REGISTERED CHARITY NUMBER: 310496
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
for
Chadacre Agricultural Trust
Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
Chadacre Agricultural Trust
Contents of the Financial Statements for the Year Ended 31 March 2024
|
Page |
Report of the Trustees |
1 to 3 |
Report of the Independent Auditors |
4 to 7 |
Statement of Financial Activities |
8 |
Balance Sheet |
9 |
Notes to the Financial Statements |
10 to 16 |
Detailed Statement of Financial Activities |
17 |
Chadacre Agricultural Trust
Report of the Trustees for the Year Ended 31 March 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March2024. The
trusteeshaveadoptedtheprovisionsof AccountingandReportingbyCharities:Statementof Recommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
TheobjectsoftheTrustaretoadvancetheeducationofthepublicinallaspectsofagricultureandfarming by
providinggrantsfortrainingandresearch.Inthiscontext,agricultureandfarmingincludetherelevantsciences and
practicalcraftsinvolvedinfarmingandlandmanagement,andalsoinanyancillarytrades,togetherwith nature
conservation.These objectsare set out in full in Section4 of the Deed of Variationof 1990.In keepingwith the ethos
oftheTrust'sforerunner,theChadacreInstitute,priorityisgiventothosestudyingpracticaltrainingcourses which
prepare them for employment on farms
To achievethese objects,the Trust encouragesapplicationby individualsfor grantsfor training,if they are not eligible
for State-fundedgrants.It alsoencouragesapplicationsby agriculturalresearchinstitutionsfor grant-aidfor research
projects(preferablyconductedbyyoungpeoplestartingtheircareersinresearch)thatarelikelytohavea practical
outcomefor farming.Applicationsfor grantsby bodiesintendingto educatethe publicaboutthe interaction between
agriculture and nature conservation are also encouraged.
TheGovernorsconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission's general
guidance on public benefit when reviewing the Trust's aims and objectives and in reviewing the grant making policy.
Applicationsfor grants are made to the Administrator,who obtainsall appropriateinformationabouteach application
andpresentsthemtotheGoverningBodyatthequarterlymeetingsforapprovalorrejection.Shethentakes the
consequential action.
ACHIEVEMENT AND PERFORMANCE
Ofthe£187,874disbursedasgrants,£67,261wasdispensedinhelpingstudentsreceivetraininginagriculture and
associatedactivities,includingdegreecourses,apprenticeships,andshortpracticalcourses.£35,990wasawarded in
grantstoindividualsattendingcoursesincludingtheInstituteofAgriculturalManagement'sLeadership Development
CourseandtheWorshipfulCompanyofFarmers'AdvancedCourseinAgriculturalBusinessManagement,and to
organisationssuchastheYoungFarmers'Clubstosupportthetrainingofyoungpeople.£54,968wasallocated as
grantaidforresearchprojectsattheUniversitiesofHertfordshire,Nottingham,Lincoln,andCambridge,and the
ResearchcentresatNIABandRothamsted.£29,655wasawardedtoorganisationsincludingtheSuffolk,Norfolk and
EssexAgriculturalAssociations,andtoLEAF,tosupporttheeducationeventstheyrunforprimaryand secondary
school pupils.
Approval was also given for further grants to be issued during the ensuing three years.
(Thegrantfiguresshownabovewerethosepaid,whereastheFinancialStatementsshowgrantsasthe initial
commitment entered into.)
No land or other tangibleassetswere sold in the year reportedon, such assetsnow only amountingto 0.65haof bare
land which is let for grazing.
The value of the Trust's investment fund at 31 March 2024 was £7,120,406 compared with £6,529,430 in 2023.
Further information on the Trust is available on the website www.chadacre-trust.org.uk
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal and Administrative Information
The Trustwas formedon 11thOctober1990bya Variationof theDeedof TrustandConstitutionof July1920, which
hadcreatedtheChadacreAgriculturalInstitute(closeddownbeforetheDeedofVariationwassigned).The trustees
are incorporated as a Governing Body.
