REGISTERED CHARITY NUMBER: 328369 ortof tees and cial Statem forthe Ye En 31 December 202 The Shee rove Trust Sumer Auditco Limited Statutory Auditors Hèrmes House Fire FlyAvenu& SwtrKlon Wiltshire SN2 2GA
Thes r4)ve Trus onterrts of the F ancial Statements for the Year Ended 31 Decamber 2023 Page Report ol the Trustsos 1 to 3 Report of tho Indèpendent Auditors Stalement of Flnaneial Aktivilies Balanco Sheet Notes to the Flnancial Statsments 8 to 15
Thesh rove Trust Trustee for the Year Ended 31 DeCemr 2023 The Iruslees present their report wth the financial statements of the ¢harity for the year end8d 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitses preparing their a(u)unts in accordance vAth th6 Financaal Reporting Standard applicable In tha UK and Republic of Ireland (FRS 102) (effective 1 January 20191 OBJECTIVES AND ACTNMES Objeclives and alms The Sheepdrove Trust is a famlly charity and a large prowrbon of Ihe funrfing goes tovrards intliating the Trusts Own projects and one of its deslr&s is to support Initiatives which increase sustainabilty, blodiv8rsity and organic farTning in thls counlry, for example research ito c(gaC pro(knction and rutribon. Th8 Trustees maintain an ongoing dialogue with the indmduals and instituttons to whom they have made grants so a$ to assess th8ir llingneSS to continue Ihal support. The Trusiees request that all individuals and institutions update on their succ@8. This is done by rnear of rewrts, meeting updates. newsletters and ethrnails. This infomiation is kèpt the Trust Adminlstralor and enables the Trustees to Isure their succ6SS8s and make decisions about further funding. The Truste8s also review now applirAtions for fuThJs 12refvlty to asc8rtain rf those vlll be supported. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding vthat activitsès the chariiy should undertake. All our charitsble activilies are undertaken to further Jr charitable oSe$ for the public b&nafiL ACHIEVEMENT AND PERFORMANCE The Charity has a portfdic cf listeth investments that had a market valuo as at 31 Dem¢[ 2023 of £27,898,730 induding cash available for Investment {2022- £26,763,952). The funds are inves18d in good quallty Investments and the income. along with some of th8 tspital appreciation of the Investments. is distribuled at regular interyals. During the year ended 31 December 2023 the fund generated income of £57.61412022: £104). The Trustees granted new donaticns durlng the year totalling £360.942 (2022: £470.906). A list of donalnns is included in note 6. During the past 24 months. the Charity has supported the #StsndByB8es campalgn, spearheaded by Anabel Kindersley. The campaiqn is focussed on cutting the use ol hazardous pestiades and promoting nature-frfendly fanning in the UK, in order to protect bees the British ¢ounlfyEide. FINANCIAL REEw The Charity has unreslricted reserves only. which. al 31 December 2023 were £27.898.730. All reseNes a held in in lisled Investments and creditors. The charity has large levels of unrestrl¢Xed reserves compared to its level of annual expenditure as its main source of income is from its inveslrnents which need to be maintained for future Income generallon. The trustses acknowledge the increase in funds over recent year5 and will reNiew its grant making policy with the aim of increaslng its grant making. The Trustees will conunuè to pursue a policy of dlstributing funds held by Ihe way of grants. The financial objective of the Trust is to at least maintain the real value of the assets wthilst generating a stable and sustalnable retum to fijnd grant making. The Tnjst seeks to produce the best financial relum wilhin an acceptsble level of risk. The Investrnent criteria are regularly discussed by the Tr$teaS with the investment advisern. The inVestmts are managed on a moderateiy dsk averse basis. The Trustees are satisfied with the investment pertorman¢x. The Trustees have assessed the major risks to TAthich the Gharity is aYoSed. and are satisfied that systems are in place to mitigate exposure to the major risks. At tho TNstÉes annual meeting, the Trustees discussed all operational. legal and business risks faced by the Charlty and confirmed that thèy have establFshed syslems to mitigate any signifi&3nt risks. FUTURE PLANS The Chadly plans to contlnue Its support for diverse causes. STRUCTURE, GOVERNANCE ANO PAANAGEMENT Goveming documenl The charity is controlled by Its goveming document. a deed of Irust and constitutes unncorporated chaiity. Page 1
