order to meel this policy the Trustees conduded Ihai they require free reserves equivalenl to three lo twelve monlhs of forecast operating expenses. Based on current strategy and forecasts in the short to medium temi the Group is unlikely lo generate a significant inuease in reseryes from operations. Additional free reserrfes posi 31 March 2024 will only be realised from a56el 5?les and exceptional items. The majorily of the Group'¥ revenue is derived from lettin9 of propety on the East Malling sile. In Setting the level of free fe$errfes required the Trustees considered the following: Income Loss of ren181 Income from 8 large tenBnl or several lehants. The loss of rent81 Income from a business inlerrupbon event is insured. Thls 1055 would only maleriali5e if a malor lenanl's bu5ine55 lalled.. a nurnber of tenants wilh short nokn'ce periods vacated their properties al the same lime or major repairs were required which nece55italed vacation of properties. Contingent costs Legal and professional fees or e8pi181 purchases required to lake advantage of unforeseen opportunities to enhance the property or business portlolio and increase ils lulure value. Unplanned capital expendrture for a major repair or replacement Ihal w8$ not viable to fund via loan finance. Granl commitments As at 31 March 2024 the Consolidated group reserves were £75.967.663 (2022r2023 - £74,619.478) of which, free reseples were £32,832,386 12022123 . £38,755,028) equivalent to 10 years operating expenses for the newty structured operalions (2022123 - 13 years). Th¢ Ire¢ reserves represent total resefves les8 Ihe value of tangible fixed assets and investment properties. INFORMATION ON FUNDRAISING PRACTICES All the Trust's income 15 derived from management of its a8sets."The chanty does not raise any funds from direct lundraislng. DISCLOSURE OF INFORMATION TO AUDITOR Each ol the persons who are Tfv51ees èt the lime when this Tru51ee8' report is approved ha5 confirmed Ihal.. so far as that Iruslee is aware, there is no relevant audit infomiation of which the group's audrtor is unaware. and that Iruslee has taken 811 the steps thal ought lo have been taken as a Irustee in order lo be awafe of any infonTralion needed by the group's avdrtor in connection Wbth preparing this report and to establish that the group'5 auditor is aware of thal information. Page 10
rHE EAST MALLING TRUST (A ¢omp4ny Ilmlt¢¢ by guaranleo) TRUSTEES. REPUKT ICONTINUEDI . FOR THE YEAR ENOEO 31 MARCH 2024 AUDITOR The auditors, Crowe U.K. LLP, will. be o'roposed for reakpointrnenl in accordan'ce with sedion 485 of the Companies Act 2006. Approved by order ol the members of the board of TTuslee5 on NJsMs4 &ry94 and signed on their.b'ehalf by.. Page11
THE EAST MALLING TRUST IA company limited by guarantee) INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST Op5nlon We have audited the financial statements of The E8sI Malling Trusl Ilhe 'parent charitsble companrf) and ils subsidiaries {Ihe 'group') for the year ended 31 March 2024 which comprise the Consolidated slalemenl of financial aclivilies, the Consolidated balance sheet. the Company balance sheet. Ihe Consolidated slalemenl of cash flows and the related notes, including a summary o15ignrficant accounting policies. The finanal reporting framework that has been applied in their preparation 1$ applieable law and United Kingdom Accounting Slandards, induding Financial Reporting Slandard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, {Uniled Kingdom Generally Accepted Aexounling Practice>. In our opinion the financial statements.. give a true and fair view of the stale of the Group's and of the parent charitable companys affairs as al 31 March 2024 and of Ihe Group's incoming resources and application of resources. induding its income and expenditure for Ihe year then ended,, have been properly ppared in accordance wth Unrted Kingdom Generally Accepted Accounling Practice". and have been prepared in ac£ord8nce wllh Ihe requirements of the Companie8 Act 2006. 8asl8 for opinion We conducted our audit in accordance with Inlemallonal Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stalemenls seclion of our report. We are independent of the Group in accordance wilh the ethical requirements that are relevant to our audit of ihe financial slalements in the United Kingdom, induding the Flnancial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audil evidence we have oblained i• suffithent and appropriate to provide a basis for our opinion. Con¢lu•lonJ relatlng to golng concern In auditing the Ilnancial 818tements, wt have conGluded th81 Ihe Trustèes, use of the going concem basis of accounting in the preparatlon of the financial Statements is appropri81e. 8ased on the work we have perfomed, we have not identified any malerial uncertainties relaling lo events or condrtiorls that, individually or colleciively, may cast signifiGgnl doubl on the Group's or the parent charitable companvs ability lo continue as a goin9 concem for a period of al leasl Iwel¥e months from when the fin8ncial statements are aulhorised for issue. Our responsibilities and the responsibilities of Ihe Trustees wlth respect lo going concern ar• described In the relevant sections of ihis report. Pa9e 12
