2023-03-31-accounts - The Truell Conservation Foundation

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		Page
Report ofthe Trustees	1	to	3
Report ofthe Independent Auditors	4	to	6
Statement ofFinancial Activities
Balance Sheet	8	to	9
Cash Flow Statement		10
Notes to the Cash Flow Statement
Notes to the Financial Statements	12	to	18
Detailed Statement ofFinancial Activities	19	to	20

					31/3/23	31/3/22
					Unrestricted	Total
					fund	funds
				Notes
INCOME	AND ENDOWMENTS FROM
Donations	and legacies				(124,926)	1,259,394
Investment	income				936,022	3,177,531
Other income						10,695
Total					811)096	4,447,620
EXPENDITURE ON
Charitable	activities
General					229)730	481,438
Other					918,603	2,101,779
Total					1,148,333	2,583,217
Net gains	on investments				11,274)424	9,232,404
NET INCOME					10J37,187	11,096,807
RECONCILIATION			OF FUNDS
Total funds brought		forward			40,087,935	28,991,128
TOTAL FUNDS CARRIED FORWARD					51,025,122	40,087,935

		31/3/23	31/3/22
		Unrestricted	Total
	Notes	fundf	funds
FIXEDASSETS
Tangible assets	11	4,081,942	4,113,316
Investments	12	41,087,554	30,246,071
		45&169,496	34,359,387
CURRENT ASSETS
Debtors	13	8,479,856	7,753,953
Cash at bank		167/82	930,645
		8,647,138	8,684,598
CREDITORS
Amounts falling due within one year	14	(38812)	(179,422)
NET CURRENT ASSETS		8,608&826	8,505,176
TOTAL ASSETSLESSCURRENT
LIABILITIES		53&778822	42,864,563
CREDITORS
Amounts falling due after more than one year	15	(2,753,200)	(2,776,628)
NET ASSETS		51,025,122	40,087,935
FUNDS	18
Unrestricted funds		51,025,122	40,087,935
TOTAL FUNDS		51,025,122	40,087,935

				31/3/23	31/3/22
			Notes
Cash flows from operating	activities
Cash generated &om operations				(1,747,507)	(10,024,782)
Interest paid				(106,479)	(103,401)
Finance costs paid					(6,300)
Net cash used in operating	activities			(1,853,986)	(10,134,483)
Cash flows from investing	activities
Purchase oftangible fixed assets Purchase offixed asset investments Sale oftangible fixed assets				(671,000)	(90,876) (3,060,162) 10,695
Sale offixed asset investments				947382	12,564,165
Interest received				819,695	878,376
Dividends received				138,945
Net cash provided by investing activities				1,235,022	10,302,198
Change in cash and cash equivalents		in
the reporting period				(618,964)	167,715
Cash and cash equivalents	at the
beginning ofthe reporting	period		2	786,246	618,531
Cash and cash equivalents	at the end	of
the reporting period				167482	786,246

	RECONCILIATION	RECONCILIATION	RECONCILIATION	RECONCILIATION	OFNET INCOME TO	OFNET INCOME TO	NET CASH FLOW FROM	NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
									31/3/23	31/3/22
									f
	Net income	for the		reporting		period (as per the Statement		of Financial
	Activities)								10,937,187	11,096,807
	Adjustments	for:
	Depreciation	charges							31)372	31,372
	Profit on disposal offixed assets									(10,695)
	Interest received								(819,695)	(878,376)
	Interest paid								106,479	103,401
	Finance costs									6,300
	Dividends received								(138,945)
	Impairment	ofinvestments							2,624,951	2,075,979
	Revaluation	gains							(13,742,814)	(9,232,404)
	Conversion	ofLoans		to Investments						(21,338,001)
	(increase)/decrease		in		debtors				(725,903)	8,196,173
	Decrease in	creditors							(20,139)	(75,338)
	Net cash used in operations								(1,747,507)	(10,024,782)
2.	ANALYSIS	OF CASH AND				CASH EQUIVALENTS
									31/3/23	31/3/22
									f
	Notice deposits (less			than 3 months)					167,282	930,645
	Overdrails included			in	bank loans and overdraits		falling due	within one year		(144,399)
	Total cash and cash		equivalents						167,282	786,246
3.	ANALYSIS	OF CHANGES				IN NET DEBT
								At 1/4/22	Cash flow	At 31/3/23
								f.		f
	Net cash
	Cash at bank							930,645	(763,363)	167,282
	Bank overdraft							(144399)	144&399
								786446	(618,964)	167,282
	Debt
	Debts falling	due after			1 year			(1,760,000)		(1,760,000)
								(1,760,000)		(1,760,000)
	Total							(973,754)	(618,964)	(1,592,718)

