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2022-05-31-accounts

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

Charity Registration No. 900380

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE

UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

CONTENTS

Page
Legal and administrative information 2
Trustees’ report 3 – 7
Independent examiners’ report 8
Statement of financial activities 9
Balance sheet 10
Statement of Cash Flows 11
Notes to the accounts 12 – 17

Page 1

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Charity number
Website
Facebook
Twitter
Registered office
Accountants & Independent Examiners		 Sir David Wills Bt
Mr Robert Drewett
Mr Mark Hill (deceased) – passed away on 4 September 2022
Professor Philip Duffus
Mrs Clare Tibbs
Mrs Elizabeth Coombs
900380
www.langfordtrust.org
Facebook.com/langfordtrust/
Twitter.com/langfordtrust
Langford House
Langford
North Somerset
BS40 5DU
Moore Scarrott Limited
Calyx House
South Road
Taunton
Somerset
TA1 3DU

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DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 May 2022

The Trustees present their annual report and financial statements of the charity for the year ended 31 May 2022. The Trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements of the Charity’s governing document and the provisions of the 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).

Structure, governance and management

The Trust is a registered charity, number 900380, and is constituted under a trust deed dated 23 February 1990. The Trust was established in recognition of the need to improve facilities at the Department of Clinical Veterinary Science, in order to accommodate an increase in the number of undergraduate veterinary students, by expanding both clinical facilities and teaching space. A major modernisation and expansion programme has been helped by funds raised by the Langford Trust. A further increase in veterinary undergraduate numbers necessitates greater fundraising activity by the Trust.

A body of Trustees administer the Langford Trust. The Trustees’ professional and personal interests represent a broad range of areas of influence, including the veterinary profession, accountancy, law, university education, agriculture, the local community and pet owners. A full list of Trustees is listed on page 2.

New Trustees are appointed by the existing Trustees. The Chairman is elected from the body of Trustees.

At the quarterly Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Administrator.

All Trustees give of their time freely and no trustee remuneration was paid in the year. There are no trustee expenses and related party transactions to be disclosed in the accounts. Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

Risk management

The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

The Trustees consider variability of investment returns to constitute the charity’s major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. All funds earmarked for capital projects are invested in low-risk investment accounts, prior to expenditure.

Objectives and activities of the charity

The objects of the Trust are to relieve suffering and to further animal welfare by:-

To achieve this, the policy of the Langford Trust is to raise funds that can be used to benefit the veterinary schools of Bristol and other universities.

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THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

Objectives and activities of the charity (continued)

The Trust carries out these objects by:-

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Trust carries out this programme through partnership with institutions, in particular, the Trust has concentrated on developing the existing partnership with the University of Bristol, School of Veterinary Science.

Review of activities and Financial Review

The Trust’s work is entirely reliant upon income and investment returns. The investments realised a £29,046 loss this year (2021: £57,206 gain) and provided a return on investments (interest and dividends received) totalling £23,077 (2021: £18,262).

The portfolio, which is managed by specialists in bespoke investment management, holds medium to low risk stock which is reassessed regularly by the Trustees with input and advice from the investment managers. The ethics of animal welfare are important considerations when making investments.

The Trust has secured donations totalling £183,308 (2021: £67,529) during the year. The Trust also raised further income from selling merchandise.

The Trust paid grants totalling £58,075 (2021: £62,480) during the year and have supported the following projects: -

Rapid Testing for The Langford Trust is supporting clinical research concerning the Trust is supporting clinical research concerning the
Tuberculosis undergraduate ‘Validation of Loop Mediated Isothermal Assays capable of identifying
summer research subspecies of the Mycobacterium Tuberculosis Complex. Researchers
will use and verify a new testing kit using LAMP technology initially
tested in Kenya with further work focussing on wildlife in Armenia. This
rapid test can be used by non-skilled operators and will identify a TB case
within 3 hours. Samples gathered in the field will be developed at Bristol Vet
School to improve the standard inject testing process currently used. If
successful, this could offer governments, farmers and veterinary practices
charged with enforcing mycobacterium controls an opportunity for
significant time and cost savings.
Antimicrobial Resistance on Antimicrobial resistance (AMR) is a topic of global health concern, both for
Smallholder Farms human and animal health. AMR within the commercial farm environment
PhD has previously been studied but there has been little analysis of smallholder
farms. Small holdings are the fastest-growing sector of the UK farming
industry. The Langford Trust is part funding a 3-year PhD which
examines the relationships of smallholding farmers with their animals
as well as with animal health, with a distinct focus on antimicrobial use
and resistance.

