CHARITY REGISTRATION NUMBER: 1183155
The Shared Earth Trust Unaudited Financial Statements
31 March 2023
FRANCIS GRAY CHARTERED ACCOUNTANTS
Chartered accountants Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
The Shared Earth Trust
Financial Statements
Year ended 31 March 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
The Shared Earth Trust
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name The Shared Earth Trust Charity registration number 1183155 Principal office Denmark Farm Conservation Centre Betws Bledrws Lampeter Ceredigion The trustees A Denton Dr G Strachan N E Howard G A Hopwood M Wilding R Corcoran (Resigned 1 December 2022) L Bradshaw Wood (Appointed 1 October 2022) Independent examiner R J Gray on behalf of Francis Gray Chartered Accountants Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
1
The Shared Earth Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Shared Earth Trust charity is controlled by its governing document, a foundation CIO constitution, approved by the Charity Commission in April 2019.
The charity was registered in April 2019 for the purpose of replacing the charitable trust number 1004002, also called the Shared Earth Trust.
The charity is governed by a Board of Trustees, with new trustees being appointed by resolution of the Board. The trustees govern the strategic direction of the Charity in line with its main objectives as set out in its constitution. The trustees who served during the year and up to the date of this report are set out on page 1.
Trustee Recruitment
One new trustee was appointed to the Board during 2022/23 and one trustee retired from the board. During this financial year there were a minimum of six trustees serving on the Board. The CIO's constitution allows for a maximum of ten and the Board is constantly looking to recruit additional board members with appropriate expertise. The present trustees have a variety of backgrounds and areas of expertise, and individual members take the lead on different issues e.g. finance, conservation, education and legal matters. In recruiting new trustees, the Board seeks to find people with the appropriate skills to fill any potential gaps in expertise.
Staffing
During 2022/23 there were three part time staff, two permanent and one fixed term, providing a combined total of 7.5 staff days per week for the majority of the year. The staff are responsible for dayto-day management and delivery of the varied work of the Shared Earth Trust in support of its objectives. Towards the end of the financial year a review of the staffing resulted in the role of Facilities and Events Manager, a role which had expanded over time to cover a range of tasks, being split and a new permanent post created to manage the facilities on site. Recruitment for this post took place at the end of the 2022/23 financial year with a view to a new staffing structure with the equivalent of 9.5 days per week being in place for the start of the 2023/24 financial year.
Risk Assessment
The major risks to which the Charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks. This includes staff reports to trustees and the monitoring of feedback from visitors, volunteers and course participants. Detailed monthly management accounts are circulated to trustees, with the latest version discussed as a standing item at board meetings, as part of the process of mitigating financial risk.
2
The Shared Earth Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
OBJECTIVES AND ACTIVITIES
The objects of the charity, as recorded in its constitution are:
1) To promote the protection, conservation and restoration of flora and fauna and their habitats, including through the establishment, preservation and maintenance of Denmark Farm Conservation Centre.
2) And to advance the education of the public in the study of flora and fauna and their protection, conservation and restoration, including providing workshops, training courses and promoting research, and sharing and disseminating the results of such research for the benefit of the general public.
The above charitable objects underpin specific projects, activities and services, which bring people of all ages and abilities into contact with the natural environment and focus their attention on the vital importance of biodiversity, demonstrating ways in which they can assist in its growth.
Achievements and performance
1) The Shared Earth Trust offered an extensive range of courses on ecology, natural crafts and sustainable living. These courses are advertised on the website at www.denmarkfarm.org.uk and attract participants from the local area as well as much further afield. These courses are a key element of fulfilling the aims of the charity in terms of promoting biodiversity, restoring and conserving habitats, and re-connecting people with nature. The number of courses offered (30), and the number of attendees (180) continue to increase following the covid pandemic and the lockdown in 2020. However, they have still not matched the pre-pandemic level, with the numbers falling slightly when the incidence of covid rises as in June 2022. New course have been trialed during the year and established courses continue to attract regular attendees.
