Charlty re8lstrntion number 286838 THE ELIZABETH CREAK CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE ELIZABETH CREAK CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees MrJPMay Mrj M Hulse MrN QAbell Charity number 286838 Prlnclpal address 27 Widney Road Knowle West Midlands B93 9DX Audilor Burgts & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers Handelsbanken Myton House 40 Holly Walk Leamington Spa CV32 4HY Sollcltors Wright Hassall LLP Olympus Avenue Leamington Spa Warwickshire CV34 6BF Investment advisors EFG Harris Allday 33 Great Charles Street Birmingham B33JN
THE ELIZABETH CREAK CHARITABLE TRUST CONTENTS Page Trustees, report Independent auditOf'5 report statement of financial activities Balance sheet io Statement of cash flow5 li Notes to the financial statements 12-22
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial statements for the year ended 31 Marth 2023. The financlal statements have been prepared in accordance with the accounting policies sel out in note I to the financial statements and comply with the charitable trust's deed, 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 Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191" Objectives and actlvlties The Charitable Trust has general charitable objects to apply it5 fund5 to such charities or for such charitable purposes and in Such proportions and in such manner and subjert to such terms and conditions as the trustees may at their uncontrolled distretion determine havlng regard to any directions given or wishes expressed by the settlor to the trustee5. The principal aim of the Trust is to provide support and encourage new blood in farming through education and other mean5 and finance projects to help agriculture succeed and ultimately thrive in a challenging modern environment. The Trust continues to support life science education, agricultural and other project5 by funding new research. Strategies for achieving these airns include to approach educational establishment with good records of agricultural searCh Of training and the continued support of scholarship programmes. The charity does not engage in fundraising activities directly with the generdl public or through thlrd party professional fundraisers and therefore has received no fundraising complaints during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable trust should undertake. The Trust concentrated on the followin8 areas to achieve it5 purposes- The Charity continues to support a number of UK universities student scholarships at an annual approximate c05t of £200,IJOO. In addition 4 University Chair5 are being supported at an annual cost of £440,000 for a period of 5 years. The Charity has been instrumental in providing funds of £782,384 over five years to help create a new centre that puts farmer priorities at the heart of innovation research. The centre is supported by five of the most prestigious agrlcultural universities in the UK. Grant maklng pollry In line with the wishes of the settlor 8rants made in the year are for the study into agriculture, horticulture, food processing with approximately 6% golng to local, non-agricukural charities.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achievements and perfomiance The trustees aim to spend the majority of income each year that 15 not set aside for capital projects and consider that they have met their objectives for the year by approving grants totslling £1,498,312 and maklng payments totalling £1.200,220. A full list of grants pald durlng the year is shown in note 6 to the account5. The grants paid during the year were allocated between the various categories as follows.. Educational and agricultural national support Other local projects £1,457,378 £40,934 97.3% 2.7% Public benefit The trustees consider that they have complied with their duty to have due regard to the guidance on public benefil, as published by the Charity Commission. in exercising their power5 and duties. The range of institutions to which the Charity provide5 grant funding allows a wide reach of the general public to access benefits. mainly educatlonal in nature. that they may otherwlse not have been able to obtain. Flnanclal review During the year the Charitable Trust received income of £1,416.948 12022 - £1,448,139) and made committed payments of £1.200.220 12022 - £1,193,961). Gains/llosses1 on investments amounted to 1£2,955,193112022 £262,0151 resulting in an overall net surpluslldeficitl of 1£3,179,761112022 £1,153,6921 for the year. Unrestrictedfunds These funds are expendable at the dISction of the trustees for any purpose in furtherance of the charitable objectives. The balance held as unrestricted funds as at 31 March 2023 was £29,992.13312022- £33,171.8941. The trustees consider the investments and cash originalty transferred to the Charitable Trust from Miss Creak'5 estate to be unrestricted resource5. The trustees consider that it 15 appropriate to hold a level of income reserves in readily atce55ible assets to cover foreseeable running costs of the Trust as well a5 maintaining sufficient levels of capital investment funds which should generate future levels of income and capital growth to enable the Trustees to continue to make additional grant funding in pursuance of the Trust's charitable objectives. Investment pollcy The tmstees have ultimate investment power, but have continued to instruct EFG Harrls Allday as Investment managers and EHB Commerclal as property. The Charitable Trust's Investment strategy is to maintaln a balan between income generation and capttal growth. The trustees accept a moderate level of risk in pursuing this objertive and this level of risk 15 defined in the agreement with the Charitable Trust's investment managers. The portfolio is structured to permit a range of investments intended to yield a competitive rate of return in difficult market conditions and part of the portfolio is invested in hedge fund5. In addition the trustees have decided not to invest in companies whose sole focus of busines5 15 the manufacture of weapons and armaments.