Charity number: 314105
The Cranbury Foundation
Unaudited
Trustees' report and financial statements For the year ended 30 September 2024
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 | 8-16 |
The Cranbury Foundation
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 September 2024
| Trustees | The Viscount Lifford | ||
|---|---|---|---|
| Sir lan Macdonald | |||
| ~ ‘ |
T Anstruther | ||
| J T Hewitt | |||
| Charity registered | |||
| number | 314105 | ||
| Principal | office | Cranbury Park | |
| Winchester | |||
| Hampshire | |||
| $021 2HL | |||
| Accountants | Kreston Reeves LLP | ||
| Chartered Accountants | |||
| 9 Donnington Park | |||
| 85 Birdham Road | |||
| Chichester | |||
| West Sussex | |||
| PO20 7AJ | |||
| Bankers | National Westminster Bank pic | ||
| 12 High Street | |||
| Southampton | |||
| Hampshire | |||
| SO9 7ND | |||
| Solicitors | Farrer&Co 66 Lincoln's Inn Fields |
||
| London | |||
| WC2A 3LH | |||
| Investment Managers | Rathbone Investment Management Limited | ||
| Bi | , | - | Fiennes House |
| een , Te |
32 Southgate Winchester |
||
| ee | Hampshire | ||
| SO9 7ND | |||
| Independent Examiner | Kelly Goodwin, BA (Hons), FCA Kreston Reeves LLP |
||
| ite | 9 Donnington Park | ||
| 85 Birdham Road | |||
| Chichester | |||
| PO207AJ |
Page 1
The Cranbury Foundation
Trustees’ report
For the year ended 30 September 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 October 2023 to 30 September 2024.
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 undertaken to achieve 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
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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 2
The Cranbury Foundation
Trustees‘ report (continued) For the year ended 30 September 2024
b. Reserves policy
The Charity raised £85,915 (2023: £73,755) from the renting of its freehold properties and £7,684 (2023: £5,255) from dividends and interest received from its investments. The cost of repairs, maintenance and management of the Charity's rented properties was £50,149 (2023: £9,613). Management of the Charity's other investment cost £1,598 (2023: £1,394).
Other costs, including management and administration costs, were £7,719 (2023: £8,695).
The Charity made 5 donations to various charities and organisations this year which amounted to £33,730 (2023: £30,030). These include a donation of £30,000 (2023: £25,000) to Muscular Dystrophy UK.
During the year there were £14,094 additions (2023: £12,182) and £50,756 disposals (2023: £14,515) within the listed investments of the Charity. The market value of listed investments increased by £11 322 (2023: increased by £1 630).
The surplus on the revenue account for the year amounted to £403 (2023: surplus £29,278). Losses on the disposal of quoted investments were £897 (2023: gain of £1,188).
The investment properties have also been revalued in the year by an increase of £33,166 (2023: decrease of £97,736) and now have a value per the accounts of £2,265,758 (2023: £2,232,592).
The net assets of the Charity, as shown in the balance sheet, increased by £34,751 (2023: decreased by £66,828).
c. Material investments policy
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.
d. Reserves
General fund The balance on the general fund, which represents the original capital and further capital donations, has remained the same this year (2023: remained the same). The balance on the general fund is £469,463 (2023: £469,463).
Revaluation reserve The revaluation reserve, which represents the revaluation of investments and the investment properties, has increased by £34,348 (2023: decreased by £96,106). The balance on the revaluation reserve is £1,995,928 (2023: £1,961,580).
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 £403 (2023: increased by £29,278). The balance on the revenue reserve is £2,646 (2023: £2,243).
Page 3
The Cranbury Foundation
Trustees' report (continued) For the year ended 30 September 2024
Structure, governance and management
a. Methods 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 policies
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.
