Charity number: 31410S The Cranbury Foundation Unaudlted Trustees. report and financial statements For the year ended 30 Septsmber 2023 The Cranbury Foundatlon Contonts Page Reference and admln15tratlve delalls of the Charlty, Its Trustees and advlsers Truslees. report Indepèndent examlngrfs report 8tstem6nt of financlal a¢tlvltles Balanc• sheet Not•s to the financial statements 8-17 Th¢ Cranbury Foundatlon Rgference and admlnistralive detslls of the Charity. Sts Trustees and advisers For thg year ended 30 September 2023 Trustees The VISCO￿1 Lifford Slr Ma¢dMald T Anstruther J T Hewltt ChaTIty registored number 314105 Princlpal office Crant￿ry Pwk Wknd*sler Harysknre S0212HL 9 Donnington Park 85 Brdham Ro•J Chlchester West Sussox P020 7P Bankers Natlond Westminsler Bank p 12 High Street Southampton Hampshire S09 7ND Sollcltors FaTrer & Co 66 Lincolrfs Im F￿5 LcrLdon Investment Managers Ra￿tsne InveStr￿1 Mwement Limited Fi8nnes Hc￿se 32 Southgaig WinL*esler Hampshire S09 7ND Independent Examlner &mon Webber. BA IH(￿s￿ FCA Kreston Reeves LLP 9 DDnningtrm Park 85 Birdham Ro>J Chichester P020 7 Tho CTanbury Foundallon Tru5tees' report Forlhp yèar ended 30 September 2023 The Trustees prespnl thelr annual report togethw wlth the financlal statements ofth& Charity for the year 1 October 2022 to 30 Septemb8r 2023. Objectlves and actlvitié$ a. Pollcles and objectivos Irt Settlng objecttves and p]annlng for acliviltes. the TTUStees hav8 9Sven due consideration lo gèneral guidance published by the charity commission relating to wblic banefit and In parucularto Its supplementary publlc benefit guidance. The Trustees hold the Trusl funds Isubjecl to any express condition5 imposed bythe donor) for general charitable purposes. In furtherance of this objedive. the Trustees have adopted a policy of giving donations to various other charitles and organisatsons. Tho TTUStee5 have decided lo priori115e local charities when maklng decisions on ihe granting of donallons and that any surplus of available income would be donated lo Muscular Dystrophy UK. The charity ralses funds from the renting of its Invèslment properbes and the income deTived from Its other imiestments. Theré have been no changes lo the charitys aims or poltcies in the finoncial y8ar. b. Activities undertaken lo achlgve objgthes Investment properties are held to ra18e funds from rent recelved. Inve8lmenl prr4)eriies have been irKluded in thè aetounts at open market value. . Main actlvitl•s undortaken to further the Charlty's PUTpose5 for the publlc benpfit The oblecls of the Foundation are wide. but the Trustees focus their grant making in iwo main ar&qs. The first of those 15 Ihe support of research into MyolonK Muscular Dystrophy• and the majority of funds are directed to the national charity supporting suff8T8rs of thal condition and research Into the causes and the development of treatment8 for Myotonic Dystrophy. Muscular Dystrophy UK. In adthlion to that primary focus, the Foundation supports many local charities in Hampshire an(1 the Trustees are a￿ayS conscious of the need to assess the Impact of such varied donations. Achlevements and perforniance Flnanclal revtew . Golng concem After maklng appropriate enqulri8s, the Trustees have a reasonabl8 8xpeclation that the Charity has adequate resources to contlnue In operal(onal exlstence the foreseeable future. For thls reason, they ¢C￿lInUe lo adopt the golng concem basis In preparing the financial statements. Further detsi15 regarding the adoption of the going concem basls can be found In thè accounting policies. Page 2 The Cranbury Foundation Trusteès. report (continued} For the year ended 30 September 2023 b. Res•rve$ pO￿¢Y The chadty raised £73,755 (2022: £72.050) from the r￿9 of its freehjd property and £5,255 {2022.' £4.7321 from dNidends antl inl8r8St received frcffi lis investmerts. Tr eost ol repairs maintenarKe and management of the charitys rented propertywas £9.613 (2021. £13,432). M8nag8mgnl ofthe charitys other investment cost £1.39412022: £1.352). Other cosis. Inckjdlng management and athHnlstraOon costs. ￿re £8.695 {2022: £7,349). The charity made 5 donati￿S to var￿uS tharities and ￿g￿t￿)￿S this y6arthlth amurrt8(I to £30.030 {2022: £41,030). These include a dorRtlon rf£25.