Page 1
Chadacre Agricultural Trust
Report of the Trustees for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
MembersoftheGoverningBodyarepeopleselectedfortheirbroadexperienceandknowledgeoftheneedsof the
agriculturalindustryforappropriatelytrainedpersonnel,forresearch,educationandeducationof thepublic,and for
their knowledge of related issues such as nature conservation, and diversification.
TheadministrationwascarriedoutbyDrHGSmithonaself-employedcontractualbasis,workingatthe following
address: 7 Manor Farm Lane, Drayton, Market Harborough, Leics. LE16 8SW
ThecapitalfundoftheTrustisheldbyCCLAInvestmentManagementLtd,SenatorHouse,85QueenVictoria Street,
London EC4V 4ET. The capital is invested in the Charities Ordinary Investment Fund (COIF) of CCLA.
TheincomeduetobeexpendedimminentlybytheTrustisheldinacurrentaccountatBarclaysBankPLC, 20-21
Cornhill, Bury St Edmunds, Suffolk, IP33 1DY.
Paragraph3 of the Variationof the Deed of Trust states that "The GoverningBody shall hold the capitaland income of
theTrustFundupontrusttoapplytheincomeandalloranypartorpartsofthecapitalastheGoverningBody may
from time to time think fit for or towards such charitable purposes as are hereinafter described"
TheTrustforecastsitsliabilitiesforuptothreeyearsaheadbythequarterlyupdatingofarollingforwardcash flow
prediction.
TheTrust'sAuditoris KnightsLoweLimited,EldoHouse,KempsonWay,SuffolkBusinessPark,BuryStEdmunds, IP32
7AR
Solicitors acting for the Trust are Greene and Greene, 80 Guildhall Street, Bury St Edmunds, Suffolk, IP33 1QB.
AnAnnualGeneralMeetingisheldimmediatelybeforetheautumnquarterlymeetingoftheGoverningBody. The
Governors also meet with Asset Managementstaff once a year, to consider the performanceof the capital investments
andtomakechangestoportfoliomanagementpolicy.TheAdministratorconductsallcorrespondencewiththe asset
managementcompany,all Governorsalsoreceivequarterlyassetmanagementreports,andall chequesfor payments
by the Trust to individuals are countersigned by a Governor.
Online bankingpaymentsto organisationssuch as Universitiesare countersignedby a Governor on the Trust's Barclays
Bank statements.
The Trustis not dependentupondonationsor the servicesof unpaidvolunteers,apartfrom the unpaidtime spent by
theGovernorsinconnectionwiththeoperationoftheTrust.TheGovernorshaveidentifiedthemajorrisksto the
Trust and confirm that procedures have been established to manage those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
310496
Principal address
7 Manor Farm Lane
Drayton
Market Harborough
Leicestershire
LE168SW
Page 2
Chadacre Agricultural Trust
Report of the Trustees for the Year Ended 31 March 2024
Trustees
J Wallace (Deputy Chairman)
The Rt Hon The 4th Earl of Iveagh (Chairman)
Mr D E Barker MBE
Mrs S Bendall BEM
Professor K W Jaggard
Mr R Garnham
Mr L H Hargreaves
Mr C P Walters
Auditors
Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trusteesare responsiblefor preparingthe Reportof the Trusteesandthe financialstatementsin accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparing those
financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionof thecharityandtoenablethemtoensurethatthefinancialstatementscomplywith the
CharitiesAct 2011, the Charity(Accountsand Reports)Regulations2008 and the provisionsof the trust deed. They are
also responsible for safeguardingthe assets of the charity and hence for taking reasonablesteps for the prevention and
detection of fraud and other irregularities.
