2021-09-30-accounts

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Charity number: 314105

The Cranbury Foundation

Unaudited

Trustees’ report and financial statements For the year ended 30 September 2021

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The Cranbury Foundation

Contents

	Page
Reference and administrative details ofthe charity, its trustees and advisers	1
Trustees’ report	2-4
Independent examiner's report	5
Statement offinancial activities	6
Balance sheet	7
Notestothefinancialstatements	8-15

The Cranbury Foundation

Reference and administrative details of the charity, its trustees and advisers For the year ended 30 September 2021

Trustees

The Viscount Lifford Sir lan Macdonald T Anstruther JT Hewitt

Charity registered number

314105

Independent Examiner

Simon Webber, BA (Hons), DChA, FCA, Kreston Reeves LLP, 9 Donnington Park, 85 Birdham Road, Chichester, PO20 7AJ

Investment Managers

Rathbone Investment Management Limited, Fiennes House, 32 Southgate, Winchester, Hampshire, SO9 7ND

Accountants

Kreston Reeves LLP, 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 TAJ

Solicitors

Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH

Bankers

National Westminster Bank plc, 12 High Street, Southampton, Hampshire, SO9 7ND

Registered office

Cranbury Park, Winchester, Hampshire, S021 2HL

Page 1

The Cranbury Foundation

Trustees‘ report For the year ended 30 September 2021 The Trustees present their annual report together with the financial statements for the year ended 30 September 2021.

Objectives and Activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit and in particular to its supplementary public benefit guidance.

The Trustees hold the Trust funds (subject to any express conditions imposed by the donor) for general charitable purposes. In furtherance of this objective, the Trustees have adopted a policy of giving donations to various other charities and organisations. The Trustees have decided to prioritise local charities when making decisions on the granting of donations and that any surplus of available income would be donated to Muscular Dystrophy UK. The charity raises funds from the renting of its investment properties and the income derived from its other investments. There have been no changes to the charity's aims or policies in the financial year.

b. Activities for achieving objectives

Investment properties are held to raise funds from rent received. Investment properties have been included in the accounts at open market value.

c. Main activities undertaken to further the charity's purposes for the public benefit

The objects of the Foundation are wide, but the Trustees focus their grant making in two main areas. The first of these is the support of research into Myotonic Muscular Dystrophy, and the majority of funds are directed to the national charity supporting sufferers of that condition and research into the causes and the development of treatments for Myotonic Dystrophy, Muscular Dystrophy UK.

In addition to that primary focus, the Foundation supports many local charities in Hampshire and the Trustees are always conscious of the need to assess the impact of such varied donations.

Achievements and performance

a. Financial review of activities

The charity raised £72,050 (2020: £71,850) from the renting of its freehold property and £4,379 (2020: £4,369) from dividends and interest received from its investments. The cost of repairs, maintenance and management of the charity's rented property was £26,159 (2020: £16,083). Management of the charity's other investment cost £1,206 (2020: £1,153).

Other costs, including management and administration costs, were £9,527 (2020: £8,066).

The charity made 5 donations to various charities and organisations this year which amounted to £39,427 (2020: £53,180). These include a donation of £35,000 (2020: £50,000) to Muscular Dystrophy UK.

During the year there were £29,255 additions (2020: £18,876) and £19,345 disposals (2020: £17,534) within the listed investments of the charity. The market value of listed investments increased by £21,229 (2020: decreased by £13,175). The profit on the revenue account for the year amounted to £1,316 (2020: deficit £1,110). Gains on the disposal of quoted investments were £3,198 (2020: gain of £294).

The Investment properties have also been revalued in the year by £195,000 (2020: £Nil) and now have a value per the accounts of £2,145,000 (2020: £1,950,000)

Page 2

The Cranbury Foundation

Trustees’ report (continued) For the year ended 30 September 2021

The net assets of the charity, as shown in the balance sheet, increased by £217,545 (2020: decreased by £14,285).

b. Investment policy and performance

The Trustees are empowered to invest the trust monies in the same unrestricted manner as if they were the beneficial owners of such monies.

The charity's investments are managed by independent investment managers. Income from the investments is used to further the objects of the charity. Investments are stated at mid-market value at the year end. Gains or losses arising on revaluation are transferred to the revaluation reserve.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

The Trustees continue to consider the impact of the ongoing Covid-19 pandemic on the charity.

b. Reserves

General fund

The balance on the general fund, which represents the original capital and further capital donations, has remained the same this year (2020: remained the same). The balance on the general fund is £469,463 (2020: £469,463).

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Revaluation reserve

The revaluation reserve, which represents the revaluation of investments and the investment properties, has increased by £216,229 (2020: decreased by £13,175). The balance on the revaluation reserve is £1,892,634 (2020: £1,676,405).