Statement of Trustees‘ responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: . select suitable accounting policies and then apply them consistently; ° observe the methods and principles of the Charities SORP (FRS 102); . make judgments and accounting estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
-
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by: The(Trustee)~ale Date: “+ /< (lets
Page 4
30/07/2025
The Cranbury Foundation
Statement of financial activities For the year ended 30 September 2024
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total|Total|
|funds|funds|funds|
|2024|2024|2023|
|Note|£|£|£|
|Income|from:|
|Other trading|activities|2|85,915|85,915|73,755|
|Investments|3|7,684|7,684|5,255|
|Total|income|93,599|93,599|79,010|
|Expenditure|on:|
|Raising|funds|4|55,470|55,470|16,252|
|Charitable|activities|5|37,726|37,726|33,480|
|Total|expenditure|93,196|93,196|49,732|
|Net|movement|in|funds|before|other|recognised|
|gains/(losses)|403|403|29,278|
|Other|recognised|gains/(losses):|
|Gains/(losses)|on|revaluation|of fixed|assets|34,348|34,348|(96,106)|
|Net|movement|in funds|34,751|34,751|(66,828)|
|Reconciliation|of funds:|
|Total funds|brought forward|2,433,286|2,433,286|2,500,114|
|Net movement|in|funds|34,751|34,751|(66,828)|
|Total funds|carried|forward|2,468,037|2,468,037|2,433,286|
----- End of picture text -----
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages8 to 16 form part of these financial statements.
Page 6
The Cranbury Foundation
Balance sheet
As at 30 September 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 7 | - | - | ||
| Investments | 9 | 127,483 | 152,823 | ||
| Investment property | 8 | 2,265,758 | 2,232,592 | ||
| 2,393,241 | 2,385,415 | ||||
| Current assets | |||||
| Debtors | 10 | 2,047 | 34,882 | ||
| Cash at bank and in hand | 92,086 | 32,997 | |||
| 94,133 | 67,879 | ||||
| Creditors: amounts falling due within one year |
11 | (19,337) | (20,008) | ||
| Net current assets | 74,796 | 47,871 | |||
| Total net assets | 2,468,037 | 2,433,286 | |||
| Charity funds | |||||
| Restricted funds | 12 | - | - | ||
| Unrestricted funds | 12 | 2,468,037 | 2,433,286 | ||
| Totalfunds | 2,468,037 | 2,433,286 |
Thejet were approved and authorised for issue by the Trustees and signed on their behalf by:
The Viscodnt Lifford (Truste Date. GI 1etS
The notes on pages 8 to 16 form part of these financial statements.
Page 7
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
1. Accounting policies
1.1. Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Cranbury Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 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.
1.3 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 ao 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.
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.
1.4 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 institution with whom the funds are deposited.
Page 8
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
- Accounting policies (continued)
1.5 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.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
- 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 the 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 presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.8 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.
- 1.9 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.
Page 9
Notes to the financial statements For the year ended 30 September 2024
The Cranbury Foundation
- Accounting policies (continued)
1.10 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 in the Statement of financial activities as a finance cost.
1.11 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.
1.12 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. income from other trading activities Income from non charitable trading activities
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2024 | ||
| £ | £ | ||
| Rental | income | 85,915 | 85,915 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2023 | 2023 | ||
| £ | £ | ||
| Rental | income | 73,755 | 73,755 |
Page 10
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
3. Investment income
| Unrestricted | Total | |||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2024 | |||||
| £ | £ | |||||
| Income | from | local | listed | investments | 7,684 | 7,684 |
| Unrestricted | Total | |||||
| funds | funds | |||||
| 2023 | 2023 | |||||
| £ | £ | |||||
| Income | from | local | listed | investments | 5,255 | 5,255 |
4. Expenditure on raising funds
Other trading expenses
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Propertymanagementfees | 8,842 | 8,842 |
| Investmentmanagementfees | 1,598 | 1,598 |
| Propertyexpenses | 41,307 | 41,307 |
| Insurance | 1,507 | 1,507 |
| Legal and professional | 2,190 | 2,190 |
| Bank charges | 26 | 26 |
| . | 55,470 | 55,470 |
Page 11
The Cranbury Foundation