THE EAST MALLING TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF THE EAST MALLING TRUST (CONTINUED) Other infonnatlon The other information comprises lh¢ information included in the Annual report other than the financial stalement8 and our Auditors report Ihereon. The Truslees are responsible for the other inlorTnalion contsined within the Annual report. Our opinion on the financial stalemenls does not cover the olher information and, except lo Ihe extenl olhep4vise expliolly staled in Our report, we do nol express any form of assurance conclusion thereon. Our respon5ibilrty is to read the other information and. in doing so, consider whether the other information is materially inconsislenl wrth the financial slalemenls or our knowledge obtained in the course of Ihe audil, or othenvise appears lo be materially misslaled. If we idenllfy such malerial inconslslencies or apparent malefial mi55talements, we are required lo delermine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude Ih81 there is a malefial misslalement ol Ihis other information, we are requlred lo report that lact. We have nothing to report in this gard. Opinion on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the Gour¥e of the audit.. the information given in the Trustees, Report induding the Strategic Report for the financial year lor which the financial 51al8menls are Prepared is ¢onsislenl wilh the financial slalemenls. the Trustees, Report and Ihe Slrale9ic Report have been prepared in accordance %wlh applicable legal requirements. Mattern on whlch we are required to report by exception In the li9hl of aur knowledge and underslJnding ol the ch8rllable company and ils environment obiained in the course of the audit, we have not identified material misstatements in the Trustees, Report induding the Strategic Report. We have nothing lo report in respect of the following matters in relalion to which Companie$ Acl 2006 requires us to report to you rf, in our opinion.. Ihe parenl charitable company has not kepl adequale and sufficienl accounting records. or returns adequate for our audit have not been fe¢eNed from branches nol visited by us,. or the parent charitable company financial $lalemenls are not in agreèment wilh the accountlng records and retums.. or certain disdosures of Twstees, remuneralion Specrfied by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of tfUStee8 As explained more fully in the Trustees. responsibilities statement, Ihe Trustees (who are also the diredors of the charitable company for the purposes of company law) are responsible for the prepaialion of the financial stslemenls and for being salisfied Ihat they give 8 true and faSr view, and lor such inlemal control as Ihe Trustees determine is necessary to enable the preparation ol financial statements ihal are free from rrialerial misstalemenl, whether due lo fraud or error. In preparing the financial 51atemenls. Ihe Twslees are responsible for assessing the Group's and the parertt charitable cornpanls ability lo continue as a going concern, disclosing, as applicable, maller5 Felaled lo going concern and using the 90ing concem basis of accounting unless the Tnjslees either inlend to liquidale the Group or the parent charitable company or lo cease operations. or have no realistic attemalive bul lo do so. Page 13
