**Charity registration number 1061607**
**Company registration number 03336839 (England and Wales)**
## **THE REAL FARMING TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **THE REAL FARMING TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** N H Read J G Hartzell S Platten R Lewis N Saltmarsh C Robinson **Secretary** H Greenfield **Charity number** 1061607 **Company number** 03336839 **Principal address** 27 Old Gloucester Sheet London WC1N 3AX **Registered office** 27 Old Gloucester Sheet London WC1N 3AX **Independent examiner** F J Wilde FCCA MBA DChA Warner Wilde 4 Marigold Drive Bisley Surrey GU24 9SF
## **THE REAL FARMING TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 9|
|Independent examiner's report|11|
|Statement of financial activities|12|
|Balance sheet|13|
|Statement of cash flows|14|
|Notes to the financial statements|15 - 26|
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 and "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**
The objects of the Trust as contained in its Articles of Association are to further such charitable purposes or objects as the Trust shall from time to time determine.
## **Purpose of the Trust**
The Trust’s purpose is to encourage farming and food production practices that are economically sound, democratic, socially just, humane to animals, and promote the long-term protection of the biosphere. In practice this means supporting projects that adopt agroecological methods of farming, seek to localise supply chains, increase employment and engagement from local communities, revive local economies, protect and enhance the biosphere and through all of these elements bring about social impact on the local communities that they serve.
## **Public Benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
During this financial year public benefits were delivered through the following principal projects:
## _The Oxford Real Farming Conference (ORFC )_
ORFC 2023 was our most ambitious conference yet, with 1800 delegates in-person in Oxford (compared to 1300 in 2020) and a further 2,700 online from 122 countries around the world. It was a significant feat that a 160 strong team of ORFC staff and volunteers brought together with the support of partners, both in the UK and globally. It was the first face-to-face conference in three years and excited delegates poured in and out of seven venues, across the city centre, attending over 130 sessions including key note talks, panel discussions, handson workshops, cultural and ceremonial events and the usual evening dinners and revelry.
Meanwhile, online delegates from around the world came together to listen and join discussions both in Oxford and in the 45 additional online-only sessions. All online delegates were also able to watch and interact with sessions in Oxford, as three of the rooms were live-streamed and several online-only sessions were also broadcast into viewing rooms in Oxford. In all, the conference featured 372 speakers, including many people who hadn’t had the opportunity to speak publicly about their work before. Online, we were delighted to be joined by young activists from four co n tinents and BPOC and Indigenous leaders from India to Aotearoa.
The ORFC is now the largest agroecological gathering in the world and its growing reputation was reflected not just in the number of attendees but in the geographic backgrounds of the in-person delegates, who attended from 26 countries. The sheer diversity of the sessions and the introduction of many new speakers to the conference, through a combination of the open call, partner organisations, and invitations, is possibly the greatest triumph of the 2023 programme. Developing a programme of such breadth and ambition was only made possible through strong working relationships with our global and UK partners.
- 1 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
Highlights from in-person partnerships include characterful spaces within the conference cultivated by the Justice Hub team and the Landworkers’ Alliance. Collaborations with Soil Association, Pasture for Life, Sustain and Schumacher College resulted in many popular conference sessions. High profile speakers are often also the result of close collaboration with formal or informal partners, as was the case with Vandana Shiva and our work with Chelsea Green. The team are now working hard towards ORFC24 which will be a celebratory 15th year. This conference will not be a hybrid conference but we will be bringing a number of Global South speakers to Oxford and live-streaming five rooms in order to provide greater content and accessibility to our growing online audience.
## _ORFC in the Field Events_
In July, we were finally able to deliver our ORFC in the Field at FarmED in the Cotswolds. This had been cancelled twice due to Covid. The packed two-day programme offered a mix of talks and workshops with authors and practitioners such as Dan Saladino, Sarah Langford, John Letts, Niels Corfield and others. 70 delegates attended and the feedback was very good and there was great interest in further events which offer the opportunity to explore the topics we discuss at ORFC in a more in depth, practical and hands-on way.
The team then started working with the Biodynamic Association and Huxham’s Cross Farm in Devon to develop the next ORFC in the Field in May 2023 on biodynamics and permaculture design. This two-day event will be a collaboration with Marina O’Connell and the Apricot Centre and will feature four workshops and several talks on how make biodynamic preparations, deep observation methods for farm design and livestock management advice. We will also be joined for talks by other biodynamic practitioners including DIRT Foundation’s, Arizona Muse.
## Agroecology Communications Network (ACN)
After a very successful planning meeting in March 2022 at the Bristol Old Vic, the network had a relatively quiet year. This was partly because we needed to work out how to resource the many ideas that were put forward, including a shared image library, further networking events and a comms trainee programme for the movement. To keep the momentum going and build our contacts the ACN hosted a media ‘mixer’ at the ORFC which brought together over 100 comms professionals and journalists.
This was an opportunity for members to meet the 50 + press who attend the conference and for journalists to hear about the ACN and its plans. It was very well attended and we had more members sign up as a result. In March 2023 we secured further funding for the network which will enable us to appoint a facilitator who will help manage the network comms and develop some of the project ideas in collaboration with the Soil Association and others.