Th• She rove TNst Rè rt ot he Trus for the Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEAIENT The Charity is controlled by its govenwng (knumerrt. a d•clation of trust dated 21 Sept8rnber 1989. The Trustees were able to accumulate the income of the trust fund until 21 September 2010. Thé number of Trustees shall not be less than t) nor more than SIL Th8 tKWBr of appointing Trustees is vested In the 5urvivtng or continuing Trustees. kny new Trustees Uld be trained and inducted by the other Trustses. AJI decisions affecting the management of fhe Charity and its assets are taken by the Tru$tee5 meet at least once year. The Trustees received inv8sknent advice from Rothsehild Bank {Cl} Limitéd. The Charity does not adivety fvndraise and seéks to undertake its charitable objectNes through the carefijl stewardship of ts exlsting resources. Day to day management of the Charity is delegated to employees seconded to the Charity, and pald by the Charity via a connected party. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity number 328369 Prlncipal address Sheepdrove Lamboume Hungerford RG17 7UU Trustees Mrs J E Kindersley P D Kindersley B G Kindersl8y Mrs A KindersIey Mrs H Treuille Audltors Sumer Audilco Limited Statutcry Auditors Hermes House Fir8 Fly Avenu• Swlndon Willshire SN2 2GA STATEPIJENT OF TRUSTEES. RESPONSIBILITIES The trustees are r8spofksible for preparing Ihe Rewrt of thè Trustees and the financial 5tstements in accordance wilh applicable law and Uniled Krngdom Accounting Standards (United Kingdom Genèralty Accepted Accounting Practice). The law appllcable to charities in England and Wales, Ihe Charities Act 2011, Charity (Accounts and Reports) Regulallons 2008 and the provisions of the trust deed requires the trustees to prepare financial stalemenls for each financial year which give a true and fair view of the stst8 of affairs of the charity and of the Incoming resources and application of resources, induding the income and expenditure. of the charity for that period. In preparing those financial ststements. Ihe trustees are required lo select suitsblé accounting policies and then apFly them ConStend, 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 concem basis unless it is Inapyropriate lo presume thal the charity wll cA)ntinue In business. The trustees ar8 responsible for keeping proper accounting recoft15 which disdose wth reasonable a¢¢uracy at any time the financial position of the ¢harity and lo enable them to ensure that the financial ststements comply th the Charities Ad 2011. the Gharity (Accounts and Reports) Regulations 2008 and the provisions of the tnjst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps lor the prevention and detéction of fraud and other Irregaritie8. Page 2
Tha Sheg drove Trust rt of the Trustees for the Year Ended 31 December 2023 Approved by order of the board of trustees on ....... .. ... . and signed on its behaff by. Mrs J E lindersiey- Trustee Page 3
rt of the Inde ondent Aud The Shee totheT g Trust esof Oplnlon We have audited the financ¥al statements of The Sheepdrove Trust (the '¢hariV) for the year ended 31 December 2023 which comprise the Statement of Financaal VibeS. Ihe Balance Sheet and notes to the financaal stslements, including a summary of significant accounting policies. The finarKial reporting framework that ha5 been applied in Iholr preparation is applicable law and United Kingdom Ac(x)unling Standards (United Kingdom Generally Acc8Pt8d Accounting Practice). In our oplnlon the financial ststements: give a true and fair Mew of the slate of the charivs affairs as at 31 December 2023 arKI of its incoming resourcés and application of resourc4s. for the year then ended. have been property prepa in accordance with United ngdoM Generalty Aepted Accounting Practice; and have been prepared in accordance with lh8 requirements of the Chariknes Acl 2011. Basls for opinion We conducled our audit in accordance th IntematM)na Standards on AuditirKd (UK) {ISAs {UK)) and applicable law. Our rasponslbllities under those standards are further described Sn the Auditors, responsibilities for lh6 audlt of the financial statements section of our reporL We are Independent of the charity in accordance wtth the elhlcal requirements Ihat are relevant to our audit of the financial Statements in thé UK Including the FRC'S Ethical Stsndard and we have fulfilled our other elhical responsibilities in accordance yth these requlrements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basi$ for our opinion. Concluslons relating to going concam In auditing the ffinancial statements. we have conduded that the trustees, use of the going omcam basls of accounting in the preparation of the finanaal ststements is appropriate. Based on the work we ha perfomied. we have not identified any materlal uncertaintres relating to events or eondltlons that individually or cdleckn'vely. may cast significant doubt on the charitys abilty to contlnue as a going conc8rn for period of at least 1Ve months frorn when the financial statements are