ADDINGTON FUND TRUSTEES, REPORT AND FINIINCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number.. 1097092 Company Number- 4654186
ADDINGTON FUND TRUSTEES AND ADVISORS Chariry Number.. 1097092 Company Numbey.. 4654186 Principal & Registered oifice.. 9 Barford Exchange Wellesboume Road Barford Warwi¢kthire CV35 8AQ Mrs Lisa Dibble Mr Simon Mountjoy DFM, FBIAC Mrs Christll)e Ryder Mr Marlin Redfeam FIAgrM (Chairman) Mr Peter SnodgTass MA (Cantab) (Secretary) Mr8 Clair Steven5 Mrs ETnnia Murray-clorke Mr Richard Maund¢rFRAgS Mr Andrew Ward MBE Mr Thomas Hind S¢cr¢tary'. Mr Peter Snodgws MA (Cantab) Fund Director. Ms Slle Englis Bankers.. National Westsninster Bank Pl¢ 59 Parade L&wnington Spa WanYirkshir¢ CV32 4BH Auditors.. Lucknians Duckett Parker Limited I 110 Elliott Court Coventy Busines5 Park H¢rdld AYenu¢ Coventry CV5 6UB Solicitors: Lodders LLP 10 Eim Court Ard¢Tr Str¢¢t Stratford tspon Avon CV37 6PA Stockbrokers: Brewin Dolpliin 4 '100r 9 Colmore Row Birmingham B3 2BJ Patron.. HRH"n]e Duchess of Edinburgh GCVO Vi¢¢ Patrons.. The Rt Hon The Coiiniess Bathurst The Hon Mrs Milly Soames Rt Rev'd John Stroy8n M Sioel MA
ADDINGTON FUND TRUSTEES, REPORT The Trustees present their report and the accowits for the year ended 31 March 2024. Th¢ finan¢i81 statement5 coniply with the Charities Act, the Compani¢s A¢t 2006, the MemoraJ)thim and Articles of Association, and Awounting and Reporting by Charities= Statement of Recomm¢nded Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102). ChairmaD'S repDrt The COmPT¢h¢nsiv¢ ttee8, reFrt)rt speaks for itself. For my part i would like. above all thillg& to sing the praises of our staff. They deal, every day. with weather, human, Ènd livestock health, and many oiher issues that aff¢ our farn]ing and rural communities. And it is the least fortunate in those ¢oJnillunities that we are dedicat to support for, without them, those 8am¢ coniitiiinities would be much poorer in many mor¢ ways than just financial. Our STnall otTice team punch well above their weight in ternjs of delivery of support for rural conllnunities. Our eor¢ work, for nwjy years, has been the provision of housing for f4nn¢rs and lor their dependents who lose their homes through no faul¢ of their own- and also for younger families eagerto woikin rural cgminunities but ullable to afford the often high cost of rEnl¢d prowty those areas. This work continues apace, helping to keep rural ¢onllnunities together, and in social good health. Our recent merger with FL)rage Aid has ereated a focus for ow disaster relief woik fur whiLh th¢re is always a demand ID isolated Cases and occasionally un a wider 5¢al¢. W¢ cannot support businesses in difficulty ad int.ltM. but we can support fa2nilie5 by buying tllne for them to fd a solution forthem5elves to get back on their feet- often with the help and support of our colleagues in the other agricultUTal charities, with whom we WO closely, and to whom we are endlessly gratefvl for th¢ir ¢ollaboralion and support. Ultitnately it is our SnLqII team based at Barford who deliver all of the above and, I atn sure, JnaAy additional benefits to thesr own and wider rural ¢ommunitie5 of which our t1¢¢5 will never be aware. So, on behalf of all my fellow tru$1¢¢5. 1 extend ssncere thanks to them all for all that they do. Addington Fund means different things to a wide range of sUp1er& attd beneficiari¢s. For me, it is a small team with the ability to deliver huge benefits to many people. and I feel very privileged lo a small part of th¢ leam. Martin Redfearn Challman ChArltable objectives of the Addliigton Fulld The ¢ThteeS ¢oJ)fimi that Ihey have referred io the guidan¢e colltsin¢d in the Charity Commissions gEneJzl guidano¢ on public hcncfit when reviewing the charity's aims and obj¢rliY¢s and planning future activities. The charity's objectg are Ili¢ promotion for the public benefit of rural regeneration in areas of stscial or wonomic deprivatio An particuldr by:_ (a) Th¢ r¢lief of poverty (b) The pi'ovision of housing for those who are ll) need provided that such pow¢r Shall not extend to relieving any local authority or oth¢r bodie5 of a statutory duty lo provide or improve housing. C.npie.8 of the Memorsmdum of A8$ociation Can be. obtained on request. fublic benefit Sirolggic Housing SGheme. a150 known a5 our RetiremEiiI Hom¢s, provides housing for farming families needing to IEÉir¢ from ihe industry> or who are otherwise obliged to leave due to ill health, b¢reavemenL or other factors beyond
ADDINGTON FUND TRIJSTF.F.S' RF.PORT their control and, in so doing, will lose their family home. Affnrdahlé Hoii.¥ing,fcheixe is &cce8sible to aThyon¢ working in a rural indu%try but who struggle to fmd an affoixtable property sufficiently ¢10s¢ to tlieir pla¢e(s) of work, and to farni workers losing their tied cottage at the end of their working life. This part of our propety portfolio typically eomprises ho]nes built by us donated land or land pUrch¢d ot dUc¢d v4lue, ur hom¢ts bEqu¢athed lo th¢ charity. Bvlh housing 5chem¢s offer rents which are typically 2/ll below the average market rate in the area. We currently have propertie5 in Comwall, Worcestershire, Cumbi'ia and West Wales. Foiage Aid Fiind offers short-temi financial support in the form of animal feed. fodder or bedding to farniing families who are affected by factors- often extreme weathw or animal disease events- which are completely outside of tbeir control. George Srephens Trusf Fiind is sp¢¢ifirally availabl¢ to th05¢ workin&F on farfft3, or T¢tired fann workers, who fsnd themselves in fJnanei81 hardship. It provides graAts towards essential kitchen attd batlm)om 'white go(>d5', and other home furnishings at the ttwstees, discretion. New Entranl Scheme aims to provide affordable opportunities to enable new entrants to establish their rSt step on the fanning ladder through farms and land donated t(Tr the tharhty. Review of operations. aehievements and perforth#nce The winter of 2023 was the wettest for ten years and we were subje£t to rain practically every day from bonfire night onwards. This brought challenges to both the arable and livestock sector with winter crops rotting in the ground (if drilling had managed to take place) and livestock farmers running out of bedding later the spring. Published data from the AHDB indicated the smallest area of wheat had been drilled in the UK s1Ce 2020. And it is not just winter wheat thal 15 dowii. This spring saw gn upsurge in requests for help with bedding ¢osts. When th¢r¢ are mplIcatIonS su¢h as Bovine rB, whirh can r¢strict movcm¢nt gf cattle, and if the farni busin¢5s is unablc to trad¢. we hav¢ supported with provssion of f¢¢d, fodder or bedding. Trust¢¢s ar¢ conc¢rn¢d for liY¢stock sectoi. for ih¢ winter of 2024-2025 if we have anoth¢r prolonged winter. On a brigbt¢r note, our Farfft Business Awards, which we have beeTh organising annually for over 10 years in Devon and Cornwall, highlight the quality and ability of the current and our next generation of famiers. Passion End collfidence for the Industry are demonstrated tangibly at these events and we must hold onto that and be encouraged by it, as we continue to support those who fmd themselves ill challenging situations, through no fault of dLeir own. Housing our core work remain5 housing for the retiring famier where no provision of housing exists. For the tenahted sector, the barrier to retirement can be the lack of suitable housirng and we have been addressing this since 2002. The purchase ot'housing is costly. and this aspect of our work is financially volatile. Our accounts may show signg of being cash-yich, but a handful ot housing applications c&n change that very quickly. This yeAr, our first and oldest tenant died, having lived in an Addingtthj home for 21 years. She remftined tn her home until her last etsuple of months, 8UPPOrted by her family, and helping people to remain in their chosen location w)st fanning is one of the m3Thy positives of tsur housing work.