THE EAST MALLING TRUST IA Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST (CONTINUED) AudltoVs re$ponslbSlltles for the audit of th¢ financial statements Our objectives are lo obtain reasonable asyurance about whether the financial stalemenls as a whole are free from material misslatemenl, whether due to fraud or error. and lo issue an Auditorfs Teport that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 8udil conducted in accordance with ISAS (UK) will always detect a material mi55talement when il exists. Misslalemenls can ari from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo inflvence the economic decisions of users laken on the basis of these financial stalemenls. Iffegularilie8. induding fraud, are inslances of non-compliance with laws and regulallons. We design proeedure• in line ¥th our responsibililies. outlined above, lo delect material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting ifregularilies, including fraud is de18iled below.. We oblained an understanding of the legal and regulatory framewort(s within which the charitable company operate6, focusing on those laws and regulations that have a direct effecl on the delerminalion ol malerial amounts and di5c105ures in the fin8nu81 slalemenls. The laws and regulations we considered in this contexl were the Companies Ad 2006 and SORP 201 S. We identified the grealesl rlsk of material impact on the financial statements from irregularities, including fraud, lo be the override of controls by management and the recA)gnition ol revenue. Our audit procedures lo respond lo these risks included,. enquiry of managemenl about the Group's poliues. procedures and related controls regarding MplianCe with laws and regulations and if there 8re any known instance5 of non-compliance. examining SUPPOrting dacumenls for all material balances, transactions and disclosures.. enquiry of rnanagemenl and review and inspedion of relevant correspondence., evaluation of the selection and appIltion ol accounting policies related to subjectwe measurements and complex transactions., an¥1•Cal procedures lo idenlfy any unusual or unexpected relationships." testing the appropriateness of joumal entrie5 recorded in the general ledger and other adjustments made In Ihe preparation of the financial slalemenls., review of accounting eslimale5 for biases". and sample lesiing the various revenue streams bad( lo sUppO.n9 documenlalion, and bank receipt, paying parti18r attention lo those recognised around the year end. Because of the inherent limilaliorts of an audit. there is a risk that we will not detect all irregularities. induding Ihose leading lo a material misslalement in Ihe financial statements or non-compliance with fegulalion. Thls risk increases the more that compliance WFlh a law or regulation is removed from the events and transactions reflected in the financial sialements. as we wll be less likely 10 become aware of instances of non-cornplianeA. The rlsk is also greater regarding irregularities occuning due lo fraud rather Ihan error. as fraud involves intenlional concealment. forgery. collusion. omission or misrepresentation. A lurther description of our responsibilities for the 2udrf of the financial statements is localed on the Financial Reporting Counal's website at-. www.frc.or .uklaudi nsibili ie5. This description fonns part of our Auditorfs report. Page 14
THE EAST MALLING TRUST IA company limited by guarant?el INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST (CONTINUED) Use of our report This report is made solely lo the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2008. Our audit work has been undertaken so that we might 51ale lo the charitable companys members those mallers we are requiied lo stale lo them in an Audilor's report and for no olher purpose. To the fullest exlenl pemitted by law, we do not accept or assume responsibility lo anyone other than Ihe charilable company and its members, as a body, for our audit Work, for this report, or for the opinions have fofmed. M•tth¢w Howard {S¢nlor statutory audltorl for and on behalf of Crow• U.K. LLP Slalutory Auditor Medway B Tidge House 1-8 Fairmeadow Maidslone Kent ME14- 1JP Dale.. 19 December 2024 Page 15
THE EAST MALLING TRUST IA company limited by guarantee) CONSOLIDATED STATEPJIENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income Irom: Chanlable aclivities Other trading activities Inveslmenls 127.857 99,396 3,090,224 177,857 99,396 3,090,224 136,093 115.380 2,413,835 Tolal In¢om• 3,317,477 3,317.477 2,665.308 Expenditure on: Raising funds Charitable activits'es 2,371,704 1,028,258 2,371,704 1,028,258 2.154. 780 805,988 Total expendltur• 3,399,962 3,399,962 2,960, 768 Net movement In lunds béfor• other rn¢0gnl•od gainslllosse81 182,4051 182,4851 (295.460) olr recogni3ed gainslllo$$¢s)'. Gain$ on revalualion of inveslment portlolio 1.430,670 1.430.670 574,249 Net mov•m•nt In lundB 1,348.185 1.348.185 278, 789 ReconcSllallon of fvnds". Tolal funds btOU9ht fonvard Nel movement In funds 74.619,478 1,348,185 74,619,478 1,348,185 74.340. 689 278, 789 Totsl funds Carried forward 75,967.663 75.967.663 74.619,478 The Con501idaled Statement ol Financlal A1vIlle5 includes all galns and losses recognised in the year. The no1é5 on pages 22 10 37 lorm paTt of these financial statemenla. Page 16
