**REGISTERED CHARITY NUMBER: 1155252**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **FOR**
## **BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|17|
|**Detailed Statement of Financial Activities**|18|to|19|
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **REPORT OF THE TRUSTEES for the year ended 5 April 2023**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the charity are:
1) to promote for the benefit of the public the conservation and protection and improvement of the physical and natural environment
2) to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time
## **Significant activities**
The charity carries out these objects by:
- making grants to registered charities and research bodies in accordance with the charity's constitution
- undertaking research itself in accordance with the charity's constitution
## **Public benefit**
The Trustees have regard to the Charity Commission's guidance on public benefit.
Page 1
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **REPORT OF THE TRUSTEES for the year ended 5 April 2023**
## **ACHIEVEMENT AND PERFORMANCE**
During the year to 5 April 2023, the charity received income of £46,201 (2022: £31,990) from its investment portfolio and investment property as detailed in note 2 to the accounts.
After allowing for the costs of administering the charity, the trustees made charitable grants in accordance with the terms of its constitution of £4,000 (2022: £12,000) from the income fund as detailed in notes 3 and 7 to the accounts. The charity donated charitable funds to 2 charities, totalling £4,000 namely: Second Chance and Conservation Zambezi.
Feedback from the smaller listed charities confirms their appreciation for the regular nature of the BECT donations over a number of years, which adds significant security to their operations.
As the charity at present is in its early stages, the trustees do not consider it necessary to retain by way of ongoing reserves any of its income funds. However, the position will be reviewed at regular intervals to consider whether an amendment to this policy would be appropriate. Reserves at the year end totalled £3,129,167 (2022: £3,172,165).
At the balance sheet date, the charity held considerable investments amounting to £542,365 (2022: £739,494) which have been retained before being applied for the charity's main purpose.
Collaboration with Bournemouth University has continued this year with BECT and with Professor Ben Thomas, Senior Academic in Sustainable Design at the Faculty of Science And Technology.
Three students took up and developed ideas and concepts put forward by BECT that have now come to successful completion.
The three students were in their final year in Mechanical Engineering and Design Engineering and used the three projects as their final year submissions. One student has taken up our project 'Hydropower using Offshore Windfarm Infrastructure'. The idea is to harness the tidal power in the legs of offshore wind turbines. The project has progressed well but still has more development needed.
The other two projects involved utilising Hydro Electrical power from turbines placed in a river. The first design was a 'Cross Flow' style of turbine which was especially efficient, owing to its design utilising double the energy available from water flow. The second design was an 'Auger screw' style of turbine which was designed to operate at very low head and velocity. Additional research has also progressed with regards to Hydrogen production.
Work continues to develop the Eco Centre at Ashbrooke. Planting continues of the food plants of selected Butterflies and Moths. Over 100 sightings of butterflies, moths and caterpillars were submitted to the Dorset branch of Butterfly Conservation with 13 different species having been recorded, with photos also being submitted. Some photos were also exhibited on their website.
This was particularly pertinent with 'The Big Butterfly Count' this summer and the environmental concerns over declining populations. One notable sighting again in October was of a Merveille du Jour moth which only flies September - October and is nocturnal.
The breeding of the critically endangered Baer's Pochard was again successful. BECT now has 16 birds. The plan to distribute them to other breeders to expand the national population has been put on hold because of Avian Flu movement restrictions. We must hope that these will be lifted next year.
## **FINANCIAL REVIEW**
## **Going concern**
The Trustees have reviewed the status of the Trust and concluded that based on the assets and reserves retained that the Trust will be able to continue to operate for the foreseeable future.
Page 2
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **REPORT OF THE TRUSTEES for the year ended 5 April 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Balmain Environment Conservation Trust was established as a charitable incorporated organisation by a declaration of trust dated 29 November 2013 and amended 6 August 2015 and 25 June 2016. It was registered with the Charity Commission on 9 January 2014 with the Charity registration number 1155252.
The charity's trust deed imposes no restrictions on the trustees' investment powers.
