REGISTERED CHARITY NUMBER: 266537
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 1 October 2020
for
J C Mann Charitable Trust
Argents Chartered Accountants
15 Palace Street
NORWICH
Norfolk
NR3 1RT
J C Mann Charitable Trust
Contents of the Financial Statements
for the year ended 1 October 2020
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Report of the Trustees |
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to |
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Independent Examiner's Report |
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3 |
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Statement of Financial Activities |
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4 |
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Balance Sheet |
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5 |
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Notes to the Financial Statements |
6 |
to |
10 |
Detailed Statement of Financial Activities |
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11 |
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J C Mann Charitable Trust
Report of the Trustees for the year ended 1 October 2020
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
1October2020.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheObjectsoftheTrustarecharitablepurposesconcernedwiththeworkoftheNorfolk Agricultural
Station(TheArableGroupnowpartofTheNIABGroup)andresearchintothedevelopmentin agricultural
practicesandthedisseminationoftheresultsofsuchresearchanddevelopmentandfortheother objects
ofacharitablenatureconcernedwiththeimprovementoftheagriculturalindustry.TheTrustis situated
in Norfolk.
Public benefit
TheTrusteesconfirmthattheyhavereferredtotheguidancecontainedintheCharity Commission's
generalguidanceonpublicbenefitwhenreviewingtheTrust'saimsandobjectivesandinplanning future
activities.
ACHIEVEMENT AND PERFORMANCE
Inpursuanceoftheobjects,theTrusteeshavemadegrantstoNIABtotalling£30,000duringthe year.
ThecharityiscurrentlypartfundingafiveyearNIABprojecttitled"TheMorleyCentreforNew Farming
Systems".Theoverallaimoftheprojectis"toestablishaCentreatMorleyforthestudy and
developmentoffarmingsystemsthatrelylessonenergy,pesticidesandnitrogenfromoil/gas and
achieve a more positive carbon balance".
Inadditiontothisagrantof£10,869wasalsopaidouttoNIABinrespectoftheSoilHeath Indicator
Project that came to its conclusion during 2020.
FINANCIAL REVIEW
Investment policy and objectives
The charity's investment policy is to achieve maximum return while taking low to medium risk.
Reserves policy
Endowmentfundsareheldtogenerateincometobeusedinfurtheranceofthecharitableobjectives of
the Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Organisation and decision making
Thetrusteesmeetonceayeartoreviewthecharity'sfinancialperformanceandtoconsider applications
forgrants.Duringtheyearthetrusteesliaiseonprogressandtomakeanynecessarydecisions relating
to the expenditure of funds.
AdministrationofthetrustiscarriedoutbyArgentsAccountantsLtd,thetrust'saccountants. Investment
decisionsaremadebythestockbrokers,Barratt&Cooke(untilJanuary2020),andCCLA(from January
2020) who provide a discretionary management service for the Trust.
Connected Charity
TheRogerHarrisonTrustisaconnectedcharitybyvirtueofthetrusteesoftheRogerHarrisonTrust also
beingtrusteesoftheJohnColmanMannCharitableTrust.Therewerenotransactionsbetweenthe two
charities during the year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
266537
Page 1
J C Mann Charitable Trust
Report of the Trustees
for the year ended 1 October 2020
Principal address
15 Palace Street
Norwich
Norfolk
NR3 1RT
Trustees
P Richardson
H Cator OBE MRAC FRICS
S Daniels
Independent Examiner
Argents Chartered Accountants
15 Palace Street
NORWICH
Norfolk
NR3 1RT
Bankers
CAF Bank
Kings Hill
West Malling
Kent
ME19 4TA
Stockbrokers
CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Approved by order of the board of trustees on 26 November 2020 and signed on its behalf by:
P Richardson - Trustee
Page 2
Independent Examiner's Report to the Trustees of
J C Mann Charitable Trust
Independent examiner's report to the trustees of J C Mann Charitable Trust
IreporttothecharitytrusteesonmyexaminationoftheaccountsofJCMannCharitableTrust (the
Trust) for the year ended 1 October 2020.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Mark Johnstone FCA
Argents Chartered Accountants
15 Palace Street
NORWICH
Norfolk
NR3 1RT
