Charity re815tration number 286838 (England and Wales) THE ELIZABETH CREAK CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE ELIZABETH CREAK CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrj P Mav Mrj M Hulse Mr N QAbell Charity number 286838 Principal addres5 27 Widney Road Knowle West Midlands B93 9DX Auditor Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwick5hire CV32 SLA Bankers Handelsbanken Olympus House Olympus Avenue Leamington Spa Warwickshire CV34 68F Solicitors HCR Wright Hassall Olympus Avenue Leamington Spa Warwickshire CV34 6BF Investment advisors BRI Wealth Management plc Elmcourt Meriden Business Park Meriden CV5 9RL Canaccord Genuity Limited Slip House Princes Drive Worcester WRI 2A8 THE ELIZABETH CREAK CHARITABLE TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report Statement of financial activities io Balance sheet li ststement of cash flow5 12 Notes to the financial statements 13-24 THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance wlth the accounting policies set out in note I to the financial statements and comply with the charitable trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recomwnended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The Charitable Trust has general charitable objects to apply its funds to such charities or for such charitable PLtrposes and in such proportion5 and in such manner and subject to such terms and conditions a5 the trustees may at their uncontrolled discretion determine hovlng regard to any directions given or wishes expressed by the settlor to the trustees. The prlnclpal aim of the Trust is to provide sUPPOrt and encourage new blood in farffling through education and other means and finance project5 to help agriculture succeed and ultimately thrive in a challenging modern environment. The Trust continues to support life sciente education. agricultural and other projerts by fundin8 new research. Strategies for achieving these aims include to approath educational establishment with good records of aBricultural research or training and the continued support of scholarship programmes. The charity does not engage in fundraising activities d1￿CtlY with the general public or through third party professional fundraisers and therefore has received no fundraising complaints during the year. The truslee5 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 following areas to achieve its PUTposes- The Charity continues to support a number of UK universities student scholarships at an annual approximate cost of £200,000. In addition 2 University Chairs are being supported at an annual approximate cost of £225,(M)O 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 prioritie5 at the heart of innovation ￿Search. The centre is 5UPPOrted by five of the mosl prestigious agricultural universities in the UK. Grant making policv In line with the wlshes of the settlor grants made in the year are for the study into agriculture, hortitulture, food processing with approximately 6% going to local, non-agricultural charlties. THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perf¢rman¢e The trustees 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 £703,463 and making payments totalllng £825,818. A full list of grants paid during the year Is shown in note 6 to the accounts. The grants approved during the year were allocated between the various cate8ories as follows- Educational and agricultural national support Other local projects £637,188 £66,275 90.6% 9.4% Public benefit The trustee5 consider that they have complied with their duty to have due regard to the guidance on public benefit, as published by the Charity Commission, in eyercising their powers and duties. The range of institutions to which the Charity provides grant fundinB allows a wide reach of the general public to access beneftts, mainly educational in nature. that they may otherwise not have been able to obtain. Financial review During the year the Charitable Trust received income of £1.419,166 12024 - £1,169,381) and made committed payments of £825,818 12024 £1,131,872). Gainslllossesl on investments amounted to £107,52812024 - 598,8981 ￿SuItIng in an overall net surpluslldeficitl of £609.65512024 - £1,252,303) for the year. Unrestrictedfunds These funds are expendable at the dlscretion of the trustees for any purpose in furtherance of the ch31itable objectives. The balance held as unrestrirted funds as at 31 March 2025 was £31,854,09112024- £31.244,4361. The trustees consider the investments and ta5h 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 maintalning sufficient levels of capital investment funds which should generate future levels of Income and capital growth to enable the Trustees to continue lo make additional grant funding in pursuance of the Trust's charitable objectives. THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investment policv The trustees have uttimate investment power, but have continued to instruct in ihe year BRI Wealth Management plc and Canaccord Genuity Limited as investment managers and have continued to instruct EHB Commercial as property managers. The Charitable Trust's imiestment strategy is to maintain a balance between income generation and capltal growth. The trustees accept a moderate level of risk in pursuing this objective and this level of risk is defined in the agreement with the Charitable Trust's investment managers. The portfolio 15 structureil to permit a ranBe of investments intended to yield a competitive rate of return in difficutt market