Company Registration Number 3567659
Millennium Farm Trust
(a private company limited by guarantee)
Unaudited
Trustees’ Report and Financial Statements For the Year Ended 31st March 2023
Registered Charity Number 1070145
Millennium Farm Trust
Trustees’ Report and Financial Statements
Year Ended 31[st] March 2023
| Contents | Page |
|---|---|
| Company Information | 1 |
| Trustees’ Annual Report | 2 to 4 |
| Independent Examiner’s Report to the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
Millennium Farm Trust
Company Information
Year Ended 31[st] March 2023
Directors and Trustees Mrs. Nicky Hunter Mrs. Louisa Wells Mr Jeremy Massey (Chairman) Mrs A O’Neill Mrs Helen Wilson Peter Robert Easton Turner Secretary Mr. Andy Hunter Company Registered Number 3567659 Charity Registered Number 1070145 Registered Office Rookery Farm Depden Bury St Edmunds Suffolk IP29 4BU Independent Examiner Annatrice Limited 10, The Thoroughfare Harleston Norfolk IP20 9AX
1
Millennium Farm Trust
Trustees’ Annual Report
Year Ended 31[st] March 2023
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Millennium Farm Trust (the company) for the year ended 31 March 2023. The Trustees confirm that the financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Statement of Recommended Practice: “Accounting and Reporting by Charities” (FRS 102).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic and Director’s Report) Regulations 2013 is not required.
The trustees have complied with the duty in Section 17 (5) of the 2011 Charities Act to have paid due regard to guidance issued by the Charity Commission in relation to the activities being for the public benefit.
Structure, governance and management
Constitution
Millennium Farm Trust is a company limited by guarantee, incorporated 20 May 1998, and governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission.
The Trustees administer the charity and have control of the trust, its property and its funds. The Directors and Trustees who served during the year were Mr A Hunter, Mrs N Hunter, Mrs L Wells, Mrs A O’Neill, Mrs H Wilson, Mr J Massey and Mr P Turner.
The charity has been run with seven Trustees and a management committee; a committee meeting is held every 4 - 6 weeks on an ad hoc basis as the need arises.
We have 8 paid support workers who work varying days per week, and continue to be supported by a team of volunteers. We continued to ensure the governance was correct, developing and reviewing the systems previously put in place.
Method of Appointment or Election of Trustees
New Trustees are advertised for against requirements set out in a job description. Applicants are reviewed and selected for interview. The Chairperson and one other Trustee and Director interview candidates to select the most appropriate person for the role. The successful candidate is provided with a trustee induction (which includes an induction pack).
Related Party Relationships
None of the Trustees received remuneration or other benefits from their work as trustees with the charity. Details of other transactions with Trustees are fully disclosed in note II. There are no related parties under common control, or under the control of the Trust, nor is the Trust under the control of any party.
Objectives and Activities
Our objectives continue to be to advance the education of persons who have learning difficulties or disabilities, mental health problems or acquired brain injuries and pupils currently or at risk of exclusion from school opportunities for training work experience and/or employment in agriculture, horticulture and related subjects and in the principles of good citizenship so that such persons can develop their physical, mental and spiritual capacities and grow to full maturity as individuals and members of society and improve their conditions of life in the County of Suffolk and surrounding areas.
We offer a place where people can come and learn, relax and find the peace that can be uniquely found whilst working on the land.
During the year we progressed and developed operations at Rookery farm where we offered services including animal husbandry, horticulture and agriculture.
2
Millennium Farm Trust
Trustees’ Annual Report (continued)
Year Ended 31[st] March 2023
Achievements and performance
We continued to develop the site at Depden for the benefit of our farm helpers improving the land and caring for the animals as well as continuing to improve the site..
The farm helpers continued to work on their awards and AQA’s and were presented with their certificates at the AGM . .
We were pleased to improve the animal housing for the horses and purchase a new pens for the donkeys. We also set up a dove aviary and increased the number of smaller animals which involved purchasing the housing for them and the animals themselves.
Funds were also used to set up a new wildlife pond and the trim trail won was set up. We also set up a rain harvesting system
Homemade Pizza’s and Soup continue to be produced in the kitchen for homemade lunches and the farm helpers were pleased with their involvement in the healthy eating project which continued once the project ended.
Financial review
Net incoming resources for the year were £14,137 (2022: £56,479).
In addition to covering the day to day running costs of the service we continued to invest in the site using grants and our own excess resource.
We have also grown our reserves to provide cash flow contingencies and support longer term projects. Our expenses continue to relate to the payment of support workers, our base, ongoing projects as well as material costs and replacement of tools and equipment.