THE EAST MALLING TRUST IA company limited by guarantee) REGISTERED NUMBER.. 07168674 CONSOLIOATED 8ALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Nol• Fixed assets Tangible assets Investments Inveslmenl property 12 14 13 7,761,858 16,637,883 35,373,419 6,141.839 15,074,851 29,722,611 59,773,160 50,939.301 Currant a88•18 Stocks Debtors Cash al bank and in hand 15 18 1.497 837,297 17,460.320 11,360 12.945,604 11.908,954 18,299,114 24,865,918 cditOrs.. amounls falling duè within one .year 17 11,854.611) (685.741) Net Current •$#•ts 16,444,503 24, 780, 177 Total assels les• current Ilabilities 76,217,663 75,7 19,478 cdI¢01s.. amounts 1811ing due 8fter more than one year 18 1250,000 (500,000) Total nel a88ets 75,967.663 74,019.478 Charlty funds Unstricted fvnds 19 75,967,663 74,619,478 Total funds 75.967,663 74.619,478 Page 17
THE EAST MALLING TRUST IA company limited by guarantee) REGISTERED NUMBER: 07168674 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 The Tfuslees acknowledge their responsibilities for complwng Vth the requirements of the Act wrth respect to accounting records and preparation of financial slalemenls. Yhe financlal statements were approved &r Je(44 and aulhorised for is$e by the Trustees and signed on their behalf by.. on The notes on pages 22 10 37 fom part of these financial slalemenl5. Page 18
THE EAST MALLING TRUST IA company limlled by guaranleel REGISTERED NUMBER: 07168674 COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed a68•ts Tangible assets Investmenls Investment property 12 7,740,314 16,647,883 35,373,419 6, 122.062 15.084.857 29.722.611 14 13 59,761,616 50,929,524 Current assels Slock6 Debtors Cash al bank and In hand 15 16 9,863 12.925, 180 11,867.130 875,268 17,413,744 18,289,012 24,802, 773 Creditors.. 8mounts falling due within one year 17 11,830.0451 (702,063) Net current •••et• 16.458,967 24, 700.710 Total assets less current liabilitles 76.220,583 T5,030,234 Credilor5'. amounts falling due after more than one year 18 (250,OIXII (500,000) Total net a•B•ts 75.970,583 74.530. 234 Charity funds Unrestncted fvnds 19 75.970,583 74,530,234 Total funds 75.970.583 74, 530.234 Page 19
THE EAST MALLING TRUST IA company Ilmlted by guaranteel REGISTERED NUM8ER: 07168674 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCM 2024 The Companls net movement in funds for the year was £1,440,349 (2023- £247.418). The TTuslees acknowledge their responsibilities lor complwng 4wth the requirements of Ihe Act with respecl lo accounting records and preparation of financial slalements. The financial slalemenls were approved and authorised for issue 9 E fviuVCYfiQ£É c2c)aLF by Ihe Tru51ees on and signed on their behalf by.. The notes on pageg 22 to 37 fomi port of these ffinancial slalemenlj. Page 20
THE EAST MALLING TRUST IA company lirnited by guarantee) CONSOLIDATED STATEMÉNT OF CASH FLOWS FOR THE YEAR ENDED 31 MAR¢H 2024 2024 2023 Cash flow5 from operating actiliities Nel cash generatedl{usedl in operating activities 12,387,050 11,088.030 Cash flows from Investin9 4¢tivities Dividends, interests and renis from inveslmenls Purchase'of langible fixed assets Purchase of investment properties Purchase of fixed asset investments Proceeds from sale of fixed asset inveslmenls 595,366 113,04P (1,680,242) (38T.01IJ (5,650.808) (4, 784. 720) (75,942,558) 1,000,000 Net cash u8•d In Snve8tlng actlvltl•• 16,735,684) 120.001.2421 Cash flow$ from Ilnancing actlvlties Repayments of borrowing 1100,000 N•t ca•h {uMd In)Iprovlded by fln•nclnq acllvltles. (100,0001 Change In cash and ca8h equlval•Trt8 In th• year Cash and cash equivalents al the beginnifig of the 81 5,551,366 18,913,212) 11,908,954 20,822.166 .Cash and cash equlyalents at the end of Iho year 17,460,320 11.908,954 The notes. pages 22 10 37 form part of Ihese finénual. slalethents Page 21