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EAIDED 31 MARCH 2023 The trustees have reviewed the major risks to which the Charitable Trust is exposed, in particular those relating to operations and finances. and are satlsfted that systems are in place to mitigate exposure to those risks. Future Plans In 202312024 the Trust will continue to support the projects currently in progress as well as inviting potential future grants to apply for fundlng. The charlty expects 202312024 income levels to be simllar to the prior year. Structure. governance and management The Elizabeth Creak Charitable Trust is governed by a Trust Deed dated 9 November 1982 and was registered with the Charity Commission on 30 March 1983. On the death of Elizabeth Creak on 18 October 2013 her will Ithe mill") transferred assets to the Trust to be used in furtherance of its objects. The trustees who have seNed during the year and Since the year end are.. Mrj P May Mrj M Hulse Mr N QAbell The trustees have the power of appointing new trustees but should always include one of Elizabeth Creak'5 relations. The trustees, policy when recruiting a new trustee is to seek out skills which would augment the attributes of those serving and to replace those lost after the retirement or death of trustee. The trustees are aware of their obligation to keep up to date with guidance and publications available from the Charity Commission. Any newly appointed trustees receive an induction on responsibilities as well as the obje¢tlves, priorities and proCedUS of the Trust. The trustees of the charity act as legal custodians of the itwestment propertles. The tru5tee5 meet approximately every two months to consider applications for grants and other buslness of the Charitable Trust. The day to day management of the Charitable Trust is carried out by Mr J Hu15e, by whom all applications for Brants are co-ordinated and presented to the trustees. Mr J Hulse also deals with the day to day financial management of the Charitable Trust and provide5 Ihe trustees with up to date flnancial Information at trustee meetings. The trustees consider that the Board of Trustees comprise the key management personnel of the Charity, who a in charge of controlling and direrting the charity. Only one trustee was remunerated in the year in accordance with the instructions of the Late Elizabeth Creak.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statement5 for each financial year which give a true and fair view of the state of affairs of the charitable trust and of the incoming resources and application of re50urce5 of the charitable trust for that year. In preparing these financial Statements, the trustees are required to.. select suitable accounting policles and then apply them consistently- observe the methods and principle5 in the Charities SORP: make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departu$ disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unles5 tt is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose wlth reasonable accuracy at any time the tinancial position of the charitable trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for Safeguarding the assets of the charitable trust and hence for taking asOnable Steps for the prevention and deteclion of fraud and other irregularities. The trust ' report was approved by the Board of Trustees. MrJPM Trustee
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Oplnlon We have audited the financial statements of The Elizabeth Creak Charitable Trust (the 'charitable trust'l for the year ended 31 March 2022 which comprise and the notes to the financial statements, including a summary of significant accounting tx>licies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Prartitel. In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs a5 at 31 March 2023 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United KinBdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for opinlon We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those Standards are fijrthèr described in the Auditors responsibilities for the oudit of the financial statements section of our report. We are independent of the charitable trust in atcordance with the ethical qUirementS that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of aecounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltlons that, individually or collectively, may cast signifitant doubt on the charitable trust's ability to continue as a going concern for a period of at least twelve months from when ihe financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant Sections of this report.