Reserves and Investment Policy
The charity retains around two months working capital along with any other committed spends; this is reviewed on a quarterly basis in line with the forward view. The funds are retained in easy access bank accounts. Total free reserves (unrestricted funds excluding fixed assets) at the end of the period was £70,225 (2022: £57,610).
Plans for future developments
Future plans and developments are discussed and agreed during the regular Trustee meeting held and timescales set along with a full cost appraisal and how cost will be met. e.g. from our funds or grant requests/fundraising etc; these in the main relate to projects for the farm helpers and/or improvements to the Depden site for the benefit of the farm helpers.
Risk management
The Trustees have assessed the major risks to which the charity is exposed and established systems and procedures to mitigate exposure to the major risks.
Public benefit
In carrying out the activities of the Trust, the Trustees have regard to the guidance issued by the Charity Commission on public benefit and are satisfied that the Trust meets the objectives of the Charities Act.
Going concern
The Trustees have a reasonable expectation that adequate resources exist for the charity to continue to operate for the foreseeable future and thus continues to adopt the going concern basis of accounting in preparing these accounts.
Trustees’ Responsibility Statement
3
Millennium Farm Trust
Trustees’ Annual Report (continued)
Year Ended 31[st] March 2023
The Trustees (who are also directors of Millennium Farm Trust for the purposes 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. Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
20/12/2023
This report was approved by the Trustees on ………………………………………… and signed on their behalf by:
Louisa Wells
Louisa Wells (Dec 20, 2023 13:56 GMT)
…………………………………………………………………………………
Louisa Wells
Print Name ……………………………………………………………… Trustee
4
Independent Examiner’s Report
to the Trustees of Millennium Farm Trust
Year Ended 31[st] March 2023
I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] March 2023 which are set out on pages 6 to 13.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity’s Trustees 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 charity and the charity’s Trustees as a body, for my work or for this report.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Anthony Brice MEng (Hons) FCCA, Director Annatrice Limited, Chartered Certified Accountant and Registered Auditor 10, The Thoroughfare Harleston Norfolk IP20 9AX
22/12/2023
5
Millennium Farm Trust
Statement of Financial Activities
(Incorporating Income & Expenditure Account)
Year Ended 31[st] March 2023
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds 2023 | Funds 2022 | ||
| Note | £ | £ | £ | £ | |
| Incoming Resources | |||||
| From generated funds | |||||
| Grants and donations | 4 | 14,507 | 5,000 | 19,507 | 41,253 |
| Charitable activities | 5 | 235,187 | - | 235,187 | 229,030 |
| Total incoming resources | 249,694 | 5,000 | 254,694 | 270,283 | |
| Resources Expended | |||||
| Cost of raising funds | 366 | - | 366 | - | |
| Charitable activities | 6 | 238,528 | 1,663 | 240,191 | 213,804 |
| Total resources expended | 238,894 | 1,663 | 240,557 | 213,804 | |
| Net (outgoing)/incoming resources | 10,800 | 3,337 | 14,137 | 56,479 | |
| Transfers between funds | - | - | - | - | |
| Net movement in Funds | 10,800 | 3,337 | 14,137 | 56,479 | |
| Reconciliation of Funds | |||||
| Balances brought forward | 210,300 | 96,623 | 306,923 | 250,444 | |
| Balances carried forward | 221,100 | 99,960 | 321,060 | 306,923 |
The charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The notes on pages 8 to 13 form part of these financial statements
6
Registration Number 3567659
Millennium Farm Trust
Balance Sheet
Year Ended 31[st] March 2023
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Total assets less Current liabilities Long term liabilities Total net assets Represented by: Unrestricted funds 11 Restricted funds |
2023 £ £ 247,462 18,364 59,267 77,631 4,033 73,598 321,060 - 321,060 221,100 99,960 321,060 |
2022 £ 19,735 38,665 58,400 790 |
£ 249,313 57,610 306,923 - 306,923 |
|---|---|---|---|
| 210,300 96,623 306,923 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
20/12/2023
These financial statements were approved by the trustees on …………………………………………and are signed on their behalf by;
Louisa Wells
Louisa Wells (Dec 20, 2023 13:56 GMT) …………………………………………………………………………………
…………………………………………………………………………………
Print Name ………………………………………………………………Trustee Louisa Wells
The notes on pages 8 to 13 form part of these financial statements.
7
Millennium Farm Trust
Notes to the Financial Statements
Year Ended 31[st] March 2023
1. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
a) Basis of accounting
The charity is a private company limited by guarantee registered in England and Wales and governed in accordance with its articles of association. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees’ Report. The members of the company are the Trustees named on the company information page. In the event of the company being wound up the liability in respect of the guarantee is limited to £1 per member of the company.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 1st January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared on a going concern basis under the historical cost convention in sterling which is the functional currency of the charity
b) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Surpluses on restricted funds are made available to other funds in the furtherance of the objectives of the charity as a whole.
c) Income Recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
The principal sources of income received by the charity are accounted for in the Statement of Financial Activities as follows:
Donations and legacies
Donations are recognised when the charity has been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
8
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
Grants
Income from grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
d) Resources expended
Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure on charitable activities comprises direct expenditure attributable to the charity's principal activities.