conditions and part of the portfolio is invested in hedge funds. In addition the trustees have decided not to invest in companies whose sole focus of business 15 the rnanufactu￿ of weapons and armaments. The trustees have reviewed the major ri5k5 to which the Charitable Trust is exposed, in particular those lating to ope￿tionS and finance5, and are satisfied that systems a￿ in place to mttigate exposure to those risks. Future Plans In 202512026 the Tmst will Continue to support the projects currently in progress as well as Invltlng potential future grants to apply for fundinE. We are enhancing the way we allocate resources entrusted to us. In alignment with Elizabeth Creak's emphasis on outcomes and sustainability, we plan to shift our operational mindset from a conventional funding model to a more strategic, social-impact-centred approach. This commStment will invO￿e launching a dedicated impact review utilising a Social Return on Investment ISROII frdmework. The protess will not only inform future strategy and decision-makin8 but a150 shed greater light on the positive outcomes of our partnership and the opportunities it presents. By 8ctlvely engaging with our beneficiaries. we aim to capture and better understand the meaningful changes people experience on an individual level. The adoption of SROI will help us move beyond simplv reporting outputs le.g., the number of scholarships funded) and achieve a profound understanding of the 'social value" created. Following this guided approach will enable us to review existing activities and refine our focu5, remaining adaptable and mindful of potential ways to target issues underlying complex food systems. The SROI framework compels us to understand the value of our own contributions and those of others. This new way of thinking will be embedded into everything we do at The Elizabdh Creak Charitable Trust, ensuring a more structured, effective, and impactful allocation of resources. The charity expects 202512026 income levels to be similar to the prior year. Stru¢tuTe. 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 (the Wjill") transferred a55ets to the Trust to be used in furtherance of its objects. THE ELIZABETH CREAK CHARITABLE TRUST TRUSTEE5' REPORT {COPmNUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees who have served during the year and since the year end are: Mrj Pmay Mr J M Hulse Mr N Q Abell The trustees have the power of appointing new trustees but should always include one of Elizabeth C￿a¥S Telalions. The trustees, policy when recrulting a new trustee is to seek out skllls which would augment the attributes of those serving and to replace those lost after the retirement or death of a trustee. The trustees are aware of their obligation to keep up to date wilh guidance and publications available from the Charity Commission. Any newly appointed tTU5tees receive an induction on responsibilities as well as the objectives, prlorities and procedures of the Trust. The trustees of the charity act as legal custodians of the investment properties. The trustees meet approximately every two months lo consider applications for grants and other business of the Charitable Trust. The day to day manaBement of the Charitable Trust is carried out by Mr J Hulse, bv whom all applications for grants are co-ordinated and presented to the trustees. Mr l Hulse also deals with the day to day financial management of the Charitable Trust and provides the trustees with up to date financial information at trustee meetings. The trustees consider 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 remunerated in the year in accordance with the Instruction5 of the Late Elizabeth Creak. The tr ste s, report was approved by the Board of Trustees. Trustee Dated: THE ELIZABETH CREAK CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2025 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 GeneTrlty 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 resources of the charitable trust for that year. In preparing these financial statements. the trustees are required to.. selett suitable accounting policies and then app￿ them con5iStently- observe the methods 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 departures disclosed and explained in the financial ststements- and prepare the financial statements on the goin8 concern basis unless it is Inappropriate to presume that the charity will continue in operation. The trustees are responsible for keepin8 sufficient accountin8 records that disclose with reasonable acturacy 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 Report51 Regulations 2008 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 tru5tee5 are responsible for the maintenance and integrity of the charity and financial information included on the charitable trust's website. Legislation in the United Kingdom governing the preparation and disseminatlon of finantial statemenls may differ from legislation in otherjurisdictions. 