THE EAST MALLING TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiotion East Malling Trust is a company limited by guarantee (registered number 07168674) whith is incorpoiated and domialed in England. It Is also registered as a charSty with the Charily Commission {regi$lered number 1134729). The address ofthe regislered office is Bradboume House, East Malling, Wesl Malling, Kent, ME19 602 Accounting policies 2.1 8asl• of pr•pir•tlon of IIDanclal ¥t¥tem•nts The financial statements have been prepared in accordance wth the Charlties SORP (FRS 102) Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charilies preparing their acc(Junl$ in accordance wilh the Financial Reportlng 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 1021 and the Companies Ad 2006. The East Malling Trust meets the definition of a public benefrt entity under FRS 102. A55els and liabilities are inilially recognised al historical Gosl or transaction value unless otherwise staled in Ihe relevant accounting policy. The Consolidaled slalemenl of financial aclivilies (SOFA) and Consolidated balance sheet consolidate the financial stalements of the Cornpany and ils subsidiary undertaking. The resulls of the subsidiary are consolidaled on a line by line basis. The Company has taken ad¥anla9e of the exemption allowed under seLlion 408 of the Companies Act 2006 and has not presented ils own Sialemenl of financial actlvilles in Ihe$e financial slalemenls. 2.2 Incorne All income is recognised once Ihe Company has enlsllemenl to the income, il is probable Ihal Ihe income will be received and the amount of income receivable can be measured feliably. Rental Income 15 accounted for an accruals basis and is reco9nised as it become8 due. Donations arid sundry income received for the general purposes of the tharity we.accounted for on the dale of nolificolion and enlitlemenl is established. Outsourced service commission income is ac¢ounled for on an accwals basis and is recognised when il becomes due lo East Malling Limited. Page 22
THE EAST MALLING TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 Accountlng policies (contlnued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic beneffii lo a Ihird party, It Is probable Ihal a transfer of eOrni¢ benefi1$ will be required in settlement and the amount of the obligation can be rneasured reliably. Expenditure 15 classified by actlvity. The costs of each activity are made up of Ihe lolal of direct costs and shared costs, induding Support costs involved in undertaking each aciivity- Direct cosis attribulable lo 3 single aclivily are allocated direclly to Ihal aclivity. Shared costs which contribute to more than one adivity and support costs which are not attributable lo a single activity are apportioned beiween those activities on a basis consistent with the use of resources. Central staff costs 8re ellocaled on the basis of lime spent, and depreciation charges allocated on the portion of the asset's u4e. Costs of raising funds are costs Incurred in attr8cling voluntary income, and Ihose incurred in trading aclivilies Ihat raise funds. Expenditure on charitable activilies is incurred on direclly undertaking Ihe acllvilies which further Ih8. Group's objectives, as well as any associaled support Costs. Grants p8y8ble are charged in Ihe year when the offer Is made excepl In those cases where the offer is conditional, such grants being recognised as expenditure when the assigned conditions are mel. Grants offered subject to condrtions which have nol been mel al the year end are noled as • commilmenl, bul not accrued as expenditure. 2.4 Int•re8t recdvable Inleresl on fijnds held on dep0511 is induded when receivable and Ihe amouni can be measured reliably by the Group.. Ihis is normally upon nollncation of Ihe Interest paid or paya8 tsy the inslitulion with whom the fun(Is are dep051ted. Page 23
THE EAST MALLING TRUST IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Accounting policies l¢ontinuedl 2.5 Tanglble fixed assets and Investmenl propertle8 Freeholdpffjperty The Trustees, policy is to revalue the companvs freehold land and buildings. An independent Valuation of all the land and buildings al the East Malling site was carried oul as al 31 March 2023 and an updated assessmenl has been carried out by the Truslees in this financial year. Regular maintenonce is carried out to all of the buildings at Ihe E8St Malling glle in order lo keep the buildings al Ihelr cuent level of condrtion. The Trustees review and consider the valuation at each reporting date to assess rf there are indications of a material change in Ihe valuation. Freehold land is not depreciated. Inveslm•nl pmpeths The TnJ8tees' policy IG to revalue the companys investment properties. A valuation of the land and buildings at the East Molling sile was carried out a$ al 31 March 2023 and an updated assessment has been carried out by the Trustees in this financial year. No depreclatlon Is provlded In respecl ol Investment prpperties In accordance wllh 8eclion 16 of FRS 102 "Investment Prcs)ertY'. Anliques An extemal valuation was carried out as al 31 March 2020 and an updated assessment has been carried out by the Trustee5 in this financial year. No depfeoalion