| Page | |
|---|---|
| Reference and Administrative Information |
1 |
| Report ofthe Trustees | 2-10 |
| Report ofthe Independent Auditor |
ll - 13 |
| Statement ofFinmtcial Actiyities | 14 |
| Balance Sheet | 15 |
| Statement ofCash Flows | 16 |
| Notes to the Financial Statements |
17-32 |
| FOR TH | E YEAR | EN | DED 31MA | RCH 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Funds | Total | Total | |||||||
| Notes | General | Designated | Funds | Funds | ||||||
| Fund | Fund | 2021 | 2020 | |||||||
| Income from: | ||||||||||
| Donations | 115 | 115 | 173 | |||||||
| Grants | 882 269 | 882269 | 1175366 | |||||||
| 882,384 | 882,384 | 875,539 | ||||||||
| Investments | 407609 | 4D7 6D9 | 435 211 | |||||||
| 1,289,993 | 1,289,993 | 1,310,750 | ||||||||
| Cbaritable Acttvttlesr |
||||||||||
| Estate Management | 1,404,863 | 1,404,863 | 1,455,928 | |||||||
| Total income | 2694 856 | 2,694856 | 2.766 6711 | |||||||
| Expenditure on: |
||||||||||
| Raising Funds: | ||||||||||
| Investment Management |
Costs | 8 | (37,530) | (37,530) | (487,045) | |||||
| Cltarilable Aetividest | ||||||||||
| Estate Management Research |
7h 7b |
(1,488,007) 587 500 |
(1,488,007) 587500 |
(1,369,785) ~500 000 |
||||||
| Total Charitable | Expenditure | (2,075,507) | (2,075,507) | (1,869,785) | ||||||
| Total Expenditure | Q.113.037) | (2,113,037) | Q,356,830) | |||||||
| Net Gains on Investments | 944,552 | 944,552 | 1,001,500 | |||||||
| Net income | 581,819 | 944,552 | 1,526,371 | 1,411,348 | ||||||
| Net Movement | in | Funds | in Year | 581,819 | 944,552 | 1,526,371 | 1,411,348 | |||
| Reconciliation | ofFunds | |||||||||
| Funds Balance | Brought Forward | at 1 April | 8,535,089 | 17,440,873 | 25,975,962 | 24,564,614 | ||||
| Funds Balance | Carried Forward | ai.31 | 9,116,908 | 18,385,425 | 27,502,333 | 25,975,962 | ||||
| March |
| LAWKS AGRICULTU | LAWKS AGRICULTU | RAL TRUST | ||||
|---|---|---|---|---|---|---|
| IIALANCK SHEETAS AT | 31MARCH 2021 | |||||
| Company | Registration | No: 8901784 | ||||
| Notes | Total | Total | ||||
| 2021 | 2070 | |||||
| Fixed Assets | ||||||
| Tangible Assets | 10 | 13,526,524 | 11,422,317 | |||
| Investments | 73 732005 | 12836454 | ||||
| 27,307,529 | 24,25&3771 | |||||
| Current Assets |
||||||
| Debtors | 409,053 | 1,022,812 | ||||
| Cash at bank | and in | hand | 972433 | 2 030 134 | ||
| 1,381,486 | 3,052,946 | |||||
| Current Liabilities |
||||||
| Creditors Falling Due Within | One Year | 13 | (1,186&682) | (1,335,755) | ||
| Net Assets | &4 | 27502333 | 25975962 | |||
| Unrestricted | Funds | |||||
| General Fund | 9,116,908 | 8,535,0&9 | ||||
| Designated Fund |
||||||
| Capital Reserve Fund | 18,385,425 | 17,440,873 | ||||
| Total Unrestricted | Funds | 27502333 | 25 975 962 | |||
| Total Funds | 2,502333 | 25975962 |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Net cash generated by operating activities |
||||||
| Cash generated | by operating activities |
16 | 585,130 | 340,006 | ||
| Cash flows from investing | activities | |||||
| Dividends, interest and rent from investments |
407,609 | 435,210 | ||||
| Purchase oftangible fixed | assets | (2,250,440) | (285,777) | |||
| Net cash (used | in)/generated | from investing | activities | (1,842,831) | 149,433 | |
| Cash flows from financing activities |
||||||
| Loans | 200,000 | (560,939) | ||||
| Net cash (used | by) 1generated from flnancing |
200,000 | (560,939) | |||
| nativities | ||||||
| Net (decrease) | in cash and | cash equivalents | (1,057,701) | (71,500) | ||
| Cash and cash | equivalents | at beginning ofyear | 2,030,134 | 2,101,634 | ||
| Cash and cash | equivalents | at the end ofyear | 972,433 | 2,030,134 |
| Income from | Grants | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2021 | 2020 | ||||
| LEP Funding | (relating | to Russell | 857,269 | 875,366 | |
| Building refurbishment | —see Note | ||||
| 15and the Trustees' | Report) | ||||
| Other Grants | 25,000 | ||||
| 882,269 | 875,366 |
| Albans District Council in relation tothe Man | or, which qualified for funding asahospit | ality venue. |