## _Ready, Health y , Eat (RHE)_
The three-year RHE programme funded by The National Lottery Community Fund (TNLCF) began in March 2020 and was due to conclude in February 2023. The aim of the programme is to bring together a number of community food organisations to trial different ideas for improving the nutritional value of the cooked food eaten by the most vulnerable groups in their community. Between them, the partners are providing nutritionally balanced meals created specifically for people who attend various support groups and food banks as well as home deliveries to vulnerable people unable to leave their home. Beneficiaries include adults with learning difficulties, people at risk of homelessness, asylum seekers and families on low incomes. This project is delivering on RFT’s commitment to system change towards social justice and food sovereignty and is beginning to communicate some challenges and good practice to the wider agroecology movement.
The project has been delivered during Covid, which has been extremely disruptive for partners who are focused on social eating for vulnerable groups. During the project delivery period, nutrition poverty has increased to epidemic levels.
- 2 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The programme is managed by the RFT with four delivery partners (NOW in Belfast, Cyrenians in Edinburgh, The Hornbeam in London and Brighton and Hove Food Partnership). Coventry University’s Centre for Agroecology, Water and Resilience is the social impact assessment research partner. Working in partnership has enabled all organisations to share innovations and good practice.
A summary report of the first three years of RHE can be found on our website. The key findings are:
- RHE has produced 573,000 meals and engaged with people in need who received them. This exceeded the project target by 59 times.
- RHE impacts have been exceptionally good value for money. It was well managed and the community group partners were resourceful.
- Food poverty projects rely on surplus food. An increasing number of people are nutritionally dependent on surplus food supply chains, which are not usually well understood or strategically managed. RHE identified and shared good practice in managing surplus food supply chains. More work is required on sourcing if food poverty projects are to effectively provide for nutritional needs of a growing number of impoverished people. RHE used 313 tons of surplus food, which would otherwise have been thrown away. Arguably, this is environmentally better than producing the same amount of agroecological food but raises questions about tolerating a wasteful food system in which many people are too poor to eat well.
- RHE partners developed a sophisticated understanding of nutrition in this context and have lessons to share. Nutrition needs to be understood in the context of people’s whole lives, in a social setting.
- 178 people who arrived in social or food need completed catering training and 56 found employment, often starting from a difficult position (e.g., with learning disabilities). Despite Covid, the partners exceeded the training target. Some trainees went on to participate in delivering services for and with their communities.
- The social impact of the work cannot be overstated. For many participants, the kind and socially welcoming groups and relationships they found alongside the food was life changing. ‘Food poverty’ needs to be addressed in a whole-life context.
- Working in partnership with the RFT has brought some of the most impactful changes to the field, often changes that were not anticipated when the project was planned. All of the partners’ food work has changed and scaled up. For example, NOW is working with farms and Hornbeam is developing an areawide strategic network.
RHE was due to complete in February 2023. It has been a very successful project and consequently the National Lottery Community Fund invited us to present to their Chair our understanding of how to address the cost of living, which we did with participants in the community kitchen in Brighton.
The Community Fund offered us a 12-month funded extension to work with the partners to develop and innovate projects that address cost of living. We are currently working with them to find solutions to rural food poverty, food for migrants, asylum seekers and refugees including hotel residents. The partners are developing projects to pilot dehydration in order to manage gluts of fruit and vegetables for food poverty projects.
RFT has learnt about ‘good food for all’ through this project and has thinking to share with the movement. RFT has an underspend from RHE which we are using to share the learning arising from this project, towards wider changes in the sector. We have produced online resources and promoted new models. We will run a series of training events on food sovereignty, advocacy and Photovoice, and policy changes as well as practical and supply chain issues.
- 3 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## _Twinning_
During 2022, we developed a new project with 8 partners funded by the National Lottery Community Fund over 3.5 years. The purpose of the programme is to bridge social divides and to enable people to understand other people who they would not normally meet and to enter new spaces. RFT has ‘twinned’ 4 pairs of projects. In each case both partners are involved with food. One is urban and the other is rural. NOW in Belfast, which works with adults with learning disabilities is paired with Jubilee Farm CSA. Truro Food bank is paired with Soul Farm CSA. The Centre for African Entrepreneurship who work with asylum seekers and migrants is paired with Cae Tan CSA in Swansea. Somalia Kitchen in Bristol is paired with Stroud CSA. Some of these partners are new to RFT and we expect to gain new insight too.
In each pair, the members from both groups will meet together on both sites to understand their needs and resources. They will be funded to undertake activities of their choice on both sites, engaging members from both groups, for the purpose of getting to know each other. We anticipate personal horizons will increase but also that organisational understanding will widen when, for example, a food bank works with a farm. We hope that some of the social ‘bubbles’ in the agroecological and community food sectors will become more permeable. We hope that food sovereignty will be increased by enabling participants to enact the solutions they choose for themselves using their shared community resources.