Approved by order of the board of trustees on 5 November 2024 and signed on its behalf by:
The Rt Hon The 4th Earl of Iveagh - Trustee
Page 3
Report of the Independent Auditors to the Trustees of Chadacre Agricultural Trust
Opinion
WehaveauditedthefinancialstatementsofChadacreAgriculturalTrust(the'charity')fortheyear ended
31March2024whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothe financial
statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 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 accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthatare relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees'use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilitiesand the responsibilitiesof the trusteeswith respectto going concernare describedin the relevant
sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesor apparentmaterial misstatements,we are required to determine whether this gives rise to a material
misstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed,weconclude that
thereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothing to
report in this regard.
Matters on which we are required to report by exception
We have nothingto report in respectof the followingmatterswhere the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
Report of the Independent Auditors to the Trustees of Chadacre Agricultural Trust
Responsibilities of trustees
As explainedmore fullyin the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enable the preparationof financialstatementsthat are free from materialmisstatement,whether due to
fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.
Page 5
Report of the Independent Auditors to the Trustees of
Chadacre Agricultural Trust
Our responsibilities for the audit of the financial statements
We have been appointedas auditors under Section 144 of the Charities Act 2011 and report in accordancewith the Act
and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
material misstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.
Our approachto identifyingand assessing the risks of material misstatementin respect of irregularities,including fraud
and non-compliance with laws and regulations, was as follows:
-theengagementpartnerensuredthattheengagementteamcollectivelyhadtheappropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-weidentifiedthelawsandregulationsapplicabletothecompanythroughdiscussionswiththedirectorand other
management, and from our commercial knowledge and experience of the companies operating sector;
- we focusedonspecificlawsandregulationswhichwe consideredmayhaveadirectmaterialeffectonthe financial
statementsor the operationsof the company,includingthe CompaniesAct 2006,taxationlegislation,data protection,
anti-bribery, employment, environmental and health and safety legislation;
-weassessedtheextentofcompliancewiththelawsandregulationsidentifiedabovethroughmakingenquiries of
management and inspecting legal correspondence; and
- identifiedlawsandregulationswere communicatedwithintheauditteamregularlyandtheteamremainedalert to
instances of non-compliance throughout the audit.
We assessedthe susceptibilityof the company'sfinancialstatementsto materialmisstatement,includingobtaining an
understanding of how fraud might occur, by:
- makingenquiriesofmanagementastowheretheyconsideredtherewassusceptibilitytofraud,theirknowledge of
actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
-assessedwhetherjudgementsandassumptionsmadeindeterminingtheaccountingestimateswereindicative of
potential bias;
- investigated the rationale behind significant or unusual transactions;
In responseto theriskof irregularitiesandnon-compliancewithlawsandregulations,we designedprocedures which
included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondencewith HMRC, relevant regulators including the EnvironmentAgency and the company's legal
advisors;
Thereareinherentlimitationsinourauditproceduresdescribedabove.Themoreremovedthatlawsand regulations
are from financialtransactions,the less likely it is that we would become aware of non-compliance.Auditing standards
alsolimittheauditproceduresrequiredtoidentifynon-compliancewithlawsandregulationstoenquiryof the
directors and other management and the inspection of regulatory and legal correspondence, if any.
Materialmisstatementsthatariseduetofraudcanbehardertodetectthanthosethatarisefromerrorasthey may
involve deliberate concealment or collusion.
Page 6
Report of the Independent Auditors to the Trustees of
Chadacre Agricultural Trust
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil's website at www.frc.org.uk/auditorsresponsibilities.This descriptionforms part of our Report of the
Independent Auditors.