Revenue reserve

The policy of the trustees is that, having considered known major property repairs that will occur in the foreseeable future, the charity will only keep a small additional reserve to meet any immediate need or expenditure. The charity will donate most of the income less its expenditure in the financial year that it arises taking only a small surplus or deficit to the revenue reserve.

The revenue reserve has increased by £1,316 (2020: decreased by £1,110). The balance on the revenue reserve is £(40,654) (2020: £(41,970)).

Page 3

The Cranbury Foundation

Trustees' report (continued)

For the year ended 30 September 2021

Structure, governance and management

a. Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The power of appointing new or additional Trustees is vested in the Founder during her life and in the trustees thereafter. The number of Trustees cannot exceed 9 at any time.

b. Organisational structure and decision making

A board of Trustees of up to 9 members, who meet regularly, manage the charity. The day to day administration of the charity is carried out by Cranbury (Holdings) Limited.

Cranbury (Holdings) Limited is the parent company of the Cranbury Group. It carries out management work for the charity.

This report was approved by the Trustees, on

and signed on their behaif by:

The Viscount Lifford, Trustee

Page 4

28 June 2022

The Cranbury Foundation

Statement of financial activities

For the year ended 30 September 2021

Statement of financialfinancial activities For the year endedended 30 September 2021
		Unrestricted funds	Total funds	Total funds
		2021	2021	2020
	Note	£	£	£
Income from:
Othertrading activities Investments	2 3	72,050 4,379	72,050 4,379	71,850 4,369
Total income		76,429	76,429	76,219
Expenditure on:
Raising funds Charitable activities	2	32,236 42,877	32,236 42,877	20,807 56,522
Total expenditure	4	75,113	75,113	77,329
Net income / (expenditure) before other recognised gains and losses Gains/(losses)on revaluations offixed assets	7,8,9	1,316 216,229	1,316 216,229	(1,110) (13,175)
Netmovement in funds		217,545	217,545	(14,285)
Reconciliation offunds:
Total funds brought forward		2,103,898	2,103,898	2,118,183
		2,321,443	2,321,443	2,103,898
Totalfundscarriedforward		——

The notes on pages 8 to 15 form part of these financial statements.

Page 6

The Cranbury Foundation

Balance sheet As at 30 September 2021

----- Start of picture text -----
2021 2020
Note £ £ £ £
Fixed assets
Investment property 8 2,145,000 1,950,000
Investments 9 156,260 125,121
2,301,260 2,075,121
Current assets
Debtors 10 3,822 7,759
Cash at bank and in hand 37,477 45,539
41,299 53,298
Creditors: amounts falling due within one
year 11 (21,116) (24,521)
Net current assets 20,183 28,777
Net assets 2,321,443 2,103,898
Charity Funds
Unrestricted funds 12 2,321,443 2,103,898
Total funds 2,321,443 2,103,898
----- End of picture text -----

The financial statements were approved by the Trustees on

and signed on their behalf, by:

The Viscount Lifford, Trustee

The notes on pages 8 to 15 form part of these financial statements.

Page 7

Notes to the financial statements For the year ended 30 September 2021

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The Cranbury Foundation

1. Accounting policies

2. 1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a ‘true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Financial Reporting Standard applicable in the United Kingdom and Republic of lreland (FRS 102) and Charities Act 2011.

The Cranbury Foundation constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern After making the appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

• 1.3. Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

• 1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.5 Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Page 8

The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

1. Accounting policies (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

1.6 Revaluation of Investment property

The charity has adopted the revaluation model to revalue items of Investment property whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. The fair value of items of plant and machinery is usually their market value determined by appraisal.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity.

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Page 9

The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

1. Accounting policies (continued)

1.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

2. Trading activities

Trading activities
		Unrestricted	Total
		funds	funds
		2021	2020
		£	£
Other trading activities
Rental income		72,050	71,850
Raising funds
Rental expenses Investmentmanagement fees Propertyrepairs and maintenance Insurance		6,360 1,206 19,799 1,147	5,640 1,153 10,443 1,031
Legal and professional fees Bank charges		3,534 190	2,360 180
		32,236	20,807
Net income from trading activities		39,814	51,043
Investment income
	Unrestricted funds	Total funds	Total funds
	2021	2021	2020
	£	£	£
Investment income - local listed investments	4,379	4,379	4,369
Total2020	4,369	4,369

3. Investment income

Page 10

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The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

1. Total expenditure

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Other costs|Total|Total| |2021|2021|2020| |£|£|£| |Expenditure|on|raising|funds|32,236|32,236|20,807| |Costs|of raising|funds|32,236|32,236|20,807| |Donations|and|Grants|39,427|39,427|53,180| |Governance|costs|3,450|3,450|3,342| |Charitable|activities|42,877|42,877|56,522| |75,113|75,113|77,329| |Total|2020|77,329|77,329|