We are also exploring other opportunities for ‘twinning’ work, including development of a project between Brighton and Sussex Medical School and Brighton and Hove Food Partnership. If funding is secured the project will give medical students the opportunity to develop better real-world understanding of the role of diet, nutrition and healthy lifestyle in the prevention and management of non-communicable diseases.
## _Loans for Enlightened Agriculture Programme (LEAP)_
The first round of LEAP ran between January 2019 and December 2022. Over the 4-year programme, there were 135 Expressions of Interest, representing over £5.66 million of capital (529% of our available capital). 103 were rejected and 32 applications were presented to the investment committee at Round 1 (£1.4m). Of these 22 applications went through to Round 2 (which sees them receive investment readiness support and mentoring) and 3 were rejected. 7 dropped out of the process. The mentoring is a key part of the programme, with applicants receiving between £5-10k worth of tailored advice and support from specialist mentors most commonly in the critical areas of governance, business planning, financial forecasting, and social impact planning.
At the end of the programme, 19 loans were drawn down, leaving us 72% committed (with £768,250 invested). This is below expectations, but not a bad result given the disruption of two years of Covid and ongoing economic concerns.
LEAP approved its first investments in September 2019 to the Apricot Centre and Glasgow Locavore. Since then, we have supported mushroom growers, care farms, food waste cafés, box schemes, micro-dairies and everything in between, including investments into Edfords Care Farm, Sole of Discretion, Goonown Growers, Gwendraeth Organics, Earthlight Herbs, Soul Farm, Tyddyn Teg, Magic Hat Café, Regather, Hempen, Southern Roots Organics, Stroud Micro Dairy, Middle Ground Growers, Goodery, GroCycle, The Community Farm and Stroud Community Agriculture. This has enabled them to invest in their businesses in a multitude of ways – from new polytunnels, packing sheds, delivery vehicles, tools and machinery to websites, IT and new members of staff.
Plans for LEAP2 are progressing well, with £1.6m of social investments and grants confirmed, with the support of two new social investors. We are currently in the process of agreeing terms, and hope to launch the programme in June 2023. We already have plenty of businesses interested in exploring funding from LEAP2 and hope to place around 40 loans by December 2026.
- 4 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## _Social impact toolkit development_
During this 12-month period the LEAP programme brought on board the final cohort of investee businesses, and agreed social impact plans for five, completing the grant allocations for this first round of LEAP. During the latter part of the period planning work was being undertaken for LEAP2, which will enable a new round of social impact grants and social impact research.
In August LEAP gave a presentation at the 2022 Royal Geographic Society Annual International Conference in Newcastle, “The role of Community Food Businesses in building Territorial Food Systems in the UK”, and in January a presentation was given at the 2023 ORFC summarising the work so far and the outcomes of the grant programme to date.
The first Social Impact report was completed and launched in September 2022, promoted via our existing networks, as well as being made available on ResearchGate and the RFT website.
In Autumn 2022 we initiated a further round of research with LEAP partners, interviewing the founders of community food businesses to capture their aims when establishing businesses, their experiences, and the impact on their lives.
## _The College for Real Farming and Food Culture_
The College completed the first year of its pilot phase during in 2022/23. In addition to processing the lessons and outputs from the Dialogues undertaken during the previous year (‘Introducing the College’ at 42 Acres, and ‘Nature Financialisation’ at Schumacher College), the College Team delivered additional external and internal sessions.
A Dialogue on ‘Agroecology as Rewilding’ was held at Wakelyns Agroforestry in Suffolk in November where progressive farmers, conservationists and ecologists were brought together to consider the potential for agroecological approaches to encourage rewilding in conjunction with food production. Outputs from that Dialogue are being worked up during the second year of the College Pilot Phase.
In addition to that Dialogue, the College facilitated a session at the ORFC23 on ‘Nature Financialisation’ – bringing the activist and policy analyst Jutta Kill (a key online participant at the previous year’s Dialogue) over from Germany. Also at ORFC23, in partnership with Schumacher College, the College ran an afternoon workshop on ‘Agroecology as Pedagogy’. This workshop brought training organisations and farms together with leading academics in farming education to consider how the development of agroecology itself could influence the process of learning on the land and across the food system. A clear division arose between those focused on the practical elements of training and skill sharing methodologies, and those who wanted to interrogate the learning process itself through the lens of agroecology. With the RFT already an identified partner in emerging training schemes (developing through LWA and FarmED), the latter approach was identified by the College Team and Schumacher as a theme for a future Dialogue on ‘Agroecology as Pedagogy’ (currently planned for later in 2023 at Schumacher College.
In addition to its ongoing exploration of the Dialogue format, its outputs and strategic implications/opportunities, the College spent time during 2022/23 reflecting on the internal and external strategic functions for its work. As well as exploring orientations towards the movements for real farming and food systems, the strategic positioning of the College as a key function of the RFT was explored and its relationship with other RFT programmes. Under forthcoming strategic reviews, the lessons of the College Pilot Phase will be drawn together so that its functions best serve the interests of the RFT and the movements it supports.