2) The Shared Earth Trust offers accommodation in the Eco Lodge, dormitory and campsite for residential courses and meetings or for people who want to visit the nature reserve and surrounding area. The Eco Lodge is an important source of income for the Shared Earth Trust and while occupancy has improved since the covid pandemic, increasing the occupancy rate remains an important target for the Charity.
3) Grant funded activity.
a. The Postcode Community Trust funded a one year project to support the management of wildlife, biodiversity and people at Denmark Farm Conservation Centre. The project was successfully concluded in December 2022. The project brought over 300 visitors to the site from six different community groups and four different schools, along with individuals attending five Wildlife Discovery Clubs during holiday periods. In addition 21 volunteer sessions were held for conservation activities. The project also enabled the continuation of ecological monitoring on the site, which has been an important feature of the work of the Shared Earth Trust.
b. The collaboration with Cynnal Cymru/Sustain Wales continued with the development of an ecoliteracy course called Nature Wise. Cynnal Cymru had already developed the course in an online format but approached the Shared Earth Trust to adapt it as an on-site, face to face course. Cynnal Cymru provided funding for this development and support two pilot course at Denmark Farm Conservation Centre.
c. Two gardening projects have taken place during this financial year providing opportunities for local people to both volunteer and receive training. One was funded by the D'Oyly Carte Charitable Trust to develop planting in the courtyard area. The second was a community vegetable garden including raised beds which provide wider access to participants, this was funded by the National Lottery Community Fund.
d. The Big Give - Green Match Fund was an opportunity to receive matched funding for monies raised by the Shared Earth Trust over an allotted period of time. This resulted in a successful campaign raising £5,000, which was then match funded by the Big Give.
e. Denmark Farm Conservation Centre became a hub for the Welsh Government project 'My Tree, Our Forest'. This involved distributing trees for planting to members of the local area.
3
The Shared Earth Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
4) The Shared Earth Trust membership scheme continues to service a small, but consistent group of members, who receive regular emails and newsletters.
4
The Shared Earth Trust Trustees. Annual Roport Yoar ended 31 March 2023 FIIIANCIAL REVIEW Reserves Policy The trustees have 8 Flnanci81 Reserves Pollcy. whlch states thal'The Olcy ofthè Shared Earth Trust Charitable Incorpor8ted ory8nlsallon18 lo hold unre51ricted financial reserves of a le1 that 8qU8tgs 10 a mlnlmum of 8lx months unreslrlcted axpendilure. In linè wllh the Ch8rilie8 SORP IFRS 1021, se¢tK)n 1.48 (October 2019 edition), thls pollcy will be reviewed as part of the annual report arKI 8ccwnts. and the actual reserves held 01 the end of ¢ach fln8ndal year wll be Stated in the anNal accounts.. At 318t March 2023. total unre8trid&J reserve8 stsnd at approximatsly £720.OCQ12022 - £721,277} depgndenl on the m8rket V81uo of tho property. Free rgserves {con81Sng of current Ilquld &888ts. less current liobil&s) rgPf08enllng the worklng capltal for the unre8trfctad advllle8 18 £61,432 {2022 £67,762). Investment pollcy and ob]ectlves The trust deed govem8 the Iru8teo¥' Invoslment powers. The