## **Recruitment and appointment of new trustees**
The power of appointment of new trustees is by resolution passed at a properly convened meeting of trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1155252
## **Principal address**
Linden House Linden Close Tunbridge Wells Kent TN4 8HH
## **Trustees**
I Balmain D S Balmain Chairman J Reeves L Price
## **Independent Examiner**
BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
## **Solicitors**
Harris & Harris Solicitors Diocesan Registry 14 Market Place Wells Somerset BA5 2RE
Approved by order of the board of trustees on 25 October 2023 and signed on its behalf by:
D S Balmain - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **Independent examiner's report to the trustees of Balmain Environmental Conservation Trust**
I report to the charity trustees on my examination of the accounts of Balmain Environmental Conservation Trust (the Trust) for the year ended 5 April 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S G POCOCK
BSR Bespoke Chartered Accountants Linden House Linden Close Tunbridge Wells Kent TN4 8HH
31 October 2023
Page 4
## **BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Charitable activities**
3
Rental activities
Professional Fees
Finance costs
Overheads
Research
Second Chance
Free Mind
The British Red Cross
Surfers Against Sewage
Kew
Conservation Zambezi
The Longford Scholars
The Trussell Trust
Help For Heroes
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**5.4.23**
**Unrestricted**
**fund**
**£**
**46,201**
**2,264**
**12,092**
**3,041**
**22,813**
**18,924**
**3,000**
**-**
**-**
**-**
**-**
**1,000**
**-**
**-**
**-**
**3,014**
**66,148**
**(23,051)**
**(42,998)**
**3,172,165**
**3,129,167**|5.4.22
Total
funds
£
31,990
1,842
15,223
3,603
31,164
15,443
3,000
1,000
2,000
1,000
1,000
1,000
1,000
1,000
1,000
3,244
82,519
18,414
(32,115)
3,204,280
3,172,165|
|---|---|---|
The notes form part of these financial statements
Page 5
## **BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **BALANCE SHEET 5 April 2023**
|Notes
**FIXED ASSETS**
Tangible assets
10
**Investments**
Investments
11
Investment property
12
**CURRENT ASSETS**
Prepayments and accrued income
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds:
General fund
**TOTAL FUNDS**|**5.4.23**
**Unrestricted**
**fund**
**£**
**2,231,883**
**542,365**
**330,000**
**3,104,248**
**1,760**
**31,999**
**33,759**
**(8,840)**
**24,919**
**3,129,167**
**3,129,167**
**3,129,167**
**3,129,167**|5.4.22
Total
funds
£
2,503,648
739,494
-
3,243,142
1,685
33,475
35,160
(106,137)
(70,977)
3,172,165
3,172,165
3,172,165
3,172,165|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 October 2023 and were signed on its behalf by:
I Balmain - Trustee
D S Balmain - Trustee
The notes form part of these financial statements
Page 6
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, 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 Charities Act 2011. 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.
Balmain Environmental Conservation Trust is a charity which is a charitable incorporated organisation and is registered in England and Wales and with the Charity Commission.
The principal places of business are Ashbrooke, West Bourton, Gillingham, Dorset SP8 5PF and 24 Potley Hill Road, Yateley, Hampshire, GU46 6AE.
The charity is a public benefit entity.
The financial statements cover only the charitable incorporated organisation.
The presentation currency in these financial statements is pounds sterling.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows;
- the requirement of paragraph 3.17(d);
- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
- the requirement of paragraph 33.7.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
## **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.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Income from interest, royalties and dividends is recognised when receipt is probable and the amount receivable can be measured reliably.
continued...
Page 7
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **1. ACCOUNTING POLICIES - continued**
## **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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on the following in order to write off each asset over its estimated useful life.
Improvements to property - 10% on straight line basis
Plant & machinery - 20% on reducing balance basis
## **Investments**
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in value including any impairment of the value of the investment property is transferred to Unrestricted Funds.
Investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Any aggregate surplus or deficit arising from changes in value including any impairment of the value of the investments is transferred to Unrestricted Funds.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. The charity currently has no restricted funds.