ADDINGTON FUND TRUSTEES, REPORT QJmbri• Ilorfp4 This map shoivs ihe localiort ofAdding¢on homes. since ive slap'ledproviding housing Dlsaster Relief (Forage Aid FuThd)- in October we linked with the charity Forage Aid. and our disaster relief work is now delivered through our Forage Aid Fund. As I draft this report, Coming out ofthis year's 'spring' we hear of fields still holding water. For those utmble to trade, our Forage Aid Fund provides a breathing space through pmvi5ion of animal f¢ed, bedding and fodder. We all need to consider rnaking ourselves more resilient to extreme patterns of weather, which mayb¢ can't be called extreme any longer as they appear to be becoming normal. To this end, every applicant to our Forage Aid Fund is encouraged to make use of the free business advice offered by the Future Fam) Resilience Fund, in England, or Farming Connect if they fami in Wales and any future support from our charity is dependent upon this. One thing that all the farming Charities comment on is that the problem5 farmers are facing are bQMing more and more complex. The gi'aph beloiv sho)vs the iiiany reas0115 thaifurineis apppouch usfoj. siipporl.. Reasons for applyingto AF •WJi Er4 HÈ4L FINANCL4L HESllCVJOLENCE DISEASE BLUEfONGUt CCIOENT
ADDINGTON FUND TRUSTEES, REPORT The winter of 2024125 must be in the forefront of our minds with a potentsal Straw shortage as many arable farmers were unable to get theiT WIILter crops drilled because of water-logged fields and th¢ Sustainable Farming Incentive ISFI} taking arable land out of production. A5 already tnentioned, trustees are concerned where th¢ straw needed for bedding livestock during this ¢omEng winter will COEne from. It is good news that in 2023 the incidence of Bovine Tuberculosis (bTB) fell in England although cases in Wal¢s have increased. bTB issues are one of the main factors why farmers seek support from Addington. Analysts of received applications indicates situatiorts with not Only animal disease issues, but also family, financial ond anxiety Istress combined. which makes sad reading. ZE OF GRANT PAYME TS OyerE200 IJ EfyE500 £iSOi.É20 i.£iMo JTh El Legaey Ineome - As in our last financial year. this year has eontinued to see an increase ill income through l¢gacy giving. All donations are special to us and aTe treated with respect and gratitude, but to receive a gift from someone in their Will- which usually Comes without any pre knowledge. is extra special. The graph below shows th¢ impact of the legacy giving over the last two finanGial years with the lighter green colour displaying our '¢arned' income which supports the operational costs of the chariry. Exp•ndlbJrn 518. 699OF4 IQ8.6VF rl nT¥ ri ID).1DD 4JS.Wl 494.613 Addington's model has always been to fund as much of our running costs through The income generated from our rents, so that as miich of a donation goes towards our cause. This year for every £ I received as a donation, £0.99p has gone towards our charitable work The Trustees again extend their sincere thanks tr> all the sponsor5 artd donors who have supported the Addington Fund throughout the year.
ADDINGTON FUND TRUSTEES, REPORT Industry rel&ti0Thships- We continue to work alongside our colleagues from the Farming Community Network, Royal Agricultural Benevolent Institution, and other regional support charities to ensure that no one slips throllgh the net, and if Addington cannot help, we ty and rd an organisation who call. We are grateful to the Royal Countyside Fund {RCF) for coordinating the RCF Farni Support Group where we share ideas, learn from each other, and meet annually at Support Group conference. We receiv¢ fmancial support from so many organisatiot15 and trusts- some of whom request to remain anonymous. One I would like to specifically thank in this report is the NFU Mutual ChATitabl¢ Trnst, who continue to be steadfast in their support for Addington, as well a5 many other rural non-profit organisations. FIDaneial revlew Our balance sheet stands at £16.6Tn at th¢ y¢ar-¢nd. A small but nevertheless welcome uplift of £488k on the previous year. There was a slight reduction in value of som¢ of our homes, but the drop hasn't affected all regions. We use the Nationwide House Price Index to obtain a desktop valuation, with properties professionally valued every 10 years. Last year, we were fortunate to receive a large legacy whieh boosted our income and again this year we have been humbled to be th¢ b¢neficiary of several legacies totalling just under half a million pounds. We always ty and fmd a connection between the benefactor and our charity. and sometimes it is as simple as the fact we supported them with a small grant during the 2001 Foot 3nd Mouth outbreak. In some cases, the link is as tenuous as the donor only knew someone we had helped. People can be very gen¢rousl The shows and events we attend and organise bring us publioity, new relationships as well as donations. This year, we hav¢ b¢¢n nominated as '¢harity of the year, from many organisations and groups and we do not take this privilege lightly. We are acutely aware that there are many worthy causes out there and I would like to Use this annual report to thank everyone who has suggested Addington Fund as their charity for the year. Our total income this year amounted to £1,110,429 with expenditure at £699,550 and adding on profit of our inv¢5¢ment assets makes a net income of £488,020. Structurey gov¢rnance, and management Trustees meet 4 timcs per year as a board and we have subcomjnittees responsible for distinct aspects of the charity's work as follows.. Marketing and Fundraising ¢oinmittee are resw)nsible for overseeing our charity events and marketing strategy- the Forage Aid Committee take responsibility for our grants activity - supporting woi.king farms in times of hardship and emergency. The Governance and Re59uw¢ committee take care of governance and risks, and the Housing ommittee look after all housing relating matters. Ail subgroups report into the main l)oard of tNstees to make recommendations. tn Octobei. this y¢ar the faiining charity. Forage Aid became a linked charity with Addi]igton and all our on-farm disaster relief support is chat)nell¢d through our Forage Aid Fund. Two of the Forage Aid trust¢¢s, Anibew Ward, MBB, and Tom Hind joined our board. Our Royal Patron, HRH The Duthess of Edinburgh tokes an aclive interest in our work and meets with us at &iCUltural shows when we are both in attendance. The Rt Hon The Countess Bathurst, The Hon Mrs Milly Soames atld th¢ Right R¢ver¢nd Jolll) Stroyan have again setved as Vice-Patron$. We are sincerely grateful to them all. Trustee appointment, induetion tralnlng The Dii"eLtors oFtlie Chai'itable Coiiipany are also the Charity Tiustees for the putposes of charity law. New trustees are briefed on their legal obligation5 under Charity and Company law. the contents of the Memoixnduin and Articles of Association, decision-making processes, thc business plan and recent financial peiloiinance of the charitable company. During the tnduction they meet key employees and other trustees. Trustees are encouraged to attend appropriate training events where these will facilitate the und¢rtaking of their role. Indeed, all were offered and attended various online training courses ihrough the year. Trustee5 are elect¢d for an initial four-year term and may be elected for up to an additional two periods of three years