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THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

Review of activities and Financial Review (continued)

Equine Trigeminal Mediated Trigeminal mediated headshaking is a neuropathic facial pain syndrome in is a neuropathic facial pain syndrome in
Headshaking Research horses, of unknown cause. Affected horses throw their heads up and down
vertically, strike at their noses with their front legs and snort and rub their
noses. Many horses are euthanised for the condition as their lives become
unbearable. The condition affects 1-4% of the UK equine population, so this
is a significant welfare problem with very little scientific understanding of the
cause and most suitable therapies. The Langford Trust is funding a 2-year
clinical research study to test the viability of an accelerometer as an
objective tool to measure the outcomes of treatments on patients.
Small Animal Neuter Clinic The Langford Trust has awarded £21,621 to Bristol Vet School to assist
with maintaining the opportunity for final year students to gain vital hands-
on surgical experience. The pandemic has disrupted access to traditional
surgical placements for veterinary undergraduates leading to a crisis in
learning and risk to accreditation of graduates. A temporary neuter clinic
has been funded and created at the vet school to provide the necessary
learning environment, educators and 300 cases needed to offer students 2
weeks surgical skills practice on site.
Myxomatous Mitral Valve The Langford Trust has pledged to support the pioneering clinical research
Disease (MMVD) work of the Mitral Valve Clinic established at Bristol Veterinary School. The
purpose of the clinic is to study and enhance the health of dogs suffering
with debilitating cardiac disease. The Trust is fundraising for a PhD
researcher to contribute to the work of the clinic and identify how
inflammation and fibrosis of the heart muscle contribute to worsening heart
disease in dogs suffering with MMVD. The hope is the data captured will
inform the development of novel blood tests that can determine dogs at risk
of heart enlargement and failure.
Ophthalmology Clinical The Langford Trust is funding the training of a clinical scholar in
Scholar and MSc Research ophthalmology, over 3 years, sufficient to achieve board certification
(requiring small, farm and exotic animal experience also) but with the heavy
focus on equine ophthalmology; with the intention of the candidate pursuing
a career in this field.
The candidate will complete an MSc program and contribute to equine
ophthalmology knowledge through novel and innovative research. The
research area we have identified as in clear need of investigation is the
effect of equine endocrinopathies on the pre-corneal tear film and
cornea. Pituitary pars intermedia dysfunction (PPID or Cushing’s disease) is
a common disease of the aged horse. PPID has been linked to recurrent
laminitis, hypertrichosis, muscle wastage, pendulous abdomen, polydipsia
and polyuria and recurrent infections, as well as other endocrinopathies
such as equine metabolic syndrome (EMS). It is our hope that the clinical
scholar will make a substantial contribution to the advancement of equine
ophthalmology in the UK and world-wide, as well as having a massive
impact on the welfare of all equids.

The Langford Trust supports animal health and welfare through improvements in veterinary science by supporting clinical research, veterinary diagnostic and treatment facilities and veterinary undergraduate and post-graduate education at Bristol Veterinary School.

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THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

Review of activities and Financial Review (continued)

All clinical research projects are based on the collection of data from patients and rely on the collaboration of clinical staff and basic scientists. The studies are designed to increase the knowledge of naturally occurring diseases and their treatments by the ethically approved research projects with the fully informed consent of the owner. This is relevant research, which will ultimately make a difference to the health and welfare of all animals including wildlife and those kept as pets, food and working animals worldwide.

The Langford Trust received donations specific to our research studies from the Elise Pilkington Charitable Trust £23,129, The Quartet Community £5,000, Mel Boughton £541 and Ambassador Alan Browning £500 as well as other donors.

Legacy gifts have been received from the estates of the late Mr Thurston Bannister (£61,753), Mrs Sheila Hindley Greaves (£20,883), Mrs Muriel Gush (£5,000) and Mrs Sheila Gray (£849).

The Langford Trust continues to apply to grant making trusts for support and is very grateful to all donors for their support.

The Trust is investing in the next generation of veterinary surgeons and researchers by funding extracurricular undergraduate research experiences, PhD studentships, clinical research training and enabling greater technical support. By doing all this the Langford Trust is enabling Bristol Veterinary School to deliver research findings and ideas that will advance veterinary science knowledge whilst improving the lives of animals and their human partners worldwide.

Reserves and Investment Policy

The Trustees recognise that the level of voluntary income is becoming increasingly difficult to secure and are focused upon building the level of unrestricted reserves to continue to support research projects and educational development.