Costs of raising funds relates to costs incurred in securing funding from external sources
e) Fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and equipment 20% Straight Line
f) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
g) Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are based on historical experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances and are subject to continuous monitoring.
The Charity makes estimates and assumptions relating to future events which will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
h) Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
2. Taxation
Millennium Farm Trust is a registered charity and is therefore exempt from direct taxation.
3. Income
All income is wholly attributable to the charitable activity of the company and arises solely within the United Kingdom.
9
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
4. Grants and Donations
| Unrestricted | Restricted | Restricted | Total 2022 | ||
|---|---|---|---|---|---|
| Funds 2023 | Funds | 2023 | |||
| £ | £ | £ | |||
| General donations | 14,507 | - | 2,592 | ||
| General grants | - | - | - | ||
| Council covid related grants | - | - | 15,872 | ||
| Various restricted grants (see note 11) | - | 5,000 | 22,789 | ||
| 14,507 | 5,000 | 41,253 | |||
| 5. | Incoming Resources from Charitable Activities | ||||
| Unrestricted | Restricted | Total | |||
| Funds 2023 | Funds | 2023 | Funds 2022 | ||
| £ | £ | £ | |||
| Farm Helpers | 220,370 | - | 213,439 | ||
| Produce and contract | 14,817 | - | 15,591 | ||
| 235,187 | - | 229,030 | |||
| 6. | Analysis of Charitable Expenditure | ||||
| Unrestricted | Restricted | Total | |||
| Funds 2023 | Funds | 2023 | Funds 2022 | ||
| £ | £ | £ | |||
| Advertising | 2,293 | - | 575 | ||
| Consultancy | 45,145 | - | 53,073 | ||
| Staff | 98,210 | - | 84,774 | ||
| Travel | 1,066 | - | 381 | ||
| Rent | 10,375 | - | 10,000 | ||
| Insurance | 1,588 | - | 1,251 | ||
| Project Expenditure | 29,617 | - | 8,715 | ||
| General | 46,315 | 944 | 46,353 | ||
| Independent Examiner’s fee | 1,570 | - | 1,335 | ||
| Legal and professional | 1,217 | - | 1,181 | ||
| Bad debts | - | - | - | ||
| Depreciation | 1,132 | 719 | 6,166 | ||
| 238,528 | 1,663 | 213,254 | |||
| 7. | Staff costs | ||||
| 2023 | 2022 | ||||
| No. | No. | ||||
| The average number of staff employed by the charity | |||||
| during the financial year amounted to: | 8 | 7 |
No employee received remuneration amounting to more than £60,000 in either year.
10
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
| 8. | Tangible fixed assets | ||||||
|---|---|---|---|---|---|---|---|
| Property | Plant & | Total | |||||
| Improvements | Equipment etc | ||||||
| £ | £ | £ | |||||
| Cost | |||||||
| At 1stApril 2022 | 242,639 | 33,670 | 276,309 | ||||
| Additions | - | - | - | ||||
| Disposals | - | - | - | ||||
| At 31stMarch 2023 | 242,639 | 33,670 | 276,309 | ||||
| Depreciation | |||||||
| At 1stApril 2022 | - | 26,996 | 26,996 | ||||
| Charge for the year | - | 1,851 | 1,851 | ||||
| Elimination on disposal | - | - | - | ||||
| At 31stMarch 2023 | - | 28,847 | 28,847 | ||||
| Net book value | |||||||
| At 31stMarch 2023 | 242,639 | 4,823 | 247,462 | ||||
| At 31st March 2022 | 242,639 | 6,674 | 249,313 | ||||
| 9. | Debtors | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Trade debtors | 14,803 | 16,230 | |||||
| Prepayments | 2,625 | 2,500 | |||||
| Other debtors | 936 | 1,005 | |||||
| 18,364 | 19,735 | ||||||
| 10. | Creditors: Amounts falling due within | one year | |||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Trade creditors | 171 | 90 | |||||
| Accruals | 700 | 700 | |||||
| Credit card | 2,837 | - | |||||
| Social security and other taxes | - | - | |||||
| Other creditors | 325 | - | |||||
| 4,033 | 790 | ||||||
| 11. | Summary of Funds | ||||||
| Balance at | Incoming | Outgoing & | Balance at | ||||
| 1st April 2022 | Transfers | 31st March 2023 | |||||
| £ | £ | £ | £ | ||||
| Restricted funds: | |||||||
| Pig Sty | 2,500 | - | - | 2,500 | |||
| New HQ | 88,055 | - | (719) | 87,336 | |||
| Suffolk County Council – Paths | 4,020 | - | - | 4,020 | |||
| Moncrieff Trust – Paths | 750 | - | - | 750 | |||
| WSC Artist in Residence | 1,298 | - | - | 1,298 | |||
| Growing Together (Saturday Opening) | - | 5,000 | (944) | 4,056 | |||
| 96,623 | 5,000 | (1,663) | 99,960 | ||||
| General unrestricted funds | 210,300 | 249,694 | (238,894) | 221,100 |
11
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
Description of Restricted Funds:
Pig Sty - awarded to build new pig sty’s
New HQ and toilets – Lottery grant awarded to assist with new toilets and new modular building Moncrieff Trust – grant awarded to assist with new paths
Suffolk County Council Paths – grant awarded to assist with new paths
WSC Artist in Residence – to assist with flooring project in outside kitchen
Growing Together (Saturday Opening) - West Suffolk Council Community Chest grant to support working with individuals with mental health
12. Analysis of net assets between restricted and unrestricted funds
13.