ADDINGTON FUND TRIJSTEE8' REPORT nd a total of10 years. For a serving current Chairman this can be extended. Trustees are piekcd according to their skill sets to fill identified gaps in the knowledge of Trustees. It is Important to the Fund that there is exp¢rtise in the k¢y ar¢a5 of farmin& housin& planning. risk. law. land agency and finance. Furlhemiore, we need the business skills and eotnpaslion to adininister and deliver to m¢¢1 our ¢learly sighted goals. Trustees 5¢rving durimg the year Mrs Lisa Dibble Mr P¢t¢r Jlnman OBE B Vet Med DipArb (dcaed 25 May 2023) Mr Simon Mountjoy Dl,-M. 1.'141AC Mrs Christine Kyder Mr Martin Kedfeam Tr'IAgrM (Chain]ian} Mr P¢ter Snodgra5s MA (Canlab) (S¢c]rlary) Mrs Clair Steven3 Mrs Emma Murray-ClaTke Mr Ri¢lwd Maunder FRAgS Mr Andrew Ward MBE {appoillted 10 May 2023) Mr ThoJuas Hind (appOted10 May 2023) No Trustee had any financial interest in the charity at any time during the year. Risk management The trustees have examined the major strategic, business, ottd opernlional risks whi¢h the chaTity fa¢¢5 and confrn] that systems have been established to enable regular rq)orts to be produc¢d so that ih¢ ne¢es$ary ep8 ¢an b¢ taken io lessen these risks. Inswran¢e Insurance to ¢oY¢r the ¢harity's Trustees and officers against liabilities ID relation to the charity is in place with cover of up to £5m. Fundrntslng standards Addington Fund organises fundraising events at shows and events across the country throughout th¢ y¢ar ad are registered with Fundrassing Regulator the independent regulator of charitable fundraising in EngIand. Wales. and Noilhei Ireland. We do not U5¢ professional fut)draisers. Reserves trt)liey It is the policy of the charity to rnaintain unrestricted funds, which are free reserves of the charity. Considering the financial p¢rforman¢e of the Fund over th¢ last twenty-two years the Trustees consider a level of £IOO,000 to be prudent. This provides att adequate contingency to cover management and administration and support costs. UnrEStI'LCted funds above this level are designated for th¢ Addinglon Fund Strategic Housing S¢lieme. Inveslmenl polley Charity ndS are sprcad LO avoid and crtatF aIi inknome to fund ouj. grants activiliti. Risk levels dnd oui" Il1V¢it1tnt policy are reviewed annually and our investtnent managers fi'om RBC Brewin Dolphin and Epworth Investtnents update the triistees on the inveslmeiit performance. The Trustees, Discretionary Fund Endowment Fund attd NFU George Stephens Fund are held as blue-chip eqllities. Key maiithgement personnel r¢muner4lio No remun¢ration was paid to Directors, and they give their time freely to the charity. Tniste£s are required to disclose all relevant interests and register them wilh the Chief Executive and An accordance wit
ADDINGTON FUND TRUSTEES, REPOK'I. the Trust's policy withdraw from de¢isions where a Collfiict of inter¢st arise$. The pay of the charity's Chief Executive a[ other key management personnel is r¢Yi¢w¢d annually and nornMIIy itLcreased in accordance with average earnings. Plans for th¢ fmture Innovation is important. but our existing PTojects have beetk proven to make a positAve impact and th¢r¢ is still work to do. That said, we are seeing more &nterest fron) owner o¢¢upi¢rs of small farnis who have no direct family, and who are talking to u$ about bequeathing their famis to us for the filre generation of new entrats- mueh needed the Cuent climate of aging farn]ers and limited opportunities. Addington has the flexibility to adapt and challge lo meet the need and it will be intcrc%ting to see how this pans out over the years, enabling us to help both families ¢ntcring ihe industry as well as thos¢ l¢aYing it. Oryattisation The Addington Fund eontinues to operate from 9 Barford Exchang¢, Wellesbourne Road, Barford, Warwickshire CV35 8AQ. The TnJste¢s d01ve responsibility for the day-to-day management of the Ful to the Chief Exeeutiv¢. The aver4 monthly Jlumber of persons employed by the Charity duringth¢ yeor was five. Small CompAnies' Ex¢ptionS This report has been prepared in accordanc¢ with the special provisi& of Part 15 of the Companies Act 2016 relating to small rompanies. Trustees, respon$lbilitie5 iii relat to the finaneial statement5 The tru5tee5 (who are also directors of Addingtoth Fund for the pury)oses of compatry law) ar¢ responsible for prepanrng the Trusle¢s' Annual Report and the flnancial statemcnts in accnrdance with applicable law and United Kingdom Aeeounting StarAdard$ (United Kingdom Generally A¢¢epted Accounting Practice). Company law requires the trustees to prepare financial slat¢tnents for each financial year, which give a tru¢ and fair view of the state of affairs of the charitable company and (>f the incoming resources and application of resource8, including the income and expenditure, of the charitable company for that period. In preparing these f]Dancial statements, the trustees are required to.. Select suitable accounting policies and then apply them consistently,. Observe the methods and principlos in thc c.harities SORP 2015 (FRS102), Make judgernenls and e5timat¢s that are reasonable and prudent. State whether applicable accounting slandiirds hitv¢ b¢¢n followed, subjecl to any material departures dssclosed and explained in the fmancial Stat]entS. Pr¢pare the financial statements on the going concern basis unless it is inappi'opriate to presume that Ihe charity will continue in operation. The truslees are responsible for keeping adequate accounting records that disclose with reasonable ac¢uracy at any time the [ancial position of the charitsble Company and ¢nable them to ensurt ihitt th¢ financial statements comply witli tile Loiiipanits ALI 2006. Tliey are also responsible for ¥afr¥ul[lins Ihe ilS5ets of the charitable company and hence for taking reasonable steps for the preventioii aiid detection of fraud and oiher irregularities. Statement as to Diselosurt of](ormatEOn to Auditors The trustees who W.e in office on the date of approyal of these fmancial slalement5 have ¢Ollfmed, as fax as they are aware, that there is no relevant audit i]iforniation of which the auditors are unaware. Each of the trustees has confirmed that they have takeii all the steps that ihey ought to have taken as trusl¢¢s in ol'der to make themselves aware of any Kelevant audit information and to establish that it has been comtnunicated to the auditor.