3.	DONATIO	NS AND LEG	ACIES
				31/3/23	31/3/22
				f
	Donations			(124,926)	1,259,394
	A donation	incorrectly received in aprior period has been repaid during the year.
4.	INVESTMENT INCOME
				31/3/23	31/3/22
	Rents received			61,522	30,828
	(Loss)/Profit	on investment	disposal	(84,140)	2,268,327
	Amounts received on investment			138'45
	Interest receivable			819,695	878,376
				936)022	3,177,531
5.	CHARITABLE ACTIVITIES COSTS
					Support
					costs (see
					note 6)
	General				229,730

SUPPORT COSTS
				Governance
	Management	Finance	Other	costs	Totals
		5
Other resources expended				28,400	28,400
General	140i505	99&727	(10,519)	17	229,730
	140,505	99,727	(101519)	28,417	2589130
NET INCOME/(EXPENDITURE)

			31/3/23	31/3/22
			f	f
Depreciation		-owned assets	31/74	31,372
Surplus	on disposal offixed assets			(10,695)

	STAFF COSTS
						31/3/23	31/3/22
	Wages and salaries						5,617
							5,617
	The average monthly	number ofemployees			during the year was as follows:
						31/3/23	31/3/22
	Employees						1
	No employees received		emoluments	in excess off60,000.
10.	COMPARATIVES	FOR THE STATEMENT OF FINANCIAL ACTIVITIES
							Unrestricted
							fund
	INCOME AND ENDOWMENTS			FROM
	Donations and legacies						1,259,394
	Investment income						3,177,531
	Other income						10,695
	Total						4,447,620
	EXPENDITURE ON
	Charitable activities
	General						481,438
	Other						2,101,779
	Total						2,583,217
	Net gains on investments						9,232,404
	NET INCOME						11,096,807
	RECONCILIATION		OF FUNDS
	Total funds brought	forward					28,991,128

10.	COMPARATIVES F	ORTHE STATEMENT	OF FINANCI	AL ACTIVITIES	- continued
						Unrestricted
						fund
	TOTAL FUNDS CARRIED FORWARD					40,087,935
11.	TANGIBLE FIXEDASSETS
				Improvements	Fixtures
			Freehold	to	and
			property	property	fittings	Totals
	COST
	At 1 April 2022 and 31	March 2023	3,953,277	191,477	17,676	4,162,430
	DEPRECIATION
	At I April 2022			44,778	4336	49,114
	Charge for year			28,722	2,652	31,374
	At 31March 2023			73,500	6,988	80,488
	NET BOOK VALUE
	At 31March 2023		3,953,277	117,977	10,688	49081 9142
	At 31 March 2022		3,953,277	146,699	13,340	4,113,316
12.	FIXEDASSETINVESTMKNTS
						Unlisted
	~TVALUE					investments
	At I April 2022					30,246,071
	Additions					671,000
	Disposals					(947,382)
	Revaluations					13,742,815
	Itnpairment s					(2,624,950)
	At 31 March 2023					41,087,554
	NET BOOK VALUE
	At 31 March 2023					419087,554
	At 31 March 2022					30746,071
	There were no investment	assets outside the UK,

