Charlty re8iStrati¢n number 286838 THE ELIZABETH CREAK CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ELIZABETH CREAK CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrJPMay Mrj M Hulse MrNQAbell Charity number 286838 Principal address 27 Widney Road Knowle Solihull West Midlands B93 9DX Audltor Burgis & Bullock 23-25 Waterloo Plate Leamington Spa Warwickshire CV32 SLA Bankers Handelsbanken Myton House 40 Holly Walk Leamington Spa CV32 4HY Soli¢ito Wright Hassall LLP Olympus Avenue Leamington Spa Warwickshire CV34 6BF Investment advisors BRI Wealth Management plc Elm Court Meriden Business Park Meriden CVS 9RL Canaccord Genuity Limited Slip House Princes Drlve Worcester WRI 2AB
THE ELIZABETH CREAK CHARITABLE TRUSr CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report Statement of financial activities io Balance sheet li Statement of cash flows 12 Notes to the financial ststement5 13-24
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financlal statement5 have been prepared in accordance with the accounting policies set 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 charitie5 preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191" Objectives and artlvltles The Charitable Trust has general charitable object5 to apply its funds to such charities or for such charitable purposes and in suth proportion5 and in such manner and subjert to such terwns and conditions as the trustees may at their uncontrolled discretion determine havin8 regard to any directions given or wlshes expressed by the settlor to the trustee5. The principal aim of the Trust is to provlde support and encourage new blood in farming through education and other means and finance projects to help agriculture succeed and ultimately thrive in a challenging modern environment. The Trust continues to support life stience education. agricultural and other project5 by funding new research. Strategies for achieving these aims include to approach educational establishment with good record5 of agricultural searCh or training and the continued support of scholarship programmes. The charity does not engaBe in fundraising activities directly with the general public or through third party professional fundraisers and therefore has received no fundraising complaint5 during the year. The trustees have paid due regard to guidance issued by the Charrty Commlsslon in deciding what activitles the charitable tn15t should undertake. The Trust concentrated on the following areas to achieve its purposes- The Charity continues to support a number of UK universities student scholarships at an annual approximate cost of £200,000. In addition 4 University Chairs are being supported at an annual approximate cost of £41)0,000 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 priorrties at the heart of innovation research. The centre is supported by five of the most prestigious agricultural universitie5 in the UK. Grant making poliry In line with the wishes of the settlor grants made in the year are for the study into agriculture. horticulture. food processing with approximately 6% going to local. non-agricultural charities.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance The trustee5 aim to spend the majority of income each year that is not Set aside for capital projects and Consider that they have met their objectives for the year by approving grants totalling £368,487 and making payments totalling £1,131,872. A full list of grants paid during the year is shown in note 6 to the aceounts. The grants paid during the year were allocated between ihe various categories as follows.. Educational and agricultural national support Other local project5 £317,204 £51,283 86.1% 13.9% Publlc benefit The trustees consider that they have complied with their duty to have due gard to the guidance on public benefit, as published by the Charity Commi55ion, in exercising their powers and dutie5. The range of institutions to whith the Charity provides grant funding allows a wide reach of the generdl public to acce55 benefits, mainly educational in nature, that they may otherwise not have been able to obtain. FlnancSal revlew During the year the Charitable Trust received income of £1,169,381 12023 - £1.416.9481 and made committed payments of £1,131,872 12023 - £1,200,220). Gainslllossesl on investments amounted to £598.898 12023 1£2,955,19311 resulting in an overall net surpluslldeficitl of £1,252,303 12023 1£3,179,76111 for the year. Unrestrictedfunds These funds are expendable al the discretion of the trustee5 for any purpose in furtherance of the charitable objectives. The balance held as unrestricted funds as at 31 March 2024 was £31,244,43612023- £29,992,133). The trLTrStees consider the investments and cash originally transferred to the Charitable Trust from Miss Creak's estate to be unrestricted resources. The trustees consider that it is appropriate to hold a level of income reserves in readily accessible assets to cover foreseeable running Costs of the Trust as well as maintaining sufficient levels of capital investment funds which should generate future leve15 of income and capital growth to enable the Trustees to continue to make additional grant funding in pursuance of the Trust's Charitab objectives.