ADDINGTON FUND TRUSTEES, REPORT Appr d by the tTUSte¢s a don behalf by.. Mr Mar fearn- Chairn)an 9 Barford Exchange Wellesboume Road Barford Warwickshire CV35 8AQ Date . 70L4
ADDINGTON FUND INDEPENDEN'I. AUDI'foRS' REPORT TO THE TRUSTEES OF THE ADDINGTON FUND Oplnffion We havt audiied the fmancial statements of Addington Fund Itbe 'charilabl¢ company,) for the year ended 31 Mah 2024 which comprise the Statejnent of Financial Activities, the Balance Sheet and notes to the fmancial 5lat¢nient&, Tn¢luding a Sunary of significant accounting policies. The fmancial reporting fraTnework that has been pplied in their preparation is applicable law and United Ktngdom AccouThting Standards including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable th¢ UK and Republic of Ireland (United Kingdom Generally Accepled Accounting Practice). In our opinion the fsnancial statements.. give a tNe and fair view of the state of the charitable company's affair$ as at 31 March 2024 and of its incomini resources and application of resources, including its result, for th¢ year then ended. have been properly prepared in aceordat)te witb Unit¢d Kingd(bm Generally Accepted Accounting Practice,. and have been prepared in accordance with tbe requir¢mMts of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internatio[[ Stattdards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standardg are further describ¢d in th¢ Auditors responsibilitieg for the audit of th¢ fancial statements section of our report. We are itid¢pcn(knt of the charitable company in accordance with the ethical requtrements tat are relevant to our 2lldit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other h1¢&I responsibslitiel in accordan¢e with these requirements. We believe that the audit evidence we have obtained is suffi¢i¢nt and oppropriat¢ io provid¢ a basts for our opinion. Concluslons reiatlng to going eoneern In auditing the fllwicial state]nents. w¢ have ¢on¢luded that th¢ tru8t¢es' use of the going concern b&8is of accountiDg in th¢ preparation of the fancIal statements is appropriate. Based on the work we have performed, we have not identified any that¢rial uncertainties relating to events or conditions that, individually or collectively, may tast bi&Fnificant doubl on tlie ¢haritable company's ability to continue as a going concern for a period of al leasl IwElve Jnunths fr1)rn when th¢ financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with re5PeCt lo going concern are deribed in the iElevant sections of this report. Otlier ittforniation The other information comprises the infonnation included in the trusle¢s' arUal report, other than the fanCial statctnents and our auditor's report Ihereon. The trustees are responsible for th¢ other information. Our opinion on the fi[¢11 statcmcnts doe5 not coyer the other infomhtlion and, except to the ¢xt¢nt otherwise explicitly stated in our rthrt, wc da not express any forn) of assuraThce con¢lu5ion Ihereon. Oui. r¢spon5ibility is to read tlie other inforniation and, in doing so. consider whether the other infornll0I* l5 Tnalerially inconsistent with the fmancial Statements or our knowledge obtained in tbe course of th¢ audit or oth¢rwise appears to be materially misstated. If we identify 511¢h Inaterial inconsistencies or apparent inaterial misstatements, we are required to detennine whether this gives rise to a material misstatement in the fmanci21 statements theniselves. If, based on the work we have performed, we conclude that there is a i)iaterial misstatement of this other infoi'matioii, we are required to report that fact. We have nothing to report in this regard. Opiiiion on other rnatters prescrlbed by the Companics Act 2006 In oui. opinion, based on the work undertaken in the course of the audit.. the infomiation given in tbe Report of the Tn]ste¢s for the ftnancial year for whith the fthancial ststements av( prepared is consisteiit with the fmancial statein¢nts; and the Report of the Trnstees has been piypared in accordance witl) applicable legal requiremenls.
ADDINGTON FUND INDEPENDENT AUDITORS, RBPORTTO THE TRUSTEES OF THE ADDINGTON FUND (continued) Matter5 which Ive are required to report by ex¢eptlon tn the light of the knowledg¢ and wnderstanding of the charitable company and its environment obtained in the course of the audiL w¢ have not identified material misstatements in the Report of the Trustees. Matters on which we are required to report by ex¢eptio We have nothing to report in resped of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received fron branches not visited by us- or the fitwicial statements are not in agreement with the accounting records and retums. or certain disclowres of trustees, remuneration spe¢ified by law are not made. or wc havc n(Jt rcceived all the infomlation and explanations we require for our £wdit' or thc trustC&8 wcre not cntitled to take advantagy of the small companies exemption from the requirement ti prepare a Strategic Report or in prepIng the Report of the Trnstees. Responsibilities of trustee5 As explain¢d more fully in the Siat¢meDt of Trustees Responsibilities, the trustees (who are also the directors of the ¢haritable compaDy for the purpos¢s of company law) are responsible for the preparation of the flliancial statements and for beillg 5alisfied thai they give a true and fair Yiew, and for such internal control as the trustees deterniine is necessary to enable ihe preparation of fllmncial statements that are free from material misstatement, whether de to fraud or error. In pr¢puing th¢ finanoi81 slat¢Tn¢nts, the tTUSt¢¢s ar¢ responsibl¢ for assessing the charitable company's ability to continue as a gging ¢ono¢rn, dis¢los2ng, as applicabl¢, matf¢r8 relaled to goi]w ¢on¢em and using the going coll¢ern sis of accounting unl¢s5 th¢ trust5 ¢lth¢r intend to liquidat¢ th¢ charitable wmpany or lo cease operations. or have no realisti¢ alternativ¢ bul to do so. Our responslbililies for the audit of Ihe fjn#mcial statem¢Dts Our objectives are to obtain reÈsonable assurance about whether the fthancsal statements as a whole are fr¢e frorn material misstatetnent. whether due to fraud or ermr, and to ISSUE a Report of the tndependent Auditors that includes our opinion. Reasonable assurance As a high level of a55uranee but is not a guarantee th91 an audit conduct¢d in accordance with ISAS (UK) will always deteet a material mi5Statement when it exists. Misslatetnents can arise froTn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b&sis of these f]nancial thatemernts. Irregularities, including fraud, are inSte¢S of non-¢omplian¢e with laws and regulations. We desigll procedure5 iti line with our responsibilities, outlined above, to detect material misst8teitteThts in respect of ijregularities, including fvaud. The extent to which our procedures capable of detecting irregularities, including fraud 15 detailed below.. Enquiring of managemetjt and employees, including obtaining and reviewing supporting docLunentation, concerning the Charity's policies and procedures relating to-.- Identifying) evaluating, and complying with laws and regulation8 and whether they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whether they were aware of any a¢81, suspecte(i or alleged fraud dnd. The internal controls established to mitigate risk relating to fraud or non.compliance with laws and regulations. We idenlifi¢d ayeas of law and I'egulation that could reasonably be expected to have a material effect oi) Ilie fInl¢la[ statements froin our general charitable sector experience, discussions with management (as required by auditing standards) and we discu&sed with management the policies and procedures regarding compliance with laws and I'egulations. The most significatht considerations for the charilablt company are the Charities Act. Companies Act 2006. tax legislation and employment laws. All identifjed laws and regulations were communicated throughout the audit tearn, and they remained alert to any indications of non-compliance throughout the audit. 10