authori$8d for issue. Our responsibilities and the responsibilities of the trustees respec* lo goiTWJ Q)ncem arn described in the relevant sections of this reporL othèr Informatlon Th8 trustees are responsible for the other Yrfonnation. Th8 other infornmtlon comprises the inft)nnation included in the Annual R8POrt, other than the financial slatements and our Reptht of the Independent Auditors thereon. i)Jr opinion on the financial st2t8ments does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not eywress any form of assuran¢e conclusion thereon. In connection our audit of Ihe financial statements, our reSp{S1b1lfy is to read the other Infomiation and, in doing so. consider Ythether the other information is materially inconsistent the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we idenlrfy such material inconsisten¢les or apparent material misstatements. we are required to detemiine vthether this gives rise to a material misst8tem8nl in th• financial statements themselves. If, based on the vnrk we have p8rfonned. we conclude that there is a matèrial misstatsment of Ihis other infornlation, we are requlred to report that facL Wé have wthlrKJ io report in thls regard. Matters on which wo are required to report by exception We have nothing to report in respect of the following matters vthere the Charili8s (Aecounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: th8 infonnation glven in the Report of the Trusteas is incl$1$tent in any material r8spect vfith tha financial statements. or sufficiant accounting records have not been kept: or the financial statements are not in agreement Vth the acojunting records and retums: or we have nol received all the infomiation and explanations we requi for our autht. Responslbllltles of trustees As explained more fully in the Ststement of TnJste8s' Responsibilitles. the trustees are respon&bl8 for the preparation of the financial statements 1¢h glve a true and fair view. and for such internal Control a5 the Iruslees determlne is nec8ssary to enable the preparation of financial statements that are free from material misststemen( whether duè io fraud or error. In preparing the financial statem8nts. th8 tnjstees are responsible for assessing Ihe charltys ability to Continue as a going concem. dlsclosing, 8s applicable, matters relatsd to going concern and using the going conc8m basls of accounting unless the truslees either intend to liquidale the charity or to cease opernlions, or have no reallstic alternative but to do so. Page 4
ort ofthe Inde endent Audl The Shee rs to the Trus Trust Our responslbllltles for the au<fft of the financlal statsments We have been appointed as auditors under Section 144 of the Charitles kt 2011 aThJ report accordance with the Act and relevant regUlaon$ made or han9 effect thereunder. Our objeciives are to obtain reasonable assuran ab)ut whether the financial statements as a wfiole are free from material mi5Statement, ether due to fraud or error. and to issue a Report of the Independent Auditor8 that indudes our opinion. Reasonable assurance is a high level of assurane8. but is nol a guarantee Ihat an audit conducted In accordanr wth ISAS {UKI always detect a matstial misstalem8nt when it exists. Misstatements can arise from fraud or error and are Considered material rf. individually or in the aggregate. they o)ukl reasonab be expect8d to influence the economic decislons of users taken on the basis of Ihes8 finanual statements. The extent lo vthld) our procedures are capa)le of deteclng ¥re9atIes. hduding fraud is dètailed below: Based on our understandlng of the chaiity and th8 grant marj actsvity. we idenlffied that the prin(4pal risks of non-compliance with laws and regulatiijns related to Charity Law. and considered the extent to whlch non-compliance might hava a material effect on the financial statements of the charity. We also consldered those laws and regulations that have a drect impact on the preparation of the financial statements SLth as tha Charities Statement of Recommended Pracli¢e. Wè evaluated management's incentives and opportunrbes for fraudulent manipulation of the Ilnancial stat8ments (induding the risk of override of controls) and detemined that the principal rrsks were related to rovenue recognition and management override. Audit procedures perfomed by Ihe audit engagement team Induded.. - discussions with management. induding ca)nsideration of or suspeGted InStsn of nonwcompliance lav45 and regulations and fraud. - understanding and revrew of managemenfs intémal Controls dèsigned to prevent detect irregularilies, and fraud,. - review of the minutes of the Trustees meetings: - designing audit procedures to incorporate unpredictabiliiy, performing analyflcal procedures to identtfy any unusual or