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment policy The trustees have ultimate investment power, but have instructed in the year BRI Wealth Mana6ement plc and Canaccord Genuity Limited as investment managers and have continued to instruct EHB Commercial as property managers. The Charitable Trust'5 investment strategy is to maintain a balance between income generation and capital growth. The trustees accept a moderate level of risk in pursuing this objective 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 fijnds. In aildition the trustee5 have decided not to invest in companies whose sole focus of business is the manufacture of weapons and armaments. The trustees have reviewed the major risks to which the Charitable Trust is exposed, in particular those relating to operations and finantes, and are satisfied that systems are in place to mitigate exposure to those risks. Future Plan5 In 202412025 the Trust will continue to support the projects currently in progress as well as inviting potential future grants to apply for fundin8. The tharity expec15 202412025 income levels to be similarto the prior year. Structurei governance and management The Elizabeth Creak Charitable Trust Is governed by a Trust Oeed 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 (the "Will") transferred as5et5 to the Trust to be used in furtherance of its objects. The trustees who have served during the year and since the year end are: Mrl Pmay Mrj M Hulse MrN QAbell The trustees have the power of appointing new trustees but should always include one of Elizabeth Creak's lationS. The trustees, policy when recruiting a new trustee is to seek out 5ki115 which would augment ihe attributes of those serving and to place those lost after the retirement or death of a trustee. The trustees are aware of their obliBation to keep up to date with guidance and publication5 available from the Charity Commission. Any newly appointed trustees receive an induction on responsibilities as well as the objectives, priorities and procedures of the Trust. The trustees of the charity act as legal ¢ustodlans of the investment properties.
THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED} FOR THE YEAR EIVDED 31 MARCH 2024 The trustees meet approximately every two months to consider applications for grants and other business of the Charitable Trust. The day to day management of the Charitable Trust Is carried out by Mrj Hulse, bv whom all applications for grants are co-ordinated and presented to the trustees. Mr J Hulse also deals with the day to day flnancial managernent of the Charitable Trust and provides the trustees with up to date financial information at trustee meetings. The trustees consTrder that the Board of Trustees comprise the key management personnel of the Charity. who are in charge of controlling and directing the charity. Only one trustee was remunerate(l in the year in accordance with the instructions of the Late Elizabeth Creak. The trus ee report was approved by the Board of Trustees. MrJP Truste Dated
THE ELIZABETH CREAK CHARITABLE TRUST SfATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial Statements 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 resourees of the charitable trust for that year. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently.. obseNe the method5 and principles 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 flnancial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial 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 21X)8 and the provisions of the trust deed. They are also responsible for safeguarding the a55ets of the charitable trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Opinion We have audited the financial statements of The Elizabeth Creak Charitable Trust (the 'charitable trust'l for the year ended 31 March 2024 which cornprise and the notes to the financial stalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingilom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Actepted Accounting Practice). In our opinion, the financial statemeftts.. give a true and fair view of the state of the charity's affairs a5 at 31 March 2024 and of it5 incoming resources and application of resources, for the year then ended; have been properly prepared In accordance wlth Unlted Kingdom Generdlly Accepted Accounting Practice,. and have been prepared in accordance with the reguirements of the Charitie5 Act 2011. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities fvr the audit of the financiul statements section of our report. We are independent of the charitable trust in accordance with the ethical requirement5 that are relevant to our audit of the financial statemenls 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 basis for our opinion. Conclusions relating to 80in8 concern In auditing the financial statements, we have concltjded that the trustees, use of the going concern basis of counting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material vncertaintles relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilitie5 and the SPonsibl11t1es of the trustees with respect to going concern are described in the relevant sertions of this report.