|---|---|---|
| Investments | Total | Total |
| 2021 | 2020 | |
| Dividends | 132,209 | 130,384 |
| Bank interest | 6,551 | |
| Lettings income | 275,400 | 298,276 |
| 407,609 | 435,211 |
| Income | from | charit | able activities |
||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2021 | 2020 | ||||
| 4 | |||||
| Rental | income | from | estate | ||
| properties | 1,403,053 | 1,455,592 | |||
| Sundry | income | 1,810 | 33ii | ||
| 1,404,863 | 1,455,928 |
| use o | fthe r | esources. | |||||
|---|---|---|---|---|---|---|---|
| Raising | Estate | Governance | Total | Total | |||
| Funds | Managemettt | Costs | 2021 f |
2020 f |
|||
| Staff | Costs | (sccNote 9) | 37,278 | 124&729 | 37,278 | 199,285 | 185,403 |
| Audit | fees: | RSM UK Audit | 20,498 | 20,498 | 17,&32 | ||
| LLP | |||||||
| 37,278 | 124,729 | 57,776 | 219,783 | 203435 | |||
| 2020 | 44,356 | 96,691 | 62,188 | 203,235 |
| 7b. | Analysis ofCharita | ble | Expenditure | ||
|---|---|---|---|---|---|
| 2021f | 2020 | ||||
| Estate Management | - Direct | 1,305,501 | 1,210,906 | ||
| Estate Management | - Support | 182,506 | 158,879 | ||
| Estate Management | 1,488,007 | 1,369,785 | |||
| Research | 5&7,500 | 500,000 | |||
| Total | 2,075,507 | 1,&69,785 | |||
| 8, | Expenditure on Raising |
Funds | |||
| 2021 | 2020 | ||||
| Invesunent management |
costs | 252 | 2,583 | ||
| Estate development | costs | 440,106 | |||
| Direct costs | 252 | 442,689 | |||
| Support costs (Note | 7a) | 37,278 | 44,356 | ||
| 37,530 | 487,045 |
| Fixtures, | ||||||
|---|---|---|---|---|---|---|
| Freehold land |
Fittings and | Books, Paintings | ||||
| and buildings g |
gttuipment s |
and Furniture I |
TotalI | |||
| Cost/Deemed | cost as at 1 April 2020 | 11,360,071 | 325,892 | 729,999 | 12,415,962 | |
| Additions | 2,200,449 | 49,991 | 2,250,440 | |||
| Cost/Deemed | cost as at 31 March | |||||
| 2021 | 13,560,520 | 375,883 | 729,999 | 14,666,402 | ||
| Depreciation | at | 1 April 2020 | 926,100 | 67,545 | 993,645 | |
| Depreciation | charge for the year | 110,352 | 35,881 | 146,233 | ||
| Depreciation | as | at 31 March 2021 | 1,036,452 | 103,426 | 1,139,87& | |
| Net book value | as at31March 2021 | 12,524,068 | 272,457 | 729,999 | 13,526,524 | |
| Net book value | as at 31 March 2020 | 10,433,971 | 258,347 | 729,999 | 11,422,317 | |
| Historical cost as at 31 March 2021 | 13,560,519 | 328,860 | 409,655 | 14,299,034 | ||
| Historical cost as at 31 March 2020 | 11,360,070 | 325,892 | 409,655 | 12,095,615 |
| Note | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| 8 | ||||||
| Investment | properties | I Ia | 8,937,129 | 8,937,129 | ||
| Quoted investments | I Ib | 4,494,986 | 3,745,861 | |||
| Unlisted investment |
Ilc | 348,890 | 153,463 | |||
| 13781 005 | 12,836454 | |||||
| 2021 | 2020 | |||||
| 8 | ||||||
| a) | Investment | Properties atvaluation | ||||
| Fair value at I April 2020 Reclassification ofproperties |
(atvaluation) | 8,937,129 | 7,812,129 400,000 |
|||
| Surplus on |
ievsluation | 725,000 | ||||
| Fair value | at 31March 2021 | 8,937,129 | 8,937,129 | |||
| Historic cost at 31 March 2021 | 819,497 | 819,497 |
| The investm independent |
e | nt properties are included at the Truste professional advice, |
es' estimate of fair value which |
is based on |
|
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| 8 | |||||
| b) | Movements | on Quoted Investments | |||
| Fair value as | at I April | 3,745,861 | 3,869,361 | ||
| Additions | 62,780 | ||||
| Dlsposals | (62,780) | ||||
| Investment | gains/(losses) | 749,125 | (123,500) | ||
| Fair value | 4,494,986 | 3,745,861 | |||
| Historic cost | 2,640,542 | 2,640,542 |
| Unlisted investment (Note Ild) |
348,890 |
|---|---|
| Quoted Equities: Furope | 121,917 |
| Quoted Equities: Global | 854,246 |
| Hedge Funds | 3,205,136 |
| Property | 3,109 |
| Liquid Assets-Global | 238,671 |
| Cash | 71,907 |
| Fair value ss a(31 March 2021 | 4,494,986 |
| Historic cost as at 31Man;h 2021 | 2,691,270 |
| '/o | |||
|---|---|---|---|
| Sarasin Global Equity | 854,246 | 19 | |