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 2025 which comprise the statement of financial activtties, the balance sheet, the statement of cash flows and notes to the finantial statements, includin6 significant accounting policies. The Pinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin@ Standards. induding Financial Reporting Standard 102 The Finonciol Reporting Standt7rd applicoble in the UK ond Republic tif Irelijnd Iunited Kin8dom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in actordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditors respon5ibllities fvr the audit of the flnancial stotementS section of our report. We are independent of the charitable trust in accordance with the ethical requirernent5 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 basis for our opinion. Conclusions relating to going concern In auditing the financi315tatement5, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appmpriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condttions 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 responsibilities of the trustees with respect to going concern are descrlbed in the relevant sections of this report. THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Other Information The other information comprises 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 contsined within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other Information 15 materially inconsistent with the flnancial statements or our knowledge obtained in the course of the audit. or othenNise appea￿ to be rnaterially misstated. If we identify such material inconsi5tencie5 or apparent material misststements, we are required to determine whether thi5 give5 rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothin8 to report in thls regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charttie5 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinlon: the information given In the financial statements is inconsistent in any materlal respect with the trustees, report- or sufficient accounting records have not been kept.- or the financial statements are not in agreement with the accounting 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 tnje and fair view, and for such internal control as the trustees deterrnine is necessary to enable the preparation of finantial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the tru5tee5 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 Boing concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilitles 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 Art and relevant regulations made or having effect thereunder. Our objeclNes 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 audrtorfs report that includes our oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud, is detsiled below. THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST We 8ained an understanding of the legal and regulatory framework applicable to the charity and the industry in which It operates and assessed the extent of tompliance with these laws and regulations as part of our procedure5 on the related financial statement items. Based on our understanding of the charity and the sectors it operates in we identified that the principal risks of non-compliance with laws and regulations related to breache5 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 staternents and determined the principal risk 15 related to fraudulent transactions to gain personal benefit for the Trustees or members of management. Audit procedures performed 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 contro15 in management have in place to prevent and detect fraud. Challenging assumptions and judgment5 made by management in their significant accounting estimates and assessing if these indicate evidence of management bias: Reviewing the accounting records for large and unusual journal entries or bank payments and testin8 anv identified and in particular the rationale for any transactions outside the Trust's normal course of artivitv. Because of the inherent limitations of an audit. there is a rlsk that we will not detect all irregularities, including those leading to a material misstatement in the financial 5tatement5 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 statements, as we will be less likely to become awa￿ of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FinancSal Reportlng Countil's webslte at.. https'.l/www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Chafltie5 (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken 50 that we might state to the charrty's trustees those matters we are required 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 charity and the charity's trustees as a body, for our audrt work, for this report, or for the opinions we have formed. THE ELIZABETH CREAK CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE ELIZABETH CREAK CHARITABLE TRUST Wende Hubbard FCCA (Senior Statutory Audltorl For and on behalf of Burgl5 & Bullocl Statutory Auditor Chartered Accountants 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Date: ILF-..ffir￿( Burgls & Bullotk is eligible for appointment as auditor of the charitable tTU5t by virtue of ils eligibility for appoinlment 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 2025 Unrestricted Unrestricted funds funds 2025 2024 Notes In¢ome from: Investments 1,419,166 1,169,381 Total income 1.419,166 1,169,381 Expenditure on: Raising funds Charitable activities 107,005 810,034 78,387 437,589 Total expendlture 917.039 515,976 Net gainslllossesl on investments io 107,528 598.898 Net income and movement In fvnds 609.655 1,252,303 Re¢on¢lliation of funds: Fund balances at l April 2024 31,244,436 29,992,133 Fund balances at 31 March 2025 31,854,091 31,244,436 All of the above income and expenditure relates to that of unrestricted funds. 