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT{CONTINUED} TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Other infomiation The other information cornprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained wtthin the annual report. Our opinion on the financial statements doe5 not cover the other inforrnation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in Iloing so, consider whether the other information is materially incon5iStent with the financial statements or our knowledge obtained in the course of the audlt, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mi55tatement in the financial 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 fart. We have nothing to report in this regard. M*ters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl 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 trustees, report,. or Sltfficient accounting records have not been kept: or the financial statements are not in agement with the attounting records.. or we have not received 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial stalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the tru5tee5 erther intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted In accordance wlth ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from Iraud or error and are considered material if, individually or in the aregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial Statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE EIIZABETH CREAK CHARITABLE TRUST We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and assessed the extent of compliance wf(h these laws and regulations as part of our procedures on the related financial statement items. Based on our understandin8 of the charity and the sectors it operates in we identified that the principal risks of non-compliance with laws and regulations related to breaches of Charitie5 Att 2011. UK Tax Legislation: and the term5 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 peonal benefft for the Trustees or members of management. Audlt procedures performed included.. Making enquiries of management as to any instance5 of non-compliance with laws and regulatlons 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 significant accounting estimates and assessing if these indicate evidence of mana@ement bias,. Reviewing the accounting records for large and unusual journal entries or bank payment5 and testing any identified and in particular the rationale for any transactions outside the Trust's normal course of artivity Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement5 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial ststements. as we will be less Ilkely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves 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.uklauditorsresponsibilities. This description forms part of our auditor's report. This report Is made solely to the company'5 members, as a body. in accordance with Part 4 of the Charities (Atcounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the company's members those matters we are requlred 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 audit work, for this report, or for the opinions we have formed.
THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORTICONTINUED) TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Wende Hubbard FCCA15enior Statutory Auditor) for and on behalf of Bur8is & Bullock Chartered Accountants Statutory Auditor 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Burgis & Bullock is eligible for appointment as audltor 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 ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestrlrted fund5 funds 2024 2023 Notss Income Irom: Investments 1,169,381 1,416,948 Totsl income 1,169,381 1,416,948 Expenditure on.. Raising funds Charitable activities 78,387 437,589 63,605 1,577,911 Totsl expenditure 515,976 1,641,516 Net gains/llossesl on investments io 598,898 12,955,193) Net incomellexpendlturel and movement in fund5 1.252,303 13,179,761) Re¢onciliation of funds: Fund balances at l April 2023 29,992,133 33,171.894 Fund balances at 31 March 2024 31,244,436 29,992,133 All of the above income and expenditure relates to that of unrestricted funds. 10-
THE ELIZABETH CREAK CHARITABLE TRUST BALANCE SHEET AS AT31 MARCH2024 2024 2023 Note5 Flxed assets Investment properties Investments 12 4,892,360 25,316,890 6,102,000 24,683,586 13 30,209,250 30,785,586 Current assets Debtors Cash at bank and in hand 15 56,518 2,352.360 34,982 1,274,248 2,408,878 1.309,230 Creditors: amounts falling due within one yeir 16 1669,5431 11,020,572) Net current assets 1,739,335 288.658 Totsl assets less current liabilities 31.948.585 31,074,244 Credltors: amounts falling due after more than one year 17 1704,1491 11,082,111) Net assets 31,244.436 29,992,133 Income funds Unrestricted funds 31,244,436 29,992,133 31,244,436 29,992,133 Thefi ial statements were approved by the Trustees on . Mrjp ay J M Hulse Trust ustee