unexpeced relationships that might Indicate risks of material misstatement due to fraud., - review of the financial ststements discbsures and te5tirvJ to SUpptIng documentatk)n to assess compliance with relevant laws and regulations d%(ssed above; - testing transaclions entered into outside of the notrnl course of the Chaws business. and Identifylng and testing uma1 entries. in parlicular any journal entries with fraud characteristics such as journals with round numb8rs. There are inherent limitations in the audit procedwes described alx)ve and Ihe fijrther removed nonwc0mpjian with laws and regulations k8 from the events and the transactions re11ected in the financral statements, the less Ilkely we would beGome aware of It. Also, Ihe risk of not detecting a matsrial misststsment due to fraud is higher than the risk of not detecting one resulting from error, as fraud may invofve deliberate concealment by. for example, forgery or intentional misrepresentations. or through collusion. A further descrlptlon of our responsibilities ftjr the audit of the finanual stat8mants is locatsd on the Financial Reporting Council's website at W4W4.frc.LYg.uklauditorsreswnsibilities. This desixiption fcrms part ofour Report of the Independent Auditor5. Use of our report This report is made solely to Ihe chaiitys Irustee& as a body, kn acconjae with Parl 4 of the Charibes (Accounts and Réports) Regulattons 28. Our audit work has been undertaken so that we might stste to the charivs trustees those matters wè are required to state to them in an auditors. reFK)rt and for no other purpose. To the fvllest extent perni1ed by law. we do not accept or assume responsibilty to anyone other than th8 chaiity and the charitys Iruslees as 8 boty. for our audit worf<. for this reFMJrt. or for the opffiions we have fonned. bJhcO b~4. SumerAuditco rnIted Statutory Auditor5 Hemies House Fira Fly Avenue SwFndon Wiltshlr• SN2 2GA Dats: 1111012024 Page 5
The Shee drov• Trust Statement of Flnaneial Actlvltles ftir the Year Ended 31 December 2023 2023 Unrostrrcted fund 2022 Total funds Notos INCOME AND ENDOWMENTS FROM Investment Income 57,614 104 EXPENDITURE ON Raising funds 38.901 38,730 Charitable actMtIo$ Grant making Save the Bee's project 392.201 70.710 507,607 219.502 Total 501.812 785,839 Net galnslllosse5) on Invesbnents 2.040.759 12,508,967) NEf INCOMEI{EXPENDITURE) 1.596,561 (3.274,702) RECONCILIATION OF FUNDS Totsl funds brought forward 26,302,169 29,576.871 TOTAL FUNDS CARRIED FORWARD 27.898,730 26.302.169 The notes lo part of these financial ststements Pagè 6
The Shee drove Tru Balance Sheet 31 Decem r 2023 2023 Unrestricted fvnd 2022 Total funds Note5 FIXED ASSETS Investments 12 28.122.681 26,763.952 CURRENT A&8ETS Debtors Cash at bank 13 667 61.962 667 14,483 62,629 15,150 CREDrroRS Amounts falling du8 within one year 14 (232,580) (307,933) NEf CURRENT ASSETS {169.951) (292,783) TOTAL ASSEf8 LESS CURRENT LIABILITIES 27,952,730 26,471,169 CREDrfoRS Amounts falling due after more Ihan onè year 15 {54,000) 1169,000} NEf ASSErs 27,898,730 26,302,169 FUNDS Unrestricfed funds 16 27.898,73Q 26.302,169 TOTAL FUNDS 27.898,730 26.302.169 The financlal statements were approved by the Board of Trustees and authorfsed for Issue 07110124 . and were signed on its behalf by. on IlkV14UW P D Kindersley- Trustse E Klndarsley- Trustee The notes fonn part of tr¢èse financial statements Page 7
es lo th• Financlal Stalements for tho Year Ended 31 December 2023 GENERAL INFORMATION The Sheepdrove Trust is an unincorporated c4)aritable trusL The charitys registrath)n number and addsS can be found in the trustees, report. ACCOUNTING POLICIES Basls of preparing thè flnanclal slatements Th8 financial statemgnts of the charity. which 15 a public benefft entity under FRS 102. have been prepared In accordance vthh the Charities SORP (FRS 102) 'AcLY)unting and Reporting by Charlties.. Statement of Rect)mmended practi applicable to charilies preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Flnandal Reporting Standard 102 The Financial Reporting Standard applicable in Ihe UK and Republlc of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convenlon. with the exception of invesknents Ythith are ir]duded at marf(el value. as Thjdffied by the revaluation of certaln asséts. The financ1 Statements have been prepared to &4ve a and fairf view and have departed from thè Charities (Accounts and Reports) Regulations 2008 onty to the extent quired to provide a 'true and fair view. This departure has Involved followng the Accounting and Rert1ftg by Charities.. Stalement of Recommended Practice applicable lo charities preparing iheir aounts in accordance with the Financial Reporting Standard applicab in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Prnctice