- 5 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## _The All-Party Parliamentary Group on Agroecology for Sustainable Food and Farming (APPG)_
Following the APPG Agroecology’s AGM in November 2021 and an initial series of briefing sessions in early 2022 on agroecological policy and agroforestry, the group was required by the Office for Parliamentary Standards to hold yet another AGM in the middle of 2022. Unfortunately, due to other demands, both of our MP Co-Chairs asked to step down and the rules required us to find a replacement MP for the role, something we struggled to do given the political situation during that period and an increased demand on MPs’ time.
We continued though to have significant support from cross-party parliamentarians, especially Members of the House of Lords, and so we agreed to explore alternative options for a parliamentary network with supporter organisations. Over several months in the second half of 2022, we engaged with a range of stakeholders to review the achievements of the APPG: what worked, what could be improved, and what would be helpful in the current climate given that the APPG was originally constituted over 12 years ago. This helped us identify how best to support continued progress with agroecology in Westminster/Whitehall and to re-engage our supporter members and friends across the sector, and elsewhere.
As a result of this, it was agreed to form a new group - Parliamentarians for Agroecology (P4A) - which was launched on the 25th April 2023. This mirrored a direction of travel we were seeing with other groups in Parliament, following increased scrutiny of and frustrations with APPGs.
Throughout 2022 and 2023 we continued to share articles of interest; news content and events relating to agroecology with parliamentarians, and explored potential new avenues of funding for the group. Our lead parliamentary supporter, Lord Teverson, regularly raised our work with colleagues and championed increased activity for agroecological policy including hosting a session at the ORFC with Lord Deben who as chair of the UK Climate Change Committee had commissioned some research looking at the role of agroecology in achieving net zero. The inaugural Westminster meeting of the new group was scheduled for April 2023.
## **Financial Review**
The Trust’s main sources of income derive from grants, donations and income from charitable activities, mainly in the form of tickets, sponsorship and exhibition stands for the Oxford Real Farming Conference. Major (over £10,000) grants and donations received during 2022/23 included: £25,000 from the Golden Bottle Trust and £38,239 from the Aurora Trust (formerly Ashden Trust ) for core costs, including the APPG, ACN and the College; £15,000 from SHED, £15,000 from a foundation known to us which has requested confidentiality, £10,000 from Be The Earth Foundation, and £10,000 from the Sheepdrove Trust for ORFC 2023; £52,300 from the Halleria Trust for LEAP on grants and programme management costs; and £157,070 from The National Lottery Community Fund for the Ready, Healthy, Eat Programme. Total income was £6 13,960 , compared with £685,000 in 2021/22, with £285,898 in the form of restricted funds.
The Trust has two main sources of expenditure: the grants it makes, and costs associated with its charitable activities. Total expenditure was £8 22,207 , compared with £548,213 in 2021/22, resulting in a net income for the year of -£2 08,247.
At 31st March 2023 the charity had total net assets of £ 352,579 , of which £1 10,464 was held as restricted funds and £2 42,115 as unrestricted funds.
- 6 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Reserves Policy**
The Board of Trustees has examined the organisation’s requirements for reserves in light of the main risks to which it may be exposed. It has established a policy whereby the unrestricted funds not committed should ideally be between six and nine months’ worth of expenditure on unrestricted charitable activities. The total unrestricted funds at 31 March 2023 were £242,115, compared with £275,316 at 31st March 2022. Total expenditure on unrestricted charitable activities to 31 March 2023 was £364,894. Our current reserves therefore represent just under 8 months’ worth of expenditure. Reserves are needed to safeguard the work of the Real Farming Trust, and the Board of Trustees is confident that at this level they would be able to continue the main core services in the event of a significant drop in funding. The reserves policy will be reviewed by the Trustees every year, or as necessary when there are significant changes to the organisation’s activities.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Strategic Plan and Future Priorities**
The vision of the RFT is simple: “good food for everyone, forever”. We set out how we will work towards our vision in our 2021-2024 Strategic Plan which was approved by the Board of Trustees in September 2021. That plan introduces our new Theory of Change, and sets out our main strategic priorities, including:
- Creating radical, diverse and inclusive gatherings for the real food and farming movement. Through the Oxford Real Farming Conference, we will work to strengthen and expand networks from within and beyond the food movement, learn from each other and exchange knowledge in order to support and enable a just agroecological transition.
- Bringing people together to explore and understand the transformative potential of agroecology and food sovereignty. Through the College for Real Farming and Food Culture, we will explore and develop the ideas that are needed to underpin Real Farming – in agricultural practice, economics, political organisation, science, moral philosophy and metaphysics (i.e., what should we be trying to do and why?). We will be an advocate for change and will provide a space for people to collaborate and share ideas.
- Funding and supporting real food and farming businesses that are economically sound, socially just and protect the biosphere. We will grow and develop the Loans for Enlightened Agriculture Programme, and other initiatives that help with access to finance and land.
- Integrating food citizenship throughout all of our areas of work. We will use the next period in our development to proactively seek out and engage with different groups of food citizens from those we have worked with in the past, develop new programmes of work in support of this and embed Food Citizenship across all of our activities and programmes.
- Promoting the importance and value of adopting agroecological approaches to food and farming in UK policy. We do this as the Secretariat of the APPG on Agroecology for Sustainable Food and Farming, and by engaging with our partners on policy campaigns.