THE ELIZABETH CREAK CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash Ilows from operatlng a¢tlvities Cash absorbed by operations 21 11,266,503) 1852,1531 InVeIn8 activltles Purchase of investment property Proceeds from disposal of Investment propertv Purchase of other investments Proceeds from disposal of other investments Investment income received 11,590,360) 111.0431 2,750,109 116,314,013) 13,584,602 16.614,121 1,169.381 4,()01,768 1,416,948 Net Cash generated from investin8 artivities 2,629,238 1,823,071 Net cash used In flnancin8 a¢tivitie5 Net increase in cash and cash equlvalents 1,362,735 970,918 Cash and tash equivalents at beginning of year 1,274,248 303,330 Cash and cash equivalents at end of year 2,636.983 1,274,248 Relatin8 to: Cash at bank and in hand Short term deposits included in current asset investments 2,352,360 1,274,248 284,623 12-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information The Elizabeth Creak Charitable Trust is 8 UK registered charity governed by its Trust Deed. 1.1 Afc¢untSn8 convention The financial statements have been prepared in accordance with the eharitable tru5t'5 deed. the Charities Act 2011, FRS 102 "The Financial Reporting Stsndard 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" leffective I January 20191. The charitable trust is a Public Benefit Entity a5 defined by FRS 102. The financial statements have Ileparted from the Charities IAccounts and Reports) Regulation5 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charrties applying FRS 102 rather than the version of the Statement of Recommended Praclice which is referd to in the Regulations but which has since been wiihdrawn. The flnancial statements are prepad in sterlin& which is the functional currency of the charitable trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost COnventn modified to include investment properties and certain financial instruments at fair value.The principal accounting policies adopted are set out below. 1.2 Going concem At the tlme of approving the financial statements, the trustees have a reasonable expectation that the charitable trust has adequate resources to continue 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. 1.4 Income Income is recognised when the charttable trust Is legally entitled to it after any performance conditions have been met, the amounts can be rneasured reliably, and it is probable that income will be received. Legacies are recognised on receipt or otherwise if the charitable trust has been notified of an impendinB distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 13-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure All expenditure is accounted for on an acciuals basis and has been classified 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 will be required and the amount of the obligation can be measured reliably. It Is categorised under the following headings: Costs of raising funds includes expense5 incurred in management of investment portfolios Expenditure on charitable activities includes granls made Other expendtture represents those items not falling into the categories above Grant5 payable to third parties are wrthln the Charitable objectives. whe unconditional grants are offered, this is accruèd as 500n as the recipient is notified of the grant, as this gives rise to a reasonable expectation 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 provision for a multi-year grant 15 recognised ot its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance condition5 under the control of the Trust that would permit the Trust to avoid making the future paymentl51, settlement 15 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 providing the most current available estSmate of the opportunity cost of money reflecting the time value of money to the trust. 1.6 Investment property Inveslment property. which is property held to eam rentals andlor for capital appreciation, is initially recognised at cost, which includes the 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 cognised in net incomelexpenditure. 1.7 Fixed asset investments Foxed 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 CogniSed in net income/lexpenditurel for the year. Transaction costs are e¥pen5ed as incurred. 1.8 Cash èrbd cash equivalents Cash and cash equivalent5 include cash in hand, deposits held at call with banks, other short-term liquid inve5tment5 With original maturitrès of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 14-