effertive from 1 Awil 2005 which has since been thdrawn. The fjnanclal statements are prepared in sterfjng which Is the functional currency of the charity and round&J to the nearest pound. There are no significant areas of Ndgernents or key sour(s of estimation uncertainty. The trustees consider that there are no matsrial UnrtaInlieS about the Charitys abilty to continue as a golng Flnanclal reporting standard 102 - roducod disclosuro examptions The chaAty has laken advantage of the following disclosur8 8xemption in preparlng these financial stst8ments, as p8nnitted by FRS 102 The Financial Reporting Standard applicable In the UK and Republk of Ireland,: the requirements of Sectton 7 Statement of Cash Flow5. Incomo All income is recognlsed in the Statement of Fala1 Aclivilies once th8 charity has entitlement to the funds, it is probabl8 that the income wil be received and the amount be n8sud reliably. Interest on fvnds held on deposit is induded when re¢ei¥able and the amount can be measured reltabty by the charity, this is nomMIty L4Jon noltrallc of thè interest pad or payable by the ban Dlwdends ar8 rè¢ognls6d On the divldend has been dedared and nolificaion has b88n reeetved of the dividend due. This is noMllY upon nolffiCaOn by our Kiveslment athsor of Ihe divfdend of the Investment portfolio. Expenditurn Liabiltties are recognised as expendlture as %)on as there is a legal or constnjctive obligalion commitung the charity to that expenditure, it is probable that a transf&r of economic benefts wll be required in settlement and the amount of thé obligatlon can be measured reltably. ExFenditure is account8d for on an accnjals basis and has been classKl8d under headings that aggregate all c05t relat8d to the category. Whore costs cannot be directly attributed to partic#Jlar headlngs they have been allocated to aclivilies a basis consi8t8nt the use of resources. Grants offered subject lo Gonditions vthich have not been met at the year end date are noted as a commitrnent bul nol accruéd as expendlture. Taxation The charity Is exempt from tax on its charitable activltie& Fund accountlng Unstricted funds can be used in acccydarte with the charitable obieclives at Ihe disetiOn of the trustees. Page 8 continued...
The Shee rove Trust toth ancial Slat8monts - contln for the Year Ended 31 December 2023 ACCOUNTING POUCIES - continued Fund accounung Restricted funds can only be used for partiojlar r8Stricted wrposes wthln Ihe objects of the charity. Restiictions arise when specified by thè donoror vthen fijnds are raised for partIlar restrfded purposes. Further explanation of the nature and pUoSe of ea¢h ftmd is included in the notes to the financial statements. Forelgn currencies Assets and liabilities in foreign currenci8s are translated into sterling at the rates of exchange Nling at the ba12nca sheat date. Transactions in foreign rren¢la$ are translated into sterling at th8 rale of exchange ruling at the date of transaction. Exchange differences are taken Into aeKount in arriryng al the operating result Fixed assét Inveslments Fixed asset Investmenls are initialty measured at transaction prtce exduding transaction costs, and are subsequently measured at lair value at each reporting date. Changes in fair value are recognised in net incomel(expendilure) lor the year. Transaction costs are expensed as incurred. Debtors Trade and other debtors are recognised at the setllemenl amount due after any trado dlscount offered. Prepayments are fdlued at the amount prepaid net of any trade dlscounts due. Cash at bank and In hand Cash al bank and cash in hand includés cash and short term highly liquid investrn8nts vth a short maturity of three months or18ss from the date of aojuisition or i)pening of the deposit or similar account. Credltors and provlslons Creditors and prowsions are recognised vthere the chaity has a present obligation resulting from a past event that will probably result in the transfer of funds to a Ihird party and the arnount due lo setue the obligation Can be measured or estimated reliably. Credttors and provisions are nomially recognised at their seluernent amount after allowing lor any trade discounts the. Financial in$trum?nts The charity only has financial assets and financial liabilities of a kiThJ that qualfy as basic financial instruments. Basic financial instruments are initially rerxjgnised at transaction value and sub8equendy measured at their S8tt18ment value wlth the exception of bank loans whrch are subsequently measured at amortts8d cost using the effective interest methcd INVESTMENT INCOME 2023 2022 Income from listed investrftents Deposit account interést 56,872 742 104 57,614 104 RAISING FUNDS Investment management costs 2023 2022 Portfolio management 38.901 38,730 Page 9 continued...