ADDINGTON FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ADDINGTON FUND (continued) Auditing standards limit the audit procedures to identifying non-compliance of these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if theje is any. Therefore, if a brea¢h of operational regulations is not disclosed to us or evident from relevant corresponden¢e, and audit will not detect the breach. To identify risk of material misstatement due to fraud, we carried out discussions amongst the audit team to assess areas where and how fraud might octur in fanCIal statem¢nts and any potential indicators. The following areas were identified Management override of controls through the posting of inappropriate a¢counting entries or journals Fraud risk relating the revenue recognition, although the recognition of rental revenue is straightfonvard with limited opportunity for manipulation. Fraud risk due to the valuation Of properties at th¢ year end, this is minimised where a professional valuation has been obtained. We tested the appropriateness of accounting jtsumals and (Trther adjustments made in the accounts preparation based on a risk criteria. Owing to the inherent limitation of the audit, there is an unavoidable risk that we may not have detected some material misstatements, even though we have properly planned and perfonned our audit in accordance with auditing standards. For example, the fllrther removed non-compliance with laws and regulation is from the events and transaction reflected in the financial slatement, th¢ less lik¢ly in th¢ inherently limited procedure required by auditing standards would identify it. In addition, a5 With any audit, there remained a higher risk of non-detection of fraud, as these may involve oollu5ion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit proc¢dur¢5 are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be exp¢ct¢d tg del1 non-compliance with all laws and regulations. A further description of our responsibilities for the audit of th¢ finan¢i&l 5tat¢m¢nts is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This d¢soription forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordane¢ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might Stat¢ to the ¢haritable company'5 tnetnbers those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the chpritabl¢ company and the charitable company's meinbers as a body, for our audit work, for this repoil, or foi. the opinion5 w¢ have fonned. Mark Spafford FCA FCCA Senior Statutory Auditor For and on behalf of Luckmans Duckett Parker Lllllited Statutory Auditor Cliartered Accountants I 110 Elliott Bu5fftess Park Herald Avenue Coventty CV5 6UB
ADDINGTON FUND STATEMENT OF FtNANCIAL AcT[VrrS (INCOME AND EXPENDITURE) For the year ended 31 March 2024 Unrestricted Restricted Endowment funds fund5 funds 2024 Total 2023 Total Note Incorne Donations and legacies tncome from ¢haritable a¢livilies Other income on raising fund$ tThvestn]ent incornE 417.640 513,164 68,247 485,887 513,164 1,188.891 488,397 42,668 50,291 42,668 68,710 46,572 41,811 17,615 804 Total income 1,023,763 85,862 804 1,110,429 ,765,671 Expenditure Expendits¢ ot) raising fijnds 45.934 50.014 52,453 Charitable activiti&% 556,306 93,230 649.536 595,393 Tothl expenditure 602240 97JlO 699,550 647,846 Net 1Com¢ before lThYe5trn¢t gaiN5 421,523 (11,448} 804 410,879 1,117,825 NeÉ (Ios5esy8as oll investment assets 71,638 3.558 1,945 77,141 (5,594) Net (expedItre)fIr0¢ 493,161 (7,890} 2.749 488.020 1.112,231 Transfers b¢tw¢¢n fund5 8,000 (8,1100) Net moYe¥nent in funds 501,161 (15,890) 2,749 488,020 ,122231 Fw)ds b1.ogjI1 fotward * l April 14,559,628 1,401,351 154,942 16,115,919 15,003,688 FuThds carried forward at 31 March 15,060,789 1,385,461 157,691 56,603,939 16,115,919 All income aTrd eXpIditl del'ive from Lontinuii¥ activities. The statement of fmancial activities includes all gains arnd losses recogAised during the year. 12
ADDINGTON FUND STATEMEN[ OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE) For the yedr ended 31 Miirch 2024 Analysis of Comparative statement of flnanclal aetivities Unrestritted Restricted EndoTrvment fud5 fllDds nds 2023 Tothl Ineome Donations aTLd legacies Income from charitable activities Other income on raising fimds nvestment income 1.108.141 80,750 1,188,891 488,397 46,572 24.088 488,397 46.572 41,811 17,723 Total in¢om¢ 1,667,198 98,473 1,765,671 Expendlture Expenditure on raising fvnds 39.670 12,783 51453 Charitable a¢tiYities 474,966 120,427 595,393 Total expenditure 514,636 133,210 647.846 N¢¢ iRcorn¢ before investment gains 1,152,562 (34,737) 1.117,825 Net (lossesygains on investment ass¢is (1,047) (3,1491 (1,398) (5,594) Loan overage charge on revaluation of property Net (expellditur¢yin¢ome 1.151,515 (37,886) (1,398) 1,112,231 Transfers behveen fijnds 38.796 (38,796) Net movement in funds 1,190,311 (76,682) (1,398) 1.112,231 Funds brought forward at l A.11 13,369,317 1,478,033 156,340 15,003,690 Funils earrled forw¥rd ot 31 M4r¢h 14,559,628 1,401,351 154,942 16,115,921 13
ADDINGTON FUND SUMMARY INCOME AND EXPENDITURE ACCOUNT For the year ended 31 March 2024 2024 2(J23 Gross &nCLNne from external sources Unrestricted funds - R¢stTithd funds 1.023,763 86,666 1,667,198 98,473 1,110,429 1,765,671 Bxpenditu InÉerest p&yable Depreciation le5$ book profit 688258 27 11265 636,856 3,903 7,087 Total expenditure for the year 699,550 647,846 Net in¢orn¢ ft>r the year before profit OD disposal of investment assets 410,879 ,117,825 Rulised pnifitl(loss) on disposal of inv¢sttnent assets 77,141 (5,594) Net ineome for tbe year 48&020 1,112,231 14
ADDINGTON FUND (Company number:4654186) BALANCE SHEET 31 Maich 2024 2024 2023 Note Fiied lset8 'langible fixed assets tnvestment propertKes Olh¢r iDveslm¢nts 239.0(M 13,249.947 1,399,092 24S,308 13,209,131 1.315,343 14.888,043 14.769,782 Current assets Debtors Short terni deposits Cash at bank and hand 81,922 1,476.419 212.721 512,047 587,334 332,311 1,771,062 1,431,692 Creditors: aMOnts falling due within one year {55,166) (85,5S3) Net current as5¢1s 1.715.896 1,346,139 Total 4ssets less current liabilities 16,603,939 16,115,921 N¢t Aets 16,603,939 16,115,921 Funds Unrestricted lld8: General funds - Designated funds Restricted fill5 Endowrn¢ni funds loo,000 14,960,788 1,385.460 IS7.691 100,000 14,459,628 1.401.351 154,942 16,603,939 16,115,921 The trllstees have prepared the fsnancial statements in accordance with section 394 of the Companies Act 2006 and s¢¢tioM 132 of th¢ Charities Act 2011. 11ie a¢wui)tiiig poli¢ie$ aiid i)Ol¢s oil pag¢s 15 to 25 fol1 p81'L ()Fthese aL¢ounts. The financial statements were appn)ved by the Board of Trltstees and authorised for issue on Mart . Chairnian 15