The Trustees have agreed to retain a minimum level of unrestricted reserves in order to fulfil their committed pledges and running costs for the next three years which corresponds to the length of any research project.

The Trust’s investment advisors are instructed to invest to maximise the total return on funds within the constraints of a medium to low risk investment portfolio.

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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

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THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

Statement of Trustees’ Responsibilities (continued)

The Trustees are responsible for keeping proper 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.

Signed on behalf of the board of Trustees.

Sir David Wills Bt Chairman of the Trustees

Date: 06-10-22

Mr Robert Drewett Trustee

06-10-22 Date:

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DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE

I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 May 2022, which are set out on pages 9 to 17.

Respective responsibilities of Trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is required. I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants for England and Wales (ICAEW).

It is my responsibility to:

This report, including my statement, has been prepared for, and only for, the Langford Trust Members as a body. My work has been undertaken so that I might state to the Members those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Langford Trust and the Members as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Duncan Nicholas FCA Moore Scarrott Limited Chartered Accountant Calyx House South Road Dated: 06-10-22 Taunton TA1 3DU

Page 8

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

STATEMENT OF FINANCIAL ACTIVITIES

Notes
Incoming resources
Voluntary income
2a
Income on invested funds
2b
Transfer from Unrestricted Funds
Total incoming resources
Resources expended
Direct Charitable Grants
3
Costs of generating voluntary
income
3
Total resources expended
Net movement in funds before
gains/(losses) on investments
Net gains/(losses) on investment
assets
4
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2022
£
126,299
12,680
-
138,979
(19,277)
(37,709)
(56,986)
81,993
(21,156)
60,837
614,973
675,810		 Restricted
Funds
2022
£
59,898
10,397
-
70,295
(38,798)
-
(38,798)
31,497
(7,890)
23,607
525,672
549,279		 Total
Funds
2022
£
186,197
23,077
-
209,274
(58,075)
(37,709)
(95,784)
113,490
(29,046)
84,444
1,140,645
1,225,089		 Total
Funds
2021
£
72,369
18,262
-
90,631
(62,480)
(35,716)
(98,196)
(7,565)
57,206
49,641
1,091,004
1,140,645

All incoming resources and resources expended derive from continuing activities.

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 9

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

BALANCE SHEET AS AT 31 MAY 2022

Notes
Fixed assets
Office Equipment
7
Investments
8
Current assets
Stocks
Debtors
9
Cash at bank and in hand
Current liabilities
Creditors
10
Net current assets
Total assets
Income funds
Unrestricted funds
11
Restricted funds
11
1,388
1,042
498,369
500,799
(2,650)		 2022
£
-
726,940
726,940
498,149
1,225,089
675,810
549,279
1,225,089
973
650
555,529
557,152
(6,196)		 2021
£
-
589,689
589,689
550,956
1,140,645
614,973
525,672
1,140,645

Approved by the board of Trustees and signed on its behalf.

Sir David Wills Bt Chairman Dated: 06-10-22

Mr Robert Drewett Trustee

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 10

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDING 31 MAY 2022

Net cash generated/(absorbed) in operating activities
12
Cash flows from financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2022
2021
£
£
(57,160)
(23,380)
-
-
(57,160)
(23,380)
555,529
578,909
498,369
555,529

The notes on pages 12 to 17 form an integral part of these financial statements.

Page 11

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

1 Accounting Policies

1.1 Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) 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) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

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

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for further information).

1.2 Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

1.3 Incoming resources

Incoming resources are recognised in the accounts on the accruals basis, during the period in which they are due, and therefore match any related expenditure.

1.4 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs incurred directly relating to the charitable company’s objectives are included within charitable activities.

1.5 Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

1.6 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.7 Fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

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DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

1 Accounting Policies (continued)

1.8 Depreciation

Depreciation was provided on all tangible fixed assets at rates calculated to write off the full cost over their estimated useful life. The principle rates in use were:

Office Equipment – 33% straight line

1.9 Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are charged or credited to the statement of financial activities based on the market value at the year end.

1.10 Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on the selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.