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AVDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Other information Thè other information comprises the information included in the annual report other than the finantial statements and our auditor's report thereon. The trustees are responsible foT the other information contained wiihin the annual report. Our opinion on the financlal statements does not cove¥ the other information and we do not express any form of assurance tonclusion thereon. Our responsibility is to read the other information and, in doing $0, ton5ider whether the other information is materially incon51Stent with the financial ststemenls or our knowledge obtained in the course of the audit, or otherwise appears to be mèterially misstated. If we identrfy such material incon51Stencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the finantial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the followinB matters in relation to which the Charities (Accounts and Reports1 Regulations 2008 require us to report to you if, in our opinlon- the information given in the financial statements is inconsistent in any material respect with the tru5tees' report,. or suffitient accounting records have not been kept.. or the financial statements are not in agreement with the accounting records,. or we have not recelved all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible ftir assessing the charitable trltst's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities lor the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in actordance with the Act and relevant regulations made or having effect thereLtnder. Our objectives a to obtsin reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guafantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can rise from fraud or error and are considered material rf, individually or in the ag8gate, they could reasonably be experted to influence the etonomic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including frauil, is detailed below.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED} TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST We gained an understanding of the legal and regulatory frarnework applicable to the charity and the industry in which it operates and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Based on our understanding of the charity and the sectors it operates in we idenlified that the principal risks of non-compliance with laws and regulations related to bacheS of Charities Act 2011, UK Tax Legislation,. and the terms of the charity's governing documents. We evaluated management incentive and opportunities for fraudulent manipulations of the financial statements and determined the principal risks are related to fraudulent transactions to meet funders requirements or to gain personal benefit for the Tru5tee5 or members of management. Audit procedures perfomied included.. Making enquiries of management as to any instances of non-compliance with laws and regulations Reviewing returns made to HMRC and the Charities Commission Identifying and assessing the design effectiveness of controls in management have in place to prevent and detect fraud. Challenging assumptions and judgments made by management in their signrficant accounting estimates and assessing if these indicate evidence of management bias,. Reviewing the accountin8 records for large and unusual journal entrles or bank payment5 and testing any identified and in particular the rationale for any transactions outside the Trust's normal course of activity Because of the inherent limitations of an audit, there is 3 rlsk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflerted in the flnancial statements. as we will be less likely to become aware of instances of non-compliance. The risk is a150 greater regarding irre8ul3rities octurrin8 due to fraud rather than error, as fraud involve5 intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=/lwww.frc.org.uVauditorsresponsibilities. This description form5 part of our audttor's report. This report is made solely to the company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken 50 that we might state to the company's members those matters we are reqUId to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body. for our audrt work, for this report, or for the opinion5 we have formed.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUEOI TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Wende Hubbard FCCA Isenlor Statutory Auditor) for and on behalf of Bur8is & Bullod( 23rd January 2024 Chartered Accountants Statutory Auditor 23-25 Waterloo Place Leamington Spa Warwickshire LN32 SLA Burgis & Bullock 15 eligible for appointment as auditor of the charitable trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE ELIZABETH CREAK CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Income from: Investment income 1,416,948 1,448,139 Expenditure on: Cost of raising funds 63,605 20,523 Charitable activStSes 1,577,911 535,939 Total resources expended 1,641,516 556,462 Net 110sses1 / gains on investments 12.9S5,1931 262,015 Net movement in funds 13,179,7611 1.153.692 Fund balances at l April 2022 33,171,894 32,018,202 Fund balances at 31 March 2023 29,992,133 33,171,894 All of the above income and expenditure relates to that of unrestricted funds.