tru81ee8 have & pdicy of kggplng any 8urplu8 a8 Ilquld fund8 In Inl8r881*eaTSng doposts, whlch can be acce888d reedlly. The twstses are of th8 opinion that chartty ha8 Sn8ufflclenl reserves to warrant invastmont Sn other forms. PLANS FOR FUTURE PERIODS In 2023fd4 the Shared Earth TnJ8t wlll 88tabllsh the now staff slwctvrn th Ihrao pbmwnenl part Ilme staff and one fixed tem pBrt tlme stAff. Tha now memb8r of staff will brlng a fo8 on tho manwJemtnt of the bulldlng8 at Danmark Farm Conyervalion Centre. AddSfjon81 fundlng wlll be sought to establlsh longer contract for the flxed lem membèr of 81aft. The tru8tse8 wlll explore out80urclng the maTkelro and booklng8 for the Ec>) Lodge aecommodallon lo on aggncy such 88 Sykes Cottages or West Wales Cott8ges In on attempt to Increa88 the occupancy and th8 finandal retum¥. The Shared Earth Tru81 will contlnue to develop naw cour888 and actlvlil86 provldlno opportunlU88 for leameT8. volunleeT8 and young poople to engage th n8lure. Th8 tru8tees' onnu81 roport wa8 appmved on X November 2023 and 81gn•J on bohaw of the board of tte88 by: G Slrachan Tnsslge E N Hord Trust8
The Shared Earth Trust
Independent Examiner's Report to the Trustees of The Shared Earth Trust
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of The Shared Earth Trust ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
R J Gray on behalf of Francis Gray Chartered Accountants Independent Examiner
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
6
The Shared Earth Trust
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 8,891 | – | 8,891 | 12,319 |
| Charitable activities | 5 | 58,485 | 9,506 | 67,991 | 144,595 |
| Other trading activities | 6 | 3,993 | – | 3,993 | 3,557 |
| Other income | 7 | 10,302 | – | 10,302 | 8,344 |
| - | - | - | - | ||
| Total income | 81,671 | 9,506 | 91,177 | 168,815 | |
| = | = | = | = | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | 2,527 | – | 2,527 | 2,332 |
| Expenditure on charitable activities | 9,10 | 94,090 | 34,306 | 128,396 | 141,883 |
| - | - | - | - | ||
| Total expenditure | 96,617 | 34,306 | 130,923 | 144,215 | |
| = | = | = | = | ||
| - | - | - | - | ||
| Net (expenditure)/income and net | |||||
| movement in funds | (14,946) | (24,800) | (39,746) | 24,600 | |
| = | = | = | = | ||
| Reconciliation of funds | |||||
| Total funds brought forward as previously | |||||
| reported | 722,522 | 30,795 | 753,317 | 732,525 | |
| Prior year adjustment | – | – | – | (3,808) | |
| - | - | - | - | ||
| Total funds brought forward as restated | 722,522 | 30,795 | 753,317 | 728,717 | |
| - | - | - | - | ||
| Total funds carried forward | 707,576 | 5,995 | 713,571 | 753,317 | |
| = | = | = | = |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 20 form part of these financial statements.
7
The Shared Earth Trust statomont of Flnanclal Posltlon 31 March 2023 2022 Flxod assets TAnglble fixed 8888ts 16 852.3110 853,067 CurrontaB80ts Debtors Cash at bank and In hand 17 119 81,432 61,551 32,467 67,762 I,225 Cr•dltorn: am¢)unts falllng du• wlthln one y•ff N•t curr•nt a8••ts 18 16.646 18.673 44,905 897.205 81,556 Total •M•t• IM• ¢urr•nt Ilabllltl•B 934,823 Cr•dltor8: amount4 falllng du• aft•r mor• th•n ono yw N•t a•••ts 19 183,634 713,571 181.306 753.317 Fund• of th• ch•rlty Restricted fvnds Unr881rfct8d fvnd8'. Revaluaon r888TV8 Otherunrestricted Inrne fiJrK 30,795 334.469 388,053 722,522 373.107 Total unr••trlthdfvnd• 707,576 Total ch•rltytsnd• 713,571 7S3,317 The88 finandal 818tenIS were 8pprov8d ty the t4)ard t180 8nd •ulhorf8ed for 188ue on 6 November 2023, and are 8Sgn8d on bgh8lf of tha board by.. Dr G Stroch8n E N HowArd Tru8ts8 Th• note• on • to 20 fonn part of thelInancI•l •tal•rtwnt&
