Dartington Cattle Breeding Trust
Report and Financial Statements Year ended 31 March 2021 Registered Charitable Trust No. 201135
Dartington Cattle Breeding Trust
Accounts
Year ended 31 March 2021
| Contents | Page | |
|---|---|---|
| Reference and administrative details | 1 | |
| 2 | ||
| Independent | 5 | |
| Statement of financial activities | 6 | |
| Balance sheet | 7 | |
| Notes and accounting policies | 8 |
Dartington Cattle Breeding Trust
Reference and Administrative Details
Year ended 31 March 2021
Legal Status
The Charitable Trust is held and administered by the Trustees in accordance with the Trust Deed dated 6 September 2000. It is registered with the Charity Commission under reference number 201135.
Trustees
D J Anning (Chairman)
J W Usher
R J Sibley BVSc, HonFRCVS (Vice-Chairman) H J Pendray P C Smerdon R H Knowles E Priest (appointed 30 June 2020)
Trust Manager
Mrs E J Luckes
Principal Address Hazard Farm Totnes Devon TQ9 7LN
Independent Examiner
Martin Hobbs BSc ACA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
Bankers
Lloyds Bank 31 Fore Street Totnes TQ9 5HH
Solicitors
Wollens 15-21 Market Street Newton Abbot Devon TQ12 2RN
Investment Managers
Smith and Williamson M&G Investments
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Dartington Cattle Breeding Trust
Year ended 31 March 2021
Trustees' Report
The Trustees present their report together with the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set s trust deed and applicable law.
Constitution and objectives
The charity operates under the provisions of a Deed of Variation implemented on 6[th] September 2000. The objects of the charity (Trust No. 201135), which Trustees review each year, include improving the quality and health of livestock in Great Britain for the benefit of the public by further research, disseminating the useful results of research and otherwise furthering education in livestock breeding, animal husbandry and related subjects. During the year 2009/10 in order to increase the level of public benefit, the objects were extended to include grant making to support new entrants to livestock farming and others developing their livestock enterprises.
Organisation
The names of the Trustees who served during the year and since the year end are set out on page 1. The Board of Trustees who meet regularly during the year appoints trustees. Trustees have complied with their duty to have regard to guidance published by the Charity Commission on public benefit. Trustees are recruited to the Board by a majority vote of existing Trustees.
Grant making policy
Grant funding applications are invited from universities, agricultural colleges, trusts and researchers into cattle breeding and animal health. Publicity of this continues to be achieved by long-established awareness within - Food Charities Partnership, as well as publicly available information from the Charity Commission and other websites, including the Mole Valley Farmers, Cornwall Farmers, Young Farmers and the National Farmers Union, together with correspondence directly with the leading agricultural universities and colleges and local Young Farmers Clubs. Educational grants are awarded to suitable students following recommendations by a sub-committee of Trustees. Five capital grant awards were made during the year. Additional grant funding is allocated through a Community Fund which supports the education of school children about farming and where their food comes from. In previous years the Community Fund has accounted for a substantial element of the grant funding total, however due to the Covid-19 pandemic, a number of school events were cancelled or postponed.
Risk management
Trustees have satisfied themselves that systems or procedures are established to manage risks. Major risks to which the charity is exposed are reviewed by the trustees each year and systems put in place to manage those risks. Areas of risk are mainly confined to those relating to letting of property, actions associated with determining to whom or what organisations grants should be made, and investments managed by reputable professional firms.
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Dartington Cattle Breeding Trust
Year ended 31 March 2021
Reserves
It remains the policy of the charity to maintain unrestricted funds to meet approved grant fund applications. Grant amounts have varied in past years between £500 and £100,000 per project. The total reserve is held at a level that trustees believe will enable the charity to fund potentially important future research work for which they would not wish to refuse support on the ground of insufficient funds in reserve. Also, the total reserves are used to generate the level of distributable income required to fund the current grant making policies.
Financial review and investment policy
At the beginning of the financial year, the Trustees confirmed in writing with their Investment Manager Smith & Williamson, the investment objective of the charity, which is the continuance of a discretionary power in making investments of medium risk to provide a balanced growth with exposure to gilts, equities, hedge funds, property and investment trusts. Income from investments was used by the charity to further its objects.
