REGISTERED CHARITY NUMBER: 007058
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
HANNAH DAIRY RESEARCH FOUNDATION
Galbraith Pritchards 20 Barns Street Ayr Ayrshire KA7 1XA
HANNAH DAIRY RESEARCH FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Cash Flow Statement 7
Notes to the Cash Flow Statement 8
Notes to the Financial Statements 9 to 16
Detailed Statement of Financial Activities 17 to 18
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Se
HANNAH DAIRY RESEARCH FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Foundation seeks to advance and promote understanding, knowledge and education by supporting all aspects of dairy research including the biology, wellbeing of dairy animals, dairy technology and food production. The Foundation's aim is to stimulate original scientific research, encourage and inspire young scientists in the field, invigorate industry and enable dairy farmers through advances in knowledge, technology and good practice. The Foundation promotes investigations, experiments and research relating to such subjects. In pursuance of these objectives the Foundation publishes the Journal of Dairy Research and awards funding for scientific research.
Journal of Dairy Research
The Journal of Dairy Research publishes high-quality, novel scientific research covering the spectrum from the physiology and biochemistry of milk secretion to the utilisation of milk in dairy products.
Scientific Research and other Charitable Activities
In previous years the Foundation invited nominations for three year Hannah PhD Studentships. More recently applications have been invited for small research grant awards up to £25,000 (increased to £27,500 in May 2024).
The Foundation also holds an annual dairy science conference which attracts delegates from around the world and organises workshops for early career researchers and farmers.
Grant Making
Grant applications are considered by a sub-committee of the Board of Trustees with input from an independent assessor and their recommendation are then forwarded to the main Board for approval.
ACHIEVEMENTS AND PERFORMANCE
The Journal of Dairy Research continues to be successful, in what is a fast-changing environment for publications and access to scientific research journals in particular.
Grant totalling £150,630 were awarded in the year to 31 March 2025. With research activity reviving further awards are expected to be made in the coming year.
In November 2024, the Foundation hosted another successful conference at the Moredun Research Institute, Edinburgh with worldwide online participation. A further conference is planned for November 2025.
FINANCIAL REVIEW
Financial position
Overview
An operating surplus of £7,266 (2024 - £57,262), after grant awards of £150,630 (2024 - £113,153), was earned in the year to March 2025. After accounting for realised and unrealised losses of £9,815 (2024 - gains of £245,456), total funds decreased by £2,549 (2024 - increased by £302,718) to £4,163,316.
Investment policy and performance
The Foundation's investment managers, Brooks Macdonald Asset Management Limited (formerly Cornelian Asset Managers Limited), have been given the objective of generating income and capital growth, to keep pace with inflation over the long term, from a broad range of assets that when combined have medium risk under normal market conditions. The market value of the fund in March 2025 was £3,479,023 against a historic cost of £3,221,397. Income from the investment portfolio for the year amounted to £112,902.
Page 1
HANNAH DAIRY RESEARCH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Reserves policy
The Trustees have reviewed the reserves of the Foundation. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves. All the funds are unrestricted and at 31 March 2025 amounted to £4,163,316.
FUTURE PLANS
It is intended that the disposal of the remaining land and buildings will enable the Trustees to allocate more funds to research.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Hannah Research Institute was founded in 1928 as a result of a recommendation by the Development Commission. Originally an unincorporated charity governed by a Deed of Trust, it was converted to a Scottish Charitable Incorporated Organisation (SCIO) on 9 April 2014, the Institute adopted a new Constitution and changed its name to Hannah Research Foundation to better reflect its main new role as a funder of scientific research. A further change of name, to Hannah Dairy Research Foundation, was adopted in November 2017. Recruitment and appointment of new trustees Trustee appointments are based on merit, through an open and transparent process, and to ensure that it is properly representative of the Foundation's research programme, its end-user interest and stakeholder groups and that a practical balance among scientific, academic, farming and business expertise is maintained. The Chairman has responsibility for ensuring that Trustees adopt and follow good practice in corporate governance, including the efficient and effective conduct of Trustee business; the holding of regular Trustee meetings and the setting up of appropriate sub-committees. The Chairman has responsibility for providing an induction process for newly appointed Trustees, briefing them as to their terms of appointment and their collective and individual responsibilities. The Trustees delegated day-to-day management of the Foundation until 31 March 2022 to its Chief Executive Officer. A small executive team of Trustees and the Secretary has been created to maintain that function.