- Encouraging and supporting social enterprises and community food businesses, policy makers and campaigners to take social impact seriously. We will do this through educating and encouraging others to use the metrics and processes of the Social Impact Toolkit developed in partnership with CAWR. We will continue to build and refine the Social Impact Toolkit based on user feedback and engagement both within and outside of RFT programmes. We will also build relationships and work in partnership with other organisations both within and outside the food sector who are also developing impact measurements. This work is as much about showing what impact community food businesses are not having as about what impact they are having. Only by understanding and honestly reflecting on what we are and are not doing can the sector truly provide good food for everyone, forever.
- 7 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
- Amplifying the voices of the agroecology movement. We will continue to develop and grow the Agroecology Communications Network, connecting people working in communications across the food and farming movement and exploring how we can better support each other, sharing news and campaigns and bringing people together to work towards shared goals, to have a bigger collective impact.
We have also been developing organisational capacity within RFT and improving our processes and procedures to ensure that the governance, organisation structure, people and processes are fit for purpose and able to deliver this strategic plan. For example, work is underway to transition ou r IT to one cloud-based workspace. Research was undertaken and external expert advice sought and Google Workspace has been chosen. There are a number of issues to address before a migration can happen but it is expected this will happen during 2023. In addition, an external HR consultant has been appointed to help review our policies and act as a sounding board for issues around HR. The consultant will also be helping us with creating structures and processes for managing appraisals, pay, holiday and TOIL.
Progress against our strategic plan is reviewed quarterly at Trustee meetings, and specific goals and objectives for the year ahead are made each year in our annual Spring Strategic Planning retreat, which all staff members attend.
## **Governance and Management**
The Trust was incorporated as The Winged Horse Trust on the 20th March 1997 and was registered as a charity on the 27th March 1997. Its change of name to The Real Farming Trust was registered with the Charity Commission on 22nd August 2014, and at Companies House on 11th November 2014. Its registered office is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom.
The Real Farming Trust is a Company Limited by Guarantee and a registered charity and is governed by its Articles of Association which set out the powers and objects of the organisation. The non-executive directors of the company are also the trustees of the charity. Trustees have control of the organisation, its funds and assets, and are responsible for overall strategic and operational management. Board meetings are held quarterly. The trustees have delegated the day-to-day management of the organisation to the Senior Management Team (SMT) and decisions on social investments to the LEAP Investment Committee.
Trustees are recruited from the wide network of people and organisations who support the aims and activities of the Trust. The Trust is a member of Oxfordshire Community and Voluntary Action, which provides guidance and any necessary training for Trustees.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
N H Read
S Mariam (Resigned 20 June 2023) J G Hartzell C H Tudge (Resigned 9 July 2022) S Platten R Lewis N Saltmarsh C Robinson
Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the Trust in the event of a winding up. The total number of such guarantees at 31st March 2023 was three. Members of the Board of Directors have no beneficial interest in the Trust.
- 8 -
## **THE REAL FARMING TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees' r eport was approved by the Board of Trustees.
.............................. J G Hartzell **Trustee**
3rd October 2023 Date: .............................................
- 9 -
## **THE REAL FARMING TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees, who are also the directors of The Real Farming Trust for the purpose of company law, 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).
Company Law 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 trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 10 -
THE REAL FARMING TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE REAL FARMING TRUST
I r¢wrt to the tsuslees on my txamlnalltsn of the lknarKial statements ofThe Real F8milrvJ Trust (the tru8tl forth6
yaar •ndthJ 31 Mar¢h 2023.
Re8pon8lbllltl•s and ba•1$ of r•port
As the trusl8es of the trust land also its dirè¢tors for the purposes of company you are responslbl¢ for the
pr8paratkn of the finanaal statemanls in occordanco vAth the rnqulromgnts of Ihe Compan168 Act 2006 (tha
2C*]6 Aet).
Havlng 8at58fi8d ffly88tl that ts finandal 5tsterrnts of tho tru8t ar8 not requIrj to ba 8udW under Part 16 of
the 2006 Act and are eligible fry independent examination. l report In raspect of my examinauon of thè tru$l'8
financlal statom&nts carrled ujt under 3e(alon 145 of the CharaS Act 2011 Ithg 2011 A¢tl. In ¢8nylrKJ out my
examlnauon I hava folio1d all Ihe appticabbe rectIOns glven by thè Charlty Commlsslon urnler secllon 145{51
(bl of the 2011 Acl.
Ind•p•nd•nt •xamln•rfs •tat•m•nt
Sin¢0 the tNsl's gro86 Income 8xceed8d £2,000 your examlnor must bo a member of a boty Ilsted tn $8ctlon
145 of the 2011 Act. I cnnfimi that l am qualifi8d to undortake thtr oxamination because l am a member of the
A880clatlon of Chort•rnd Cerllfied Ac<nI8nts. whkh L8 one of thè118tsd bodb&s.