Trustees retain substantial investment in the M&G Charifund. The intention of this holding is to increase dividend income alongside continued capital growth in line with the market.
-year full insuring and repairing lease which
commenced on 5 December 2019 at a rent of £20,000 per annum.
Grants made within the year were:
| Bursaries to agricultural/veterinary students in higher education AHDB/AFCP PhD Project Optimising health and welfare of dairy calves AHDB/AFCP PhD Project Modelling net carbon emissions from dairy production systems Capital grants Kingfisher Award Cornwall |
£ 27,900 5,000 3,500 14,625 1,000 52,025 |
|---|---|
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Dartington Cattle Breeding Trust
Year ended 31 March 2021
responsibilities
Law applicable to charities in England and Wales requires the trustees to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accountsing Standards and applicable law). Under company law the trusees must not approve the financial statements unless they are satisfied they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently
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make judgements and estimates that are reasonable and prudent
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business
The trustees are responsible for keeping the accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
D J Anning Chairman
Date: 2021
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Dartington Cattle Breeding Trust
Year ended 31 March 2021
I report to the Trustees on my examination of the account of the Dartington Cattle Breeding Trust for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 er considered as part of
an independent examination; or
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Martin Hobbs BSc ACA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
Date: 2021
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Dartington Cattle Breeding Trust
Statement of Financial Activities
Year ended 31 March 2021
| Note Income Investment income 2 Total Income Expenditure Raising funds 3 Charitable activities 3 Total Expenditure Net income Net gains / (losses) on investments 6 Net movement in funds Reconciliation of Funds: Total funds brought forward Total funds carried forward All funds are unrestricted. |
2021 2020 £ £ 160,977 188,665 160,977 188,665 27,108 22,514 75,874 88,421 102,982 110,935 57,995 77,730 1,066,434 (709,559) 1,124,429 (631,829) 4,036,828 4,668,657 5,161,257 4,036,828 |
|---|---|
The notes on pages 8 to 12 form part of these accounts.
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Dartington Cattle Breeding Trust
Balance Sheet
Year ended 31 March 2021
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand 9 Liabilities Creditors amounts falling due within one year 10 Net current assets Total net assets The funds of the charity: Unrestricted funds Total charity funds Signed on behalf of the Trustees on |
Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand 9 Liabilities Creditors amounts falling due within one year 10 Net current assets Total net assets The funds of the charity: Unrestricted funds Total charity funds Signed on behalf of the Trustees on |
Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand 9 Liabilities Creditors amounts falling due within one year 10 Net current assets Total net assets The funds of the charity: Unrestricted funds Total charity funds Signed on behalf of the Trustees on |
£ - 81,456 81,456 (17,583) |
£ - 81,456 81,456 (17,583) |
2021 2020 £ £ £ 5,097,384 3,976,755 1,000 76,009 77,009 (16,936) 63,873 60,073 5,161,257 4,036,828 5,161,257 4,036,828 5,161,257 4,036,828 2021 |
2021 2020 £ £ £ 5,097,384 3,976,755 1,000 76,009 77,009 (16,936) 63,873 60,073 5,161,257 4,036,828 5,161,257 4,036,828 5,161,257 4,036,828 2021 |
|---|---|---|---|---|---|---|
D J Anning R J Sibley
The notes on pages 8 to 12 form part of these accounts.
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Dartington Cattle Breeding Trust
Notes and Accounting Policies
Year ended 31 March 2021
1 Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) and the Charities Act 2011.
The trust has taken advantage of the exemptions in FRS102 from the requirement to produce a cash flow statement on the grounds that it qualifies as "small" under the definition contained in the Companies Act.
The charity constitutes a public benefit entity as defined by FRS102.
The functional and presentational currency of these financial statements is sterling.
Income
All income is recognised once the charity has entitlement to the income, it is probable the income will be received and the amount can be measured reliably.
Investments
Quoted investments are valued by the managers at market value. Any gains or losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of financial activities.
