REGISTERED CHARITY NUMBER: 1172669
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for
Crop-Innovations CIO
Crop-Innovations CIO
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 9 |
Crop-Innovations CIO
Report of the Trustees for the Year Ended 31 March 2024
The trustees 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 2015).
OBJECTIVES AND ACTIVITIES
Summary of the purposes of the charity
The object of the Charitable Incorporated Organisation (‘CIO’) is to conduct and foster education, research, and information dissemination to promote and support the development and use of underutilized crops (defined as crops of local importance which have potential for enhanced production and wider use) with special reference to the benefits which will accrue to rural communities in the developing world in terms of improving their quality of life.
Summary of the main activities of the charity
Other than some minor expenses, the charity has not traded during the year while it considers the next steps.
Guidance on public benefit
The Trustees have paid due regard to the guidance issued by the Charity Commission on Public Benefit.
ACHIEVEMENT AND PERFORMANCE
Summary of main achievements
Other than some minor expenses, the charity has not traded during the year while it considers the next steps.
FINANCIAL REVIEW
Review of financial position
Crop-Innovations CIO delivered both the GENEPRINT and the AFLA projects finishing in 2020 and continues to explore other opportunities where research and innovation can benefit the production of traditional crops and the livelihoods of farmers.
Statement on reserves policy
Trustees agreed that a minimum of £10,000 plus £3,000 should be routinely always held in reserve to enable an orderly wind up of the charity should this be required in the future.
Reserves position
Total reserves at 31 March 2024 were £45,927 (2023: £46,471). Although not held in a separate account, the Trustees are satisfied that sufficient reserves are available as per the agreed policy (£13,000 total)
No funds are in deficit and no uncertainties about the ability of the charity to be maintained as a going concern during the reporting period.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by a constitution as lodged with the Charity Commission. The charity is constituted as Charitable Incorporated Organisation.
Appointment of Trustees
Selection and appointment of new trustees is covered by the charity's constitution:
10. Appointment of charity trustees
-
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution
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(1) passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills,
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(2) knowledge and experience needed for the effective administration of the CIO.
Crop-Innovations CIO
Report of the Trustees for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1172669
Principal address
4 Town Close Sutton Courtenay Abingdon OX14 4BD
Trustees
Dr Charlotte Allender Secretary Mr Andrew Bennett Dr Heather Sanders Mr James Theobald Chair
FUNDS HELD AS CUSTODIAN FOR OTHERS
Where Crop-Innovations CIO is the lead organisation on a project it may receive funding on behalf of third party partners which are then reimbursed to those partners. The receipt of such funds as agent is not recognised as income nor is the reimbursement recognised as expenditure in the financial statements on the basis that the funds are not within the control of Crop-Innovations CIO.
An amount of £nil (2023: £nil) was held as custodian trustees at the year end.
Approved by order of the board of trustees on 16 January 2025 and signed on its behalf by:
James Theobald - Trustee
Crop-Innovations CIO
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Research and support Investment income 2 Total EXPENDITURE ON Charitable activities Research and support NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted fund funds £ £ - 279 279 823 (544) - 46,471 - 45,927 - |
Unrestricted Restricted fund funds £ £ - 279 279 823 (544) - 46,471 - 45,927 - |
Year Ended Year Ended 31.3.24 Total 31.3.23 Total funds funds £ £ - - - - 279 124 - 279 124 - 823 1,211 (544) (1,087) 46,471 47,558 45,927 46,471 |
Year Ended Year Ended 31.3.24 Total 31.3.23 Total funds funds £ £ - - - - 279 124 - 279 124 - 823 1,211 (544) (1,087) 46,471 47,558 45,927 46,471 |
|---|---|---|---|---|
| - - |
||||
| - | 46,471 |
The notes form part of these financial statements
Crop-Innovations CIO
| Balance Sheet At 31 March 2024 Notes CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 £ - 46,527 46,527 (600) |
2023 £ - 46,951 46,951 (480) |
||
|---|---|---|---|---|
| 45,927 45,927 |
46,471 | |||
46,471 |
||||
| 45,927 | 46,471 | |||
| 45,927 - 45,927 |
46,471 - |
|||
| 46,471 |
The financial statements were approved by the Board of Trustees on 16 January 2025 and were signed on its behalf by:
Mr James Theobald -Trustee
The notes form part of these financial statements
Crop-Innovations CIO
Notes to the Financial Statements for the Year Ended 31 March 2024
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 2015)', 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.