10- THE ELIZABETH CREAK CHARITABLE TRUST BAIANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Investment properties Investments 12 13 4,842,360 25,425,161 4,892,360 25,316,890 30,267,521 30,209,250 Current assets Debtors Cash at bank and in hand 15 108,757 2,750,309 56.518 2,352.360 2.859.066 2,408,878 Creditors.. amounts falling due withln one year 16 1942.7191 1669,5431 Net current assets 1,916,347 1,739.335 Totsl assets less current Ilabllltles 32.183,868 31,948,585 Credltors: amounts falling due after more than one year 17 1329,7771 1704,1491 Net assets 31,854,091 31,244,436 Income funds Unrestricted funds 31,854,091 31.244,436 31.854,091 31,244,436 The fi cial statements were approved by the Trustees on .14.1.1.126 Mrj ay M Hulse Trust Tr stee THE ELIZABETH CREAK CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash Ilows from operating artivities Cash absorbed by operations 22 11,070,474) 11,266,503) Investin8 artivitie5 Purchase of investment property Proceeds from disposal of investment property Purchase of other investments Proceeds from disposal of other investments Investment income received 11,590,3601 2,750,109 116,314,0131 13,497,5981 3,499,016 1.419,166 16,614,121 1.169,381 Net cash generated from investin8 activities 1,420,584 2.629,238 Net cash generated from financing activities Net Increase in cash and ¢ash equivalents 350,110 1.362,735 Cash and cash equivalents ai beginning of year 2,636,983 1.274,248 Cash and ¢ash equivalents at end of year 2,987,093 2,636,983 Relating lo: Cash at bank and in hand Cash deposits held within the fixed asset investment portfolio 2,750,309 2,352,360 236,784 284,623 12- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMETrffS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pdlcles Charlty information The Elizabeth Creak Charitable Trust 15 a UK reglstered charlty governed by its Trust Oeed. 1.1 Accounting convention The financial statements have been prepared in accordance with the charitable trust's governing document. the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charitable trust is a Public Benefit Enttty as defined by FRS 102. The financial statements have departed from the Charities IAccount5 and Report51 Regulations 2008 only to the extent required to provide a true and fair view. Thi5 departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice whlch is referred to in the Regulations but which has since been withdrawn. The financial Statements are prepared in sterlirb& which is the functional currency of the Charitable trust. Monetary amounts in these financial statemen15 are rounded to the nea￿$t £. The financial statements have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the 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 In￿rne Income is recognised when the charitable trust is legally entitled to it after any performance conditlons have been met. the amounts can be measured reliably, and it is probable that income will be received. Legacies are recognised on receipt or otherwSse If the charitable trust has been notifieil of an impending distribution, the amount is known, and receipt is expected. If the amount 15 not known, the legacy is treated as a contingent a55et. 13- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A¢countln8 p¢llcies Icontinuedl 1.5 Expendlture All eKpenditure Is accounted for on an accruals 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, rt is probable that the settlement will be required and the amount of the obligation can be measured reliably. It 15 categorised under the following headings: Costs of raising funds includes expenses incurred in managemeni of investment portfolios Expenditure on charitable activities include5 grants made Other expenditure represents those iteFllS not falling into the categories above Grant5 payable to third parties are within the charitsble objectives. Where unconditional 8rants are offered. this is accrued as soon as the recbplent is notified of the grant, a5 this gives rise to a reasonable expectation that the recipient will receive the grants. Where granls are conditional relating to performance then the grant 15 only accrued when any unfulfilled conditions are outsi(le of the control of the charity. The provision for a multi-year grant is ￿COgnised 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 under 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 distount rate used is the average rate of investment yield in the year in which the grant is made. This di5CDunt rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the trust. 1.6 Investment propertv Investment property, which is pmperty held to earn rentals and/or 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 recognised in net incomelexpenditure. 1.7 Fixed asset Investments Fixed asset investments are initially measured at transaction price excluding trdnsaction cost5, and are subsequently measured at fair value at each reporting date. Changes in fair value a￿ recognised in net Incomellexpenditurel for the year. Transartion costs are expensed as incvrred. 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposlts held at call with bank5, Other short-term liquid investments with orlginal maturities of three months or less. and bank overdrafts. Bank overdrnfts are Shown within borrowings in current liabilities. 14- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Af¢ountin8 policies Icontlnuedl 1.9 Flnan¢lal Instruments The charitable trust has elected to apply the provisions of Settion 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of Its financial instruments. Financial instruments are reco8nised in the charitable trust's balance sheet when the charitable trust becomes party to the tontractual provisions of the instrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when the￿ is a legally enforceable right to set off the recogni5ed amounts and the￿ is an intention to settle on a net basis or to realise the asset and settle the liability simultaneouslv. 