¢JX>12022: £40.0(X)) to Muscular DJFtrophy UK. During th& year therg were £12.182 additsons (21Y22: £39,487) and £14,515 di5pusa1512022: £21.945) wlthln the liste'd inveslmnts of th8 charity. Th& mwket vakne of listed In￿st￿ts ￿Creased ty£1,63012022: decreased by £20.276). The profft on the r8V8nue acc(xmt for the to £2927812022: suWug £13.619). Galns on the disposal ofquoted Investrnerts w￿& £1.188 P022: gain of £694). The Investrnent rffopert￿ have also been revalued in the JEar bya decrease of £97.736 {21r22: increase of £185.328) and now have a v￿ue pw ￿ accounts of £2232W212022: £2,330,328) The nel 8ss8ts ofthe charity. as Str￿w￿ In the balance slrt decre￿ by£66,828 {2022: Inc¥eased by £178.671>. c. Materlal Investments policy The Trustees are empowèred to iwest the Ifust rrnrwes in Ihe sam8 urrestrict•J Manr￿aS If theywere the beneficial owners of such monies. The charivs imiestments are managed by irbjependent inveslmenl managers. Income from the investrnenls is used lo further the objects of the charity. Investm8nts are ststed al rrudvmarkei value at the year end. Gal￿ or los$e5 arising on revaluation are transferred lo Ihe rewaluation re5erye. d. RKerves Gen￿￿ fmd The balance on the general fund. which represents the orwjytal capital and ftrther capital donattons. has remained the same thi5 year (2022: remalned the same). The balance on the gerEral fund is £469,463 {2021" £469.463). Revaluation reserve The ravaluation reserve. which rewesents Ihe revafuatFon of investrnents and the Inveslment properties, has decreased by £96.10612022: increased by £165.052). The balance on the revaluation reserve is £1,961.580 (2022: £2,057,686). Revenuè res8rvè Thé policy of the t￿￿eS is thac having c(m$idered kno*m propety repalrs that WW occurln the fores8&abl8 futuro. thg tharity wal onty keep a small athliiional reserve to meet any Immediate need or expenditure. The tharitywll donat8 most of the income le55 tts expenditure kn the ffftanclal ye¥ Ihat il aTi$es taking 0￿Y a smau sury)lus or deficit to the revenue reser¥e. The revenue reserve has incr&*ed by£29,278 (2022: inc¥eased by£13.619). The balarKg on Ihe revenue r8serve Is Q24312022: (£27,035)). Th• Cranbury Foundatlon Trustees, report l¢antinu8dl For th• year ended 30 Sept•mb¢r 2023 Stru¢tur•, gov•rnanc• and managernent . Methods of 4ppolntm•nt or •18ction of Truste•s The management of the charity is the r8sponsibility of the Trusteès who are elected and co-OPt8d under the tams of the Trust deed. The powei of appointing new or addit￿al Trustees is vesle(l in the Founder during her life and in the Irustees thereafter. The number of Trustees cannot èxceed 9 at any time. b. Organlsatlonal structure and declslonwmaklng poll¢le$ A board of TTUStees of up lo 9 members. who meet regvlarfy, manage th8 charity. The day to day administration of the charity is carried out by Cranbury (Holdingsl Limited. Cranbury IHoldingsl Limited is the parent wmpany ol the Cranbury Group. 