**REGISTERED COMPANY NUMBER: 07893448 (England and Wales) REGISTERED CHARITY NUMBER: 1147994**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **FOR**
## **THE TRUELL CONSERVATION FOUNDATION**
CBHC (Audit) Limited Suite 3, Steeple House Church Lane Chelmsford Essex CM1 1NH
**THE TRUELL CONSERVATION FOUNDATION**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Report of the Independent Auditors**|4|to|6|
|**Statement of Financial Activities**||7||
|**Balance Sheet**|8|to|9|
|**Cash Flow Statement**||10||
|**Notes to the Cash Flow Statement**||11||
|**Notes to the Financial Statements**|12|to|18|
|**Detailed Statement of Financial Activities**|19|to|20|
**THE TRUELL CONSERVATION FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 1 January 2019).
## **STRATEGIC REPORT**
## **Achievement and performance**
## **Charitable activities**
The Charity's activities are undertaken for the purpose of the public benefit and are exclusively charitable. The trustees, when exercising their powers in consideration of donation proposals give due regard to the charity commissions public benefit guidance. Investment activity undertaken by the Charity is in alignment with the Charity's purpose and seeks to support environmental and social projects that will enhance the charitable endowment and continue to support exclusively charitable purposes.
## **Fundraising activities**
The charity received donations of £160,042 (2023 - repaid £124,926) during the year and investment income of £2,025,111 (2023: £936,022).
The Trustees invest donations received with the intention to support businesses within their key objectives, while generating returns that may be used to further its charitable objectives. In making those #NetPositive investments, the Trustees consider environmental and social impacts in line with the purpose of the charity. During the year, these investments have included environmental projects to support the provision of clean energy and the reduction of CO2 emissions, social projects to safeguard pensioners benefits, and projects to advance cutting-edge medical technology and healthcare provision
## **Investment performance**
Net additions of £4,251,475 were made during the year (2023: Net disposals of £12,549,692). The charity holds directly and indirectly a number of investments further details of which are set out as follows:
## **Global InterConnection Group**
o GIG aims to address the shortage of renewable energy within the UK market through the manufacture and installation of a subsea high voltage cable connecting Iceland to the UK
o This cable will bring zero carbon electricity generated from hydro and geothermal sources in Iceland to the UK resulting in a reduction of CO2 emissions from the GB power sector
o Enough green renewable power for up to 1.8 million homes
o Job Creation of c. 700 UK jobs in the first instance increasing to c.2,000 over 5 years
## **ViroCell Biologics (ViroCell);**
o Manufactures viral vectors and gene modified cells to support clinical trials of much needed therapies so that disease can recede, and medical progress can prevail
o Tackling the global viral vector supply demand imbalance impeding the development of breakthrough cell and gene therapies
o Has partnered with Great Ormond Street Hospital to accelerate the transition of discovery science into the clinic o Viral vectors play a key role in the development of new drugs that ultimately deliver better outcomes for people
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
07893448 (England and Wales)
Page 1
**THE TRUELL CONSERVATION FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
## **Registered Charity number**
1147994
## **Registered office**
Vestry House Laurence Pountney Hill London EC4R 0EH
## **Trustees**
E G I F Truell J C Loveless Ms C de Boucaud Ms L Pearce J R Hatchard J P Truell
## **Auditors**
CBHC (Audit) Limited Suite 3, Steeple House Church Lane Chelmsford Essex CM1 1NH
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Truell Conservation Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, CBHC (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Page 2
## **THE TRUELL CONSERVATION FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024**
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 24 December 2024
........................................................................
J R Hatchard - Trustee
Page 3
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRUELL CONSERVATION FOUNDATION**
## **Opinion**
We have audited the financial statements of The Truell Conservation Foundation (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 4
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRUELL CONSERVATION FOUNDATION**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity through discussion with the company's management.
The entity's reporting framework relevant to the company is FRS 102 including the provisions of section 1A for small entities and the Companies Act 2006.
The entity is required to follow the employment legislation and laws, along with health and safety regulations. The entity has sufficient policies and procedures in place to ensure that these are complied with.
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations above.
We made enquiries of those charged with compliance to determine any issues arising. We corroborated our findings by reviewing Board Minutes, correspondence with Companies House and reviewing any necessary legal documentation. Nothing was noted that contradicted the explanations given to us.
Financial Statement disclosures were tested for completeness.