THE ELIZABETH CREAK CHARITABLE TRUST BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Fixed ossets Investment property Investments li 6,102,000 24,683,586 6,339,442 27,807,460 12 30,785,586 34,146.902 Current assets Debtors Cash at bank and in hand 14 34,982 1,274,248 537,232 303,330 1,309,230 840,562 Creditors: amounts falling due within one year 15 11,020,572) I872,3) Net current a55etsllliabilities1 288.658 131,4411 Totsl assets less current liabilities 31,074,244 34.115.461 Creditors: amounts falling due after more than one year 16 11,082,111) 1943.5671 Net assets 29,992,133 33.171.894 Income funds Unrestricted funds 29,992,133 33,171,894 29,992,133 33,171,894 ncial statements were approved by the Trustees on . MrlP Truste ay Mr M Hulse slee 10-
THE ELIZABETH CREAK CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR EJVDED 31 MARCH 2023 2023 2022 Notes Cash Ilows Irom operating activities Cash absorbed by operations 18 1852,1531 11.663,7951 Investing activities Purchase of investment property Purchase of other investments Proceeds from disposal of other investments Investment income received 111,0431 13,584,602) 12,552,442) 11,245,780) 4,001.768 1,416,948 3,395,781 1,448,139 Net cash generated from investin8 activities 1,823,071 1,045,698 Net cash used in financing actlvities Net increaselldecrease) in tash and cash equivalents 970.918 1618,0971 Cash and cash equivalents at beginning of year 303,330 921,427 Cash and Cash equivalents at end of year 1.274.248 303,330
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO ThE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity informatlon The Elizabeth Creak Charitable Trust is a UK registered charity governed by its Trust Deed. 1.1 A¢countlng convention The financial statements have been prepared in accordance wrth the charitable trust's deed, the Charitie5 Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 102.1 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 IFRS 1021 (effective I January 20191. The charitable trust is a Public Benefrt Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Report51 Regulations 2008 only to the extent required to provide a tnje and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Staternent of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterlin& whlch is the functional currency of the charitable trust. Monetary amounts in these financial staternents are rounded to the nearest £. The financial statements have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at falr 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 charitable trust has adequate resources to continue for the foreseeable futu. Thu5 the trustees continue to adopt the going concern ba515 of accounting in preparing the finantial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of thelr charitable objectives. 1.4 Income Income is recognised when the charitable trust is leEally entitled to It after any performance conditions have been met, the amount5 can be measured reliably, and it 15 probable that income will be received. Legacies are recognised on receipt or otherwise if the charitable trust ha5 been notrfied of an impending distribution, the amount is known, and receipt is expected. If ihe amount is not known, the legacy is treated as a contingent asset. 12-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEfvIENTS (CONTINUED) FOR ThIE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.5 Expendlture All expenditure is accounted for on an accruals basis and has been classifled under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement wlll be required and the amount of the obligation can be measured reliably. It is categori5ed under the following headings.. Cost5 of raising funds includes expense5 incurred in management of investment portfolios Expenditure on charltable activities includes grants made Other expenditure represents those items not fallin8 into the categories above Grants payable to third parties are within the charitable objectives. Where unconilitional grants are offered, this is accrueil as soon a5 the recipient is notified of the grant, as this gives rise to a reasonable eKpectatlon that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. The provlslon for a multi-year grant is co@ni5ed at Its present value where Settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions uniler the control of the Trust that would permit the Trust to avoid making the future paymentlsl, settlement is probable and the effect of discounting is material. The discount rate used 15 the average rate of investment yield In the year in which the grant is made. This discount rate is regarded by the trustees as provldlng the most current available estimate of the opportunity cost of money reflecting the time value of money to the trust. 1.6 l•westment property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes ihe purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net incomelexpenditure. 