Investment property is carried at fair value, a valuation made by the trustees following an independent valuation in the year ended 31 March 2019. Changes in fair value are recognised in the Statement of Financial Activities.
Expenditure
Expenditure is included on an accruals basis and includes any irrecoverable VAT.
Costs of raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants are charged in the year when the offer is conveyed to the recipient. Conditional grants are recognised as expenditure when the conditions are fulfilled.
Charitable activities and Governance costs comprise costs for processing grants and applications, including support to actual and potential applicants and of running of the charity itself as an organisation.
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Dartington Cattle Breeding Trust
Notes and Accounting Policies
Year ended 31 March 2021
1 Accounting policies (continued)
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which are considered to be basic:
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Short term debtors and creditors
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Cash at bank and in hand
2 Investment Income
| Note Rent receivable Dividends and interest from investments 4 Sundry income Total continuing operations Expenditure Note Raising funds Investment management and professional fees Charitable activities (see Trustees Report for further details) Charitable activities and governance costs 5 Total expenditure |
2021 2020 £ £ 21,500 18,370 139,474 170,292 3 3 160,977 188,665 2021 2020 £ £ 27,108 22,514 52,025 61,729 23,849 26,692 75,874 88,421 102,982 110,935 |
|---|---|
3 Expenditure
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Dartington Cattle Breeding Trust
Notes and Accounting Policies
Year ended 31 March 2021
| 4 Dividend and interest from investments Equities and unit trusts Equalisation proceeds Government securities 5 Charitable activities and governance costs Trust managerial fees Travelling expenses Insurances Office expenses Property costs Independent examiners fees Professional fees Sundries 6 Gains/(loss) on investments Unrealised gain / (loss) on listed investments Realised gain on disposal of listed investments |
2021 2020 £ £ 138,428 168,324 744 - 302 1,968 139,474 170,292 2021 2020 £ £ 13,173 12,748 50 674 2,596 2,561 1,510 1,907 643 3,091 2,220 2,100 3,330 3,093 327 518 23,849 26,692 2021 2020 £ £ 969,059 (915,906) 97,375 206,347 1,066,434 (709,559) |
|---|---|
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Dartington Cattle Breeding Trust
Notes and Accounting Policies
Year ended 31 March 2021
7 Investments
| Investment property Quoted investments Investments at market value Cash at Smith and Williamson Ltd Quoted investments Market value at 1 April 2020 Acquisitions at cost Sale proceeds from disposals Profit in year realised Profit in year unrealised Market value at 31 March 2021 |
2021 2020 £ £ 400,000 400,000 4,660,831 3,561,544 36,553 15,211 5,097,384 3,976,755 2021 £ 3,561,544 447,333 (414,480) 97,375 969,059 4,660,831 |
|---|---|
| The cost of these investments at 31 March 2021 was £4,032,656 (2020: £3,894,486). | The cost of these investments at 31 March 2021 was £4,032,656 (2020: £3,894,486). | |
|---|---|---|
| Investment property | Market | Market |
| Value | Value | |
| 2021 | 2020 | |
| £ | £ | |
| Freehold property | ||
| Yarner, Dartington | 329,000 | 329,000 |
| Land | 71,000 | 71,000 |
| 400,000 | 400,000 |
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Dartington Cattle Breeding Trust
Notes and Accounting Policies
Year ended 31 March 2021
| 8 Debtors Prepayments 9 Cash at bank Lloyds bank 10 Creditors: amounts falling due within one year Accruals and receipts in advance |
2021 2020 £ £ - 1,000 2021 2020 £ £ 81,456 76,009 2021 2020 £ £ 17,583 16,936 |
|---|---|
11 Staff costs
No employee received remuneration amounting to more than £60,000 in either year.
12 Summary of Trustees remuneration and expenses
During the year, travel expenses totalling £36 (2020: £549) were paid to one (2020: five) Trustees, which is permitted by the Trust Deed. The cost of the Trustees Indemnity Insurance to the charity for the year was £1,378 (2020: £1,344).
13 Related party transactions
No related party transactions took place during the year (2020: none).
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