is charged in respect of antiques on the grounds that the Directors consider that any charge would not be material by reference lo Ihe lolal assets of The Trust, due lo the high residual value of ihe a55et5. Tangible fix•d a88¢ts and depre¢i•tlon Tangible fixed assets Costing £1,000 or more are caprtalised and recognised when future economic benefils are probable and Ihe cost or value of the asset can be measured reliably. Tangible fixed assets are inilially recognised at cosl. After recognition, under Ihe c051 model, tangible fixed assels are measured at cost less accumulated depreciation and any accumulated impairment losses, All costs incurred lo bnng a tangible fixed 8ssel into ils intended working condition should be induded in the measurement of cosl. Page 24
THE EAST MALLING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles l¢ontinuedl 2.5 Tangibl¢ fixed assets and investment properties (continued) Depiecialion is charged so as to allocate the cost of tangible fixed assets less their residual value over Iheir ests'maled useful lives, using the straighl-line melhod. Depreciation is provmled on the followtng bases- Freehold property Motor vehicle5 CompuleT eguipment Anliques See note above 25 /p reduang balance 1 OYD120 /¢f250/o slraighl line See note above 2.6 Investrnents Inve51rnenls in subsidiaries are valued al c4>sI less provision lor impairment. 2.7 Stocks stocks are valued 81 the lower of cost and nel realisable value after maklng due allowance for ob501ele and $low-movin9 slo¢ks. 2.8 Debtor8 Trade and oltjer debtors are recognised al the settlement amount after 8ny trade discount offered. 2.9 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid ihvestrnenls with a $hort malurily of three months or less from the dale of acquisition or opening of ihe deposit or simi18r account. 2.10 Liabilitles and provlslons Llabililies are recognised when Ihere is an obllgalion al Ihe Balance sheel d8le as a re5uII of a past event, il Is Pfobable that a transfer of economic benefit will be required in settlement. and the amount ol the settlement can be estimated reliably. Liabilities are cOgniSed 81 Ihe amount Ihal the Company anticipates il will pay lo settle the debl or Ihe amount il has received os adv8nced payments lor the goods or services il must provide. 2..11 Financial instruments The Group only has financial assets and financial liabilities ol a kind thal qualrfy as basic financiaj inslrumenls. Basic financial inslrumenls are initially recognised al Iransaction value and subsequenlly measured al their settlement value with Ihe exceplion of bank 108ns which are subsequenlty measured at amortised cost using the effective inleresl method. 2.12 P•n•lon8 The Group operales a defined contribution pen5i0n scheme and ihe pension charge represents Ihe amounts payable by the Group lo Ihe fund in SPect ol the year. Page 25
THE EAST MALLING TRUST (A ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢ie8 (¢ontinu¢dl 2.13 Fund accounting General funds a unreslrided funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated lor other purposes. Crltl¢al accountlng e•tlmate$ and are•s of Judgment The Group may be required lo make e51im8les and assumptions concemlng the future. These eslim8le$ and judgements are based on hislorical experience and other factors. including expeclalions of lulure events that are believed lo be reasonable under the circurnslances. The resultin9 accounting eslimales will, by definition, seldom equol Ihe related acluol resulls. The pnnapal areas where judgemonl w&$ exerased are as follows.. l) Tangible fixed essels: the Iru6lees annually assess both the residval value of Ihese assets and the expected uselul life ol such assets which is cufn11Y judged to be up lo 15 years. based on experience. ill Propety valuallons.. freehold land and buildings and in¥e8lmenl properties are revalued by S8vills when Ihe Trustees believe there has been a material than9e in value. Trustees assess on an annual basis th valuation ol the propertie8. The value of the properties 16 eslimaled lo be Ihe open markel value 81 the balance 5heel d81e. lill ReCVerabl11tY of tr8de debtor8'. the tru$i••¥ annually a5888s whether 8 bad debt provision is required for 8ny bad or doubtlul debtor balances. crftical accounting estimates and 8S8umplion8: Page 26