We assessed the risks of material misstatement in respect of fraud as being low due to the nature of the business. We made enquires relating to fraud with the company's management.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journals throughout the year and reviewed any unusual transactions throughout our audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE TRUELL CONSERVATION FOUNDATION**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of CBHC (Audit) Limited Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Suite 3, Steeple House Church Lane Chelmsford Essex CM1 1NH
Date: .............................................
Page 6
**THE TRUELL CONSERVATION FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31/3/24 31/3/23
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 160,043 (124,926)
Investment income 4 2,025,111 936,022
Total 2,185,154 811,096
EXPENDITURE ON
Charitable activities 5
General 288,272 229,730
Other 229,659 918,603
Total 517,931 1,148,333
Net gains on investments 26,353,068 11,274,424
NET INCOME 28,020,291 10,937,187
RECONCILIATION OF FUNDS
Total funds brought forward 51,025,122 40,087,935
TOTAL FUNDS CARRIED FORWARD 79,045,413 51,025,122
**----- End of picture text -----**
The notes form part of these financial statements
Page 7
## **THE TRUELL CONSERVATION FOUNDATION**
## **BALANCE SHEET 31 MARCH 2024**
**----- Start of picture text -----**
31/3/24 31/3/23
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Tangible assets 9 4,050,569 4,081,942
Investments 10 67,789,415 41,087,554
71,839,984 45,169,496
CURRENT ASSETS
Debtors 11 10,218,267 8,479,856
Cash at bank 17,473 167,282
10,235,740 8,647,138
CREDITORS
Amounts falling due within one year 12 (300,538) (38,312)
NET CURRENT ASSETS 9,935,202 8,608,826
TOTAL ASSETS LESS CURRENT
LIABILITIES 81,775,186 53,778,322
CREDITORS
Amounts falling due after more than one year 13 (2,729,773) (2,753,200)
NET ASSETS 79,045,413 51,025,122
FUNDS 16
Unrestricted funds 79,045,413 51,025,122
TOTAL FUNDS 79,045,413 51,025,122
**----- End of picture text -----**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit 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 charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 8
## **THE TRUELL CONSERVATION FOUNDATION**
## **BALANCE SHEET - continued 31 MARCH 2024**
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 24 December 2024
............................................. J R Hatchard - Trustee
The notes form part of these financial statements
Page 9
## **THE TRUELL CONSERVATION FOUNDATION**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31/3/24 31/3/23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (1,489,358) (1,747,507)
Interest paid (74,388) (106,479)
-
Finance costs paid (9,293)
Net cash used in operating activities (1,573,039) (1,853,986)
Cash flows from investing activities
Purchase of fixed asset investments (16,801,167) (671,000)
Sale of fixed asset investments 16,222,714 947,382
Interest received 744,134 819,695
Dividends received 1,257,549 138,945
Net cash provided by investing activities 1,423,230 1,235,022
Change in cash and cash equivalents in
the reporting period (149,809) (618,964)
Cash and cash equivalents at the
beginning of the reporting period 167,282 786,246
Cash and cash equivalents at the end of
the reporting period 17,473 167,282
**----- End of picture text -----**
The notes form part of these financial statements
Page 10
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|
|---|---|
|**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Depreciation charges
Losses on investments
Interest received
Interest paid
Finance costs
Dividends received
Impairment of investments
Revaluation gains
Increase in debtors
Increase/(decrease) in creditors|**31/3/24**
31/3/23
**£**
£
**28,020,291**
10,937,187
**31,372**
31,372
**(3,673,021)**
-
**(744,134)**
(819,695)
**74,388**
106,479
**9,293**
-
**(1,257,549)**
(138,945)
**229,660**
2,624,951
**(22,680,046)**
(13,742,814)
**(1,738,411)**
(725,903)
**238,799**
(20,139)|
|**Net cash used in operations**|**(1,489,358)**
(1,747,507)|
## **2. ANALYSIS OF CHANGES IN NET DEBT**
|**Net cash**
Cash at bank
**Debt**
Debts falling due after 1 year
**Total**|At 1/4/23
£
**167,282**
**167,282**
**(1,760,000)**
**(1,760,000)**
**(1,592,718)**|Cash flow
£
**(149,809)**
**(149,809)**
**-**
**-**
**(149,809)**|**At 31/3/24**
**£**
**17,473**
**17,473**
**(1,760,000)**
**(1,760,000)**
**(1,742,527)**|
|---|---|---|---|
The notes form part of these financial statements
Page 11
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. STATUTORY INFORMATION**
The Truell Conservation Foundation is a charitable company, limited by guarantee without share capital use of 'Limited' exemption, registered in England and Wales. The registered number and registered office address can be found on the Trustees' report.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost Fixtures and fittings - 15% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Going concern**
The financial statements have been prepared under the going concern basis which is considered appropriate given the charities positive balance sheet and total funds.
continued...