The Shared Earth Trust
Statement of Cash Flows
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net (expenditure)/income | (39,746) | 24,600 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 767 | 1,227 |
| Interest payable and similar charges | 12,784 | 8,784 |
| Accrued expenses/(income) | 31,977 | (38,085) |
| Changes in: | ||
| Trade and other debtors | 71 | (190) |
| Trade and other creditors | (201) | 191 |
| - | - | |
| Cash generated from operations | 5,652 | (3,473) |
| Interest paid | (12,784) | (8,784) |
| - | - | |
| Net cash used in operating activities | (7,132) | (12,257) |
| = | = | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | – | (2,434) |
| - | - | |
| Net cash used in investing activities | – | (2,434) |
| = | = | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 802 | (8,156) |
| - | - | |
| Net cash from/(used in) financing activities | 802 | (8,156) |
| = | = | |
| Net decrease in cash and cash equivalents | (6,330) | (22,847) |
| Cash and cash equivalents at beginning of year | 67,762 | 90,609 |
| - | - | |
| Cash and cash equivalents at end of year | 61,432 | 67,762 |
| = | = |
The notes on pages 9 to 20 form part of these financial statements.
9
The Shared Earth Trust
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is charitable incorporated organsation (CIO) and a registered with the Charities Commission England and Wales. The address of the principal office is Denmark Farm, Bettws Bledrws, Lampeter, SA48 8PB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
10
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
11
Notes to the Financial Statements (continued)
The Shared Earth Trust
Year ended 31 March 2023
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Plant and machinery | - | 25% reducing balance |
|---|---|---|
| Fixtures and fittings | - | 25% reducing balance |
| Equipment | - | 25% reducing balance |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
12
Notes to the Financial Statements (continued)
The Shared Earth Trust
Year ended 31 March 2023
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 2,896 | 2,896 | 4,169 | 4,169 |
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The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
4. Donations and legacies (continued)
| Donations and legacies(continued) | ||||
|---|---|---|---|---|
| UnrestrictedTotal Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Grants | ||||
| Basic Payment Scheme | 1,938 | 1,938 | 1,914 | 1,914 |
| Glastir Agreement | 2,168 | 2,168 | 3,714 | 3,714 |
| Landfill Disposal Tax Communities | ||||
| Fund - Cadw Natur Mewn Cof | – | – | 1,206 | 1,206 |
| Fy Nghoeden, Ein Coedwig | 1,000 | 1,000 | – | – |
| Subscriptions | ||||
| Memberships | 889 | 889 | 1,316 | 1,316 |
| - | - | - | - | |
| 8,891 | 8,891 | 12,319 | 12,319 | |
| = | = | = | = |
5. Charitable activities
| Charitable activities | |||
|---|---|---|---|
| Unrestricted | RestrictedTotal Funds | ||
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Course Income | 16,867 | – | 16,867 |
| Campsite fees | 1,823 | – | 1,823 |
| Dormitory income | 2,174 | – | 2,174 |
| Eco Lodge hire | 25,164 | – | 25,164 |
| Farmhouse heating | 900 | – | 900 |
| Farmhouse rent | 7,440 | – | 7,440 |
| Venue hire | 4,117 | – | 4,117 |
| Sundry hire | – | – | – |
| Cynnal Cymru | – | 3,520 | 3,520 |
| The D'Oyly Carte Charitble Trust Project 3 | – | 5,986 | 5,986 |