The Shee rove Trust otes Financoal Stat•m•nts - contln for the Year Ended 31 December 2023 CHARITABLE ACTMTIES COSTS Grant funding of activities (see note Support costs (see note 7) Direct Costs 6} Totsls Grant maklng Save the Bee's projéct 360.942 31,259 392,201 70,710 70.710 70,710 360.942 31,259 462,911 Page 10 ¢ontinued...
The Shee rove Tru s to the Flnaneial Statements - ntInue fr•r the Year Ended 31 December 202 GRANTS PAYABLE 2023 2022 Grant rnaknng 360,942 470,906 2024 2023 Grants to institutions {25 grants) Faming, Wildlrfe, Preservation - Beyond GM Farming. Wildlife, Preservalion- NanTrk tnt Faming. Wildllfe. Preservation- Earthed Farming, Wildlrf8. Preservation - OGA Farming, Wildlif8, Prèservatlon - The Ecology Trust Farming, Wildlife, PreseNation - Can Cristofol Famiing. Wildlrfe, Preservation - Care4cats Faming. Wlldllfe. Preservation - Other Mediané. Health- Cancer Prevention Society Medicine, Heallh - Othèr Education. Sthools - Maria Montessori Tnt Education, Schools - Univer5ty of the Arts London Education, Schools - The Prison Phoenrx Trust Education, Schoo15 - Other Arts. Culture- The Watemiill Theatre Arts. CuUre- Nury Spring Festival Arts, Cure- Other Other 140,000 45,000 85.000 40,000 17,047 17.719 14.170 12.857 25.619 10.000 13.122 31,256 10,000 2.678 50,000 50,137 10,000 11,000 100,000 21,000 5,000 7,200 21,000 10,000 28,466 59.578 366.942 4.500 Grants tr) Indiwduals (1 grant}- Education 470,906 370.942 470.906 Grants withdravm (10.000) 360,942 470,906 R8condliation of grants Commttments al 1 January 2023 Grants cornmitted for the yea Grants relumed Grants wlthdrawn Grants paid during the year 463,433 370.942 1,795 (10,000) (555,870) 451,614 470,906 {459.087> Comrnitments at 31 De¢embér 2023 270.500 463.433 Commitments at 31 December 2023 are payabl& as follows: Wtthin one year After more than one year 216.500 54.000 294,433 169,000 Total 270.500 463.433 Page11 continued...
The Shé• rove Trust Notes lo the Flnancial Statements - co in for the Year Ended 31 December 2023 SUPPORT COSTS Govemance costs Management Totsls Grant maklng 22.374 8.885 31,259 Support costs. included in the above, are as follows: 2023 Grant making 2022 Total activities Wages Other ¢haritsble events Bank charges Sundries Legal and professlonal Auditors, remuneration 8.600 11,175 150 229 2.220 8,885 8,(100 12.335 200 1,367 8.105 31,259 30,007 AUDrroRS' REMUNERATION 2023 2022 Fees payable to tha charitys authors for the audit of the tharitys ffinancial statements 8,885 8,105 TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remunerati or olher beneffts the year ended 31 De¢ember 2023 nor for the year ended 31 December 2022. Trustees. expenses Thère were no twstée$' èxpenses paid for the year ended 31 Decemb8r 2023 nor for the year ended 31 December 2022. 10. STAFF COSTS 2023 2022 Wages and salaries 8,600 8.C>OO 8.600 8,000 The average monthly number of employees during the year was as folknK8: 2023 2022 Administration No employees received emoluments in excess of £60.OIYJ. Page 12 continued...