----- End of picture text -----

The Cranbury Foundation donated to the following in the year;

Muscular Dystrophy - £35,000 Otterbourne Village Hall - £3,397 Basingstoke & Alton Cardiac Rehab Charity - £1,000 Alresford & District - £30

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |5.|Net|income/expenditure| |This|is|stated|after|charging:| |2021|2020| |£|£| |Independent|Examiner's|-|other|services|2,250|2,142| |During|the|year,|no|Trustees|received|any|remuneration|(2020|-|ENIL).| |During|the|year,|no|Trustees|received|any|benefits|in|kind|(2020|-|£NIL).| |During|the|year,|no|Trustees|received|any reimbursement|of expenses|(2020|- ENIL).|

----- End of picture text -----

1. Independent Examiner's remuneration

The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,250 (2020 - £2,142).

Page 11

The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

1. Tangible fixed assets

Tangible fixed assets
	Amenity
	equipment
	£
Cost
At 1 October2020 and 30 September2021	§,311
Depreciation
At 1 October2020 and 30 September 2021	5,311
Net book value
At 30 September 2021	-
At 30 September2020	-
Investment property
	Freehold
	investment
	property
	£
Valuation
At 1 October2020	1,950,000
Surplus/(deficit) on revaluation	195,000
At30September2021	2,145,000

1. Investment property

The 2021 valuations were made by T J Piper, MRICS, the estate manager of the Cranbury Estate, on an open market value for existing use basis.

9.	Fixed assetinvestments	—
			Listed
			securities
			£
	Market value
	At 1 October2020		125,121
	Additions Disposals Revaluations Profit/(loss) on disposal		29,255 (19,345) 18,031 3,198
	At30September2021		156,260

Page 12

The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

1. Fixed asset investments (continued)

Investments at market value comprise:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Listed|investments|156,260|125,121| |All|the|fixed|asset|investments|are|held|in|the|UK.| |10.|Debtors| |2021|2020| |£|£| |Broker|accounts|1,867|6,294| |Prepayments|and|accrued|income|1,955|1,465| |3,822|7,759|

----- End of picture text -----

1. Creditors: Amounts falling due within one year

----- Start of picture text -----
||||| |---|---|---|---| |2021|2020| |£|£| |Trade|creditors|284|-| |Other|creditors|4,045|8,363| |Rental|deposits|675|675| |Accruals|16,112|15,483| |21,116|24,521|

----- End of picture text -----

1. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance|at| |Balance|at|30| |1|October|Gains/|September| |2020|Income|Expenditure|(Losses)|2021| |£|£|£|£|£| |Unrestricted|funds| |General|fund|469,463|-|-|-|469,463| |Revenue|reserve|(41,970)|76,429|(75,113)|-|(40,654)| |Revaluation|reserve|1,676,405|-|-|216,229|1,892,634| |2,103,898|76,429|(75,113)|216,229|2,321,443|

----- End of picture text -----

The General fund represents the original capital and further capital donations made to the charity.

The Revenue reserve represents the net surplus/(deficit) made by the charity in total, from the capital donated to the charity.

Page 13

The Cranbury Foundation

Notes to the financial statements

For the year ended 30 September 2021

12. Statement of funds (continued)

The Revaluation reserve represents the revaluation of investments and the investment properties.

Statement of funds - prior year

					Balance at
	Balance at				30
	1 October			Gains/	September
	2019	Income	Expenditure	(Losses)	2020
	£	£	£	£	£
General funds
General fund Revenue reserve Revaluation reserve	469,463 (40,860) 1,689,580	- 76,219 -	- (77,329) -	- - (13,175)	469,463 (41,970) 1,676,405
	2,118,183	76,219	(77,329)	(13,175)	2,103,898

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Analysis of net assets between funds - currentcurrent year
	Unrestricted
	funds
	2021
	£
Fixed asset investments	156,260
Investment property Current assets Creditors due within one year	2,145,000 41,299 (21,116)
	2,321,443

Analysis of net assets between funds - prior year

Analysis of net assets between funds - prior year
	Unrestricted
	funds
	2020
	£
Fixed asset investments Investment property Current assets Creditors due within one year	125,121 1,950,000 53,298 (24,521)
	2,103,898

Page 14

The Cranbury Foundation

Notes to the financial statements For the year ended 30 September 2021

14. Related party transactions

Cranbury (Holdings) Limited (The company that manages the day to day running of the charity and of which The Viscount Lifford, a Trustee of the charity, is a director.)

During the year the charity paid management charges to Cranbury (Holdings) Limited of £7,200 (2020: £6,840) in respect of the management of the charity's properties. At the balance sheet date, included in other creditors and accruals, the charity owed Cranbury (Holdings) Limited £11,245 (2020: £15,203).

In the opinion of the Trustees the charity is controlled by the trustees.

Page 15