Risk management
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems are in place to mitigate exposure to the major risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 007058
Principal address
20 Barns Street Ayr KA7 1XA
Trustees
De
eee
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HANNAH DAIRY RESEARCH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
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|REFERENCE|AND|ADMINISTRATIVE DETAILS|
|independent|Examiner|
|Galbraith|Pritchards|
|20|Barns|Strect|
|Ayr|
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|KA7|LXA|
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|43|Alloway|Street|
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|Ayrshire|
|KA7|ESP|
|Solicitors|
|Mitehells|Roberton|
|George|House|
|36|North|Hanover|Strect|
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|Investment|Fund|Managers|
|Breaks|Macdonald|Asset|Management|Limmed|
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|Mitchelis|Roberton|-|Soliciters|(Secretary|to|the|Frustees}|
|Approved by|order of the board oftrustees on|.. &yyes De|AOS ns signed on|its|behalf|by:|
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HANNAH DAIRY RESEARCH FOUNDATION
I report on the accounts for the year ended 31 March 2025 set out on pages five to sixteen.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The Institute ofCharteredAccountants of-
Galbraith Pritchards 20 Barns Street Ayr Ayrshire KA7 1XA
8 December 2025
Page 4
HANNAH DAIRY RESEARCH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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|||||||
|---|---|---|---|---|---|
|31/3/25|31/3/24|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME AND ENDOWMENTS FROM|
|Charitable|activities|
|Royalty|152,424|159,046|
|Investment|income|2|120,012|118,696|
|Total|272,436|277,742|
|EXPENDITURE ON|
|Raising funds|3|20,542|22,475|
|Charitable|activities|4|
|Other|costs|32,222|17,285|
|Grant|awards|150,630|113,153|
|Journal|of|Dairy Research and Conference|Costs|57,954|55,093|
|Charitable|donations|500|500|
|Other|3,322|11,974|
|Total|265,170|220,480|
|Net gains/(losses) on investments|(9,815)|245,456|
|NET INCOME/(EXPENDITURE)|(2,549)|302,718|
|RECONCILIATION|OF FUNDS|
|Total funds brought forward|4,165,865|3,863,147|
|TOTAL FUNDS CARRIED FORWARD|4,163,316|4,165,865|
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The notes form part of these financial statements
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HANNAH DAIRY RESEARCH FOUNDATION
BALANCE SHEET
31 MARCH 2025
| 3473/25 | 31/3/34 | |||
|---|---|---|---|---|
| Unrestricted | otal | |||
| fund | funds | |||
| Nates | % | t | ||
| FIXED ASSETS | ||||
| investments | ||||
| brvestinenis | 9 | 3.479.023 | 3,490,469 | |
| Investment property | if | 385,001 | 385.001 | |
| 3,864,024 | 3.875470 | |||
| CURRENT ASSETS |
||||
| Debiars | HW | 10,671 | 10,473 | |
| Cash at bank | 492,228 | 466,889 | ||
| 502,899 | 477 362 | |||
| CREDITORS | ||||
| Amounts fating dav within one yeat | 12 | (203.607 ) | (186,967 | } |
| NET CURRENT ASSETS | 299,292 | 290,394 | ||
| TOTAL ASSETS LESS CURRENT | ||||
| LIABILITIES | 4,163,316 | 4,463,865 | ||
| NET ASSETS | 4163316 | 4.165.865 | ||
| FUNDS | 3 | |||
| Unrestricted funds: | ||||
| General fund | 4.363.316 | 4.165.865 | ||
| TOTALFUNDS | 4.163316 | 4.168.805 |
The financial statements were approved by the Board of Trustees and authonsed fer issue on Cpe.th. Dec... AOS and were signed on its behalf by:
The notes form part of these finaneip! sistements
Page ¢
HANNAH DAIRY RESEARCH FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
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|---|---|---|---|---|---|
|31/3/25|31/3/24|
|Notes|£|£|
|Cash flows|from|operating|activities|
|Cash|generated from operations|1|(96,304)|35,065|