11 carries out management work for the charlty. Statemgnt of Trust••s' responslbllltles The Trusloes are responsible for preparing the Trustees. report and the financial statements in accordance wrth appllcable law and Uniltrd Kingdom A¢¢ounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requi￿$ the Trustees lo prepare financial st8temenls lor each financial year which give a true and lair view ol the slate of affairs of the Charity and of its incoming resoijrces and application ol resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them ￿nsiStenI1y'. ObSe￿e the methods and principles ol the Charities SORP IFRS 1021.. makè judgmènts and a¢counling eslimal8s th81 arè reasonablg and prudent., state whether applicable UK Accountin9 Standards IFRS 1021 have been followed, subjocl lo any malerial departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in bLtsin¢ss. The Trustees are responsible lor keeping adequate accounting records that are sufficient to show and explain the Charitls transaclions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the finan¢ial stalemenls Comply with the Charities Act 2011. the Charity IA¢counts and Reports) Regulations 2008 and the provisions of the Trust deed. They are a150 responsible for Safeguarding the assets of the Chafity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Appfo order ol the member5 of the board of Twstees and signed on their behalf by.. Th• Visco (Trusteel Dale.. 14 May 2024 nt Llfford Page 4 The Cranbury Foundation Independent examiner's report Forthe year ended 30 September 2023 Independent examinerfs report to the Trustees of The Cranbury Foundation I'the Charity.) I report to the charity TrLJStees on my examination of the accounts of the Charity for the year ended 30 September 2023. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Acl'l. I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent examiner's statement Your attention is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply wth the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no cOn￿M5 and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charit￿$ Trustees those mallers l am required lo slate to them in an Independent examiner's report and for no other purpose. To the fullest exlenl pemilled by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed= 15 May 2024 Simon Webber, BA IHonsl, DChA, FC Kreston Reeves LLP Chartered Accounlanls Chichester Page 5 The.Cranbury Foundatlon Stat•m¢nt of flnancial acttvitle5 For the year endod 30 Septembèr 2023 Unre5tricled funds 2023 Totsi funds 2023 Tofal funds 2022 Note Income from: Other trading arthvitlas Investments 73.755 4255 73,755 5,255 72.050 4.732 Total In¢ome 79.010 79,010 76.782 Exp.endlturè ¢n: Ralsing funds Charitable activities 16.252 33,480 16,252 33,480 18.569 44.594 Total expendlture 49,732 49.732 63,163 Net M0￿merrt In funds before oth8r rocogn158d galnsl(lo&ses) 29,278 29.278 13.619 oth'er recognlsod gainslllossesl: {Los8esygalns on revaluation of r￿ed assets (96.106) (96.106) 165,052 Nèt mov•m8nt In funds (66,828) 166,828) 178,671 ReGonciliation ol funds: Total funds brought foNard Net movement in funds 2.500,114 (66.828) 2.500.114 (66.828) 1321.443 178.671 Total funds carrled forward 2,433,286 2,433,286 2.500,114 Thfr Ststemènl of finanaal 8cllvllle8 Includes all galns aNJ losses recognlsed In the y88r. The nol8s on pages 8 10 17 fomi part of Ihesa financial ststements. Page 6 The Cranbury Foundation Balancè sheet As at 30 S•pt•mb•r 2023 2023 2022 Flx•d assets Investments Investsnent propety 152,823 2.232.592 153,526 2.330,328 2.385,415 2.483,854 Current a$sets Debtors Cash al bank and in hand 2,494 35,054 32,997 67,879 37.548 Creditors.. amounts falling due wrthin one (20,008) 121,2881 N•t curr•nt ass•ts 47.871 16,260 Total as$¢t$ lèss curr•nt liabiliti•s 2.433.286 2,500,114 Totsl net ass•ts 2.433.286 2,500,114 Charfty funds Unrestricted lunds 2.433,286 2.500,114 Total funds 2.433,286 2,500,114 The financial statemen15 were approved and aLthorised for issue by the Trustees antl signed on their behalf b￿. Th? Vis (Trusleel Dale.. 14 May 2024 nt Lifford The notes on pages 8 to 17 forrn part of those financial statements. Page 7 The Cran￿ry Foundatton Notes to the flnan¢lal statemerbts For th• yoar ended 30 September 2023 ¢ounliry pollcles 1.1 Basls of pr•parailon of financlal statem The financlal statements have been prepared wi accLYdance wilh the Charfues SORP (FRS 1021- Accounting arKI