2 a) Voluntary Income

Donations and bequeaths
Legacies and bequests
Appeals and donations
Merchandise sales
) Income on Invested Funds
Interest on cash deposits
Dividends		 Unrestricted
Funds
£
88,484
34,926
123,410
2,889
126,299
Unrestricted
Funds
£
808
11,872
12,680		 Restricted
Funds
£
59,898
-
59,898
-
59,898
Restricted
Funds
£
5,969
4,428
10,397		 Total
Funds
2022
£
148,382
34,926
183,308
2,889
186,197
Total
Funds
2022
£
6,777
16,300
23,077		 Total
Funds
2021
£
60,121
7,408
67,529
4,840
72,369
Total
Funds
2021
£
7,436
10,826
18,262

b) Income on Invested Funds

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THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

3 Total resources expended

otal resources expended
Direct costs
Direct charitable grants
Support and Governance
costs
Publicity costs
Office expenses
Management fees
Independent examiners fees
Total resources expended		 Unrestricted
Funds
£
19,277
19,277
7,224
2,935
24,900
2,650
37,709
56,986		 Restricted
Funds
£
38,798
38,798
-
-
-
-
-
38,798		 Total
Funds
2022
£
58,075
58,075
7,224
2,935
24,900
2,650
37,709
95,784		 Total
Funds
2021
£
62,480
62,480
1,643
3,860
27,753
2,460
35,716
98,196

The breakdown of support costs and how these were allocated between governance and other support costs is show in the table below:-

Support costs
Publicity costs
Office expenses
Management fees
Total Support Costs		 Governance
Related
£
-
-
2,490
2,490		 Other
Support
Costs
£
7,224
2,935
22,410
32,569		 Total
Allocated
2022
£
7,224
2,935
24,900
35,059		 Total
Allocated
2021
£
1,643
3,860
27,753
33,256

Allocation of other support costs is based upon an estimate of time spent on trustee meetings and other governance matters.

Total governance costs are analysed below:-

Independent examiners fees
Support costs
Total governance costs		 2022
£
2,650
2,490
5,140		 2021
£
2,460
2,775
5,235

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DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

4 Gains/(losses) on investments

Gains/(Losses) on revaluation
Total gains/(losses)		 Unrestricted
Funds
£
(21,156)
(21,156)		 Restricted
Funds
£
(7,890)
(7,890)		 Total
Funds
2022
£
(29,046)
(29,046)		 Total
Funds
2021
£
57,206
57,206

5 Trustee Directors

No Trustees received any remuneration during the year.

6 Net (outgoing)/incoming resources

Net (outgoing)/incoming resources is stated after charging:

Independent Examiners’ costs
7
Fixed Assets
Cost:
At 1 June 2021 and 31 May 2022
Depreciation:
At 1 June 2021 and 31 May 2022
Net book value:
At 31 May 2022
At 31 May 2021		 Office
Equipment
£
2,388		 2022
£
2,650
2,650
2022
Total
£
2,388
2,388
-
-		 2021
£
2,460
2,460
2021
Total
£
2,388
2,388 2,388
- -
- -

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DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

8 Investments

Listed investments
Market value:
As at 1 June 2021
Additions
Dividends reinvested
Gain/(loss) on investment
As at 31 May 2022
Net book value:
As at 31 May 2022
As at 31 May 2021
All investment assets are held in the UK. Listed investments are stated at
9
Debtors
Other debtors, prepayments and accrued income
10
Creditors
Accruals and deferred income
11
Net assets by fund
Unrestricted
Funds
Restricted
Funds
£
£
Tangible assets
-
-
Investments
570,217
156,723
Current assets
108,243
392,556
Creditors: Amounts falling due
within one year
(2,650)
-
675,810
549,279		 Listed investments
Market value:
As at 1 June 2021
Additions
Dividends reinvested
Gain/(loss) on investment
As at 31 May 2022
Net book value:
As at 31 May 2022
As at 31 May 2021
All investment assets are held in the UK. Listed investments are stated at
9
Debtors
Other debtors, prepayments and accrued income
10
Creditors
Accruals and deferred income
11
Net assets by fund
Unrestricted
Funds
Restricted
Funds
£
£
Tangible assets
-
-
Investments
570,217
156,723
Current assets
108,243
392,556
Creditors: Amounts falling due
within one year
(2,650)
-
675,810
549,279		 2022
£
589,689
150,000
16,300
(29,049)
726,940
726,940
589,689
market value.
2022
£
1,042
1,042
2022
£
2,650
2,650
Total
2022
£
-
726,940
500,799
(2,650)
1,225,089		 2021
£
521,657
-
10,826
57,206
589,689
589,689
521,657
2021
£
650
650
2021
£
6,196
6,196
Total
2021
£
-
589,687
557,154
(6,196)
1,140,645

Page 16

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 MAY 2022

NOTES TO THE ACCOUNTS

12 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Increase in investments
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2022
2021
£
£
84,444
49,641
(137,251)
(68,032)
(415)
261
(392)
304
(3,546)
(5,554)
(57,160)
(23,380)

