**Charity Registration No. 266537**
## **J C MANN CHARITABLE TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 OCTOBER 2024**
## **J C MANN CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr Henry Cator|
|---|---|
||Mr Simon Daniels|
||Mrs Susan Lord|
|**Charity number**|266537|
|**Principal address**|15 Palace Street|
||NORWICH|
||Norfolk|
||United Kingdom|
||NR3 1RT|
|**Independent examiner**|Argents Accountants Limited|
||15 Palace Street|
||NORWICH|
||Norfolk|
||United Kingdom|
||NR3 1RT|
|**Bankers**|CAF Bank|
||Kings Hill|
||West Malling|
||Kent|
||United Kingdom|
||ME19 4TA|
|**Investment advisors**|CCLA|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4ET|
||United Kingdom|
## **J C MANN CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
## **J C MANN CHARITABLE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
The trustees present their annual report and financial statements for the year ended 1 October 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 trust'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 trust's objects are charitable purposes concerned with the work of the Norfolk Agricultura Station (The Arable Group now part of The NIAB Group) and research into the development in agricultural practices and the dissemination of the results of such research and development and for the other objects of a charitable nature concerned with the improvement of the agricultural industry. The Trust is situated in Norfolk.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## **Public benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
## **Achievements and performance**
In pursuance of the objects, the Trustees have made grants to Royal Norfolk Agricultural Association Opportunities Fund totaling £11,680 during the year, a grant that will help those considering a career in farming develop their skills.
The Charity had previously been funding a NIAB project, which came to an end. A new project proposal has been put together this year and it is hopeful that the trust will be able to support them again in the coming year.
## **Financial review**
The charities work is entirely reliant on income and investment returns from its endowments.
Its investment portfolio held with CCLA has saw an overall increase in value this year of £138,418. The fund continued to generate investment income capable of covering expenditure of the trust.
## **Reserves policy**
Endowment funds are held to generate income to be used in furtherance of the charitable objectives of the Trust.
The endowment fund held at the year ended 1 October 2024 amounted to £1,590,785
The balance held as unrestricted funds at the year ended 1 October 2024 amounted to £94,216
## **Investment policy**
The charity's investment policy is to achieve maximum return while taking low to medium risk.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Henry Cator Mr Simon Daniels Mrs Susan Lord
- 1 -
## **J C MANN CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **Organisation and decision making**
The trustees meet once a year to review the charity's financial performance and to consider applications for grants. During the year the trustees liaise on progress and to make any necessary decisions relating to the expenditure of funds.
Administration of the trust is carried out by Argents Accountants Ltd, the trust's accountants. Investment decisions are made by the stockbrokers, CCLA, who provide a discretionary management service for the Trust.
## **Connected Charity**
The Roger Harrison Trust is a connected charity by virtue of the trustees of the Roger Harrison Trust also being trustees of the John Colman Mann Charitable Trust. There were no transactions between the two charities during the year.
The trustees' report was approved by the Board of Trustees.
Mr Henry Cator
**Trustee**
10 December 2024
- 2 -
## **J C MANN CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF J C MANN CHARITABLE TRUST**
I report to the trustees on my examination of the financial statements of J C Mann Charitable Trust (the trust) for the year ended 1 October 2024.
## **Responsibilities and basis of report**
As the trustees of the trust 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 trust’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**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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.
## **Mark Johnstone FCA**
Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom
Dated: 10 December 2024
- 3 -
## **J C MANN CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
|**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
43,506
-
**Expenditure on:**
Charitable activities
**4**
29,727
-
Other
**8**
62
-
**Total resources expended**
29,789
-
Net gains/(losses) on
investments
**9**
-
138,418
**Net movement in funds**
13,717
138,418
Fund balances at 2 October
2023
80,499
1,452,367
**Fund balances at 1 October**
**2024**
94,216
1,590,785|**Total Unrestricted Endowment**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
43,506
42,865
-
29,727
12,400
-
62
61
-
29,789
12,461
-
138,418
-
18,835
152,135
30,404
18,835
1,532,866
50,095
1,433,532
1,685,001
80,499
1,452,367|**Total**
**2023**
**£**
42,865|
|---|---|---|
|||12,400|
|||61|
|||12,461|
|||18,835|
|||49,239
1,483,627|
|||1,532,866|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **J C MANN CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 1 OCTOBER 2024**_
|**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds-general
General endowment funds
Permanent endowment
Expendable endowment
**14**
**Income funds**
Unrestricted funds|**2024**
**£**
**£**
1,590,785
11,026
85,590
96,616
(2,400)
94,216
1,685,001
1,590,785
1,590,785
-
1,590,785
1,590,785
94,216
1,685,001|**2023**
**£**
**£**
1,452,367
10,759
72,140
82,899
(2,400)
80,499
1,532,866
1,452,367
1,452,367
-
1,452,367
1,452,367
80,499
1,532,866|**2023**
**£**
**£**
1,452,367
10,759
72,140
82,899
(2,400)
80,499
1,532,866
1,452,367
1,452,367
-
1,452,367
1,452,367
80,499
1,532,866|
|---|---|---|---|
||||1,532,866|
||||1,452,367
80,499|
||||1,532,866|
The financial statements were approved by the Trustees on 10 December 2024
Mr Henry Cator **Trustee**
Mr Simon Daniels **Trustee**
- 5 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **1 Accounting policies**
## **Charity information**
J C Mann Charitable Trust is a unincorporated charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust'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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. 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.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
## **1.4 Income**
Income is recognised when the trust 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 trust 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.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **1.6 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.