80si¢finqnciol ¢75sets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, Whe￿ the transaction is measured at the present value of the future reteipts discounted at a market rate of interest. Financial assets classlfied as receivable within one year are not amortised. 8oslcfln?nclol Ilubllltles Basic financial liabilities, including creditors and bank loans are initially recogni5ed at transaction price unless the arrangement constrtutes 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 classifled as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Amounts pa￿dble are classified as current liabilitie5 if payment is due wlthin one year or less. If not, they are presented as non-curreni liabilities. Dere¢ognltlon olllnancial litibilities Financial liabilities are derecognised when the charltable tru5Ys contractual obligations expire or are discharged or cancelled. 15- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Critical accountin8 estimates and judgements In the application of the charitable trust's accounting policies. the trustees are required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that a￿ considered to be relevant. Actual results may differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision afferts both current and future periods. Investment properties In preparing the year end accounts the trustees made judgements in considering 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 fom)ing this judgement. Income trom investments Unrestrlrted Unrestrirted funds funds 2024 2025 Rental income Other income Interest receivable 344,489 I.￿1,168 73.509 218.494 865.090 85,797 1,419,166 1,169,381 Expenditure on ralsing ￿ndS Unrestrlcted Unre#ricted funds funds 2025 2024 Investment management lo7,￿5 78,387 16- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Other costs Grants payable Total 2025 Totsl 2024 Consultancy advice Conference costs Property cosis 1,900 15,641 63,675 1,gfKJ 15,641 63,675 775 46,586 81,216 81,216 703,463 25,355 47.361 368,487 21,741 Grant funding of activitie5 (see note 6 Governance costs 703.463 25,355 106,571 703,463 810,034 437,589 Governance costs include payments of an audit fee of £8,55012024 £8,1501 and £6,07512024 £5,054) for accountancy fees, trustees remuneration of £4,14512024 - £3,780), legal and professional of £nil12024- £3,933) and trustees reimbursed expenses of £3,85312024- £2741. Grants payable 2025 2024 Grants to instittstions: Warwick University Newcastle University Harper Adams University HCC Harold Hillier Gardens University of Reading University of Reading chair costs defaulted Studley College Royal Agricultural University Hartpury University The Henry Plumb Foundation The University of Sussex RASE Stratford Sports Club Other grants <£2S,000 35,000 30,000 35.725 27,500 30,000 116,0451 35,000 44,617 250.000 60,000 34,141 32,500 27,0(N) 78,025 33,OCKJ 27.5 50,168 25,0 27,5¢X> 192,1071 33,OC(I 154,464 109,962 703,463 368,487 17 THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees The charitable trust had no employees. 10 Gains and losses on Investments Unrestricted Unrestricted funds funds 2025 2024 Gain51llos5esl ari5in8 on: Revaluation of investment5 Sale of investments Revaluation of investment properties Sale of Investment properties 129,701 27.827 150,0001 780,875 1132.0861 149,8911 107.528 598,898 11 Taxatlon The eharity 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 charitablè objects. 12 Investment property 2025 Fair value At l April 2024 Net gains or losses through fair value adjustments 4,892,360 150,OLK)I At 31 March 2025 4,842,360 19- THE ELIZABETH CREAK CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 12 Investment property (Continued) Investment properties comprise of Land and buildings. The fair value of the majorTty of the properties was established by a valuation carried out as at 31 March 2023 by ehB Reeve5, a RICS accredited chartered surveyor and commertial property consultants located at Somerset House, Clarendon Place, LeaFninBton Spa, CV32 5QN. ehB Reeves a150 manage the properties on behalf of the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The trustees consider that this value continues to represent market value of the properties as at 31 March 2025. Investment properties also includes some parcels of land whlch 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 Marth 2025 will be materially different. 13 Fixed a55et investments Listed Unlisted investments Investments Cash in portfollo Total Cost or valuation At l April 2024 Additions Valuation changes Cash movement Disposals 25,027,767 3,497,598 129,701 4,500 284,623 25,316,890 3,497,598 129,701 147,8391 13,471,1891 147,8391 13,471,189) At 31 March 2025 25.183,877 4,500 236,784 25,425,161 Carrying amount At 31 March 2025 25,183,877 4,500 236,784 25,425,161 At 31 March 2024 25.027,767 4,500 284,623 25,316,890 Fixed asset investments revalued All inve5tmenls are carried al 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 investment companies are at the bid price. The basis of falr value for quoted investments is equivalent to the market value, using the bid price. The historlcal cost of the listed investments was £22,459,499 at the year end12024- £22,419,672). -20- THE ELIZABETH CREAK CHARITABLE TRUST NOTES TO THE FINANaAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 14 finan