|Net cash (used in)/provided by operating|activities|(96,304)|35,065|
|Cash|flows from|investing|activities|
|Purchase of|fixed|asset investments|(895,844)|(157,379)|
|Sale|of fixed|asset|investments|897,475|189,351|
|Interest received|7,112|3,277|
|Dividends|received|112,900|112,119|
|Net cash provided by investing activities|121,643|147,368|
|Change|in|cash and|cash|equivalents|in|
|the reporting|period|25,339|182,433|
|Cash and cash|equivalents|at the|
|beginning|of the|reporting period|466,889|284,456|
|Cash|and|cash|equivalents|at the|end of|
|the reporting period|492,228|466,889|
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The notes form part of these financial statements
a
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025
| 1. | RECONCILIATION OFNET(EXPENDITURE)/INCOMETONETCASHFLOW | RECONCILIATION OFNET(EXPENDITURE)/INCOMETONETCASHFLOW | FLOWFROM | |
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| 31/3/25 | 31/3/24 | |||
| £ | £ | |||
| Net(expenditure)/income for thereportingperiod (as perthe | ||||
| StatementofFinancial Activities) | (2,549) | 302,718 | ||
| Adjustments for: | ||||
| Losses/(gain) oninvestments | 9,815 | (245,456) | ||
| Interestreceived | (7,112) | (3,277) | ||
| Dividends received | (112,900) | (112,119) | ||
| Increase indebtors | (198) | (187) | ||
| Increase increditors | 16,640 | 93,386 | ||
| Netcash(usedin)/provided byoperations | (96,304) | 35,065 | ||
| 2. | ANALYSIS OFCHANGES IN NETFUNDS | |||
| At 1/4/24 | Cash flow | At 31/3/25 | ||
| £ | £ | £ | ||
| Netcash | ||||
| Cash atbank | 466,889 | 25,339 | 492,228 | |
| 466,889 | 25,339 | 492,228 | ||
| Total | 466,889 | 25,339 | 492,228 |
The notes form part of these financial statements
ee
Page 8
HANNAH DAIRY RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1, ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The trustees consider that there are no material uncertainties about the Foundation's abilities to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be reccived and the amount can be measured reliably. Income is stated net of VAT.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are charged in the year whenever an unconditional offer of grant is conveyed to the recipient. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the grant are outside of the control of the Foundation
Intangible assets
Intangible assets comprise the cost of purchasing the half-share of the Journal of Dairy Research from the Institute of Food Research. The Trustees consider that this should be amortised over four years on a straight-line basis to reflect the period over which the current income stream can be maintained with confidence.
Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.
Taxation The charity is exempt from tax on its charitable activities. It is registered for VAT and any irrecoverable VAT is included in the expenditure concerned.
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
- ACCOUNTING POLICIES- continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investment funds
Investments are included in the accounts at market value. Any increase in the market value is credited to reserves as detailed in the Statement of Financial Activities. Any reduction in the value of investments in the year is debited in a similar manner.
GRANTS FROM EXTERNAL SOURCES
Income from donations and grants, including capital grants, is included in incoming resources when they are receivable, except as follows:
-
When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
-
When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. When donors specify that donations and grants, including capital grants, are for particular restricted purposes which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
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.