Page 12
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
3. DONATIONS AND LEGACIES
31/3/24 31/3/23
£ £
Donations 160,043 (124,926)
A donation incorrectly received in a prior period has been repaid during the year.
4. INVESTMENT INCOME
31/3/24 31/3/23
£ £
Rents received 23,428 61,522
-
(Loss)/Profit on investment disposal (84,140)
Dividends received 1,257,549 138,945
Interest receivable 744,134 819,695
2,025,111 936,022
5. CHARITABLE ACTIVITIES COSTS
Support
costs (see
note 6)
£
General 288,272
6. SUPPORT COSTS
Governance
Management Finance Other costs Totals
£ £ £ £ £
General 174,052 84,825 315 29,080 288,272
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31/3/24 31/3/23
£ £
Depreciation - owned assets 31,373 31,374
**----- End of picture text -----**
continued...
Page 13
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustee remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **9. TANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2023 and 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 April 2023
Additions
Disposals
Revaluations
Impairments
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Freehold
property
£
**3,953,277**
**-**
**-**
**-**
**3,953,277**
3,953,277|Improvements
to
property
£
**191,477**
**73,500**
**28,722**
**102,222**
**89,255**
117,977|Fixtures
and
fittings
£
**17,676**
**6,988**
**2,651**
**9,639**
**8,037**
10,688|Totals
£
**4,162,430**
**80,488**
**31,373**
**111,861**
**4,050,569**
4,081,942
Unlisted
investments
£
**41,087,554**
**16,801,167**
**(12,549,692)**
**22,680,046**
**(229,660)**
**67,789,415**
**67,789,415**
41,087,554|
|---|---|---|---|---|
## **10. FIXED ASSET INVESTMENTS**
There is an investment of £11,655 in a company called Global Interconnection Group AG included in the above values. This company is a Guernsey company listed in Netherlands.
continued...
Page 14
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **10. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 31 March 2024 is represented by:
|Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost
**11.**
**DEBTORS**
Amounts falling due within one year:
Trade debtors
Other debtors
Loans due from related parties
Prepayments and accrued income
Amounts falling due after more than one year:
Loan notes 2030
Loan notes 2056
Aggregate amounts
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Due to DC GP
Accruals and deferred income|**31/3/24**
**£**
**87,298**
**475,077**
**17,000**
**10,503**
**589,878**
**9,285,035**
**343,354**
**10,218,267**
**31/3/24**
**£**
**13,811**
**209,293**
**77,434**
**300,538**|**Unlisted**
**investments**
**£**
**6,993,970**
**11,117,865**
**22,450,386**
**27,227,194**
**67,789,415**
31/3/23
£
87,298
451,495
7,935,125
5,938
8,479,856
-
-
8,479,856
31/3/23
£
1,184
-
37,128
38,312|
|---|---|---|
continued...
Page 15
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans (see note 14)
Accruals and deferred income
**14.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Bank loans - 2-5 years
**15.**
**SECURED DEBTS**
The following secured debts are included within creditors:
Bank loans|**31/3/24**
**£**
**1,760,000**
**969,773**
**2,729,773**
**31/3/24**
**£**
**1,760,000**
**31/3/24**
**£**
**1,760,000**|31/3/23
£
1,760,000
993,200
2,753,200
31/3/23
£
1,760,000
31/3/23
£
1,760,000|
|---|---|---|
As security C Hoare & Co hold a guarantee dated 08/09/2016 for £1,260,000.00. They have a legal charge over Vestry House dated 08/06/2016 for £2,100,000.00.
They also hold a guarantee dated 21/12/2020 for £500,000 plus interest and costs and have a legal charge over Springcombe Cottage dated 21/12/2020.
## **16. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above
**Unrestricted funds**
General fund
**TOTAL FUNDS**|are as follows:
Incoming
resources
£
**2,185,154**
**2,185,154**|At 1/4/23
£
**51,025,122**
**51,025,122**
Resources
expended
£
**(517,931)**
**(517,931)**|Net
movement
in funds
£
**28,020,291**
**28,020,291**
Gains and
losses
£
**26,353,068**
**26,353,068**|At
31/3/24
£
**79,045,413**
**79,045,413**
Movemen
in funds
£
**28,020,291**
**28,020,291**|
|---|---|---|---|---|
continued...
