CAMBIDGE FOUNDATION CIO
Charity registration number 1203819
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
CAMBIDGE FOUNDATION CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number
Principal address
Independent examiner
Mr R B Cambidge Mrs E K Cambidge Mr E H Lewis Mrs J Macpherson
1203819
Argoed Farm Kinnerley Oswestry Shropshire SY10 8DH
Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA
(Appointed 3 July 2023) (Appointed 3 July 2023) (Appointed 3 July 2023) (Appointed 3 July 2023)
CAMBIDGE FOUNDATION CIO
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 11 |
CAMBIDGE FOUNDATION CIO
TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the period ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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
The objects of the charity are to:
-
advance the education of the public in the subject of agriculture in particular, but not limited to, persons under the age of 25 years;
-
advance or promote research into agriculture and the publication of the useful results or such research in particular, but not limited to, sustainable food production and the conservation and enhancement of the rural environment:
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relieve poverty and improve the health and wellbeing of people living and working in rural communities in particular, but not limited to, those working in agriculture in Shropshire and adjoining counties by providing grants to registered charities and not for profit organisations.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
The charity was registered with the Charities Commission on 3 July 2023 with registration number 1203819 and as a charitable incorporated organisation with company number CE032848. As a result, there are no charitable achievements to report.
Financial review
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.
Structure, governance and management
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1203819.
The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales with company number CE032848.
| The trustees who served during the period and up to the date of signature of the financial statements were: | The trustees who served during the period and up to the date of signature of the financial statements were: |
|---|---|
| Mr R B Cambidge | (Appointed 3 July 2023) |
| Mrs E K Cambidge | (Appointed 3 July 2023) |
| Mr E H Lewis | (Appointed 3 July 2023) |
| Mrs J Macpherson | (Appointed 3 July 2023) |
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CAMBIDGE FOUNDATION CIO
TRUSTEES REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
Recruitment and appointment of trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution 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, knowledge and expertise needed for the effective administration of the CIO.
The charity trustees will make available to each new charity trustee on or before their first appointment:
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a copy of the current version of the constitution
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a copy of the CIO's latest Trustee's Annual Report and statement of accounts
Organisational structure
The charity trustees may delegate any of their powers or functions to a committee or committees, and, if they do, they shall determine the terms and conditions on which the delegation is made. The charity trustees mat at any time alter those terms and conditions, or revoke the delegation.
During the year, no delegation took place.
The trustees report was approved by the Board of Trustees.
.............................. Mr R B Cambidge Trustee
Date: .............................................20th January 2025
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CAMBIDGE FOUNDATION CIO
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CAMBIDGE FOUNDATION CIO
I report to the trustees on my examination of the financial statements of Cambidge Foundation CIO (the charity) for the period ended 31 March 2024.
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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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 financial statements to be reached.
Audrey Williams Dyke Yaxley Limited
1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA
Dated: .........................20 January 2025
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CAMBIDGE FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2024 | ||
| Notes | £ | |
| Income from: | ||
| Donations and legacies | 2 | 950,802 |
| Investments | 3 | 10,109 |
| Total income | 960,911 | |
| Expenditure on: | ||
| Raising funds | 4 | 21 |
| Charitable activities | 5 | 1,200 |
| Total expenditure | 1,221 | |
| Net gains/(losses) on investments | 10 | 38,888 |
| Net income and movement in funds | 998,578 | |
| Reconciliation of funds: | ||
| Fund balances at 3 July 2023 | - | |
| Fund balances at 31 March 2024 | 998,578 |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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CAMBIDGE FOUNDATION CIO
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Investments 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 14 The financial statements were approved by the trustees on ......................... .............................. Mr R B Cambidge Trustee 20th January 2025 |
2024 £ 53,695 (1,200) |
£ 946,083 52,495 |
|---|---|---|
| 998,578 | ||
| 998,578 | ||
| 998,578 | ||
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CAMBIDGE FOUNDATION CIO
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
| 2024 | ||||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Cash generated from/(absorbed by) operations | 16 | 950,781 | ||
| Investing activities | ||||
| Purchase of investments | (873,312) | |||
| Disposal and revaluation of investments | (33,883) | |||
| Investment income received | 10,109 | |||
| Net cash used in investing activities | (897,086) | |||
| Net cash used in financing activities | - | |||
| Net increase in cash and cash equivalents | 53,695 | |||
| Cash and cash equivalents at beginning of period | - | |||
| Cash and cash equivalents at end of period | 53,695 |
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CAMBIDGE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Cambidge Foundation CIO is a charitable incorporated organisation, registered in England and Wales.