- INVESTMENT INCOME
| INVESTMENT INCOMEINCOME | ||
|---|---|---|
| 31/3/25 | 31/3/24 | |
| £ | £ | |
| Rents received | - | 3,300 |
| Otherfixedasset invest -Fil | 112,900 | 112,119 |
| Depositaccountinterest | 7,112 | 3,277 |
| 120,012 | 118,696 |
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
- RAISING FUNDS
Investment management costs
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||||||
|---|---|---|---|---|
|31/3/25|31/3/24|
|£|£|
|Investment management|16,108|19,670|
|Rented property costs|4,434|2,805|
|20,542|22,475|
|CHARITABLE|ACTIVITIES COSTS COSTS|
|Grant|Support|
|Direct|funding of|costs (see|
|Costs|activities|note|5)|Totals|
|£|£|£|£|
|Other costs|-|-|32,222|32,222|
|Grant awards|-|150,630|-|150,630|
|Journal of Dairy|Research|and|
|Conference Costs|57,954|-|-|57,954|
|Charitable donations|500|-|-|500|
|58,454|150,630|32,222|241,306|
|5.|SUPPORT|COSTS|
|Governance|
|Management|Finance|costs|Totals|
|£|£|£|£|
|Other costs|9,428|13|22,781|32,222|
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-
CHARITABLE ACTIVITIES COSTS COSTS
-
TRUSTEES' REMUNERATION AND BENEFITS
This year, included in governance costs, Chairman, received a £10,000 honorarium for services in the years ended 31.03.24 and 31.03.25. Also this year IE casurer received a £2,500 honorarium for services in the year ended 31.03.25.
Trustees’ expenses
Trustees’ expenses
31/3/25 31/3/24 £ £ 351 343
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
| 7. | COMPARATIVESFOR THESTATEMENTOFFINANCIALACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOMEANDENDOWMENTSFROM | ||
| Charitable activities | ||
| Royalty | 159,046 | |
| Investment income | 118,696 | |
| Total | 277,742 | |
| EXPENDITUREON | ||
| Raisingfunds | 22,475 | |
| Charitable activities | ||
| Othercosts | 17,285 | |
| Grantawards | 113,153 | |
| Journal ofDairy Research and Conference | ||
| Costs Charitable donations |
55,093 500 |
|
| Other | 11,974 | |
| Total | 220,480 | |
| Netgainsoninvestments | 245,456 | |
| NETINCOME | 302,718 | |
| RECONCILIATIONOFFUNDS | ||
| Total fundsbroughtforward | 3,863,147 | |
| TOTAL FUNDSCARRIEDFORWARD | 4,165,865 | |
| 8. | INTANGIBLEFIXEDASSETS | |
| Goodwill | ||
| £ | ||
| COST | ||
| At 1 April 2024and31 March2025 | 160,000 | |
| AMORTISATION | ||
| At 1 April2024and31 March2025 | 160,000 | |
| NETBOOKVALUE | ||
| At 31 March 2025 | - | |
| At31March2024 | - |
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
9, FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS | ||
|---|---|---|
| Listed | ||
| investments | ||
| £ | ||
| MARKETVALUE | ||
| At 1 April2024 | 3,490,469 | |
| Additions | 895,844 | |
| Disposals | (875,125) | |
| Revaluations | (32,165) | |
| At 31 March2025 | 3,479,023 | |
| NETBOOKVALUE | ||
| At31 March2025 | 3,479,023 | |
| At31 March2024 | 3,490,469 | |
| 31/3/25 | 31/3/24 | |
| £ | £ | |
| UKFixed Interest | 527,795 | 436,834 |
| InternationalFixed Interest | 107,865 | 104,720 |
| UKEquities Intemational Equities |
720,607 842,302 |
734,595 885,210 |
| International&Thematic | $97,646 | 648,343 |
| HedgeFunds&Alternatives | 268,633 | 288,318 |
| Property StructuredReturn |
124,320 289,855 |
125,517 266,932 |
| 3,479,023 | 3,490,469 |
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| 31/3/25 | 31/3/24 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 3,221,397 | 3,142,034 | |
| 10. | INVESTMENT PROPERTY | ||
| £ | |||
| FAIRVALUE | |||
| At 1 April 2024 | |||
| and 31 March2025 | 385,001 | ||
| NETBOOKVALUE | |||
| At 31 March2025 | 385,001 | ||
| At31March2024 | 385,001 |
The value of the two remaining cottages and area of adjacent land has been based on advice given by Davidson & Robertson, Chartered Surveyors & Land Agents.