## **1.7 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.
## **1.8 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
- 7 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Investments**
|**Unrestricted Endowment**
**funds**
**funds**
**designated**
**2024**
**2024**
**£**
**£**
Income from listed investments
43,351
-
Interest receivable
155
-
43,506
-|**Total**
Unrestricted
funds
**2024**
2023
**£**
£
43,351
42,754
155
111
43,506
42,865|**Total**
Unrestricted
funds
**2024**
2023
**£**
£
43,351
42,754
155
111
43,506
42,865|
|---|---|---|
|||42,865|
## **4 Charitable activities**
||**Core**|**Core**|
|---|---|---|
||**activities**|**activities**|
||**2024**|**2023**|
||**£**|**£**|
|Grant funding of activities (see note 5)|27,327|10,000|
|Share of governance costs (see note 6)|2,400|2,400|
||29,727|12,400|
|**Grants payable**|||
||**Core**|Core|
||**activities**|activities|
||**2024**|2023|
||**£**|£|
|Grants to institutions (2 grants):|||
|NIAB|15,647|-|
|RNAA|11,680|10,000|
||27,327|10,000|
## **5 Grants payable**
- 8 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **5 Grants payable**
## **(Continued)**
-
## **6 Support costs**
|Independent examination
fee
Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
1,080
-
1,320
-
2,400
-
2,400|**2024**Support costs Governance
costs
**£**
£
£
1,080
-
1,080
1,320
-
1,320
2,400
-
2,400
2,400
-
2,400|2023
£
1,080
1,320|
|---|---|---|---|
||||2,400|
||||2,400|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **8 Other**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
|Financing costs|62|61|
||62|61|
|**Net gains/(losses) on investments**|||
||**Endowment**|Endowment|
||**funds**|funds|
||**general**|general|
||**2024**|2023|
||**£**|£|
|Revaluation of investments|138,418|18,835|
## **9 Net gains/(losses) on investments**
- 9 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
|**10**
**Fixed asset investments**
**Cost or valuation**
At 2 October 2023
Valuation changes
At 1 October 2024
**Carrying amount**
At 01 October 2024
At 01 October 2023
**11**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**12**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**Listed**
**investments**
**£**
1,452,367
138,418
1,590,785
1,590,785
1,452,367
**2024**
**2023**
**£**
**£**
1,590,785
1,452,367
**2024**
**2023**
**£**
**£**
11,026
10,759
**2024**
**2023**
**£**
**£**
2,400
2,400|
|---|---|
- 10 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
## **14 Endowment funds**
Endowment funds represent assets which must be held permanently by the trust. It can be realised if the Norfolk Agricultural Station (now part of NIAB) ceases to exist, or is absorbed by the government in some way.
Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Balance at**
**2 October 2022**
**£**
1,433,532
1,433,532|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**2 October 2023**
**£**
**£**
**£**
**£**
-
-
18,835
1,452,367
-
-
18,835
1,452,367|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**1 October 2024**
**£**
**£**
**£**
**£**
-
-
138,418
1,590,785
-
-
138,418
1,590,785|**Movement in funds**
**Resources**
**expended**
**Transfers**
**Revaluations**
**gains and**
**losses**
**Balance at**
**1 October 2024**
**£**
**£**
**£**
**£**
-
-
138,418
1,590,785
-
-
138,418
1,590,785|
|---|---|---|---|---|---|
||||||1,590,785|
- 11 -
## **J C MANN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 1 OCTOBER 2024**_
|**15**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2024**
**2024**
**£**
**£**
Fund balances at 1
October 2024 are
represented by:
Investments
-
1,590,785
Current assets/(liabilities)
94,216
-
94,216
1,590,785|**Total**
Unrestricted
funds
Endowment
funds
**2024**
2023
2023
**£**
£
£
1,590,785
-
1,452,367
94,216
80,499
-
1,685,001
80,499
1,452,367|Total
2023
£
1,452,367
80,499|
|---|---|---|
|||1,532,866|
## **16 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
- 12 -