Page 17

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 May 2022

APPENDICES – NON-STATUTORY NOTE

Analysis of funds - Current Year

Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds		 At 1 June
2021
£
614,973
614,973		 Incoming
resources
£
138,979
138,979		 Resources
expended
£
(56,986)
(56,986)		 Transfers
£
-
-		 Gains and
Losses
£
(21,156)
(21,156)		 At 31 May
2022
£
675,810
675,810
Equine Research Fund
2
Farm Animal Fund		 119,435
127,180		 1,995
2,108		 -
(3,667)		 499
-		 -
-		 121,929
125,621
1
Patricia Impson Memorial Fund
Feline
Feline Research FIP
Class of 66
P J N Pinsent Memorial
3
Ann Baldry Legacy Fund
4
Sarah Avery Fund
5
Ophthalmology Research Fund
6
Headshaking
Canine Heart Disease
TB
Total Restricted Funds
Total Funds		 246,615
140,596
474
329
2,599
919
93,057
2,344
38,349
390
-
-
525,672
1,140,645		 4,103
4,104
208
161
-
-
29,043
-
23,765
1,086
2,825
5,000
70,295
209,274		 (3,667)
(6,135)
-
-
-
-
-
(2,344)
(22,000)
(1,896)
(2,756)
-
(38,798)

(95,784)		 499
-
-
-
-
(919)
-
-
-
420
-
-
-
-		 -
(7,890)
-
-
-
-
-
-
-
-
-
-
(7,890)
(29,046)		 247,550
130,675
682
490
2,599
-
122,100
-
40,114
-
69
5,000
549,279
1,225,089

1. The Large Animal Appeal, Equine Fund and Farm Animal Fund had previously been combined since 2010. The Trustees have taken the opportunity to split these individual Funds out in the accounts upon completion of the Large Animal Appeal.

2. The Equine Fund includes a specific memorial fund for Mitty Ehlers in respect of Equine Research totalling £3,360.

3. The P J N Pinsent Memorial Fund has been subsumed into the Equine Research Fund in agreement with the donor.

4. The Ann Baldry Legacy Fund is to be used for equine lameness research.

5. The Sarah Avery Fund is to be used for cardiology projects. 6. The Ophthalmology Research Fund is to be used for research into equine ophthalmology.

Page 18

DocuSign Envelope ID: FEA8AFEA-11B3-48FB-9061-1A2F6CC922BF

THE LANGFORD TRUST FOR ANIMAL HEALTH AND WELFARE FOR THE YEAR ENDED 31 May 2022

APPENDICES – NON-STATUTORY NOTE

Analysis of funds - Previous Year

Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds		 At 1 June
2020
£
561,938
561,938		 Incoming
resources
£
47,085
47,085		 Resources
expended
£
(35,716)
(35,716)		 Transfers
£
-
-		 Gains and
Losses
£
41,666
41,666		 At 31 May
2021
£
614,973
614,973
Equine Research Fund
2
Farm Animal Fund		 117,140
128,261		 1,998
2,585		 -
(3,666)		 297
-		 -
-		 119,435
127,180
1
Patricia Impson Memorial Fund
Feline
Feline Research FIP
Class of 66
Donkey Pain
P J N Pinsent Memorial
Ann Baldry Legacy Fund
3
Sarah Avery Fund
4
Ophthalmology Research Fund
5
Headshaking
Total Restricted Funds
Total Funds		 245,401
132,276
466
185
2,555
3,609
904
118,535
2,305
22,830
-
529,066
1,091,004		 4,583
2,780
8
144
44
-
15
2,024
39
33,519
390
43,546
90,631		 (3,666)
(10,000)
-
-
-
(3,312)
-
(27,502)
-
(18,000)
(62,480)

(98,196)		 297
-
-
-
-
(297)
-
-
-
-
-
-		 -
15,540
-
-
-
-
-
-
-
-
15,540
57,206		 246,615
140,596
474
329
2,599
-
919
93,057
2,344
38,349
390
525,672
1,140,645

1. The Large Animal Appeal, Equine Fund and Farm Animal Fund had previously been combined since 2010. The Trustees have taken the opportunity to split these individual Funds out in the accounts upon completion of the Large Animal Appeal.

2. The Equine Fund includes a specific memorial fund for Mitty Ehlers in respect of Equine Research totalling £3,360.

3. The Ann Baldry Legacy Fund is to be used for equine lameness research.

4. The Sarah Avery Fund is to be used for cardiology projects. 5. The Ophthalmology Research Fund is to be used for research into equine ophthalmology.

Page 19