ADDINGTON FUND STATEMENT OF CASH FLOWS FOT the year ended 31 March 2024 2024 2023 Note Cash llows from operatiiig activities: Net cash provided by (used in) operating a¢tiYitie5 13 820,834 621,592 Cash flows from Investlng •¢tlvltle$ Interest and dividends Proceeds from sale of fixed assets peedS from the sale of strategic howing properties Purchase of fixed ass¢ts Purchase of strategic housing ptoperties PK(Keeds from sale of investments pUhaSe of investments 68,7EO 23,914 421,523 (28,880) (529,490) 196,797 (203,913) 42,908 185,442 (662,419) 250,139 Q64,808) Net cash provided by (used in) iDves1ing activitie5 (51,339) {448.738) CAsh flows provided by (used fitt) finanelng activit5 Repayments of borrowing Cash inflows from new bor]ng (393.121) Net 5h floTrv5 froJD fancIng activitie5 (393,121) CTh8ng¢ ID rash aDd ¢8$h equivaleRts in the year 769,495 1220,267) Cash and cash equivalentbrnught fOard 919,645 1,139,912 Cash alld eash equivalents carried forward 1,689,140 919,fv15 Cash eash equlyalents conslsts ofr. Cash at bank and in hand 1,476,419 5KI.334 Short terni deposits 212,721 332,311 Cash and eash equivalents at 31 Mareh 2024 1.689,140 919,645 16
ADDINGTON FUND ACCOUNTtNG POLICIES Accounting policies The principal accounttng polici¢s adopted, judgements and key sources of estimation uncertainry in the pparatIOn of the fmancial statements are as follows.. The accounts present a true and fair view and no changes have been made to the accounting poli¢i¢s. No changes to accounting estimates have oCcUed in the reporting period. No material prior year enors have becn identified in the reFX)rling period. Bhsis of preparatio The fmancial stat¢m¢nts have been prepared on a going concern basis undeT thE histori1 Go51 conv¢ntion. m(Klified to inelllde eertaiD items at fair value. The fEnancig1 stat¢ments hav¢ been prepared in accordance wilh the Statement of Recommended Practice.. Accounting and Reporting by Charities preparitig their fanCial StateentS in ar¢ordanc¢ with the Fi[nCIal R¢porting Standard applicable in the UK and Republio of Irelalld (fRS102) and with the I,inan¢ial Reporting StandaTd applicable in the United Kingdom and Republio of Ir¢l4lld (FRS102) and wi¢h the Charities Act 2011. The charity con5tithte5 a public benefit entity as defmed by FRSIO2. Funds Geiieral fid$ are unrestricted funds which are available for use at the discretion of the Trustees in further4nce of the general objectives of the charity and which have not beet) designated for othey purposes. Designated funds comprise unrestricted funds tbat have been set aside by th¢ Tnlee8 out of u[¢Stricted g¢n¢ral funds for particular puOses. Restricted funds - these are fijnds tbat C3n ollly be for sp¢cifio pu]VD5e5 Wlthiii the objects of the charity. Restrictions arise when specified by the donor or when t)d& are raised for partieular restricted Puoses. Th¢ Endowm¢nl Fund Tepr¢sents thos¢ assets that must be held pemianently by the charity. Ineome arising on the endowment fund can only be used in accordance with the donor's wishes. Further explanation of the nature andpurpose of each fi]nd is included in the notes lo the financial statements. Incorne Reeognition of 1cOMe These are fftcluded sn the Statement of Fitwicial Activities (SOFA) when.. the charity becomes entitled to the funds any perfomiance conditions aiiached lo the item(s) of inc<)me have been rnet it is possible that the income will be received the amount can be measured with reliably. Income ivlth related expenditure Where income ha5 related expenditur¢ th¢ inrom¢ and rel4ted expenditure are worted gross in the SOFA. Grants aild donallons Grants and donations are Imly included in the SOFA when the charity ha5 uncollditional ¢ntitlcm¢nt to the resources. For Icgacies, cntitlcment is taken as the earlier of the date OD which either: the charity is aware that probate has been 8r4nled, th¢ estale has been fitialised atid notification has been made by the execiitor{s) to the Trust that a distrbll0n will be illade, or when a di5tiibution is received from the e51ale. Receipt of a leg(Iry. in whole or in part, is only consideTed pi'obabl¢ when the amount Can be measured reliably and the ciwity has been notified of Ilie executor's intention to make a distribution. wh legacies have been notified to the charity or the charity is aware of the g12nting of probate, and the criteria for in¢om¢ r¢¢ognition have not be¢n met. then tli¢ legacy 15 treated as a contingei)t asset and disclosed if material. 17
ADDINGTON FUND ACCOIJNTINCJ POLICIES (¢ontinu¢d) Glfts kllld Gifts in kind ar¢ CoUnted for at a reasonable estInte of their value to the charity or the amount actually weived. Tax ree]alms on donatlons and glfts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. VolNTht¢¢r help The valu¢ otany voluntsry help received is llot included in tbe accounts. IDvesttneDt iRcotlle Jnt¢r¢st OTh fid6 held on deposit is included when receivable. Dividends receivable are recogniscd when declaiEd. Investment gain5 and lo55es This in¢lud¢5 any gain or los$ on th¢ sal¢ of investments and any gain oi loss resulting from revaluing investments to market Yalue at the end of the year. Realised and unrealised gains are not separated in the Statement of Financiol activities. Expendltllre and Ilabllltles Liability Yecogllition Liabilities are recognised as soon as ih¢r¢ is a leg81 or ¢on8trnetive obligation committing the charity to pay out sources. Support ¢osts Support costs Include central functions and have been allocated to activity ¢051 categories basis ¢onsist¢ni With the use ofresources. Goveriiallce costs tnclud¢ costs of tbe preparation and audit of the stamtory account4 the costs of Thjstee meetings md cost of any legal advire to the Trustees on govemance or¢onstituttonalmatters. Operatlng leases Rlt81S payable und¢r op¢rating leases are charged to the SOFA as llicurred. Pension costs The charity operates a dered contribution scheme. The amount charged io th¢ Stat¢m¢nt of Financial Activitie5 iIL respect of pension cost& is the contribution payable in the year. Differ¢n¢es b¢¢w¢en Gontrsbulions payable in the year and contributions actually paid are shown as either accruals or pr¢payments in the balance the¢l. Tangible red assets Tangible fixed ass¢ts are capitalised at cost if they Can be used for more than one yvdr and cost at least £2,01)0. Depreciation is provided on all tangible fed assets at rates Ca1lated io writ¢ each asset downlo its estimakd residual value over its expected usethl life a% follows.. MOr Yehicles and trailers Offic¢ equipment operty- Buildings Pr(y¢rty imwuvenients- solar panels Ova. 4 years Over 4 years Over 50 years c(Mnmencing the year after awuisition Over 10 years Strategie Rural Housing Seheme Properties The properties are valued profe$8ionally on a five-year cycle from ihe d)ie of aequisition and in inteivenitig years using an iDllation index on the pirviou5 year's valu¢s. Dev¢lopm¢nts that have a buy back oplion clause based on cost with no deduction for grants received andbuilding projeet properties in progress are valued at cost. riixed a55et inve5tment$ Investmenls aye slated al market value at the balance sheet date. The slatem¢nt of fmanci81 activities ittcludes tl)e net gains and losses arising on revaluation and disposals throughout th¢ ye8r. Inv¢5tsM¢llts subsidiaries ar¢ measured at cost less impaitinent. 18