Tha Shao rtsve Trust lo the Financial SL*èmgnts - contlnuod for the Year Ended 31 December 2023 11. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTivm&8 Unrestricted fvnd INCOME AND ENDOWMENTS FROM Investrnent income 104 EXPENDMJRE ON Raistng funds 38.730 Charftable a1VIlla8 Grant making Save the Bee's project 507.607 219,502 Tolal 765,839 Net gainsl(losse5) on invesknents (2,508,987) NET INCOMEI(EXPENDITURE) (3,274.702) RECONCIUATION OF FUNDS Totsl funds brought forward 29,576,871 TOTAL FUNDS CARRIED FORWARD 26,302,169 12. FIXED ASSEf INVESTMENTS Cash and sethements pending Llstsd investments Totals MARI VALUE At 1 January 2023 Additions DisF)osals Revaluations 26.673,399 66.972 (744,200) 2.040,759 90,553 26.763.952 66.972 1749,0021 2,040.759 (4,802) At 31 December 2023 28,036.930 85,751 28,122.681 NEf BOOK VALUE At 31 December 2023 28.036.930 85.751 28,122.681 At 31 December 2022 28.673,399 90.553 26.763,952 Anatysls of investments: 2023 2022 UK securities Overseas securtltes Cash 26,499,638 1,537.292 85.751 25,039,545 1.633,854 90.553 28,122,681 26,783,952 The investments are held to provld& an Nwestmènt retum for the charity and are listed on recognlsod stock exchanges arKI managed by independent fund managers. Page 13 continu8d...
The Shee rove Trust e Financial Statemen nllnued for the Year Ended 31 Dècèrnr 2023 13. DEBTORS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2023 2022 Other debtors 667 687 14. CREDrfoRS: Amoupifs FALLING DUE wrrHIN ONE YEAR 2023 2022 Accruals and deferred incl Acryuals for grants payable 16,080 216,500 13.500 294,433 232,580 307,933 15. REDITORS: AMOU*s FALUNG DUE AFfER MORE THAN ONE YEAR 2023 2022 Accruals for grants payat4e 54.000 169,000 MOVEMENT IN FUNDS Net movement In funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 26,302,169 1,596,561 27,898,730 TOTAL FUNDS 26.302.169 1.596.561 27,898,730 Net movement In funds. induded in the above are as follo. Incoming Gains and losses Movement in funds eynded Unr•strf¢lod funds Genéral fund 57,614 (501,812) 2,040.759 1.596,561 TOTAL FUNDS 57.614 (501,812) 2,040.759 1,596.581 Comparatives for movement in funds Net movement in fvnds At 31.12.22 At 1.1.22 Unrestricted funds General fund 29.576.871 <3.274.702> 26.302,169 TOTAL FUNDS 29.576.871 (3.274.702) 26,302.169 Page 14 continued...
The shee rove Trust otes to inancial Statemonts - e¢)ntlnu•d for the Year Ended 31 December 202 16. MOVEMENT IN FUNDS - ¢ontinued G)mparative net movement in funds. Induded in the above are as follows: InrnIng resources ResOUS expended Gains and losses Movernent in funds Unrestrfcted funds General fund 104 (765,839) (2,508.967) {3274.702) TOTAL FUNDS 104 {765.839) (2,508.967) 13,274,702) 17. RELATED PARTY DISCLOSURES Neal's Yard Remedies is a ¢ompany in which Ihe tTU5tees are shareholders. During the year the charity paid grant of £1,580 to Tabitha Robertson Aromatherapy for treatrnents carrfed out at Neal's Yard premises for Grenfell Tower suniivors. Th8 Trust also paid £800 for Butterty, Inverte arKI Breeding bird surveys on the Sheepdrove Farm, a fami whth the trusteas own. In 2022. Neal's Yard Remédies launched a new ¢ampaign to prOtt the precious bee populatSon. Anabel lQndersley, Cowner of Neal's Yard, hostod a Bee Symposium in June 2022. bringing together lik&minded businesses to debate and address the issue of bee-hamiing neonicotinoid pestiade5 and explore ways ol worklng with nature to prolect the UICS bee populatiC. The Sheepdrove Trust funded the Bee Symposium and continuas to support Save the Bees campaign. Page 15