2022-03-31-accounts - Lawes Agricultural Trust

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		F	OR TH	E YEAR	ENDED 31MA	RCH 2022
					Unrestricted	Funds	Total	Total
				Notes	General	Designated	Funds	Funds
					Fund	Fund	2022	2021
Income from:
Donations								115
Grants								882269
								882,384
Investments					523 799		523 799	407 609
Cltaritable rtcti vities:					523,799		523,799	1,289,993
Estate Management					1,869,034		1,869,034	1,404,863
Totallncome					2 392833		2 392 833	2 694 856
Expenditure on:
Raising Funds:
Investment Management		Costs			(47,124)		(47,124)	(37,530)
Charitable Activities:
Estate Management Research				7b 7b	(1,815,567) 500 000		(1,815,567) 500000	(1,488,007) ~587 500
Total Charitable	Expenditure				(2,315,567)		(2,315,567)	(2,075,507)
Total Expenditure,					(2,362,691)		(2,362,691)	(2,113,037)
Net Gains on Investments						372,883	372,883	944,552
Net Income					30,142	372,883	403,025	1,526,371
Net Movement in	Funds in Year				30,142	372,883	403,025	1,526,371
Reconciliation oftunds
Funds Balances Brought		Forward at	I April		9,116,908	18,385,425	27,502,333	25,975,962
Funds Balances Carried		Forward at	31		9,147,050	18,758,308	27,905,358	27,502,333
March

		LAWKS AGRICULTU	LAWKS AGRICULTU	RAL TRUST
		BALANCE SHKKT ASAT		31MARCH 2022
		Company	Registration	Not 8901784
			Notes	Total	Total
Fixed Assets				2022f	2021f
Tangible Assets Investments			10 11	13,514,736 14 153 888	13,526,524 13781 005
Current Assets				27,668,624	27,307,529
Debtors Cash at bank and in	hand		12	452,459 I 094448	409,053 972 433
Current Liabilities				1,546,907	1,381,486
Creditors Falling Due Within		One Year	13	(1,310,173)	(1,186,682)
Net Assets			14	27 905 358	27 502 333
Funds
Unrestricted Funds
General Fund Designated Fund				9,147,050	9,116,908
Capital Reserve Fund				18,758,308	18,385,425
Total Unrestricted	Funds			27 905 358	27 502 333
Total Funds				27 905,358	27 502 333

					Total	Total
				Notes	2022	202]
Net cash generated from operating			activities
Cash generated from operating activities				16	(45,869)	585,130
Investing activities
Dividends, interest and rent from investments					523,799	407,609
Purchase oftangible fixed assets					(155,915)	(2,250,440)
Generated from / (used	in) investing		activities		367,884	(1,842,83 I)
Financing activities
New Loans						200,000
Loan repayments					(200,000)
Net cash (used in) /generated		from	financing		(200,000)	200,000
activities
Net increase / (decrease)	in cash	and cash equivalents			122,015	(1,057,701)
Cash and cash equivalents	at beginning		ofyear		972,433	2,030,134
Cash and cash equivalents	at the	end ofyear			1,094,448	972,433

					Unrestricted	Funds	Total
					Ceneral	Designated	Funds
				Notes	Fund	' Fund	2021
Income from:
Donations					115		115
Grants —LEP					882,269		882,269
					8&2,384		882,384
investments				5	407,609		407,609
					1,289,993		1,289,993
Charitahle Activities:
Estate Management				6	1,404,863		1,404,863
Total Income					2,694,856		2,694,856
Expenditure on:
Raising Funds:
Investment Management			costs	8	(37,530)		(37,530)
Charitable Activities:
Estate Management				7b	(1,488,007)		(1,488,007)
Research				7b	(587,500)		(587,500)
Total Charitable		Expenditure			(2,075,507)		(2,075,507)
Total Expenditure					(2, 1 13,037)		(2,1)3,037)
Net gains on investments						944,552	944,552
Net income					581,819	944,552	1,526,371
Net Moveinent	in	Funds	in Year		581,819	944,552	1,526,371
Reconciliation of		Funds
Funds Balances	Brought		Forward as at	I April	8,535,089	17,440,873	25,975,962
Funds Balances	Carried Forward as at
31 March					9,116,908	18,385,425	27,502,333

			Total	Total
			2022	202I
LEP Funding		(r'elating to Russell		857,269
Building	refurbishment)
Other Grants				25,000
				882,269

Investments	Total	Total
	2022	2021
Dividends	126,706	132,209
Bank interest	92
Lettings income	397,001	275,400
	523,799	407,609

				Total	Total
				2022	202I
Rental	income		from estate
properties				1,618,514	1,403,053
Promotion		fees	receivable	250,000
Sundry	income			520	1,810
				1,869,034	1,404,863

The Trust charitable use ofthe	costs as shown (see Notes 7b	in the table below and then further and 8). Support costs are allocated	apportions these between the on a basis consistent with the	apportions these between the on a basis consistent with the
	Raising Funds	Estate Management Governance Costs	Total 202?	Total 2021
StaffCosts (see Note 9) Audit fees: RSM UK Audit LLP	47,065	176,602 47,065 23,225	270,732 23,225	199,285 20,498
	47,065	176,602 70,290	293,957	219,783
2021	37,278	124,729 57,776	219,783

7b	. Analysis of	Chari	table	Expenditure
					2022	2021
	Estate Management Estate Management		- Direct - Support		1,568,675 240,892	1,305,501 182,506
	Estate Management				1,815,567	1,488,007
	Research				500,000	587,500
	1otal				2,315,567	2,075,507
8.	Expenditure	on Raising Funds
					2022	2021
	investment management			costs	59	252
	Direct costs				59	252
	Support costs	(Note	7a)		47,065	37,278
					47,124	37,530