I have ¢ompL*tod my examination. I confwm that no mattars have me lo my aitonkn In c¥)nnedon wlth tho
examlnallon gIng me rau8e to beli* that In any mater181 respect..
accounung record8 were not kept kn r8SP8Ct of Iho trust as wulred by 386 of thè 2(N)6 A¢ or
th8 flnancl81 statements do not accord with Ihose records: or
the financial stat•m&nts do not o)mpty with the accountlng requlrements of 88ctk)n 398 of the 21106 AGt
othar th8n any r¢qU1ment that the 8¢counts gfve a true and falr eW vthSch Is not a matter consldored a$
part of an independent examinalion; or
tho flnanclBI ststgmgnts ha not b*) rrtoparod In acCAxd wlth tho mthd$ and prfn¢lpl•$ of th•
Sl8t¢m¢nl of Rtwnmended Practice for accounting and reporting by tharitios applI¢8b lo ¢h8rilies
prep8rfng Ihèlr at£ounts In acCOrdar tpAth the Flnandal Reporung Standard appllcabla In the UK and
Republlc of Ireland IFRS 102).
I hava no concgm8 aThl have c*)m6 acro88 M ¢Jther mattern In comecllon wlth the oxoffdnafjon to whlch attanfjc
Should be drawn In th18 report Sn onlor to onoble a [r derstandIng of the flnanclal stalemonts to be
reached.
F J WUd• FCCA MBA DChA
Wamer Wllde
4 Marigold Drive
Bisley
Surrey
GU24 9SF
Dalgd:
bij
11
## **THE REAL FARMING TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Unrestricted**
**Restricted**
**Total Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
48,500
285,898
334,398
161,704
403,012
Charitable activities
**4**
256,436
-
256,436
102,289
250
Investments
**5**
23,126
-
23,126
17,745
-
**Total income**
328,062
285,898
613,960
281,738
403,262
**Expenditure on:**
Charitable activities
**6**
369,273
452,934
822,207
161,316
386,897
**Net (outgoing)/incoming**
**resources before transfers**
(41,211)
(167,036)
(208,247)
120,422
16,365
Gross transfers
between funds
8,010
(8,010)
-
-
-
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(33,201)
(175,046)
(208,247)
120,422
16,365
Fund balances at 1 April 2022
275,316
285,510
560,826
154,894
269,145
**Fund balances at 31 March**
**2023**
242,115
110,464
352,579
275,316
285,510|**Total**
**2022**
**£**
564,716
102,539
17,745
685,000
548,213
136,787
-
136,787
424,039
560,826|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 12 -
## **THE REAL FARMING TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|**Notes**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**Income funds**
Restricted funds
**16**
Unrestricted funds|**2023**
**£**
**£**
630,397
511,242
1,141,639
(188,679)
952,960
(600,381)
352,579
110,464
242,115
352,579|**2022**
**£**
**£**
404,592
577,775
982,367
(73,476)
908,891
(348,065)
560,826
285,510
275,316
560,826|
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ......................... 3rd October 2023
.............................. J G Hartzell **Trustee**
## **Company registration number 03336839**
- 13 -
## **THE REAL FARMING TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**2023**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**19**
(123,052)
**Investing activities**
Repayment of investment loans and
receivables
(218,923)
Investment income received
23,126
**Net cash used in investing activities**
(195,797)
**Financing activities**
Repayment of bank loans
252,316
**Net cash generated from financing**
**activities**
252,316
**Net (decrease)/increase in cash and cash**
**equivalents**
(66,533)
Cash and cash equivalents at beginning of year
577,775
**Cash and cash equivalents at end of year**
511,242|**2022**
**£**
(73,551)
17,745
52,864|**£**
150,164
(55,806)
52,864
147,222
430,553
577,775|
|---|---|---|
- 14 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **Charity information**
The Real Farming Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 27 Old Gloucester Sheet, London, WC1N 3AX.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
## **1.4 Income**
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 15 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.7 Financial instruments**
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.
