``` 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 ```