THE EAST MALLING TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATÉMÈNTS FOR THE YEAR ENDED 31 MARCH 2024 Income Irom charitable activitleg Unregtricted funds 2024 Total lunds 2024 Tolal fvnds 2023 Short course income 127.857 127,857 136,093 InGome from other trading actlvlti•$ Income frorn fundraising events Unrestricted runds 2024 Totsl lunds 2024 Tot81 lunds 2023 Wedding and rAfporaie evenl income Other income 93,484 5,912 93,484 5,912 101.889 13.491 Total 2024 99,396 99.396 115,380 Investrnent income Unrestrlcted funds 2024 Total fund8 2024 Total funds 2023 Rent and serdice GharyeB Irom inveslmenl properties Interest receivable Dividends received from investments Profil on dispD5al of fixed assets 2,362,499 173.754 553,971 2,362,499 173,754 553,971 2. 192,028 113.047 708,360 400 3.090,224 3,090.224 2,413.835 Page 27
THE EAST MALLING TRUST {A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ralslng lund8 Costs of ralging'voluntsry Income Unre•tricted funds 2024 Total funds 2024 Total fvnds 2023 Wedding. conferencing and catering cosls Property Manager costs Eslale management and maintenance costs Overhead and administration costs Deprecialion 14.827 219.214 1.661.873 419,000 56,990 14,827 219,214 1,661.673 419,000 56,990 10.984 232.258 1,385.538 49T, 744 28,256 Total 2024 2,371,704 2,371,704 2, 154, 780 An•lysls of •xpendlture on charitable activltl•• Summary by fund type Unrestricted fund8 2024 Total 2024 Total 2023 Horticuftur01 research projecls Short course expen¢Jilure Estale management and maintenance costs 686,625 90,270 251.363 686,625 90.270 251,363 443,683 94.212 268.093 1.028.258 1,028.258 805,988 Page 28
THE EAST MALLING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Auditor'8 remuneralion 2024 2023 Fees payable lo the Companls auditor for th'e audil of the Companls annual accounts 20,440 78.925 Fees pay8ble lo the Companls auditor in respect ot. Taxation compliance seNices 890 825 10. Stsff ¢0gts Group and Company 2024 Gn>up and Company 2023 Wages and salaries Social security cosls Contribullon lo defined conlribulion pension schemes 426,385 34,242 20.394 466,456 40,059 16,317 481.021 522,832 The average number of persons employed by the Company during the year was as follows.. Group 2024 Gmup 2023 No. Research and 8dminiitro1ion 17 The number of employees whose employee beneffts (exduding employer pension costs) exceeded £60.000 was.. Group 2024 No. Group 2023 No. In the band £60,001- £70,000 In the band £110,001- £120.000 During the yew the Group employed 1 key management personnel (1 2022123). Remuneration and benefits received by key management personnel during the period of their eMplOent In 2023124 tolalled £78,532 (2022123 . £114,293). Pagè 29
THE EAST MALLING TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Tru$tse$' remuneratlon and expenses During the year, no Trustees received any remuneralion or other benefits (2023- £NIL)- Trustees, expenses represents amounts paid or reimbursed relating lo Ir8velling and general meeting expenses. The lolal amount of trustee expenses for the year wa5 £8,875 (2023- £2,461). 12. Tangible fix•d •$sets Group Freehold property Motor v•hlcle$ Other fixed a8s•ts Equlpment Total Cost or valuatlon At 1 April 2023 Addthons 5,490,000 14.150 104.569 s,000 849,698 1.661.092 217,999 6,662,266 1,680,242 Al 31 March 2024 5,$04,150 109,669 2,510,790 217.999 8,342,508 D•precl•tl¢)n At 1 April 2023 Charge for the year 90,806 4.086 429,621 56.157 520,427 60.223 At 31 March 2024 94.872 485.778 580,650 Net book value At 31 March 2024 5,504,150 14,697 2,025,012 217,999 7,761,868 At 31 March 2023 5,490,000 13,703 420,077 217.999 6.141,839 P89e 30
THE EAST MALLING TRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible lixed assets (continuedl ompany Freehold property Motor vehicles Computer Other fixed ¢qulpment 41set• Tol•l Cogt or valuatlon Al 1 April 2023 Addilions 5.490,000 14,150 104.569 s,000 762,701 1,656,092 217,999 6,575,269 1,675,242 Al 31 March 2024 5.504,150 109.569 2,418,793 217,999 8,2SO,S11 Depreci•tlon At 1 April 2023 Charge for the year 90,806 4,066 362,401 S2.924 453,207 56.990 Al 31 March 2024 94.872 415,325 510,197 Net book valu• Al 31 March 2024 5.504,150 14,697 2,003,468 217.999 7,74Q,314 At 31 March 2023 5,490,000 13. 763 400,300 217,999 6. 122,062 Page 31
THE EAST MALLING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Investment property Group •nd Company Freehold inv¢stment property Valuation Al 1 April 2023 Addiilons 29,722.611 5,650.808 At 31 March 2024 35.373.419 A v8lvalion of all the land and buildings at the East Malling sile was carried.out as al 31 Mah 2023 and an update¢J assessmeril Carried oul by the. Trustees as at 31 March 2024. 14. Fixed assgt inv•tytrTr•nts Listed illveBtrnents Group Cost or valuation At 1 April 2023 Revaluations Share ol profivllossl 15,074,851 1,430,673 132,359 At 31. March 2024 16.637,883 Net bgok value Al 31 March 2024 16,637.883 .At 31,March 2023 15.074,851 Page 32