1.7 Fixed asset InStmentS Fixed asset investments are initially measured at transaction price excluding trnnsaction costs, and are subsequently MeasUd at falr value at each reporting date. Changes In fair value are recogni5ed in net income/lexpenditurel for the year. Transaction costs are expensed a5 incurred. 1.8 Cash and cash equivalents Cash and tash 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 w¢thin borrowings in Current liabilities. 13-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 1.9 Financial instruments The charitable trust has elected to apply the provisions of Section 11 'Basic Financial Instrnments. and Sertion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised In the charitable trust's balance sheet when the charitable 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 lega51y enforceable right to set off the recognised amounts and there is an Intentlon to settle on a net basis or to reali5e the asset and settle the liability simultaneously. Boslcfinonclal assets Basic financial assets, which include debtots and cash and bank balances, are initially measured at transaction Pfice including transaction costs and are subsequently carried at amortised c05t using the effeetive interest method unless the arrangement constitutes a financing transaction, where the transartion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified a5 receivable within one year are not amortised. Bosl¢finon¢ial liobilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes a finanting transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortiseil. Debt instruments are subsequently carrled at amortised cost. Using the effectlve Interest rate method. Amounts payable are clas5rfied as current liabilities if payment 15 due wrthin one year or less. If not, they are presented as non-current liabilitles. Derecognftlon offinunclulllubillties Financial liabilitie5 are derecognised when the charitable trust's contractual obligations expire or are discharged or cancelled. 14-
THE ELIZABETH CREAK CHARITABLE TRUST NOTESTO THE FINANCIAL sfATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Critical accounting estimates and judgements In the application of the charitable trust's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of a55ets and liabilities that are not readily appant from other sources. The estimates and associated assumptions are based on historical experience and other factors ihat are considered to be relevant. Actual results may differ from these estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision5 to accounting estimate5 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. Investment properties In preparing the year end accounts the trustees made judgements in valuinE the fair value of the investment properties. The trustees do not seek professional valuations every year but rely on previous valuations, their own knowledge of the property market and ongoing lease arrangements in formin8 this judgement. Investment income 2023 2022 Rental income Dividends and Inte$t from listed investments Dilapidation income 313,346 299,894 823,602 1,083,245 280,000 65,000 1,416,948 1,448.139 C05t of raising funds 2023 2022 Investment management 63,605 20.523 63.605 20,523 15
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable actimties Other costs Grants payable Total 2023 Total 2022 Consultancy advice confence costs Propeity costs 2.584 2,584 15,760 5,970 15,760 5,970 21.730 2,584 24,314 1,498.312 1,498,312 55.285 Grant funding of activities (see note 61 Governan costs 511,805 24,134 55,285 77.015 1,5CXI,896 1,577,911 535,939 Governance costs include payments of an audit fee of £8,140 12022 £7,050) and £4,675 12022 £4,100) for accountancy fees, trustees remuneration of £3,99512022 £2,805), legal and professional of £8,14012022 £nill, trustees reimbursed expenses of £3.80812022 - £3921 and insurance Cost5 of £22,70612022 - £5.2381. 18-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Grants payable 2023 2022 Grants to.. Warwbck Universrty Newcastle Universltv C.E.l.F 39,501 27,500 27,500 25.995 27,500 University of Reading University of Reading chair costs defavlted Harper Adams Studley College Nuffield Farming Scholarship Sir Harold Hillier Gardens Warnick Hub Royal Agricultural University Henry Plumb Foundation Innovation for Agriculture NFYFC Other Grants < £25,0 27,500 185,3861 494.801 33,LK)O 88,302 25,000 27,500 33.000 25,000 71,797 27.500 69.567 599,368 81,000 29,434 138,292 176,446 1,498,312 511,805 2023 Grants committed as at 01 April 2022 Grants pald in year New gtsnts commite(I 1,720,906 11,200,220) 1,498,312 Grant commitment as at 31 March 2023 2,018,998 17-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 TTUStees remuneration and related party transactions One trustee Mr l M Hulse received remuneration in accordance WFth instructions by the settlor during the year for his trustee services amounting to £3,995 12022 - £2,805). No other Trustees received remuneration during the year. Nominal expenses