The charity is a charitable incorporated organization (‘CIO’) registered in England and Wales. The nature of the charity's operations and principal activities are stated in the Report of the Trustees. The charity constitutes a public benefit entity as defined by FRS102.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS102 Section 1A.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are presented in sterling which is the functional currency of the charity.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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.
Grant agreements that fund historical expenditure are accrued to the extent that relevant expenditure has been incurred.
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.
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.
Crop-Innovations CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the academy trust and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in the notes to the financial statements. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in the notes to the financial statements. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
2. INVESTMENT INCOME
Year Ended 31.3.24 31.3.23 £ £ Deposit account interest 279 124
3. SUPPORT COSTS
| Management Finance £ £ Research and support - 823 |
Other Governance costs £ £ - - |
Totals £ 823 |
|---|---|---|
Independent examiner fees
Fees payable to an independent examiner during the year were £nil (2023: £nil)..
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023.
Trustees' expenses
Trustees' expenses for the period ended 31 March 2024 of £nil (2023: £nil) were paid for travel and subsistence.
Crop-Innovations CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
5. STAFF COSTS
| Year Ended | Year Ended | |
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Wages and salaries | - | - |
| Social security costs | - | - |
| - | - |
The average monthly number of employees during the year was as follows:
| Year Ended | Year Ended | |
|---|---|---|
| 31.3.24 | 31.3.23 | |
| Management | - | - |
| Research and support | - | - |
| - | - |
No employees received emoluments in excess of £60,000.
The key management personnel of the charity comprise the trustees and the Director of Science. The total employee benefit received by key management personnel during the year was £nil (2023: £nil).
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund Restricted funds £ £ INCOME AND ENDOWMENTS FROM Charitable activities Research and support - - Investment income 124 - Total 124 - EXPENDITURE ON Charitable activities Research and support 1,211 - Total (1,211) - NET INCOME/(EXPENDITURE) (1,087) - RECONCILIATION OF FUNDS Total funds brought forward 47,558 - TOTAL FUNDS CARRIED FORWARD 46,471 - |
Unrestricted fund Restricted funds £ £ INCOME AND ENDOWMENTS FROM Charitable activities Research and support - - Investment income 124 - Total 124 - EXPENDITURE ON Charitable activities Research and support 1,211 - Total (1,211) - NET INCOME/(EXPENDITURE) (1,087) - RECONCILIATION OF FUNDS Total funds brought forward 47,558 - TOTAL FUNDS CARRIED FORWARD 46,471 - |
Unrestricted fund Restricted funds £ £ INCOME AND ENDOWMENTS FROM Charitable activities Research and support - - Investment income 124 - Total 124 - EXPENDITURE ON Charitable activities Research and support 1,211 - Total (1,211) - NET INCOME/(EXPENDITURE) (1,087) - RECONCILIATION OF FUNDS Total funds brought forward 47,558 - TOTAL FUNDS CARRIED FORWARD 46,471 - |
Total funds £ - 124 124 1,211 (1,211) |
|---|---|---|---|
| (1,087) 47,558 |
- - |
(1,087) 47,558 |
|
| 46,471 | - | 46,471 |
Crop-Innovations CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors 2024 £ - Prepayments and accrued income - - |
2023 £ - - - |
|---|---|
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors 2024 £ - Other creditors - Accruals and deferred income 600 600 |
2023 £ - - 480 ~~480~~ |
|
|---|---|---|
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Current assets 46,471 Current liabilities (600) 45,927 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds TOTAL FUNDS |
Restricted funds £ - - ~~-~~ |
2024 Total funds £ 49,951 (480) ~~45,927~~ |
2023 Total funds £ 49,951 (480) ~~46,471~~ |
||
|---|---|---|---|---|---|
| At 1.4.23 Net movement in funds At 31.3.24 £ £ £ 46,471 (544) 45,927 - - - |
|||||
| 46,471 | (544) | 45,927 | |||
| Incoming resources £ Resources expended £ Movement in funds £ 279 (823) (544) - - - |
|||||
| 279 (823) (544) |
Crop-Innovations CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
11 RELATED PARTY DISCLOSURES
There were no related part transactions in the year.
12 FUNDS RECEIVED AS AGENT
Where Crop-Innovations CIO is the lead organisation on a project it may receive funding on behalf of third party partners which are then reimbursed to those partners. The receipt of such funds as agent is not recognised as income nor is the reimbursement recognised as expenditure in the financial statements on the basis that the funds are not within the control of Crop-Innovations CIO.
During the year a total amount of £nil (2023: £nil) was received by Crop-Innovations CIO for third party partners and a total amount of £nil (2023: £nil) was paid over to those third party partners. The balance owing at 31 March 2024 was £nil (2023 £nil).