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
11, DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31/3/25 | 31/3/24 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Otherdebtors | 550 | 550 | ||||
| Prepayments andaccruedincome | 10,121 | 9,923 | ||||
| 10,671 | 10,473 | |||||
| 12. | CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR | YEAR | ||||
| 31/3/25 | 31/3/24 | |||||
| £ | £ | |||||
| Trade creditors | 10,349 | 14,600 | ||||
| VAT | 27,494 | 29,234 | ||||
| Grantspayable | 161,214 | 138,082 | ||||
| Accruals and deferredincome | 4,550 | 5,051 | ||||
| 203,607 | 186,967 | |||||
| 13. | MOVEMENT INFUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At | 1/4/24 | in funds | 31/3/25 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 4,165,865 | (2,549) | 4,163,316 | |||
| TOTALFUNDS | 4,165,865 | (2,549) | 4,163,316 | |||
| Netmovement in funds, included in theabove are as follows: | ||||||
| Incoming resources £ |
Resources expended £ |
Gains and losses £ |
Movement infunds £ |
|||
| Unrestricted funds | ||||||
| General fund | 272,436 | (265,170) | (9,815) | (2,549) | ||
| TOTALFUNDS | 272,436 | (265,170) | (9,815) | (2,549) |
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
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|||||||
|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1/4/23|in|funds|31/3/24|
|£|£|£|
|Unrestricted|funds|
|General|fund|3,863,147|302,718|4,165,865|
|TOTAL FUNDS|3,863,147|302,718|4,165,865|
|Comparative|net movement in funds,|included|in|the above|are as follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|277,742|(220,480)|245,456|302,718|
|TOTAL FUNDS|277,742|(220,480)|245,456|302,718|
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A current year 12 months and prior year 12 months combined position is as follows:
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1/4/23|in|funds|31/3/25|
|£|£|£|
|Unrestricted|funds|
|General|fund|3,863,147|300,169|4,163,316|
|TOTAL FUNDS|3,863,147|300,169|4,163,316|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above arc as follows:
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||||||
|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|550,178|(485,650)|235,641|300,169|
|TOTAL FUNDS|550,178|(485,650)|235,641|300,169|
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HANNAH DAIRY RESEARCH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
14, RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
15. ULTIMATE CONTROLLING PARTY
In the opinion of the trustees there is no controlling party.
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HANNAH DAIRY RESEARCH FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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||||||
|---|---|---|---|---|
|31/3/25|31/3/24|
|£|£|
|INCOME AND ENDOWMENTS|
|Investment|income|
|Rents|received|-|3,300|
|Other|fixed|asset invest- FII|112,900|112,119|
|Deposit account|interest|7,112|3,277|
|120,012|118,696|
|Charitable|activities|
|Journal of|Dairy Research|152,424|159,046|
|Total incoming|resources|272,436|277,742|
|EXPENDITURE|
|Investment management costs|
|Investment management|16,108|19,670|
|Rented property costs|4,434|2,805|
|20,542|22,475|
|Charitable|activities|
|Editorial|services|40,637|38,710|
|Conference expenses|17,317|16,383|
|Charitable|donations|500|500|
|Grant awards|150,630|113,153|
|209,084|168,746|
|Other|
|Site planning|and development|-|750|
|Property disposal costs|3,322|11,224|
|3,322|11,974|
|Support costs|
|Management|
|Insurance|1,636|1,584|
|Website expenses|§,531|4,260|
|Meeting|expenses|1,330|1,423|
|Administration|expenses|931|1,106|
|9,428|8,373|
|Finance|
|Bank charges|13|-|
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HANNAH DAIRY RESEARCH FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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|---|---|---|---|---|
|31/3/25|31/3/24|
|£|£|
|Finance|
|Governance|costs|
|Trustees'|expenses|351|343|
|Honorarium|12,500|-|
|Legal|fees|6,600|5,319|
|Accountancy|fees|3,330|3,250|
|22,781|8,912|
|Total resources expended|265,170|220,480|
|Net income before gains and|losses|7,266|57,262|
|Realised|recognised|gains|and|losses|
|Realised gains/{losses) on fixed asset investments|22,350|(254)|
|Net income|29,616|57,008|
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