						Unlisted
						investments
						f
	Valuation in	2022				6,993,970
	Valuation in	2023				11,117,865
	Cost					22,975,719
						41,087,554
13.	DEBTORS:	AMOUNTS		FALLING DUK WITHIN ONE YEAR
					31/3/23	31/3/22
	Trade debtors				87,298	87,285
	Other debtors				4519495	189,050
	Loans due trom related parties				7,935)125	7,474,258
	Prepayments	and accrued		income	5,938	3,360
					8,479,856	7,753,953
14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
					31/3/23	31/3/22
					f
	Bank loans and overdralts			(see note 16)		144,399
	Trade creditors				1,184	1,212
	Accruals and	deferred	income		37,128	33,811
					38,312	179,422
15	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
					31/3/23	31/3/22
					f	f
	Bank loans (see note 16)				1,760,000	1,760,000
	Accruals and	deferred	income		993,200	1,016,628
					2,753,200	2,776,628

				31/3/23	31/3/22
				f
	Amounts falling due within one year on		demand:
	Bank overdrafis				144,399
	Amounts falling due between two and five years:
	Bank loans -	2-5 years		1,760,000	1,760,000
17.	SECURED DEBTS
	The following	secured debts are included	within creditors:
				31/3/23	31/3/22
					f.
	Bank loans			1,760,000	1,760,000

MOVE	MEN	T IN FUNDS
					Net
					movement	At
				At l/4/22	in funds	31/3/23
				f.
Unrestricted		funds
General	fund			40,087,935	10,937,187	51,025,122
TOTALFUNDS				40,087,935	10,937,187	51,025,122
Net movement		in funds, included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses f	in funds
Unrestricted		funds
General	fund		811,096	(1,148333)	11,274,424	10„937,187
TOTAL	FUNDS		811,096	(1,148333)	11,274,424	10,937,187

			Net
			movement	At
		At 1/4/21	in funds	31/3/22
				6
Unrestricted	funds
General fund		28,991,128	11,096,807	40,087,935
TOTALFUNDS		28,991,128	11,096,807	40,087,935

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds
General fund		4,447,620	(2,583,217)	9,232,404	11,096,807
TOTAL FUNDS		4,447,620	(2,583,217)	9,232,404	11,096,807

					31/3/23	31/3/22
						5
INCOME AND	ENDOWMENTS
Donations and legacies
Donations					(124,926)	1,259,394
Investment income
Rents received					61,522	30,828
(Loss)/Profit on	investment			disposal	(84&140)	2,268,327
Amounts received on		investment			138&945
Interest receivable					819,695	878,376
					936&022	3,177,531
Other income
Gain on sale oftangible			fixed assets			10,695
Total incoming	resources				811,096	4,447,620
EXPENDITURE
Other
Impairment losses - investment					890,203	2,075,979
Support costs
Management
Rates and water						2,888
Insurance					13&752	3,807
Telephone					108	511
Consultancy					4/20	4,320
IT and website	costs				3,054	2,828
Gifis and donations					68&500	125,572
Subscriptions					49	45
Travelling					75	506
Property expenses					13,251	103,104
Rental expenses					6,024	1,590
Depn Improvements		to	property		28,721	28,721
Depn Fixtures and fittings					2,651	2,651
					140+05	276,543
Finance
Bank charges					517	6,745
Bank interest					31,681	25,457
Bank loan interest					74,798	77,944
Loan charges						6,300
Exceptional items					(7,269)	70,304
					99,727	186,750

			31/3/23	31/3/22
				f.
Finance
Human resources
Wages				5,617
Other
Foreign exchange HMRC Penalties		(gains)/losse and Fines	(6,704) (3,815)	7,907 200
			(10,519)	8,107
Governance	costs
Accountancy Legal fees	fees		28,400 17	25,800 4,421
			28,417	30,221
Total resources	expended		I 148833	2 583217
Net (expenditure)/income			(337,237)	1,864,403