Use of our report
This reportis made solelyto the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008.Our auditwork has been undertakenso thatwe might stateto the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR
5 November 2024
Page 7
Chadacre Agricultural Trust
Statement of Financial Activities
for the Year Ended 31 March 2024
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
Total
EXPENDITURE ON
Charitable activities
Expenditure on charitable activities
Other expenditure
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2024
Unrestricted
fund
£
190,655
1,810
192,465
241,946
-
241,946
590,976
541,495
6,458,300
6,999,795 |
2023
Total
funds
£
188,980
800
189,780
154,655
634
155,289
(256,747)
(222,256)
6,680,556
6,458,300 |
|
|
|
The notes form part of these financial statements
Page 8
Chadacre Agricultural Trust
Balance Sheet
31 March 2024
Notes
FIXED ASSETS
Tangible assets
6
Investments
7
CURRENT ASSETS
Stocks
8
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
11
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS |
2024
Unrestricted
fund
£
1
7,120,406
7,120,407
1,790
47,847
29,105
78,742
(116,479)
(37,737)
7,082,670
(82,875)
6,999,795
6,999,795
6,999,795 |
2023
Total
funds
£
1
6,529,430
6,529,431
1,920
47,415
58,262
107,597
(88,670)
18,927
6,548,358
(90,058)
6,458,300
6,458,300
6,458,300 |
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon5November2024 and
were signed on its behalf by:
The Rt Hon The 4th Earl of Iveagh - Trustee
J Wallace - Trustee
The notes form part of these financial statements
Page 9
Chadacre Agricultural Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Tangible fixed assets
The remainingpropertyof the ChadacreEstate,comprising0.65 ha of bare land (consistingof a small field and
aplotbetweentwohouses)isincludedintheaccountsatanominalvalueof£1.Noprovisionismade for
depreciation.The trusteeshavenotquantifiedthe differencebetweenmarketvalueandnominalvalue. Other
tangibleassets are initiallyrecorded at cost, and subsequentlystated at cost less any accumulated depreciation
and impairment losses.
Depreciation
Depreciationiscalculatedsoastowriteoffthecostorvaluationofanasset,lessitsresidualvalue,over the
useful economic life of that asset as follows:
Office equipment - 25% straight line
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 10
Chadacre Agricultural Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
Afinancialassetorafinancialliabilityisrecognisedonlywhentheentitybecomesapartytothe contractual
provisionsoftheinstruments.Basicfinancialinstrumentareinitiallyrecognisedattheamountreceivable or
payableincludinganyrelatedtransactioncosts,unlessthearrangementconstitutesafinancing transaction,
where it is recognisedat the present value of the future paymentsdiscountedat a market rate of interestfor a
similardebtinstrument.Currentassetsandcurrentliabilitiesaresubsequentlymeasuredatthecashor other
considerationexpectedtobepadorrecievedandnotdiscounted.Whereinvestmentsnsharesor preference
sharesarepubliclytradedortheirfairvaluecanotherwisebemeasuredreliably,theinvestment is
subsequentlymeasuredat fair value with changesin fair value recognisedin income and expenditure.All other
such investments are subsequently measured at cost less impairment.
Going Concern
At the time of approvingthese financialstatements,the trustees have a reasonableexpectationthe the charity
hasadequateresourcestocontinueinoperationalexistenceforaperiodofatleastthenexttwelve months.
Thusthetrusteescontinuetoadoptthegoingconcernbasisofaccountinginpreparingthese financial
statements.
Judgements and key sources of estimation uncertainties
Thepreparationofthefinancialstatementsrequiresmanagementtomakejudgements,estimates and
assumptionsthataffecttheamountsreported.Theseestimatesandjudgementsarecontinuallyreviewed and
arebasedonexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedto be
reasonable under the circumstances.
Incoming resources
All incoming resources are included in the Statement of FinancialActivities when the charity is legally entitled to
theincomeafteranyperformanceconditionshavebeenmet,theamountcanbemeasuredreliablyandit is
probable that the income will be received.
Resources expended
Expenditureisrecognisedwhenalegalorconstructiveobligationarises.Inthecaseofmulti-year grants,
provisionsismadeforgrantspayableinfutureyearswheresuchanorganisationexistsatthebalance sheet
date, in accordance with the SORP.
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
Investment income
Deposit account interest |
2024
£
190,585
70
190,655 |
2023
£
188,925
55 |
|
|
188,980 |
continued...