THE EAST MALLING TRUST IA company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 '14. Flxed agset inv•stment• (contlnuedl Inv•stmonts In subsidiary Listed companies Investments Totsl Company Cost or valualion Al 1 April 2023 Revalualions Share of profiU{los8) 10,000 15.074,851 1,430,673 132.359 15,084.851 1,430,673 132,359 Al 31 March 2024 10.000 16,637,883 16,647.883 N•t book value Al 31 March 2024 10.000 16,637.883 16,647.883 Al 31 Al8rch 2023 10,000 15.074.851 15,084,851 Page 33
THE EAST MALLING TRUST (A Company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Principal subsidiar5es The following was a subsidiary undertaking.of the Company.. Name Company number Reglslered office or principal Principal actlvlty pl•¢0 of busin¢$s East Malling.Limiled 05046509 Shown on charity information pa9e Operation of conference and dining faolilles Class ol Shares Holdlng Included in consolidation Ordinary 100% Yes The financlal resulls of ihe subsidiary for the period were.. Name Income Expenditure ProfiV(Lo$81 for the year Net assfrts East Malling Limsted 90,407 (69,995) 20,412 1131,0321 15. Stoek• Group 2024 Group 2023 Cornpany 2024 Company 2023 Consuinables 1,497 11,360 9,863 Page 34
THE EAST MALLING TRUST {A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Dut within one ye•r Trade debtors Amounts owed by group undertaking1 Other debtors 159,S51 224,224 142.398 55,124 677.746 12, 721.380 204.400 677,746 72, 721,380 837,297 12,945,604 875,268 12.925.780 17. Credllorg: Amounts falling due within one year Group 2024 Group 2023 Company 2024 ompany 2023 Olher loans Trade ¢dItorS Amounts owed to group undertakings Corporation tax Other laxalion and social security Other creditors 250,000 239,569 100,000 280, 706 250.000 233,501 100.000 278.207 30.190 6,578 24,389 1,334,075 7.468 15,099 282,468 17,311 1,329,233 12.403 281.263 1,854,611 685, 741 1.830.045 702,063 Other loans are unsecured and are interest free, and is considered lo be public benefit concessionary loan as defined by FRS 102. 18. Cr•dltors.' Amounts falllng duo aft•r more Ihan on• y•ar Group 2024 Group 2023 Company 2024 Compony 2023 Other loans 250,000 500,000 250.000 500,000 Page 35
THE EAST MALLING TRUST (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Statement of funds.. current ye•r Balance at 31 March 2024 8alance at I Apvil 2023 Gain•1 (Losses) Incom• Exwndlture UnrostrlGt•d lund8 Unrestricted fijnds 74,619,478 3,317,477 13.399.962) 1.430.670 75,967,663 Statemenl ol funds . prior year 8818nce al 31 March 2023 Bal8nc8 at 1 April 2022 G8insl (Losses) Income Expenditu Unrestrieted lund8 UnrestrKted funds 74.340,089 2,665,308 (2,960, 768J 574,249 74,619,47 20. Analy•l• of n•t ••••t• b•tw••n lund• Analygis of net Jssets between funds - current period Unr•8lricted funds 2024 Total 2024 Tanglble fixed assets Fixed asset inveslmenls Investment property Current assels 7.761,858 7,761,858 16.637.883 16,637.883 35.373,419 35,373.419 18,299.114 18,299.114 (1.854,611) (1,854,611) 1250.000) (250.0001 Credilofs due within on• year Creditors due in more Ihan one year Total 75.967,663 75,967.663 .Page 36
THE EAST MALLING TRUST IA cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets between fvnds (conlinuedl Analysis of net assets between ltsnds - prlor perlod Endowmenl Unrnstrtcled lunds lunds 2023 2023 Total lunds 2023 Tangible fixed 85$ets Fixed asset investments Investment propety Current assets Creditors due within oné year Creditors due'in more than one year 6,141.839 6. 141,839 15,074.851 15,074,851 29,722.611 29, 722.611 (61.070) 24,926,988 24,865.918 61,070 (746,81 IJ f685, T41) (500.000) (500,000) Total 74.619,478 74,619,478 21. Pension commitments The Group operatej o defined conlrlbutions penslon scheme. The assels of Ihe schome are held $eparalely from Ihose of the Group in an independently administered fund. The pension cost charge represenls contributions payable by the Group lo the fund and amounted lo £20.394 12023 - £16.317). Contributions tolalling £6.430 (2023 £4,829) were payable lo Ihe fund al the balance sheet dale and are included in creditors, 22. Related party tian8action8 During Ihe year The East Malling Trugt charged East M8lling Llmiled rent of £44,000 (2023 - £44,000). As at 31 MaTch 2024. East Malling Limited owed The East Malling Trust £192,918 (2023 - £220,181). 23. Conlrolling party The Ea81 Malling Tru8l is a registered Charity, limlled by guarantee. It 18 controlled by the Board of Trustees. Page 37