ADDINGTON FUND ACCOUNTtNG POLICIES (continued) Deblors Trade and other debtors £we recognised and the settle]ncllt amount due after any trdde discount offered. Prepayments are valued at the amount ppaid net of any tra(k discounts due. Short term deposits Short terni (kposits with a rnarIty of six months or less at the balance sheet date. Casli at bank 4lld ill halld Cash wjd bank bglan¢e$ on dernand. Tax The charity is an exempt charity within the tneaning of sth¢dule 3 of the Lharities Act 2011 and is considered to pass the tests set out in Paragraph I Sthedule 6 Finance Act 2010 and therefore ht meets the definition of a charitable ¢ompany for UK corporation tax purptsses. Going foncer Th¢ ffft8n¢ial stotem¢ttts have teen prepared on a going concern basis as the tmstees believe that no terial uncertaintie5 exist. The truste¢s have considered the level of funds held and the expected level of income and expenditure for 12 months from autborising these fmanoial statements. The budgeted income and expenditure is sufficient with the level of reserves for th¢ rharty to be able to continue as a going ll¢ern. 19
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 UDre$lTlCted fuNds R¢5tricted fuThds 2024 Total 2023 Total Expendltllre on ralslng thnds InCued seeking donations Staging fundraising events, etc. Publicity Portfolio manag¢ment costs 33,467 6,963 5,504 33,467 7208 9,339 31,280 10,889 10,284 245 3,835 Tolal 45,934 4,080 50.014 52.453 Unrestricted funds Restricted funds 2024 Total 2023 Total Charltable aetlvltles Grants payable Grants and a&sistance payable fo individuals 92,626 92.626 98,458 92,626 92,626 98,458 Property portfolio ¢xpenses Property ¢xpens¢s, repairs, insuTan¢e and abortive eosts 98.518 98,518 85,789 Support eosts Staff costs li¢nl and rates Other premises e05ts Insurance Trdvel and subsistence Office costs Subscriptions Sundry expenses Professional fees Finance charges Interest payable DepF¥Lialion loss on disposals Governance costs Auditors, remuneration 365,380 2,151 10,704 2,217 21,320 19,857 1,412 3,217 7,575 1,598 27 11,265 365,380 2,151 10,704 2,217 21,905 19.876 1,412 3,217 7,575 1,598 27 1,265 309,911 2,000 5,221 1,768 36,074 15.463 3,432 2,417 9,785 1,699 3,903 7.087 585 19 11.065 11.065 12.386 457,788 604 458,392 411,146 Tota 556,306 93.230 649.536 595,393
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 MaTch 2024 2024 2023 Staff fost$ Wages and salaries Social security costs Pension costs Other heAlth¢are ¢o$ts 248,722 18,82S 83,434 14,399 240.958 25,283 31,664 12,006 365,380 309,911 The average monthly llLunkr of peOnS employed by the Charity during theyear was.. Re-imbursement of travelling, subsistence and related expen5e5 paid to Trustees was £nil (2023.. £Thtl)- Remuneration paid to Trustees was £nil {2023.' £nil) One employee received emoluments in the bhttd of £60,000 to £70,000. On¢ employee received emoluments in the band of £70,000 to £80,000. The key man&gement personnel of the ¢harity comprise the trustees, Fund Director and Chief Executive Officer. The totsl employee benefits of the key management personnel of the drIty were £203,089 {2023= £164,582). This figure is inclusive of a settlement paid to the employee of £78,206. 2024 2023 Net ineoming resources are ststed after eharging: Depreciation and amoutLts written off tangible fLxed assets Auditors, remuneration - audit Auditots, remuneration- other servi¢es 7.087 4,850 7,536 s,000 6,065 TADgible fixed #tI$ Offiee property & iRLprovetneJits Vehieles & equiptn¢nt Total Cost l April 2023 Additiot]s Dispo$als 313,533 28,348 28,580 (38,978) 341,881 28,880 (38,978) 3 1 March 2024 313,533 18,250 331,783 Depreelallon l April 2023 Eliminated on Disposals Charg¢d in the yea¥ 78,135 18,439 (8.201) 4,406 96,574 {8,201) 4,406 31 MarLh 2024 78,135 14,644 92,779 Net book value 31 March 2024 235,398 3,606 239,004 31 March 2023 235,398 9,909 245,307 21
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 2024 2023 Strategic Rural Housing Scheme Propertie5 64 properties and 4 workshops let through the Strdtegic Rural Housing S¢h¢m¢ 12023- 64 prup¢rti¢s and 4 WOTkshops) l April Additions Disposa]s Revaluation gain l (loss) 13,209,128 529,4 (421,520) (67,151} 12,653,938 662,419 (185,442) 78,213 31 Mar¢h 13,249,947 13,209,128 Historical cost of investments held at 31 March 11231,899 10,999,652 The propleS are valued professionally on a ten-year (previously five.year) ¢y¢le at 31 March from the date of acquisition and in intervening yvdrs using an inflation index on the previous year's values. Building project properties in progress are valued at c(Trst. Analysig of v¥luAtlon Valued iti year ended 31 March No. of Propertie&l workshops Original Cost Re-valued at Indexed value at year end 2015 2016 2017 2018 2019 2021 2024 466,979 610,675 149,365 320.119 4,547,670 945,517 85,058 511,155 653,407 151,919 337,500 4,246,211 800,000 103,142 729,974 908,538 183,734 417,966 5,276,918 861,799 100,292 27 45 7.125.383 6,803,334 8.479221 Properties acquired Tn year ended 2016 2017 2018 2019 2020 2021 2022 2023 2024 381243 411,300 252,857 656,230 635.872 219.033 201,071 822,577 526,333 NIA NIA NIA NIA NIA NIA NIA NIA Nl.4 525,921 518,724 354,680 805.422 774,179 234,803 215,852 814.808 426,337 Total 23 4,106,516 NIA 4,770,726 Tol81 at 31 M?r¢h 68 11,231,899 NIA 13,249.947 22
ADDINGTON FUND NOTES TO THE FINANCIAL STATEtwNTs For the year ended 31 March 2024 2024 2023 Other investments l April Additions at cosvmarketvalue Disposals Rev21uation gainl(loss) including interest acc1 1,315,343 203,913 (198,766) 78,602 1,404,651 264,808 (250,139) (103,977) 31 March 1,399,092 ,315.343 Historicavoriginal cost of investments held at 31 Mareh including interest accrual 1,241,940 ,245.515 alysÉ5 of investments Listed invesknents Cash h¢ld within the investment portfolio Unquot¢d shares Subsidiary undertakitig 1.226,004 13.390 2,545 ,217,478 25.491 2,545 31 March 1,241,940 ,245,515 Subsidiary llDdertaking Th¢ wholly own¢d buI)sidiary undertaking Addington Development Company Limited (ADC) was incotpordted on 16 May 2017 in the United Ksngdom {conipany number 10772372) and donates all of its profits to the Charity. ADC acts as a development company for the ¢hority'S Strategi¢ Rural Housing Scheme. A Summary of the trading results is shown below. The rcial perfomlance of the subsidiary alone is.. 2024 2023 Turnover (charged Iv oli81'ity) Cost of sales and admini5tr2tive expenses Donation to Addington Fund Retain¢d in subsidiary Th¢ ass¢ts and liabiliti¢8 of the subsidiary were- CutTent assets CutYen( liabilities 4,009 (10,516) 4,009 (10,516) Totfil assels (6,507) (6.507) Aggregat¢ share ¢apital and reserves (6,507) (6,507) 23