Page 11
Chadacre Agricultural Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
3. AUDITORS' REMUNERATION
AUDITORS' REMUNERATION |
|
|
|
2024 |
2023 |
|
£ |
£ |
Fees payable to the charity's auditors for the audit of the charity's financial |
|
|
statements |
3,936 |
3,936 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024norforthe year
ended 31 March 2023.
The administration is carried out on a self-employed contractual basis. The Trust employs no staff.
Trustees' expenses
Travelandmeetingvenuehireexpensesof£1,054werereimbursedtotrusteesduringtheyear. No
emoluments were paid to trustees.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Expenditure on charitable activities
Other expenditure
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
188,980
800
189,780
154,655
634
155,289
(256,747)
(222,256)
6,680,556
6,458,300 |
|
|
continued...
Page 12
Chadacre Agricultural Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. TANGIBLE FIXED ASSETS
Freehold
Computer
property
equipment
£
£
COST
At 1 April 2023 and 31 March 2024
1
2,589
DEPRECIATION
At 1 April 2023 and 31 March 2024
-
2,589
NET BOOK VALUE
At 31 March 2024
1
-
At 31 March 2023
1
-
7.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2023
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2024 |
Totals
£
2,590
2,589
1
1
Listed
investments
£
6,529,430
590,976
7,120,406
7,120,406
6,529,430
Listed
investments
£
7,120,406 |
|
|
continued...
Page 13
Chadacre Agricultural Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
8.
STOCKS
Finished goods
Stock comprises books for resale.
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Trade creditors
12.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
6,458,300
TOTAL FUNDS
6,458,300
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
192,465
(241,946)
TOTAL FUNDS
192,465
(241,946) |
|
2024
£
1,790
2024
£
47,847
2024
£
116,479
2024
£
82,875
Net
movement
in funds
£
541,495
541,495
Gains and
losses
£
590,976
590,976 |
2023
£
1,920
2023
£
47,415
2023
£
88,670
2023
£
90,058
At
31.3.24
£
6,999,795
6,999,795
Movement
in funds
£
541,495
541,495 |
|
|
|
|
|
|
|
|
continued...
Page 14
Chadacre Agricultural Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.22
£
6,680,556
6,680,556 |
Net
movement
in funds
£
(222,256)
(222,256) |
At
31.3.23
£
6,458,300 |
|
|
|
6,458,300 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
189,780
189,780 |
Resources
expended
£
(155,289)
(155,289) |
Gains and
Movement
losses
in funds
£
£
(256,747)
(222,256)
(256,747)
(222,256) |
|
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.22
£
6,680,556
6,680,556 |
Net
movement
in funds
£
319,239
319,239 |
At
31.3.24
£
6,999,795 |
|
|
|
6,999,795 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
382,245
382,245 |
Resources
expended
£
(397,235)
(397,235) |
Gains and
Movement
losses
in funds
£
£
334,229
319,239
334,229
319,239 |
|
|
|
|
continued...
Page 15
Chadacre Agricultural Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 16
Chadacre Agricultural Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
INCOME AND ENDOWMENTS
Investment income
Investment income
Deposit account interest
Other income
Rental income
Centenary book income
Total incoming resources
EXPENDITURE
Charitable activities
Administrator's fee
Travelling & Marketing expense
Bank charges
Website & Promotion expense
Centenary books
Grants to institutions
Grants to individuals
Support costs
Governance costs
Auditors' remuneration
Total resources expended
Net (expenditure)/income |
2024
£
190,585
70
190,655
1,550
260
1,810
192,465
27,633
1,054
128
263
430
119,610
88,892
238,010
3,936
241,946
(49,481) |
2023
£
188,925
55 |
|
|
188,980
600
200 |
|
|
800 |
|
|
189,780
26,010
973
121
390
634
67,219
56,006 |
|
|
151,353
3,936 |
|
|
155,289 |
|
|
34,491 |
This page does not form part of the statutory financial statements
Page 17