- 16 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.9 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Grants and donations
48,500
285,898
**Grants receivable for**
**core activities**
National Lottery
Community Fund
-
157,070
Golden Bottle Trust
25,000
-
The Aurora Trust
22,307
15,932
Be The Earth
Foundation
-
10,000
The Halleria Trust
-
52,300
Network for Social
Change
-
7,368
Sheepdrove Trust
-
10,000
Esmee Fairbairn
-
-
SHED
-
15,000
Other
1,193
18,228
48,500
285,898|**Total**Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
£
£
334,398
161,704
403,012
157,070
-
268,606
25,000
20,000
-
38,239
40,860
15,600
10,000
-
10,000
52,300
-
39,000
7,368
-
-
10,000
-
10,000
-
94,989
5,000
15,000
-
20,000
19,421
5,855
34,806
334,398
161,704
403,012|Total
2022
£
564,716
268,606
20,000
56,460
10,000
39,000
-
10,000
99,989
20,000
40,661
564,716|
|---|---|---|
- 17 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **4 Charitable activities**
||**2023**|
**2022**|
|---|---|---|
||**£**|
**£**|
|Conference & exhibition fees|237,936|
85,819|
|Conference sponsorship|12,500|
14,500|
|Other income|6,000|
2,220|
||256,436|
102,539|
|Analysis by fund|||
|Unrestricted funds|256,436|
102,289|
|Restricted funds|-|
250|
|**Investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Interest receivable|23,126|17,745|
## **5 Investments**
- 18 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **6 Charitable activities**
|Staff costs
Project delivery
Travel & accommodation
Conference catering
Design
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds
**7**
**Grants payable**
The Now Project
Brighton & Hove Food Partnership
Cyrenians
Organic Lea
Southern Roots Organics
Tyddyn Teg
Sole of Discretion
Goonown Growers
Fungi Futures CIC
LESS CIC
Hisbe Food CIC
Goodery CIC
Other|**2023**
**£**
258,511
150,205
26,926
16,752
4,058
456,452
279,200
71,813
14,742
822,207
369,273
452,934
822,207
**2023**
**£**
41,884
66,480
56,317
67,431
4,500
1,440
-
-
-
-
13,500
7,300
20,348
279,200|**2022**
**£**
192,761
77,185
14,944
2,844
-
287,734
232,915
20,138
7,426
548,213
161,316
386,897
548,213
2022
£
48,913
54,086
48,823
53,170
-
10,800
5,940
4,860
1,500
1,500
-
-
3,323
232,915|
|---|---|---|
- 19 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**8**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Office expenses &
administration
20,035
-
Rent or lease of
buildings
34,244
-
Insurance
716
-
Marketing
5,695
-
Supplies
7,710
-
Subscriptions
1,397
-
Enterainment
2,016
-
Legal and professional
-
-
Bank charges
-
4,835
Interest payable
-
8,329
Independent examiner
-
1,578
71,813
14,742
Analysed between
Charitable activities
71,813
14,742|**2023**
**£**
20,035
34,244
716
5,695
7,710
1,397
2,016
-
4,835
8,329
1,578
86,555
86,555|Support
costs
Governance
costs
£
£
12,326
-
5,514
-
1,350
-
328
-
480
-
140
-
-
-
-
626
-
241
-
5,059
-
1,500
20,138
7,426
20,138
7,426|2022
£
12,326
5,514
1,350
328
480
140
-
626
241
5,059
1,500
27,564
27,564|
|---|---|---|---|
Governance costs includes payments to the Independent Examiner of £ 1578 for preparation of the financial statements and the Independent Examination (2022- £ 1500 ) .
## **9 Trustees**
In the year, the trust reimbursed expenses totalling £495 to three trustees.
## **10 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
6
**2023**
**£**
232,841
16,366
9,304
258,511|**2022**
**Number**
5
**2022**
**£**
175,421
10,944
6,396
192,761|
|---|---|---|
- 20 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **10 Employees**
## **(Continued)**
On the 2022 signed accounts, the social security and other pension costs included both employer and employee contributions. This has been restated above to include only employer contributions.
Key Management Personnel is comprised of the Executive Director roles. The total remuneration for Key Management Personnel (including employer's IE and pension contributions) was £76,512 (2022: £67,277).
There were no employees whose annual remuneration was more than £60,000.
## **11 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**12**
**Loans and overdrafts**
Social Investment Loans
Payable after one year|**2023**
**£**
-
623,197
7,200
630,397
**2023**
**£**
600,381
600,381|**2022**
**£**
318
404,274
-
404,592
**2022**
**£**
348,065
348,065|
|---|---|---|
The loan is unsecured and bears interest at 2% per annum which is paid quarterly. Capital is repayable based on the schedule of loan repayments agreed with the recipient of each social loan, all are due by monthly instalments and scheduled to be repaid in full by 31 December 2027.
## **13 Creditors: amounts falling due within one year**
|**Notes**
Deferred income
**15**
Trade creditors
Other creditors
Accruals|**2023**
**£**
104,500
3,714
75,437
5,028
188,679|**2022**
**£**
-
9,321
62,655
1,500
73,476|
|---|---|---|
- 21 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**14**
**Creditors: amounts falling due after more than one year**
**Notes**
Social investment loans
**12**
**15**
**Deferred income**
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Resources deferred in the year
Deferred income at 31 March 2023|**2023**
**£**
600,381
**2023**
**£**
104,500
**2023**
**£**
104,500
-
104,500
104,500|**2022**
**£**
348,065
**2022**
**£**
-
**2022**
**£**
-
-
-
-|
|---|---|---|
- 22 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **16 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Movement in funds**
**Balance at**
**1 April 2021**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 April 2022**
**£**
**£**
**£**
**£**
All Party Parlimentary Group on Agroecology
2,824
20,600
(12,675)
10,749
Loans for Enlightened Agriculture Programme
19,520
39,000
(45,518)
13,002
LEAP Mentoring (England)
35,299
-
(19,663)
15,636
LEAP Mentoring (rest of UK)
7,929
-
(4,366)
3,563
Collaborative Learning about Innovative Land Strategies **
6,185
4,806
(2,256)
8,735
Ready, Healthy, Eat (RHE)
196,982
268,856 (248,091) 217,747
Wildlife on Farms Dialogue
406
-
(406)
-
Oxford Real Farming Conference
-
58,000
(49,865)
8,135
College (Martin Stanley)
-
12,000
(4,057)
7,943
Land Trusts
-
-
-
-
Land Based Knowledge
-
-
-
-
269,145
403,262 (386,897) 285,510|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Balance at**
**31 March**
**2023**
**£**
**£**
**£**
**£**
15,932
(12,024)
-
14,657
52,300
(59,101)
-
6,201
-
(16,361)
725
-
-
(3,563)
-
-
-
-
(8,735)
-
157,298 (292,359)
-
82,686
-
-
-
-
53,000
(61,135)
-
-
-
(7,943)
-
-
7,368
-
-
7,368
-
(448)
-
(448)
285,898 (452,934)
(8,010) 110,464|
|---|---|
- 23 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **16 Restricted funds**
**(Continued)**
** The transfer to unrestricted funds represents legitimate restricted expenditure in the prior year that was incorrectly analysed to unrestricted funds.