inCUrd in the furtherance of charitable objectives We reimbursed to three trustees and amounted to £3,80812022 two trustees £3921. One trustee was reimbursed conference costs amountlng to £13,023 paid on behalf of the charity. During the year £5,88712022 - £11.9131 was paid to Wright Hassall LLP for legal services, for whom one twstee, Mr N Abell sat as an employee of Wright Ha5sall LLP up to December 2022. Employees The charitsble trust had no employees other than Trustees. Net gains1llosses} on investments 2023 2022 Revaluation of investments Gainlllossl on sale of investments Revaluation of investment properties 12,692,6361 420,467 114,0721 1158.4521 1248,4851 12,955.1931 262,015 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11 Investment propertv 2023 Fair value At l April 2022 Additions through external acquisition Net gains or losses through fair value adjustments 6,339,442 11,043 1248,4851 At 31 March 2023 6,102,OLK) 18-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Investment property Icontinuedl Investment properties comprise of Land anil buildin85. The fair value of the malorSty of the propertie5 was established by a valuatlon carried out as at 31 March 2023 by ehB Reeves, a RICS accredited chartered surveyor and commercial property consultants located at Somerset House, Clarendon Pla, Leamington Spa. CV32 5QN. ehB Reeves also manage the properties on behaK of the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Investment properties also includes some parcels of land which have not been subject to an external valuation since 2016. However given the nature of the land the Trustees do not consider that its fair value as at 31 March 2023 will be materially different. 12 Fixed asset investments Listed Unllsted investments investments Cash in portfolio Total Cort or valuation At l April 2022 Additions Valuation changes Cash movement Disposals 27,337,993 3.584,602 12,692,6361 4.500 464,967 27,807,460 3.584.602 12,692.6361 1464.9671 13,550,873) 1464,9671 13,550,873) At 31 March 2023 24,679.086 4,500 24,683,586 Carrying amount At 31 March 2023 24,679,086 4,500 24,683,586 At 31 March 2022 27,337,993 4,500 464,967 27,807,460 Fixed asset investments revalued All investment5 are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public market5, primarily the London Stock Exchange. Holdings in common investment funds. units, trusts and open-ended investment companies a at the bid price. The basis of fair value for quoted investments is equivalent to the market value, usin8 the bid price. The historical cost of the listed investments was £21,480,905 at the year end12022- £20,894.5871. 19
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Financlal Instruments 2023 2022 Carrying amount of finon¢lal assets Instrurnents measUd at fair value through profrt or105S 24,679,086 27,337,993 Carrying amount of financial liabilities Measured at fair value through profit or loss Other financial liabilities 2,018,998 1,720.906 14 Debtors 2023 2022 Amounts falling due wlthln one year: Other debtors Prepayments and accrued income 22.781 7,201 522,232 5,000 29,982 527,232 2023 2022 Amounts falling due after more than one year: Prepayments and accrued income 5.OC(I 10,000 Total debtors 34,982 537.232 Included in prepayments are lease incentive payment5 which are spread over the term of the lease period. -20-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 15 Credltors: amount5 falling due within one year 2023 2022 Note5 VAT creditor DefeTred income Trade creditors Other creditors Accruals 10,312 56,459 3,106 936,887 13,808 17 76,405 3,303 777,339 14,956 1,020,572 872.003 16 Creditois.. amounts fralling due after more than one year 2023 2022 Other creditors 1,082,111 943,567 Other creditors relate to unconditional grant commitments. 17 Deferred income 2023 2022 Other deferred income 56,459 76,405 Deferred income is included in the financial staternents as follows: 2023 2022 Deferred income is included within: Current liabilities 56,459 76,405 Movements in the year.. 21
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Deferred income (Continued) Deferred income at l April 2022 Released from pVIouS periods Resources deferred in the year 76,405 176,4051 56.459 52,028 152,0281 76,405 Deferred income at 31 March 2023 56,459 76.405 18 Cash generated from operation5 2023 2022 IDeficitl/surpus for the year 13,179,761) 1,153,692 Adjustments for: Investment income recognised in statement olfinancial activities Loss on disposal of inve5trnents Fair value gains and losses on investment properties Fair value gains and105ses on investments 11,416,9481 11,448,139) 14,072 158,452 248.485 2,692.636 1420,4671 Movements in working capital- Decreasellinca$ej in debtors Increaselldecreasel in creditors IDecreasel/increa5e in deferred income 502,250 307,059 119,9461 1431,9061 1699.8041 24.377 Cash absorbed by operations 1852,1531 11,663,795) 19 Analysis of changes in net funds The charitable trust had no debt during the year. -22-