RepcKting by Chariltes: Statement of Recommended Prxtlce applicaFAè to charities preparing their accounts in a￿1rd8￿ with the Flnancial ReportirwJ Standard aFvlScable Sn the UK and Republic of Ireland (FRS 102) (effective 1 January 2019X the Finanoal ReporttrvJ Standard applicable in the UK and Republk of Ireland IFRS 1021 and Ihe Ctharities Act2011. The financial ststements have been prepared to glve a Iwe and fair vi8w and have departed from Charities (Aecounls and Reports) RegulatIor￿ 2008 otty to th8 exient required lo provide a Xrue and fairf viow. This departure ha5 IrNolved ftjllowng the Charities SORP {FRS 102} published in October 2019 rather than the A￿0untirrfj and Reporting by Charit￿& Statement of Recommended Praclice effectfve from 1 ApTI 21))5 which has ￿ce been wlhdrawn. Thg c[ant￿ry FOUr￿allOn meets thg dthifion of a pulli¢ ben8fft enbly under FRS 102. Assois aTh Ilabilitses are In￿allY recogThwJ at hIStor￿al cost or transacticffl value ￿1￿56 otherwse slated In the reknnt acmunting pofy. 1.2 Incomè AJI Income is recognised onee the Charity has entiuement to the income, it 15 Pro￿ble that th& Income will b& recwed and ￿ arTh)wt of re￿1¥able can be measured reliably. 1J ExpendltUTe Expenditure is recognised On￿ there Is a legal or conStr￿t￿e obligation to transfer econorric bènefit to a Ihird party. st is probabie that a transfer of econonK benèfits bg requlred in setuement and the amounl ofthe rt)Itgabon Can be Thwsured refiably. Ex￿ndItUre is dassified by actimty. The costs of each activity aTe made up of the 10t￿ of dire￿ costs and shared costs. includng support Eosts involved in undertaking eath acbwty. Direct costs attribJtable to a sngle activity are allocaled directly to that aclivity. Shared costs whith ccrf)tribute to more than one 8Ktivity and support costs which are not attributable lo a single actNty are apportioned beiween those acbvities on a basls c(msistent with the use of resource5. Centfdl slaff costs are allocated on the basis of time spent. and depreuation charges allocated on the ofthe asset's use. Expenditure on raising funds indth ￿ expenthture ￿Curred by the Charity lo ralse funds for its chaiitable purposes and Indudes costs of all fvndrai8ing activilies events and non 165,052 2.321,443 76,782 163,163} 165.052 2.500.114 13. Summary of funds Summary of funds - current year Balance at 30 GaIn￿ Sèptsmber (Losses) 2023 Balance at 1 October 2022 Incomè Expènd5ture General funds 2,500,114 79.010 (49,732) <96,1061 2,433,286 Summary of funds - prior year Balance at Balance at 1 October 2021 Galnsj September (Losses) 2022 Income Expenditure General funds 2.321.443 76,782 {63,163} 165,052 2,500.114 Page 16 Tha Cranw Foundatlon Notes to the flnancial staternentS For the year ended 30 September2023 1& Analysls of nèt assets I￿1￿9￿n funds Analysis of net assets bel¥Yeen funds. current year UnrestrlGted funds 2023 Total fvnds 2023 152.823 2,232,592 67,879 {20.008) 152,823 2,232.592 67,879 (20.0081 Investment property Current assets Creditors due wilhin one year Total 2,433,286 2,433,286 Analysls of nèt •ss•ts betwoen funth- W10r￿ Unrestrictèd funds 2022 Total funds 2022 Fixed asset Invesbnents Invethnl property Current assets Credltors duo withln orÉ y 153.526 2230,328 37.548 (21.288> 153.526 2,330.328 37.548 (21.2881 Tt)tal 2.500.114 2.500.114 15. Related party transactlon5 Cranbury (Holdings> Lknltod ffhe ccthpanythat ￿AnageS the day to day runring of the charty and of Ykntch The Vtscount Lifford and J T W He￿ Trusloes ofthe charity, arè ￿rectr￿s.) During the year the tharity pakl manag8ment clwrges to CranbLry (Hcldings) Limlted of £7.200 {2022: £7.2W) n respect ofth8 management of the charri￿$ prwertl8s. At the balance sheet date. included In 0th8r cr8driors and accruaK the thaiity owed Cranlw (Holdlngs) Limited £4.315 (2022: £4.070) In thè oplnk)n of the Twstees the charity is cnntrLthd by Ihe tr￿tee& Page 17