Notes to the financial statements
For the year ended 30 September 2024
4. Expenditure on raising funds (continued)
Other trading expenses (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Propertymanagementfees | 6,000 | 6,000 |
| Investmentmanagementfees | 1,394 | 1,394 |
| Propertyexpenses | 3,613 | 3,613 |
| Insurance | 1,428 | 1,428 |
| Legal and professional | 3,792 | 3,792 |
| Bank charges | 25 | 25 |
| 16,252 | 16,252 |
- Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted | ||
|---|---|---|
| funds | Total | |
| 2024 | 2024 | |
| £ | £ | |
| Donations and Grants | 33,730 | 33,730 |
| Governance costs | 3,996 | 3,996 |
| 37,726 | 37,726 | |
| Unrestricted | ||
| funds | Total | |
| 2023 | 2023 | |
| £ | £ | |
| Donations and Grants | 30,030 | 30,030 |
| Governance costs | 3,450 | 3,450 |
| 33,480 | 33,480 |
Page 12
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
5. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
The Cranbury Foundation donated to the following in the year:
Muscular Dystrophy - £30,000 Blue Apple Theatre - £1,000 Romsey Marathon - £1,000 University of Southampton Cancer Immunology Fund - £1,000 Read Easy Winchester - £450
Winchester & District Young Carers - £250 Arlesford & District Agricultural Society - £30
- Independent examiner's remuneration
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Fees|payable|to|the|Charity's|independent|examiner for the|independent|
|examination|of the|Charity's|annual|accounts|2,796|2,250|
----- End of picture text -----
- Tangible fixed assets
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Plant|and|
|machinery|
|£|
|At|1|October 2023|5,311|
|Disposals|(5,311)|
|At|30|September 2024|-|
|At|1|October 2023|5,311|
|On|disposals|(5,311)|
|At 30|September 2024|-|
|Net|book|value|
|At|30|September 2024|-|
|At|30|September|2023|-|
----- End of picture text -----
Page 13
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
8. Investment property
| Freehold | |
|---|---|
| investment | |
| property | |
| £ | |
| Valuation | |
| At 1 October2023 | 2,232,592 |
| Additions | 10,140 |
| Surpluson revaluation | 23,026 |
| At30September 2024 | 2,265,758 |
The 2024 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 asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or vaiuation | |
| At 1 October2023 | 152,823 |
| Additions Disposals |
14,094 (50,756) |
| Revaluations | 12,219 |
| Share ofprofit/(loss) | (897) |
| At30September2024 | 427,483 |
10. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Otherdebtors | 1,291 | 33,220 |
| Prepayments and accrued income | 756 | 1,662 |
| 2,047 | 34,882 |
Page 14
The Cranbury Foundation
Notes to the financial statements For the year ended 30 September 2024
11. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Amounts owed to group undertakings | 6,112 | 4,315 |
| Other creditors | 675 | 675 |
| Accruals and deferred income | 12,550 | 15,018 |
| 19,337 | 20,008 |
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 30 | ||||
| October | Gains/ | September | |||
| 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 469,463 | - | - | - | 469,463 |
| Revenue reserve | 2,243 | 93,599 | (93,196) | - | 2,646 |
| Revaluation reserve | 1,961,580 | - | - | 34,348 | 1,995,928 |
| 2,433,286 | 93,599 | (93,196) | 34,348 | 2,468,037 | |
| Statementoffunds- prioryear | |||||
| Balance at | |||||
| Balance at | 30 | ||||
| 1 October | Gains/ | September | |||
| 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 469,463 | - | - | - | 469,463 |
| Revenue reserve | (27,035) | 79,010 | (49,732) | - | 2,243 |
| Revaluation reserve | 2,057,686 | - | - | (96,106) | 1,961,580 |
| 2,500,114 | 79,010 | (49,732) | (96,106) | 2,433,286 |
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 15
The Cranbury Foundation
Notes to the financial statements
For the year ended 30 September 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Fixed asset investments | 127,483 | 127,483 |
| Investment property | 2,265,758 | 2,265,758 |
| Current assets | 94,133 | 94,133 |
| Creditorsdue within one year | (19,337) | (19,337) |
| Total | 2,468,037 | 2,468,037 |
Analysis of net assets between funds - prior period
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Fixed asset investments | 152,823 | 152,823 |
| Investment property | 2,232,592 | 2,232,592 |
| Current assets | 67,879 | 67,879 |
| Creditorsduewithin one year | (20,008) | (20,008) |
| Total | 2,433,286 | 2,433,286 |
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 and J T W Hewitt, Trustees of the Charity, are directors).
During the year the Charity paid management charges to Cranbury (Holdings) Limited of £7,200 (2023: £7,200) in respect of the management of the Charity's investment properties. At the balance sheet date, included in other creditors and accruals, the Charity owed Cranbury (Holdings) Limited £6,111 (2023: £4,315).
In the opinion of the Trustees the Charity is controlled by the trustees.
Page 16