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 ag￿ement 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 a￿regate, 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 pe￿onal 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
InVe￿In8 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 refer￿d to in the Regulations but which has since been
wiihdrawn.
The flnancial statements are prepa￿d 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 COnvent￿n 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 defau￿ed
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 acc￿d11ed
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 MeasU￿d 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 Sp￿ad 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 defer￿d 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-