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 dISc￿tion 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 proCedU￿S 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 ag8￿gate, 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 b￿acheS 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 reqUI￿d 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 In￿StmentS
Fixed asset investments are initially measured at transaction price excluding trnnsaction costs, and are
subsequently MeasU￿d 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 appa￿nt 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
confe￿nce 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 inCUr￿d 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 measU￿d 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 p￿VIouS 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-
Decreasellinc￿a$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-