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 2024 2023 Debtors.. Due within one year Te#ant d¢btor5 Trade debtors PrepaymeJLts attd a¢¢nd income Subsidiary undertaking Other debtors 11,172 14,395 45,293 10,016 1,046 5,035 2,074 487,489 10,016 7,434 81,922 512.048 Creditors: amounts falling due within one year Accruals for granls payable Tr8dc crcditoys Accrua15 and deferred iticomc Taxation and social security Bank Loan 1,500 10,486 38,521 4.338 320 2,996 21.000 50,695 9.863 1,000 55,165 85,554 io Deferred income BAlanee brollyjit forward Amoullt released it) year Amount deferred in yeai. 34,161 (34.161) 28,184 28,672 (28,672) 34,161 28,184 34,161 Deferred income comprises rent. sponsorship and function income received in advance. 24
ADDINGTON FUND NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 March 2024 li Statement of fund5 l Aprtl 2023 Gainsl (Losse5) Transfers 31 March 2024 Income Expendltthre General reserve 100,000 1,023,763 (602.240) 71,638 (493,161) 100,(K)O Designated lunds: Fixed asset fvnd Revaluation reserve Addinglon Strategi Housing Scheme.. Investtnent properties Available for appliealion5 245,307 2,196.444 245.307 (322,688) 1,873,756 10222,615 1,795,261 369,188 10,591,803 454,661 2,249,922 Total designated funds 14,459,627 501,161 14.961).788 Total unrestricted funds 14,559,627 1,023,763 (602,240} 71,638 8,000 15,060,788 Restricted fuThd5: Cheshire Rural Trust Trustees. Discretionary NFU George Stephens Trn5t Fund Regsonal Funding Regional Properties Somersei Levels Famiing Help Reted Farniers Forage Aid 24,707 250,609 24,707 138,054 21,6(M (90,159) (44,000) 178,767 69,646 777,037 88,458 12,126 (2.4981 2,506 179,786 73,146 778,089 88,458 3,277 10.000 89,943 3,500 1,052 (849) (8.000) 10,000 49,747 (3,804) 44,000 Total restrieted funds 1,401,350 85,862 (97,310) 3,558 {8,000) 1,385,460 Endowment funds: Trustees. Discretionary Fund Capital Queen Victoria's Gift Fund 126.694 28,248 126,694 30,997 804 1,945 154,942 804 1,945 157,691 Total funds 16,115,919 1,110,429 (699,5511 77,141 16,603.939 25
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 li Statement orrunds (contlnued) The general reserve represents the free ndS of the charity that are not designated for particular purposes. The fjxed asset fund has been set up to assist in identifying those funds Ihat are not free funds and it represents the nEt book value of tangible Fed assets. The revaluation reserve is required by the Companies Act 2006 and represents the amount by which investtnent properties and other investments exceed their historical cost. The TTusle¢5, from experience gained during the Foot and Mouth epidemic of 2001102, have designated the AddingtoJ] Strategte Rural Elousitig Scheme for tbe purchase of propety to be let to those who were employed ill the agricultal and kindred induslries and need actojnmodatioll as a result of having to retire from farming or leavitig a noJL-viable business. The Keepers, Key Fund is to help gamekeepers who experience hardship in relation to housing needs. Cheshire Rural Trust Funds Ère restricted to meet the hardship needs of families fming In Cheshire. The Trustees, Discretionary Fund was received following appeals arising fi'om natural disasters affecting farniers and is used to maintain & constant ability to administer hardship grants that assist families who encounter unforeseen circumstances and are unable to find any other form of assistance. The fund includes gifts that are restricted to specific areas in Great Britain. During the year the trustees have reviewed this fund nd undertaken an exercise to value the havdship giants provided to tenants via their discounted rental yments. The difference between 800/0 of the rnarket value of rent and the amount adually charged to tenants has been retr05pectively re£ogni5ed as a hardship grant. The NFU George Stephens Trust distributes income to disadvanlaged families, respecting the wishes of the original settlor. Thc Regional Fulld holds monies donated to help fatnilie$ in 8pe¢ifi¢ ¢ounties and regio$ of England and Wal¢5. The Regional Properties Fund represents the investment properties quired in the regions from restricted funds, the figure includes revaluation adjustments. The Somer5et L¢veis Fund having fuifill¢d any obligations relating tt) th¢ flooding probl¢ms the cUent balance will b¢ us¢d to addTess bousing Aecds iti Somerset. The Kenwyn Affordable, Trevorva New Build and Somerford Keynes Funds hold donations m&de specifically for projects in Cornwall and Gloucestershire. Queen Victoria's Gifi Fund is held a3 an Endowinent Fund and any interest g¢n¢rated is Credited to th¢ Restricted TnTrstees Discretionaiy Fund. Th¢ Fartning Help fund is a gralll provided by the Royal Countryside Fund to rebrand the Farining Help alliattce iiicluding launching the new brand at regional shows, producing marketing equipment and funding publicity costs. 'I'he Forage Aid fund is for animal feed and bedding for UK farners hit by extreme weather or natural disasters. The R¢tired F&rM¢rs fund is for Yetired eldei'ly famers with unmet emergency needs. The charity lias conducted a thorough I'eview of ils restricled funds and has been able to satisfy itself that the restrkction attaclLed to certain funds has been satisfied. 26
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 12 Analysts tsf net #sset$ between funds General funds Designated Restrleted Elldowmellt funds funds funds Total Fund balances at 31 March 2024 are represented by.. Tangible fixed assets Inyestment properties Other inv¢stsnents Net curr¢nt ass¢tsl{liabilities) 239,008 12.471,858 726,735 1.523,187 239,008 13,249.947 1,399.091 1,715,893 778,089 641,359 {33,988) 30,997 126,694 100,000 100,000 14,960.788 1,385,460 157,691 16,603,939 2024 2023 13 Reeonciliation of net movement In funds to net cash flow from operating activities Net movement in funds Add back depreciation charge Add back book105s on disposal (Trf fjxed assets Deduct interest income shown as inv¢5ting activities Add back lossesl(dedutt gains) on investtnent5 Add back loan overage Charge on revaluation of property De¢reasel(increase) in debtors IncreaSe1(drea5e) in Creditors 488.020 4.406 6,859 (68,710) (9,479) 1,112,231 7,087 (41,811) 27,156 430,125 (30,387) (477.260) 820,834 621,592 14 Tran5aCti0115 Ivlth related parties Theie have been no related party transactions in the year. 15 Financial Commltments At 31 March 2024 the entity had fjnallcial commitments totalling £495,000 (2023.. £272,500). 16 Combination with Forage Aid On 10 May 2023 tlie Addiiigtoii Fuiid coinbined with Forage Aid. Forage Aid is a Lharity which provides aiiimal feed and bedding for UK farmei's hit by ¢xtsrme weather or natural disasters. As part of the combination £44,000 of funds were transfened from the Truslecs, Discretionary Fund to the Forage Aid fund to match the balcince of funds of £44.000 brought across by Forage Aid. 27