26 November 2020
Page 3
J C Mann Charitable Trust
Statement of Financial Activities for the year ended 1 October 2020
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Investment income
2
39,298
EXPENDITURE ON
Charitable activities
3
Charitable activities
43,329
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
(4,031)
Transfers between funds
10
(77)
Net movement in funds
(4,108)
RECONCILIATION OF FUNDS
Total funds brought forward
32,583
TOTAL FUNDS CARRIED FORWARD
28,475 |
2020
Endowment
Total
fund
funds
£
£
47
39,345
542
43,871
(13,309)
(13,309)
(13,804)
(17,835)
77
-
(13,727)
(17,835)
1,361,632
1,394,215
1,347,905
1,376,380 |
2019
Total
funds
£
41,495
38,029
81,208 |
|
|
84,674
- |
|
|
84,674
1,309,541 |
|
|
1,394,215 |
The notes form part of these financial statements
Page 4
J C Mann Charitable Trust
Balance Sheet
1 October 2020
Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
7
-
CURRENT ASSETS
Debtors
8
17,694
Cash at bank
13,181
30,875
CREDITORS
Amounts falling due within one year
9
(2,400)
NET CURRENT ASSETS
28,475
TOTAL ASSETS LESS CURRENT
LIABILITIES
28,475
NET ASSETS
28,475
FUNDS
10
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Endowment
fund
£
1,347,905
-
-
-
-
-
1,347,905
1,347,905 |
2020
Total
funds
£
1,347,905
17,694
13,181
30,875
(2,400)
28,475
1,376,380
1,376,380
28,475
1,347,905
1,376,380 |
2019
Total
funds
£
1,293,424
7,500
95,691
103,191
(2,400)
100,791
1,394,215
1,394,215
32,583
1,361,632
1,394,215 |
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|
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ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
26 November 2020 and were signed on its behalf by:
P Richardson - Trustee
H Cator OBE MRAC FRICS - Trustee
The notes form part of these financial statements
Page 5
J C Mann Charitable Trust
Notes to the Financial Statements
for the year ended 1 October 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Investments
Investmentsarestatedatmarketvalue.Gainsandlosses,includingunrealisedgainsand losses,
oninvestmentsaredealtwithintheStatementofFinancialActivities.Investmentincome plus
associated tax recoverable is credited to income on an accruals basis.
2. INVESTMENT INCOME
Dividends
Interest |
2020
£
38,714
631
39,345 |
2019
£
40,055
1,440 |
|
|
41,495 |
continued...
Page 6
J C Mann Charitable Trust
Notes to the Financial Statements - continued for the year ended 1 October 2020
3. CHARITABLE ACTIVITIES COSTS
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
|
|
Grant |
|
|
|
|
|
|
funding of |
|
|
|
|
|
|
activities |
|
|
|
|
|
|
(see note |
|
Support |
|
|
|
|
4) |
|
costs |
|
Totals |
|
|
£ |
|
£ |
|
£ |
|
Charitable activities |
40,869 |
|
3,002 |
|
43,871 |
|
GRANTS PAYABLE |
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
£ |
|
£ |
|
Charitable activities |
|
|
40,869 |
|
35,000 |
|
The total grants paid to institutions during the year was as |
|
|
|
|
|
|
follows: |
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
£ |
|
£ |
|
NIAB |
|
|
40,869 |
|
30,000 |
|
Innovation for Agriculture |
|
|
- |
|
5,000 |
|
|
|
|
40,869 |
|
35,000 |
|
TRUSTEES' REMUNERATION AND BENEFITS |
|
|
|
|
|
|
There were no trustees' remuneration or other benefits for the year ended 1 October 2020 nor |
|
|
|
|
|
f |
the year ended 1 October 2019. |
|
|
|
|
|
|
Trustees' expenses |
|
|
|
|
|
|
There were no trustees' expenses paid for the year ended 1 October 2020 nor for the year en |
|
|
|
|
|
de |
1 October 2019. |
|
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|
|
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|
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
|
|
|
|
Unrestricted |
|
Endowment |
|
Total |
|
|
fund |
|
fund |
|
funds |
|
|
£ |
|
£ |
|
£ |
|
INCOME AND ENDOWMENTS FROM |
|
|
|
|
|
|
Investment income |
41,495 |
|
|
- |
41,495 |
|
EXPENDITURE ON |
|
|
|
|
|
|
Charitable activities |
|
|
|
|
|
|
Charitable activities |
37,460 |
|
569 |
|
38,029 |
|
Net gains on investments |
|
- |
81,208 |
|
81,208 |
|
NET INCOME |
4,035 |
|
80,639 |
|
84,674 |
|
Transfers between funds |
(28,144) |
|
28,144 |
|
|
- |
Net movement in funds |
(24,109) |
|
108,783 |
|
84,674 |
|
RECONCILIATION OF FUNDS |
|
|
|
|
|
|
Total funds brought forward |
56,692 |
|
1,252,849 |
|
1,309,541 |
|
TOTAL FUNDS CARRIED FORWARD |
32,583 |
|
1,361,632 |
|
1,394,215 |
|
4. GRANTS PAYABLE
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended1October2020nor for
the year ended 1 October 2019.