## **Research and development**
Expenditure on research and development is written off in the year in which it is incurred.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Financial instruments**
The charity enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.
continued...
Page 8
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.
Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price or fair value. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.
## **Going concern**
The trustees have made their own assessment of going concern and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties that cast significant doubt on the charity's ability to continue as a going concern.
## **2. INVESTMENT INCOME**
|Rents received
Dividends per portfolio
Interest per portfolio|**5.4.23**
**£**
**15,400**
**29,120**
**1,681**
**46,201**|5.4.22
£
700
29,683
1,607|
|---|---|---|
|||31,990|
## **3. CHARITABLE ACTIVITIES COSTS**
|Rental activities
Professional Fees
Finance costs
Overheads
Research
Second Chance
Conservation Zambezi|Grant
Support
Direct
funding of
costs (see
Costs
activities
note 4)
£
£
£
**2,264**
**-**
**-**
**6,404**
**-**
**5,688**
**3,041**
**-**
**-**
**19,614**
**-**
**3,199**
**18,924**
**-**
**-**
**-**
**3,000**
**-**
**-**
**1,000**
**-**
**50,247**
**4,000**
**8,887**|Totals
£
**2,264**
**12,092**
**3,041**
**22,813**
**18,924**
**3,000**
**1,000**|
|---|---|---|
|||**63,134**|
continued...
Page 9
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **4. SUPPORT COSTS**
|Professional Fees
Overheads
**TRUSTEES' REMUNERATION AND BENEFITS**||Governance
costs
£
**5,688**
**3,199**
**8,887**
5.4.22
£
43,804
824
3,000
47,628|
|---|---|---|
||**5.4.23**||
||**£**||
|Trustees' salaries|**29,720**||
|Trustees' social security|**-**||
|Trustees' pension contributions to defined benefit schemes|**3,000**||
||||
||**32,720**||
||||
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
The charity paid I Balmain a salary of £29,720 in 2023 (2022: £43,804) and £3,000 (2022: £3,000) in respect of employer pension contribution for technical and alternative energy research and project management.
The employment was permitted under the provisions of the Charity's trust deed.
## **Trustees' expenses**
Meeting and travel expenses of £199 (2022: £399) were paid to 2 trustees (2022: 4).
## **6. STAFF COSTS**
The average monthly number of employees during the year was as follows:
## **7.**
|Trustee who is employed
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
**Charitable activities**
Rental activities
Professional Fees
Finance costs
Overheads
Research|**5.4.23**
**1**|5.4.22
1
Unrestricted
fund
£
31,990
1,842
15,223
3,603
31,164
15,443|
|---|---|---|
continued...
Page 10
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|Second Chance
Free Mind
The British Red Cross
Surfers Against Sewage
Kew
Conservation Zambezi
The Longford Scholars
The Trussell Trust
Help For Heroes
Other
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**INVESTMENT MANAGEMENT FEES**
The following amounts were paid in respect of investment management fees:
Investment management fees||Unrestricted
fund
£
3,000
1,000
2,000
1,000
1,000
1,000
1,000
1,000
1,000
3,244
82,519
18,414
(32,115)
3,204,280
3,172,165
5.4.22
£
8,703|
|---|---|---|
||||
||||
||||
||||
||||
||||
||||
||**5.4.23**||
||**£**||
||||
||**6,404**||
||||
continued...