| Tangible Other Net Fixed Assets Assets £ £ Restricted funds 96,587 3,373 Unrestricted funds 150,875 70,225 247,462 73,598 Financial Instruments 2023 £ Financial assets measured at amortised cost 15,739 Financial liabilities measured at amortised cost 3,333 |
Total £ 99,960 221,100 |
|---|---|
| 321,060 | |
| 2022 £ 17,235 90 |
Financial assets measured at amortised cost comprise debtors excluding prepayments. Financial liabilities measured at amortised cost comprise creditors excluding accruals and deferred income.
14. Related Party Transactions
During the year the Trust undertook transactions, on normal commercial terms, totalling £103,405 (2022 - £107,410) with Depden Care Farm Services Limited, a company controlled by T Freathy who owns the land where Millennium Farm Trust operates.
Rent -£10,375 (2022 - £10,000) Consultancy - £45,145 (2022 - £53,073)
Reimbursement of operating costs - £47,885 (2022 - £44,337)
At the 31st March 2023 there was £Nil (2022 - £ Nil) due to Depden Care Farm Services Limited which is included in creditors. At the 31st March 2023 Depden Care Farm Services Limited owed the Trust £936 (2022 – £1,005) for an advance included in other debtors.
During the year the charity spent £nil (2022: £102,866) on leasehold property improvements £nil (2022: £23,311) of which was financed by restricted funds. The leasehold property belongs to T Freathy and is occupied by the charity under a lease agreement which expires on 28[th] September 2025.
None of the Trustees received remuneration benefit or reimbursement of expenditure or payment for services provided during the year.
12
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
15. Members Guarantee
The company has no share capital but is limited by guarantee. Each member would be committed to make a contribution not exceeding £10 in the event of winding up.
16. Operating Lease Commitments
The following operating lease commitments existed at the balance sheet date:
| Land and Due within one year Due between one and five years |
buildings £10,000 £15,000 £25,000 |
|---|---|
13
Millennium Farm Trust
Notes to the Financial Statements (continued)
Year Ended 31[st] March 2023
18. Comparative Statement of Financial Activities
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds 2022 | Funds 2021 | ||
| Note | £ | £ | £ | £ | |
| Incoming Resources | |||||
| From generated funds | |||||
| Grants and donations | 4 | 18,464 | 22,789 | 41,253 | 135,715 |
| Charitable activities | 5 | 229,030 | - | 229,030 | 190,733 |
| Total incoming resources | 247,494 | 22,789 | 270,283 | 326,448 | |
| Resources Expended | |||||
| Cost of raising funds | - | - | - | - | |
| Charitable activities | 6 | 201,628 | 12,176 | 213,804 | 194,585 |
| Total resources expended | 201,628 | 12,176 | 213,804 | 194,585 | |
| Net (outgoing)/incoming resources | 45,866 | 10,613 | 56,479 | 131,863 | |
| Transfers between funds | 15 | - | - | - | - |
| Net movement in Funds | 45,866 | 10,613 | 56,479 | 131,863 | |
| Reconciliation of Funds | |||||
| Balances brought forward | 164,434 | 86,010 | 250,444 | 118,581 | |
| Balances carried forward | 210,300 | 96,623 | 306,923 | 250,444 |
14
Millennium Farm Trust Fin Stats YE 31-03-23
Final Audit Report 2023-12-22
Created: 2023-12-18 By: Anthony Brice (anthonyjbrice@gmail.com) Status: Signed Transaction ID: CBJCHBCAABAAeUqN0UZLmWPrGftIGN8y5-QzBZLam4Sp
"Millennium Farm Trust Fin Stats YE 31-03-23" History
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