THE EUZABETH CREAK CHARITABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng policies {Continued) 1.9 Finaniial instruments The charitable trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instrumenls 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 legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi5 or to realise the asset and settle the liability simultaneously. Basicfinonclal ossets Basit financial assets, which include debt0 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 transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial a55ets classified as receivable within one year are not amorti5ed. 8asicfinanciol liobilities Basic financial liabilities, including creditors and bank loans are initially recognised at transattion price unless the arrangement constitutes a financing 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 a not amort15ed. Debt instruments are subsequently carried at amortised cost, uslng the effectlve interest rate method. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they a presented as non-current liabilities. Derecognition oAfinancialliobllities Financial liabllltles afe derecognised when the charitable trust's contrartual obligatlons expbre or are discharged or cancelled. 15
THE ELIZABETH CREAK CHARITABLE TRUST NOTESTO THE FINANCIALSTATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the applicatlon of the charitable trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the c3rryin8 amount of asset5 and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience 3nd other factors that are conside¥ed to be relevant. Actual results may differ from these esiimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng 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 perlods where the revision affect5 both current and future periods. Investment properties In preparing the year end accounts the trustees made judgements in valuing 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 forming this judgement. Income from investments Unrestricted Unrestrirted funds funds 2024 2023 Rental income Dividends and interest from listed investments Dilapidation income Interest receivable 218,494 865,090 313,346 823,602 280,(X)O 85,797 1,169,381 1,416.948 Expenditure on raising funds Unrestricted Unrestricted fund5 funds 2024 2023 Investment management 78,387 63,605 16-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitabte artlvitles Other <05ts Grants payable Total 2024 Total 2023 Consultancy advice Conference c05t5 Property costs 775 775 2,584 15,760 5,970 46,586 46,586 46,586 775 47.361 368,487 21,741 24,314 1,498,312 55,285 Grant funding of activities Isee note 61 Governance costs 368,487 21,741 68,327 369,262 437,589 1,577,911 Governance costs Include payments of an audit fee of £8,15012023 £8,140) anil £5,05412023 £4,675) for accountancy fees, trustees remuneration of £3,78012023 £3,995), legal and professional of £8,14012023 - £8,14013nd trustees reimbursed expenses of £27412023- £3.8081. Grants payable Heading
ac983
2024 Heading
ac983
2023 Grants to institutions.. Warwick Universitv Newcastle University Harper Adams University HCC Harold Hillier Gardens University of Reading University of Reading chair costs defaued Studley College Royal Agricuttural University NYFC Nuffield Farmin8 Scholarship Innovation for ABri¢ulture Sir Harold Hillier Gardens Other grants <£25,C 33,000 27.500 50.168 25.000 27.500 192,1071 33,000 154.464 39.501 27,500 494,801 27,500 185,3861 33,000 599,368 29.434 88,302 81,000 25,000 138,292 109.962 368,487 1,498,312 17
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable (Continued) Net movement in funds 2024 2023 The net movement in funds is stated after charging/lcreditin81'. Loss on disposal of investment propertv 49,891 Trustees remuneration and related party transactlons One trustee Mr J M Hulse received rewnuneration in accordance with instructlons by the settlor during the year for his trustee Services amounting to £3,78012023 £3,995). No other Trustees received remuneration during the year. Nominal expenses incurred in the furtherance of charitable objectives were reimbursed to one trustee and amounted to £27512023 three truste@5 £3,808) for travel and administration costs. One trustee was reimbursed costs amounting to £13,06412023 - £13,023) paid on behalf of the charity. A trustees family member provided consultancy services during the year of £775 12023 £nill. 18
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EIVDED 31 MARCH 2024 Employees The charitable trust had no employees other than Trustees. 10 Gains and losses on Investments Unrestrlrted Unrestricted funds lunds 2024 2023 Gainslllossesl arising on: Revaluation of investments Sale of inve5tment5 Revaluation of investment propertie5 Sale of investment properties 780.875 12,692,636) 1132,0861 114.0721 1248,4851 149,8911 598,898 12,955,193) 11 Taxation The charity is exempt from tax on income and gains falling within sertion 505 of the Taxe5 Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Investment property 2024 Fair value At l April 2023 Additions through extemal acquisition Disposals 6,102.000 1,590,360 12,800,0(K)I At 31 March 2024 4,892,360 19-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 12 Investment property Icontinued) Investment propertie5 comprise of Land and buildings. The fair value of the majority of the properties was established by a valuation carried out as at 31 March 2023 by ehB Reeve5, 3 RICS accd11ed chartered surveyor and commercial property consultants located at Somerset House, Clarendon Place, Leamington Spa, CV32 5QN. ehB Reeves also manage the properties on behalf of the Trust. The valuation wa5 made on an open market value basis by reference to market evidence of transaction prices for similar properties. Investment properties also include5 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 2024 will be materially different. 