Page 16
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **16. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included
**Unrestricted funds**
General fund
**TOTAL FUNDS**|in the above are
Incoming
resources
£
811,096
811,096|At 1/4/22
£
40,087,935
40,087,935
as follows:
Resources
expended
£
(1,148,333)
(1,148,333)|Net
movement
in funds
£
10,937,187
10,937,187
Gains and
losses
£
11,274,424
11,274,424|At
31/3/23
£
51,025,122
51,025,122
Movement
in funds
£
10,937,187
10,937,187|
|---|---|---|---|---|
Gains and Losses represent unrealised Gains on revaluations of Fixed Asset Investments
## **17. RELATED PARTY DISCLOSURES**
The following companies are related parties because they have a director/trustee in common and have the following balances owing to/(by) The Truell Conservation Foundation at the year end:
Advanced Cables Plc - £343,354 (2023: £NIL) Disruptive Capital GP Limited - £(209,293) (2023: £NIL) Global Interconnection Group AG - £17,000 (2023: £17,000) PSF Capital Holdings - £NIL (2023: £7,918,125) PSF Capital Reserve LP - £9,285,035 (2023: £NIL) Truell Intergenerational Family Limited Partnership - £135,446 (2023: £135,446)
continued...
Page 17
**THE TRUELL CONSERVATION FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024**
## **18. ULTIMATE CONTROLLING PARTY**
The charity was under control of the Trustees throughout the period.
Page 18
**THE TRUELL CONSERVATION FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31/3/24 31/3/23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 160,043 (124,926)
Investment income
Rents received 23,428 61,522
-
(Loss)/Profit on investment disposal (84,140)
Dividends received 1,257,549 138,945
Interest receivable 744,134 819,695
2,025,111 936,022
Total incoming resources 2,185,154 811,096
EXPENDITURE
Other
Impairment losses - Investment 229,659 890,203
Support costs
Management
Rates and water 5,506 -
Insurance 19,239 13,752
Telephone 522 108
Consultancy 4,320 4,320
IT and website costs 3,095 3,054
Gifts and donations 44,055 68,500
Subscriptions 36 49
Travelling - 75
Property expenses 25,731 13,251
-
Rental expenses 6,024
-
Administration expenses 40,176
Depn Improvements to property 28,721 28,721
Depn Fixtures and fittings 2,651 2,651
174,052 140,505
Finance
Bank charges 1,144 517
Bank interest - 31,681
Bank loan interest 74,388 74,798
-
Loan interest payable 9,293
-
Exceptional items (7,269)
84,825 99,727
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 19
**THE TRUELL CONSERVATION FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
**----- Start of picture text -----**
31/3/24 31/3/23
£ £
Finance
Other
Foreign exchange (gains)/losse 315 (6,704)
HMRC Penalties and Fines - (3,815)
315 (10,519)
Governance costs
Accountancy fees 28,380 28,400
Legal fees 700 17
29,080 28,417
Total resources expended 517,931 1,148,333
Net income/(expenditure) before gains and
losses 1,667,223 (337,237)
Realised recognised gains and losses
-
Realised gains/(losses) on fixed asset investments 3,673,022
Net income/(expenditure) 5,340,245 (337,237)
**----- End of picture text -----**
This page does not form part of the statutory financial statements
Page 20
## The Truell Conservation Foundation Full Accounts 31st March 2024
## Final Audit Report
2024-12-24
Created: 2024-12-24 By: Ben Oesterman (b.oesterman@admina.gg) Status: Signed Transaction ID: CBJCHBCAABAAObhgk7ItQiOLXIxyvj0GN9rlRs7mSrh5
## "The Truell Conservation Foundation Full Accounts 31st March 2 024" History
Document created by Ben Oesterman (b.oesterman@admina.gg)
2024-12-24 - 12:05:27 PM GMT
Document emailed to John Hatchard (hatchardjohn@gmail.com) for signature
2024-12-24 - 12:05:30 PM GMT
Email viewed by John Hatchard (hatchardjohn@gmail.com)
2024-12-24 - 12:09:41 PM GMT
## Document e-signed by John Hatchard (hatchardjohn@gmail.com)
Signature Date: 2024-12-24 - 12:10:10 PM GMT - Time Source: server
## Agreement completed.
2024-12-24 - 12:10:10 PM GMT