| - | - | - | |
| 58,485 | 9,506 | 67,991 | |
| = | = | = |
14
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
5. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Course Income | 18,120 | – | 18,120 |
| Campsite fees | 6,181 | – | 6,181 |
| Dormitory income | 3,233 | – | 3,233 |
| Eco Lodge hire | 28,594 | – | 28,594 |
| Farmhouse heating | 1,200 | – | 1,200 |
| Farmhouse rent | 7,200 | – | 7,200 |
| Venue hire | 2,642 | – | 2,642 |
| Sundry hire | 83 | – | 83 |
| National Lottery Community Fund - Growing Spaces | – | 10,000 | 10,000 |
| Postcode Community Trust - Wildlife Biodiversity & | |||
| People | – | 20,000 | 20,000 |
| Cynnal Cymru Sylfaen Project | – | 1,069 | 1,069 |
| The D'Oyly Carte Charitable Trust - Project 2 | – | 4,000 | 4,000 |
| Landfill Disposal Tax Communities Fund - Cadw | |||
| Natur Mewn Cof | – | 9,996 | 9,996 |
| The Woodland Investment Grant | – | 32,277 | 32,277 |
| - | - | - | |
| 67,253 | 77,342 | 144,595 | |
| = | = | = |
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Shop income | 3,993 | 3,993 | 3,557 | 3,557 | |
| = | = | = | = | ||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| HMRC - CJRS | – | – | 1,320 | 1,320 | |
| Tariff Income | 9,923 | 9,923 | 6,644 | 6,644 | |
| Bank Interest | 335 | 335 | 250 | 250 | |
| Terra Cycle Redemption | 41 | 41 | 127 | 127 | |
| Other exceptional income | 3 | 3 | 3 | 3 | |
| - | - | - | - | ||
| 10,302 | 10,302 | 8,344 | 8,344 | ||
| = | = | = | = | ||
| 8. | Costs of other trading activities | ||||
| Unrestricted | Restricted | ||||
| Funds | Funds | Total Funds | |||
| £ | £ | £ | |||
| Shop costs - purchases | 2,527 | 2,527 | |||
| = | = | = |
15
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||||
|---|---|---|---|---|---|---|
| Funds | Funds | 2023 | ||||
| £ | £ | £ | ||||
| Charitable Activity | 68,378 | 34,306 | 102,683 | |||
| Support costs | 25,712 | – | 25,713 | |||
| - | - | - | ||||
| 94,090 | 34,306 | 128,396 | ||||
| = | = | = | ||||
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2022 | ||||
| £ | £ | £ | ||||
| Charitable Activity | 58,733 | 54,706 | 113,438 | |||
| Support costs | 28,444 | – | 28,445 | |||
| - | - | - | ||||
| 87,177 | 54,706 | 141,883 | ||||
| = | = | = | ||||
| 10. | Expenditure on charitable activities by activity type | |||||
| Activities | ||||||
| undertaken Grant funding | Support | Total funds | Total fund | |||
| directly | of activities | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Charitable Activity | 57,157 | 45,526 | 23,662 | 126,345 | 138,646 | |
| Governance costs | – | – | 2,051 | 2,051 | 3,237 | |
| - | - | - | - | - | ||
| 57,157 | 45,526 | 25,713 | 128,396 | 141,883 | ||
| = | = | = | = | = | ||
| 11. | Analysis of support costs | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| purchases | 129 | 425 | ||||
| repairs & maintenance | – | 3,859 | ||||
| insurance | 3,085 | 2,897 | ||||
| other establishment | 3,897 | 4,882 | ||||
| legal and professional fees | 3,330 | 3,909 | ||||
| marketing | 437 | 452 | ||||
| interest on bank loans and | overdrafts | 12,784 | 8,784 | |||
| - | - | |||||
| 23,662 | 25,208 | |||||
| Governance costs - accountancy fees | 1,284 | 2,008 | ||||
| Governance costs - depreciation | 767 | 1,229 | ||||
| - | - | |||||
| 25,713 | 28,445 | |||||
| = | = | |||||
| 12. | Net (expenditure)/income | |||||
| Net (expenditure)/income is stated after charging/(crediting): | ||||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Depreciation of tangible fixed assets | 767 | 1,227 | ||||