Page 11
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **9. INDEPENDENT EXAMINERS' REMUNERATION**
||**5.4.23**|5.4.22|
|---|---|---|
||**£**|£|
|Independent examination|**800**|800|
|Accountancy|**4,600**|4,840|
||||
||**5,400**|5,640|
||||
## **10. TANGIBLE FIXED ASSETS**
|**COST**
At 6 April 2022
Additions
Reclassification
At 5 April 2023
**DEPRECIATION**
At 6 April 2022
Charge for year
At 5 April 2023
**NET BOOK VALUE**
At 5 April 2023
At 5 April 2022|Freehold
property
£
**2,504,935**
**29,745**
**(298,496)**
**2,236,184**
**5,879**
**2,096**
**7,975**
**2,228,209**
2,499,056|Plant and
machinery
£
**12,024**
**-**
**-**
**12,024**
**7,432**
**918**
**8,350**
**3,674**
4,592|Totals
£
**2,516,959**
**29,745**
**(298,496)**|
|---|---|---|---|
||||**2,248,208**|
||||**13,311**
**3,014**|
||||**16,325**|
||||**2,231,883**|
||||2,503,648|
Ashbrooke, West Bourton, Dorset has been refurbished with both the cost of the purchase of £752,865 and refurbishment work of £703,889 being included as a tangible fixed asset. As part of the refurbishment work, a separate property, Ashbrooke Barn was constructed. On completion of the construction of the barn it was let to a unrelated third party. The trustees consider the property to be separable from the main house. It has therefore been reclassified as investment property at a cost of £298,496 (see note 12). The market value of Ashbrooke (excluding Ashbrooke Barn) as at 5 April 2023 is not thought to be less than the amounts paid.
A further property, 24 Potley Hill Road, Yateley has also been refurbished with both the cost of the purchase of £688,939 and refurbishment work of £381,012 being included as a tangible fixed asset. The market value as at 5 April 2023 is not thought to be less than the amounts paid.
continued...
Page 12
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **11. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 6 April 2022|**739,494**|
|Additions|**181,108**|
|Disposals|**(346,531)**|
|Revaluations|**(31,706)**|
|At 5 April 2023|**542,365**|
|**NET BOOK VALUE**||
|At 5 April 2023|**542,365**|
|At 5 April 2022|739,494|
|There were no investment assets outside the UK.||
|Cost or valuation at 5 April 2023 is represented by:||
|||**Listed**|
|---|---|---|
|||**investments**|
|||**£**|
|Valuation in|2023|**38,568**|
|Cost||**503,797**|
|||**542,365**|
If fixed asset investments had not been revalued they would have been included at the following historical cost:
||**5.4.23**|5.4.22|
|---|---|---|
||**£**|£|
|Cost|**503,797**|642,558|
Fixed asset investments were valued on an open market basis on 5 April 2023 by Charles Stanley & Co. Limited.
The Trust has a portfolio of equity and debt investments on which it receives investment management advice and which are exposed to stock market risk.
continued...
Page 13
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **12. INVESTMENT PROPERTY**
|**FAIR VALUE**
Revaluation
Reclassification
At 5 April 2023
**NET BOOK VALUE**
At 5 April 2023
At 5 April 2022|**£**
**31,504**
**298,496**|
|---|---|
||**330,000**|
||**330,000**|
||-|
As part of the refurbishment work at Ashbrooke (see note 10), a separate property, Ashbrooke Barn was constructed. On completion of the construction of the barn it was let to a unrelated third party. The trustees consider the property to be separable from the main house. It has therefore been reclassified as investment property at a cost of £298,496. The property was valued at £330,000, according to the agents acting for the trustees in respect of letting the property. The trustees consider this value to not have materially changed as at 5 April 2023, the property has subsequently been revalued upwards by £31,504 to £330,000.
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans and overdrafts (see note 14)
Trade creditors
Taxation and social security
Other creditors|**5.4.23**
**£**
**-**
**417**
**863**
**7,560**
**8,840**|5.4.22
£
95,467
159
1,054
9,457|
|---|---|---|
|||106,137|
Included within creditors is deferred income of £700 (2022: £2,100) which relates to rental income received in advance.
## **14. LOANS**
An analysis of the maturity of loans is given below:
||**5.4.23**||5.4.22|
|---|---|---|---|
||**£**||£|
|Amounts falling due within one year on demand:||||
|Bank overdrafts||**-**|95,467|
continued...