| ICS-INS Sterling Liq- Heritage Account | 238,671 | 5 | |
| Sarasin Endowments | Fund -Class A INC | 3,205,136 | 71 |
| value based on the latest published net asset positi |
on ofVSN International Limited. |
|
|---|---|---|
| 2021 | 2020 | |
| Fair value as at I April | 153,463 | 153,463 |
| Revaluation | 195,'127 | |
| Fair value as at 31March | 348,$90 | 153,463 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| (Restated) | ||||
| f'000 | f.'000 | |||
| Turnover | 654 | 784 | ||
| Cost ofsales | (324) | (407) | ||
| Gross profit | 330 | 377 | ||
| Administrative expenses |
(312) | (353) | ||
| Profit before interest and tax | 18 | |||
| Taxatloll | ||||
| Interest payable | ||||
| Retained profit/(loss) for the year |
17 | |||
| Net assets / (liabilities) | at I April | (21) | ||
| Net assets / (liabilities) | ai 31 March | 20 | ||
| Being: | ||||
| Tangible fixed assets | 4,039 | 4,255 | ||
| Current assets | 336 | 349 | ||
| Cuirent liabilities: Creditors: due within | one year | (64) | (152) | |
| Creditors: due after more than one year | (263) | (209) | ||
| Accruals and deferred | income (including | deferred | (¹,028) | (4,240) |
| capital grant) | ||||
| Net assets /(liabilities) | at 31 March | 20 |
| FOR T | HE YEAR ENDED 31MARC | H 2021 (continued) | |||
|---|---|---|---|---|---|
| 12. | Debtors | ||||
| 2021 | 2020 | ||||
| Due wltkdn | 1year | ||||
| Trade debtors | 163,373 | 102,154 | |||
| VAT | 90,727 | 119,4?8 | |||
| Prepayments | and accrued income | 104,953 | 751,230 | ||
| 359,053 | 972,812 | ||||
| Due in more | than 1year | ||||
| Rothamsted | Enterprises | Limited - loan | 50,000 | 50,000 | |
| 409,053 | 1,022,812 |
| Creditor | s: amounts | falling | due within | one year | |||
| 2021 | 2020 | ||||||
| 8 | 8 | ||||||
| Loan from Hcrtfordshire | Local Enterprise | Partnemhip | 200,000 | ||||
| Trade creditors | 376,598 | 1.104,445 | |||||
| Amounts | due to Rothamsted | Enterprises | Limited | 24,542 | 5,732 | ||
| Deferred | Income | 5&,210 | 47,152 | ||||
| Accruals | 373,3&4 | 46,835 | |||||
| Deposits | 141,636 | 131,591 | |||||
| Other creditors | 12,312 | ||||||
| 1,186,682 | 1,335,755 |
| Unrestricted | Funds | Total | ||
|---|---|---|---|---|
| 31March | 2021 | nesianaird | ||
| Capital | ||||
| General Band | nesorvo | |||
| Funds | ||||
| Allocation | ofNet Assets. | |||
| Tangible fixed assets | 6,426,521 | 7,100,003 | 13,526,524 | |
| Investments | 1,676,086 | 3,167,790 | 4,843,876 | |
| Investment | properties | 819,497 | 8,117,632 | 8,937,129 |
| Net current | assets | 144,804 | 144,804 | |
| Long term | debtor | 50,000 | 50000 | |
| 9,116,908 | 18,385,425 | 27,502,333 | ||
| Unrestricted | Funds | Total | ||
| 31March | 2020 | Oesignated | ||
| Capital | ||||
| General Fnad | Reserve | |||
| Fond | ||||
| Allocation | ofNet Assets: | |||
| Tangible fixed assets | 4,322,314 | 7,100,003 | I 1,422,3 I7 | |
| Investments | 2,559,432 | 1,339,893 | 3,899„325 | |
| Investment | properties | 819,497 | 8,117,632 | 8,937,129 |
| Net current | assets | 783,845 | 883,346 | 1,667,191 |
| Long term | debtor | 50 000 | 50000 | |
| 8,535,088 | 17,440,874 | 25,975,962 |
| 16.Reconciliation | of | net income for the | net income for the | year to net cash generated | by operating | activities |
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| g | ||||||
| Net income for | the | year | 1,526,371 | 1,411,348 | ||
| Dividends, interest |
and rent | from investments | (407,609) | (435,211) | ||
| Depreciation | 146,233 | 160,020 | ||||
| (Gain) on investments | (944,552) | (1,001,500) | ||||
| Operating cash |
fiows before | movement | in | 320,443 | 134,657 | |
| working capital |
||||||
| Decrease/(increase) | in debtors | 613,759 | (862,697) | |||
| (Decrease)/increase | in creditors | (349,072) | 1,068,046 | |||
| Cash generated | by | operating | activities | 585,130 | 340,006 |
| Financial | Instruments | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Financial | assets (investments) | at fair value through | ||
| income and expense | 4,843,876 | 3,899,324 |