| = | = |
16
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
13. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,320 | 1,680 |
| = | = |
14. Staff costs
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Wages and salaries | 46,467 | 45,771 |
| Employer contributions to pension plans | 450 | 406 |
| - | - | |
| 46,917 | 46,177 | |
| = | = |
The average head count of employees during the year was 3 (2022: 3). The average number of full-time equivalent employees during the year is analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Number of staff | 3 | 3 |
| = | = |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
16. Tangible fixed assets
| Freehold | Plant and | Fixtures and | |||
|---|---|---|---|---|---|
| property | machinery | fittings |
Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2022 and | |||||
| 31 March 2023 | 850,000 | 351 | 1,938 | 2,626 | 854,915 |
| = | = | = | = | = | |
| Depreciation | |||||
| At 1 April 2022 | – | 175 | 969 |
704 | 1,848 |
| Charge for the year | – | 44 | 242 |
481 | 767 |
| - | - | - | - | - | |
| At 31 March 2023 | – | 219 | 1,211 | 1,185 | 2,615 |
| = | = | = | = | = | |
| Carrying amount | |||||
| At 31 March 2023 | 850,000 | 132 | 727 | 1,441 | 852,300 |
| = | = | = | = | = | |
| At 31 March 2022 | 850,000 | 176 | 969 | 1,922 | 853,067 |
| = | = | = | = | = |
17
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
16. Tangible fixed assets (continued)
Tangible fixed assets held at valuation
Freehold property comprises of the land at Denmark Farm, the conference centre, Farmhouse and Ecolodge. The properties were all valued for the purpose of their transfers into the CIO from the origin company and charity at open market value on the 29 October 2021. The valuations were carried out by Andrew Morgan FRICS FAAV on behalf of Morgan and Davies. The board will consider the valuation on a regular basis.
17. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 119 | 190 |
| Prepayments and accrued income | – | 32,277 |
| - | - | |
| 119 | 32,467 | |
| = | = | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Bank loans and overdrafts | 15,128 | 16,654 |
| Accruals and deferred income | 1,320 | 1,620 |
| Social security and other taxes | 198 | 399 |
| - | - | |
| 16,646 | 18,673 | |
| = | = |
18. Creditors: amounts falling due within one year
19. Creditors: amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 183,634 | 181,306 |
| = | = |
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £450 (2022: £406).
21. Charitable activity income
| Unrestricted | Restricted | ||
|---|---|---|---|
| Funds | Funds | Total Funds | |
| £ | £ | £ | |
| Course Income | 16,867 | 16,867 | |
| Hire and Rental income | 41,618 | 41,618 | |
| Cynnal Cymru | 3,520 | 3,520 | |
| The D'Oyly Carte Charitble Trust Project 3 | 5,986 | 5,986 | |
| - | - | - | |
| Total | 58,485 | 9,506 | 67,991 |
| = | = | = |
18
Notes to the Financial Statements (continued)
The Shared Earth Trust
Year ended 31 March 2023
22. Analysis of charitable funds
Unrestricted funds
| At 1 Apr | Prior year | At 31 Mar | ||||
|---|---|---|---|---|---|---|
| 2022 | Income | Expenditure | Transfers | adjustments | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 388,053 | 81,671 | (96,617) | – | – | 373,107 |
| Revaluation | ||||||
| reserve | 334,469 | – | – | – | – | 334,469 |
| - | - | - | - | - | - | |
| 722,522 | 81,671 | (96,617) | – | – | 707,576 | |
| = | = | = | = | = | = | |
| At 1 Apr | Prior year | At 31 Mar | ||||