The Tr	ust employs	7 staff members, at acost off270,	731(2021:K199,285).
			2022	202]
Wages	and salaries		222,202	163,563
Social security costs			19,512	14,363
Defined	contribution	pension cost	~2017	21 359

				F'ixtures,
			Freehold land	f&'ittings and	Books, Paintings
			and buildings	Equipment	and Furniture	.	Total
Cost/Deemed	cost as at	I April 2021	I:3,560,520	375,883	729,999		14,666,402
Additions			91,592	64,323			155,915
Cost/Deemed	cost as at	31 March
2022			13,652,112	440,206	729,999		14,822,317
Depreciation	at I April	2021	1,036,452	103,426			1,139,878
Depreciation	charge for	the year	122,152	45,551			167,703
Depreciation	as at 31 March 2022		1,158,604	148,977			1,307,581
Net book value as at 31		March 2022	12,493,508	29 1.,229	' 729,999		13,514,736
Net book value as at 31		March 2021	12,524,068	272,457	729,999		13,526,524
Historical cost as at 31 March 2022			13,652,112	393,183	409,655		14,454,950
I-listorical cost as at 31 March 2021			13,560,519	328,860	409,655		14,299,034

				Note	2022	2021
	Investment		properties	I la	9,195,129	8,937,129
	Quoted	investments		1 1b	4,609,869	4,494,986
	Unlisted	investment		11d	348,890	348,890
					14,153,888	13,781,005
					2022	2021
a)	Investment		Properties at valuation
	Fair value		at 1 April		8,937,129	8,937,129
	Surplus	on	revaluation		258,000
	Fair value		at 31 March		9,195,129	8,937,129
	Historic	cost at 31 March			819,497	8]9,497

	independent		pro	fessional advice.
					2022	2021
b)	Movements		on	Quoted Investments
	Fair value as		at	I April	4,494,986	3,745,861
	Additions				1,092,917	62,780
	Disposals				(1,092,917)	(62,780)
	Investment	gains			114,883	749,125
	Fair value				4,609,869	4,494,986
	Historic cost				3,160,269	2,640,542

	Fixed Asset Investments	(continued)	(continued)
c)	Summary ofQuoted and	Unlisted	Investments
	Unlisted investment (Note	I Id)				348,890
	Quoted Equities: Europe					123,513
	Hedge Funds					4,470,282
	Property					3,387
	Cash					12,687
	Fair value as at 31 March	2022				4,609,869
	Historic cost as at 31 March 2022					3,160,269
	Significant investments within the total investment			holdings	at 31 March 2022 are as	follows:
	Sarasin Endowments Fund	-Class A	INC		4,470,282	97

		2022	2021
Fair value as at	I April	348,890	153,463
Revaluation			195,427
Fair value as at	31March	348890	348890

liabilities ofthe joint		ven	ture for the ye	ar ended 31 March 20	22 are set out below:
					2022	2021
					f,'000	f,'000
Turnover					711	654
Cost ofsales					(466)	(324)
Gross profit					245	330
Administrative expenses					(334)	(312)
Profit before interest and tax					90	18
Taxation
Interest payable
Retained profit/(loss)	for the year				(90)	17
Net assets / (liabilities)		at	1 April		20
Net assets / (liabilities)		at	31 March		(70)	20
Being:
Tangible fixed assets					3,832	4,039
Current assets					302	336
Current liabilities: Creditors: due within				one year	(174)	(64)
Creditors: due after more than one year					(214)	(263)
Accruals and deferred		income (including		deferred	(3,816)	(4,028)
capital grant)
Net assets / (liabilities)		at	31 March		(70)	20

12.	FOR T Debtors	HE YEAR END	ED 31MARCH 20	22 (continued)
	Due within 1 year			2022	2021
	Trade debtors VAT Prepayments and accrued income			184,468 66,636 151,355	163,373 90,727 104,953
	Due in more than 1 year			402,459	359,053
	Rothamsted Enterprises (see note 9)	Limited - loan		50,000	50,000
				452,459	409,053
13.	Creditors: amounts falling due within		one year
				2022	2021
	Loan From Hertfordshire Trade creditors	Local Enterprise	Partnership	471,517	200,000 376,598
	Amounts due to Rothamsted Enterprises Deferred Income		Limited	27,691 73,714	24,542 '58,210
	Social security and other Accruals Deposits Other creditors	taxes		8,502 521,056 203,612 4,081	373,384 141,636 12,312
				1,310,173	1,186,682

et Assets:	analysis between fu	nds
		Unrestricted	Funds	Total
31March	2022		Designated
			Capital
		General F'und	Reserve
			Fund
Allocation	ofNet Assets:
Tangible fixed assets		6,414,733	7,100,003	13,514,736
Investments		1,676,086	3,282,673	4,958,759
Investment	properties	8 1.9,497	8,375,632	9,195,129
Net current	assets	186,734		186,734
Long term	debtor	50000		50,000
		9,147,050	18,758,308	27,905,358
		Unrestricted	Funds	Total
31March	2021		Designated
			Capital
		General Fund	Reserve
			Fund
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	50000		50000
		9, 116,908	I8,385,425	27,502,333

Reconciliation ofn	et income for the	year to net cash fr	om operating activities
			2022	202i
				f,
Net income for the year			403,025	1,526,371
Dividends, interest and rent from investments			(523,799)	(407,609)
Depreciation			167,703	I;46,233
Gains on investments			(372,883)	(944,552)
Operating cash flows before movement		in	(325,954)	320,443
working capital
Decrease/(increase)	in debtors		(43,406)	613,759
Increase/(decrease)	in creditors		323,491	(349,072)
Cash from operating	activities		(45,869)	585,130