Collaborative Learning about Innovative Land Strategies (EU Erasmus+) : This is an EU Erasmus+ funded programme and involves seven partner organisations from five EU countries: France, the Netherlands, Romania, Belgium and the UK. The programme is managed by (and payments are received via) Terre de Liens.
All Party Parliamentary Group on Agroecology : The charity is the Secretariat for the APPGA which promotes the importance and value of adopting agroecological approaches to food and farming in UK policy.
Loans for Enlightened Agriculture Programme (LEAP) : The charity manages the Loans for Enlightened Agriculture Programme providing loans, grants and mentoring to food and farming enterprises. The programme is funded by interest received and fees charged. Additional operational funds were provided by the Esmée Fairbairn Foundation for the LEAP Programme Team which is responsible for identifying, assessing and managing applications, carrying out due diligence and making the loan and grant agreements. It will also be responsible for monitoring and reporting (financials and impacts), promoting LEAP and its impact and providing advice and support to the investees. Grants for successful applicants to LEAP are provided by the Halleria Trust.
LEAP mentoring (England) : The Power to Change Foundation provided a grant to provide support and advice to LEAP investees located in England in areas such as business planning, financial forecasting, governance, and social impact measurement.
LEAP mentoring (rest of UK) : The Esmée Fairbairn Foundation provided a grant to provide support and advice to LEAP investees located outside of England in areas such as business planning, financial forecasting, governance, and social impact measurement.
Ready, Healthy, Eat (RHE): T his is funded by the National Lottery Community Fund and managed by the Real Farming Trust, brings together a number of community food organisations to trial different ideas for improving the nutritional value of the cooked food eaten by the most vulnerable groups in their community. The programme aimed for this food to be made by trainees who were themselves at risk of food poverty, providing them with work experience and training and a mentoring scheme to help them into further training or employment.
ORFC : Grants towards the operational costs of the ORFC Global were received from the Sheepdrove Trust, SHED , A Team Foundation , Be The Earth Foundation , and another foundation known to us which has requested confidentiality.
College Dialogue (42 Acres) : Funding was received from Be the Earth Foundation to hold a College for Real Farming dialogue at 42 Acres in Somerset. This was postponed due to Coronavirus, and was eventually held in the Autumn of 2021.
- 24 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **16 Restricted funds (Continued)**
Land Trusts : Funding was received from the Network for Social Change to bring UK Land Trusts together, fostering great collaboration and building stronger connections.
Land Based Knowledge : Dialogue on Land Based Knowledge to be held at 42 Acres in September 2023 .
- 25 -
## **THE REAL FARMING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **17 Analysis of net assets between funds**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2023**|**2023**|**2023**|2022|2022|2022|
||**£**|**£**|**£**|£|£|£|
|Fund balances at 31|||||||
|March 2023 are|||||||
|represented by:|||||||
|Current assets/|||||||
|(liabilities)|842,496|110,464|952,960|623,381|285,510|908,891|
|Long term liabilities|(600,381)|-|(600,381)|
(348,065)|-|(348,065)|
||242,115|110,464|352,579|275,316|285,510|560,826|
## **18 Related party transactions**
Mrs R West, the spouse of one of the trustees, received consultancy and project management fees of £8,209.
|**19**|**Cash generated from operations**||**2023**||**2022**|
|---|---|---|---|---|---|
||||**£**||**£**|
||(Deficit)/surpus for the year||(208,247)||136,787|
||Adjustments for:|||||
||Investment income recognised in statement of financial|activities|(23,126)||(17,745)|
||Movements in working capital:|||||
||(Increase)/decrease in debtors||(6,882)||3,282|
||Increase in creditors||10,703||27,840|
||Increase in deferred income||104,500||-|
||**Cash (absorbed by)/generated from operations**||(123,052)||150,164|
|**20**|**Analysis of changes in net debt**|||||
|||**At 1 April 2022**|**Cash flows**|**At 31 March 2023**||
|||**£**|**£**||**£**|
||Cash at bank and in hand|577,775|(66,533)||511,242|
|||577,775|(66,533)||511,242|
||Loans falling due after more than one year|(348,065)|(252,316)||(600,381)|
|||229,710|(318,849)||(89,139)|
- 26 -