| 2021 | Income | Expenditure | Transfers | adjustments | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 387,802 | 91,473 | (89,509) | 2,095 | (3,808) | 388,053 |
| Revaluation | ||||||
| reserve | 334,469 | – | – | – | – | 334,469 |
| - | - | - | - | - | - | |
| 722,271 | 91,473 | (89,509) | 2,095 | (3,808) | 722,522 | |
| = | = | = | = | = | = |
19
The Shared Earth Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
22. Analysis of charitable funds (continued)
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At 1 Apr | Prior year | At 31 Mar | ||||
| 2022 | Income | Expenditure | Transfers | adjustments | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Denmark Farm | ||||||
| Growing Spaces | 10,000 | – | (9,762) | – | – | 238 |
| Wildlife | ||||||
| Biodiversity & | ||||||
| People | 16,507 | – | (16,507) | – | – | – |
| The D'Oyly Carte | ||||||
| Charitable Trust | ||||||
| (2021) | 288 | – | (288) | – | – | – |
| The D'Oyly Carte | ||||||
| Charitable Trust | ||||||
| (2022) - Project 2 | 4,000 | – | (3,733) | – | – | 267 |
| The D'Oyly Carte | ||||||
| Charitable Trust | ||||||
| (2023) - | – | 5,986 | (496) | – | – | 5,490 |
| Cynnal Cymru | – | 3,520 | (3,520) | – | – | – |
| - | - | - | - | - | - | |
| 30,795 | 9,506 | (34,306) | – | – | 5,995 | |
| = | = | = | = | = | = | |
| At 1 Apr | Prior year | At 31 Mar | ||||
| 2021 | Income | Expenditure | Transfers | adjustments | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Partneriaeth | ||||||
| Natur Ceredigion | 81 | – | – | (81) | – |
– |
| Cadw Natur | ||||||
| Mewn Cof | 6,173 | 9,997 | (14,785) | (1,385) | – |
– |
| Denmark Farm | ||||||
| Growing Spaces | – | 10,000 | – | – | – | 10,000 |
| Wildlife | ||||||
| Biodiversity & | ||||||
| People | – | 20,000 | (3,493) | – | – | 16,507 |
| Cynnal Cymru | – | 1,069 | (437) | (632) | – |
– |
| The D'Oyly Carte | ||||||
| Charitable Trust | ||||||
| (2021) | 4,000 | – | (3,712) | – | – | 288 |
| The D'Oyly Carte | ||||||
| Charitable Trust | ||||||
| (2022) - Project 2 | – | 4,000 | – | – | – | 4,000 |
| The Woodland | ||||||
| Investment Grant | ||||||
| Project | – | 32,276 | (32,279) | 3 | – | – |
| - | - | - | - | - | - | |
| 10,254 | 77,342 | (54,706) | (2,095) | – | 30,795 | |
| = | = | = | = | = |
= |
20
Notes to the Financial Statements (continued)
The Shared Earth Trust
Year ended 31 March 2023
23. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 852,300 | – | 852,300 |
| Current assets | 55,556 | 5,995 | 61,551 |
| Creditors less than 1 year | (16,646) | – | (16,646) |
| Creditors greater than 1 year | (183,634) | – | (183,634) |
| - | - | - | |
| Net assets | 707,576 | 5,995 | 713,571 |
| = | = | = | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 853,067 | – | 853,067 |
| Current assets | 69,434 | 30,795 | 100,229 |
| Creditors less than 1 year | (18,673) | – | (18,673) |
| Creditors greater than 1 year | (181,306) | – | (181,306) |
| - | - | - | |
| Net assets | 722,522 | 30,795 | 753,317 |
| = | = | = | |
| Analysis of changes in net debt | |||
| At | |||
| At 1 Apr 2022 | Cash flows | 31 Mar 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 67,762 | (6,330) | 61,432 |
| Debt due within one year | (16,654) | 1,526 | (15,128) |
| Debt due after one year | (181,306) | (2,328) | (183,634) |
| - | - | - | |
| (130,198) | (7,132) | (137,330) | |
| = | = | = |
24. Analysis of changes in net debt
25. Related parties
The CIO has been created as a migration of the old Shared Earth Trust charity (1004002) and the separate company limited by guarantee Denmark Farm Conservation Centre Ltd (07462134).
21