Therewerenotrustees'expensespaidfortheyearended1October2020norfortheyear ended
1 October 2019.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 7
J C Mann Charitable Trust
Notes to the Financial Statements - continued for the year ended 1 October 2020
7. FIXED ASSET INVESTMENTS
MARKET VALUE
At 2 October 2019
Additions
Disposals
Revaluations
At 1 October 2020
NET BOOK VALUE
At 1 October 2020
At 1 October 2019 |
Listed
investments
£
1,293,424
1,009,468
(928,645)
(26,342)
1,347,905
1,347,905
1,293,424 |
|
|
There were no investment assets outside the UK.
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
Net
At
movement
2.10.19
in funds
£
£
Unrestricted funds
General fund
32,583
(4,031)
Endowment funds
Endowment fund
1,361,632
(13,804)
TOTAL FUNDS
1,394,215
(17,835) |
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
Net
At
movement
2.10.19
in funds
£
£
Unrestricted funds
General fund
32,583
(4,031)
Endowment funds
Endowment fund
1,361,632
(13,804)
TOTAL FUNDS
1,394,215
(17,835) |
2020
£
17,694
2020
£
2,400
Transfers
between
funds
£
(77)
77
- |
2019
£
7,500
2019
£
2,400
At
1.10.20
£
28,475
1,347,905 |
|
2019
£
7,500 |
|
|
|
|
|
2019
£
2,400 |
|
|
|
1,376,380 |
|
|
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Endowment funds
Endowment fund
TOTAL FUNDS |
Incoming
resources
£
39,298
47
39,345 |
Resources
expended
£
(43,329)
(542)
(43,871) |
Gains and
Movement
losses
in funds
£
£
-
(4,031)
(13,309)
(13,804)
(13,309)
(17,835) |
|
|
|
|
continued...
Page 8
J C Mann Charitable Trust
Notes to the Financial Statements - continued for the year ended 1 October 2020
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Net
Transfers
At
movement
between
2.10.18
in funds
funds
£
£
£
Unrestricted funds
General fund
56,692
4,035
(28,144)
Endowment funds
Endowment fund
1,252,849
80,639
28,144
TOTAL FUNDS
1,309,541
84,674
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
41,495
(37,460)
-
Endowment funds
Endowment fund
-
(569)
81,208
TOTAL FUNDS
41,495
(38,029)
81,208
A current year 12 months and prior year 12 months combined position is as follows:
Net
Transfers
At
movement
between
2.10.18
in funds
funds
£
£
£
Unrestricted funds
General fund
56,692
4
(28,221)
Endowment funds
Endowment fund
1,252,849
66,835
28,221
TOTAL FUNDS
1,309,541
66,839
- |
At
1.10.19
£
32,583
1,361,632
1,394,215
Movement
in funds
£
4,035
80,639
84,674
At
1.10.20
£
28,475
1,347,905
1,376,380 |
|
|
continued...
Page 9
J C Mann Charitable Trust
Notes to the Financial Statements - continued
for the year ended 1 October 2020
10. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
Endowment funds
Endowment fund
TOTAL FUNDS |
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
80,793
(80,789)
-
4
47
(1,111)
67,899
66,835
80,840
(81,900)
67,899
66,839 |
|
|
TheendowmentfundcanberealisediftheNorfolkAgriculturalStation(nowpartofNIAB) ceases
to exist, or is absorbed by the government in some way.
The income fund can be used in any way which furthers the objects of the charity.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 1 October 2020.
Page 10
J C Mann Charitable Trust
Detailed Statement of Financial Activities for the year ended 1 October 2020
INCOME AND ENDOWMENTS
Investment income
Dividends
Interest
Total incoming resources
EXPENDITURE
Charitable activities
Grants to institutions
Support costs
Management
Management
Accountancy
LEI Fees
Bank charges
Total resources expended
Net (expenditure)/income before
gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income/(expenditure) |
2020
£
38,714
631
39,345
39,345
40,869
1,320
1,080
542
60
3,002
43,871
(4,526)
13,033
8,507 |
2019
£
40,055
1,440
41,495
41,495
35,000
1,320
1,080
569
60
3,029
38,029
3,466
(11,055)
(7,589) |
|
|
|
This page does not form part of the statutory financial statements
Page 11