1.1 Reporting period
The charity was registered with the Charities Commission on 3 July 2023 with registration number 1203819 and as a charitable incorporated organisation with company number CE032848. As a result, the financial statement cover a 9 month period from 3 July 2023 to 31 March 2024
1.2 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.5 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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CAMBIDGE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Income from donations and legacies
| Unrestricted | ||
|---|---|---|
| funds | ||
| 2024 | ||
| £ | ||
| Donations and gifts | 950,802 | |
| 3 | Income from investments | |
| Unrestricted | ||
| funds | ||
| 2024 | ||
| £ | ||
| Income from listed investments | 6,393 | |
| Other income | 3,716 | |
| 10,109 |
4 Expenditure on raising funds
| Unrestricted | |
|---|---|
| funds | |
| 2024 | |
| £ | |
| Investment management | 21 |
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CAMBIDGE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
| 5 | Expenditure on charitable activities | |
|---|---|---|
| Agriculture | ||
| 2024 | ||
| £ | ||
| Direct costs | ||
| Share of support and governance costs (see note 6) | ||
| Support | 800 | |
| Governance | 400 | |
| 1,200 | ||
| Analysis by fund | ||
| Unrestricted funds | 1,200 | |
| 6 | Support costs allocated to activities | |
| 2024 | ||
| £ | ||
| Governance costs | 1,200 | |
| Analysed between: | ||
| Agriculture | 1,200 | |
| 7 | Net movement in funds | 2024 |
| £ | ||
| The net movement in funds is stated after charging/(crediting): | ||
| Fees payable for the independent examination of the charity's financial statements | 400 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
9 Employees
The average monthly number of employees during the period was:
| 2024 | |
|---|---|
| Number | |
| Total | - |
There were no employees whose annual remuneration was more than £60,000.
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CAMBIDGE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
10 Gains and losses on investments
| Unrestricted | |
|---|---|
| funds | |
| 2024 | |
| Gains/(losses) arising on: | £ |
| Revaluation of investments | 38,888 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Fixed asset investments
| Listed investments Cash in portfolio £ £ Cost or valuation At 3 July 2023 - - Additions 873,312 33,883 Valuation changes 38,888 - At 31 March 2024 912,200 33,883 Carrying amount At 31 March 2024 912,200 33,883 |
Total £ - 907,195 38,888 |
|---|---|
| 946,083 | |
| 946,083 |
13 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| 2024 | |
| £ | |
| Accruals and deferred income | 1,200 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 3 | July | 2023 | Incoming | Resources | Gains and | At 31 March | |
|---|---|---|---|---|---|---|---|---|
| resources | expended | losses | 2024 | |||||
| £ | £ | £ | £ | £ | ||||
| General funds | - | 960,911 | (1,221) | 38,888 | 998,578 |
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CAMBIDGE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
15 Related party transactions
During the year, the charity received donations of £950,802 by RH Cambidge (Storage) Limited, a business in which trustees Elizabeth Cambidge and Reginald Cambidge are also directors.
| 16 Cash generated from operations Surplus for the period Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Movements in working capital: Increase in creditors Cash generated from/(absorbed by) operations |
2024 £ 998,578 (10,109) (38,888) 1,200 950,781 |
|---|---|
17 Analysis of changes in net funds/(debt)
The charity had no material debt during the year.
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