Page 14
## **BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **15. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**46,201**
**TOTAL FUNDS**
**46,201**|At 6.4.22
£
**3,172,165**
**3,172,165**
Resources
expended
£
**(66,148)**
**(66,148)**|Net
movement
in funds
£
**(42,998)**
**(42,998)**
Gains and
losses
£
**(23,051)**
**(23,051)**|At
5.4.23
£
**3,129,167**
**3,129,167**
Movement
in funds
£
**(42,998)**
**(42,998)**|
|---|---|---|---|
## **Comparatives for movement in funds**
|At 6.4.21
£
**Unrestricted funds**
General fund
3,204,280
**TOTAL FUNDS**
3,204,280
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
31,990
(82,519)
**TOTAL FUNDS**
31,990
(82,519)|Net
movement
in funds
£
(32,115)
(32,115)
Gains and
losses
£
18,414
18,414|At
5.4.22
£
3,172,165
3,172,165
Movement
in funds
£
(32,115)
(32,115)|
|---|---|---|
Page 15
continued...
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **15. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.21
£
3,204,280
3,204,280|Net
movement
in funds
£
(75,113)
(75,113)|At
5.4.23
£
3,129,167
3,129,167|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|78,191|(148,667)|(4,637)|(75,113)|
|**TOTAL FUNDS**|78,191|(148,667)|(4,637)|(75,113)|
## **16. RELATED PARTY DISCLOSURES**
In accordance with authority contained within the charity's constitution payments were made in respect of professional services provided by the charity by trustees and connected parties as follows:
|||2023|2022|
|---|---|---|---|
|Name of Trustee or related party||||
|I Balmain|Salary|29,720|43,804|
|I Balmain|Social Security|-|824|
|I Balmain|Pension contributions|3,000|3,000|
Page 16
continued...
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2023**
## **17. FINANCIAL INSTRUMENTS**
The company has the following financial instruments:
|||2023|||2022||
|---|---|---|---|---|---|---|
||Equity||Debt|Equity||Debt|
|Financial assets measured at fair value|542,365|||739,494|||
|Financial assets measured at amortised cost|||31,999|||33,475|
|Financial liabilities measured at amortised|||||||
|cost|||(417)|||(95,626)|
Financial assets measured at fair value represent the charity's investment portfolio. The financial assets and liabilities at amortised cost represent the charity's short term assets and liabilities as the Charity's working capital requirements.
Page 17
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2023**
||5.4.23|5.4.22|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rents received|**15,400**|700|
|Dividends per portfolio|**29,120**|29,683|
|Interest per portfolio|**1,681**|1,607|
||**46,201**|31,990|
|**Total incoming resources**|**46,201**|31,990|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Rates & water|**319**|417|
|Insurance|**2,211**|1,592|
|Light & heat|**3,581**|5,601|
|Upkeep & repair|**13,577**|20,131|
|Fees re property|**2,190**|1,842|
|Research|**18,924**|15,443|
|Portfolio management|**6,404**|8,703|
|Bank interest|**3,041**|3,603|
|Grants to institutions|**4,000**|12,000|
||**54,247**|69,332|
|**Other**|||
|Improvements to property|**2,096**|2,096|
|Depn of plant and machinery|**918**|1,148|
||**3,014**|3,244|
|**Support costs**|||
|**Governance costs**|||
|Trustees' pension contributions|**3,000**|3,000|
|Trustees' expenses|**199**|399|
|Postage & stationery|**-**|24|
|Legal fees|**-**|592|
|Independent Examination|**800**|800|
|Accountancy|**4,888**|5,128|
||**8,887**|9,943|
|Total resources expended|**66,148**|82,519|
|**Net expenditure before gains and losses**|**(19,947)**|(50,529)|
This page does not form part of the statutory financial statements
Page 18
**BALMAIN ENVIRONMENTAL CONSERVATION TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2023**
||5.4.23|5.4.22|
|---|---|---|
||£|£|
|**Realised recognised gains and losses**|||
|Realised (losses)/gains|**(22,849)**|12,843|
|Unrealised (losses)/gains|**(202)**|5,571|
|**Net expenditure**|**(42,998)**|(32,115)|
This page does not form part of the statutory financial statements
Page 19