13 Fixed asset investment$ Llsted Unlisted Investments investments Cash in portfolio Total Cost or valuatlon At l April 2023 Addition5 Valuation ehanges Cash movement Disposals 24.679,086 16,314,013 780,875 4,500 24,683,586 16,314,013 780.875 284,623 116,746,207) 284,623 116,746,2071 At 31 March 2024 25,027,767 4,500 284,623 25.316.89) Carrying amount At 31 March 2024 25,027,767 4,500 284,623 25,316,8 At 31 March 2023 24,679,086 4,500 24,683,586 Fixed asset investments revalued All investments are carried at their fair value. Investment in equities and fixed interest Securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, units, trusts and open-ended inve5tmenl companies are at the bid price. The basls of fair value for quoted investments 15 equwalent to the market value, using the bid prite. The historical cost of the listed investment5 wa5 £22,419,672 at the year end12023 - £21,480,905). -20-
THE ELIZABETH CREAK CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2024 14 Financial instruments 2024 2023 Carrying amount of financial assets Instruments MeasUd at fair value through profit or loss 25,027,767 24,679.086 Carrying amount of financial liabilities Measured at fair value through profit or loss Other financlal liabilities 1,173,613 2,018.998 15 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 51,518 5.1)00 22,781 7,201 56,518 29,982 2024 2023 Amounts fallin8 due after more than one year: Prepayments and accrued income Totsl debtors 56,518 34,982 Included in prepayments are lease incentive payments which are Spad over the term of the lease period. 21
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TOTHE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Credltors: amounts falling due within one year 2024 2023 Notes Other taxation and social securitv Deferred income Trade creditors Other creditors Accruals and deferd Income 10,170 81.963 12,383 551,465 13,562 10,312 56,459 3.106 936.887 13,808 18 669,543 1,020,572 17 CreditoTs.' amounts falling due after more than one year 2024 2023 Other creditors 704,149 1,082,111 Other creditors relate to unconditional grant commitments. 18 Deferred income 2024 2023 Other deferred income 81,963 56,459 Deferred income 15 included in the financial statements as follows: 2024 2023 Deferred income is included within.. Current liabilities 81,963 56,459 Movements in the year.. 22-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 18 Deferred Income Icontinuedl Deferred income at l April 2023 Released from previous periods Resources deferred in the year 56,459 156,4591 81,963 76,405 176,4051 56,459 Deferred income at 31 March 2024 81,963 56.459 Deferred income relates to rentals received in advance. 19 Unrestrirted fund5 The unrestricted funds of the charity tomprise the unexpended balances of donations and grants which are not subject to specifit conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2023 Incomlng resources Res¢urces expended Gains and At 31 March losses 2024 General funds 29,992,133 1,169,381 1515,9761 598,898 31,244,436 Previous year.. At l April 2022 Incoming resources Resources expended Gain5 and At 31 Marth losses 2023 General fund5 33,171,894 1,416,948 11,641,516) 12,955,193) 29,992,133 20 Operating lease cammitments -23-
THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Operating lease ¢ommltments {Continuedl Lessor The operating leases represent leases of investment property lo third partie5. The lease5 are negotiated over terms of 5- 15 years and rents15 are fixed for 4- 10 years. At the reporting end date the charitable trust had contracted with tenants for the following minimurn lease payments: 2024 2023 Within one year Between two and five years In over five years 345,775 626,163 530,0(XI 228.838 441,938 1,501,938 670.776 21 Cash 8enerated from operations 2024 2023 Surplus/ldeficitl for the year 1,252,303 13,179,7611 Adjustments for.. Investment income recognised in statement of financial activities Loss on disposal of investment property Loss on Illsposal of Investments Fair value gains and losses on investment properties Fair value gains and10sses on Investments 11,169,3811 11,416,948) 49,891 132,086 14,072 248,485 2.692,636 1780,8751 Movements in working capital.. Ilncreasel/decrease in debtors (Decreasellincrease in creditors Increase/ldecreasel in deferred income 121.5361 1754,4951 25,504 502,250 307,059 119.9461 Cash absorbed by operations 11,266,5031 1852,1531 22 Analysis of chan8es in net lunds The charitable trust had no material debt during the year. -24-