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¢ t￿￿tee8, 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.￿lt￿M. but we can
support fa2nilie5 by buying tllne for them to f￿d 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 t￿￿1¢¢5 will never be aware. So, on behalf of all my fellow
tru$1¢¢5. 1 extend ssncere thanks to them all for all that they do.
Addington Fund means different things to a wide range of sUp1￿er& attd beneficiari¢s. For me, it is a small team with
the ability to deliver huge benefits to many people. and I feel very privileged lo ￿ a small part of th¢ leam.
Martin Redfearn
Challman
ChArltable objectives of the Addliigton Fulld
The ¢Th￿teeS ¢oJ)fimi that Ihey have referred io the guidan¢e colltsin¢d in the Charity Commissions gEneJzl guidano¢ on
public hcncfit when reviewing the charity's aims and obj¢rliY¢s and planning future activities. The charity's objectg are
Ili¢ promotion for the public benefit of rural regeneration in areas of stscial or wonomic deprivatio￿ An particuldr by:_
(a) Th¢ r¢lief of poverty
(b) The pi'ovision of housing for those who are ll) need provided that such pow¢r Shall not extend to relieving any
local authority or oth¢r bodie5 of a statutory duty lo provide or improve housing.
C.npie.8 of the Memorsmdum of A8$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 r￿St 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 s1￿Ce 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 b￿QMing 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 r￿d 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 (d￿ca￿ed 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 (appO￿ted10 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 a￿d 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¢it￿1tnt
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 fil￿re generation of new entra￿ts- mueh needed
the Cu￿ent 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 d￿01ve 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 Ma￿h 2024 which comprise the Statejnent of Financial Activities, the Balance Sheet and notes to the fmancial
5lat¢nient&, Tn¢luding a Sun￿ary 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¢
f￿ancial statements section of our report. We are itid¢pcn(knt of the charitable company in accordance with the
ethical requtrements t￿at 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 f￿ancIal 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 de￿ribed in the iElevant
sections of this report.
Otlier ittforniation
The other information comprises the infonnation included in the trusle¢s' ar￿Ual report, other than the f￿anCial
statctnents and our auditor's report Ihereon. The trustees are responsible for th¢ other information. Our opinion on the
fi[￿￿¢1￿1 statcmcnts doe5 not coyer the other infomhtlion and, except to the ¢xt¢nt otherwise explicitly stated in our
r￿thrt, 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 inforn￿ll0I* 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 prep￿Ing 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 d￿e 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¢ trust￿5 ¢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 inSt￿e¢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
fIn￿l¢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 f￿anCIal 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 del￿1 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[Vrr￿S (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 1￿Com¢ before lThYe5trn¢￿t gaiN5
421,523
(11,448}
804
410,879
1,117,825
NeÉ (Ios5esy8a￿s oll investment assets
71,638
3.558
1,945
77,141
(5,594)
Net (expe￿dIt￿re)fI￿r0￿¢
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.o￿gjI1 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 eXp￿Idit￿l￿ 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
fu￿d5
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: aMO￿nts 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 A￿ets
16,603,939
16,115,921
Funds
Unrestricted ￿lld8:
General funds
- Designated funds
Restricted fill￿5
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 fol￿1 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
p￿￿eedS from the sale of strategic howing properties
Purchase of fixed ass¢ts
Purchase of strategic housing ptoperties
PK(Keeds from sale of investments
pU￿haSe 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 activit￿5
Repayments of borrowing
Cash inflows from new bor￿]ng
(393.121)
Net ￿5h floTrv5 froJD f￿ancIng activitie5
(393,121)
CTh8ng¢ ID rash aDd ¢8$h equivaleRts in the year
769,495
1220,267)
Cash and cash equivalentbrnught fO￿ard
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 p￿paratIOn
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 oCcU￿ed 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 histori￿1 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 f￿anCial State￿entS 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 fi￿d$ 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¢ Tn￿lee8 out of u[￿¢Stricted g¢n¢ral
funds for particular pu￿Oses.
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 Pu￿oses.
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 1￿cOMe
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 distr￿b￿ll0n
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 estIn￿te 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 fi￿d6 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
R￿lt81S payable und¢r op¢rating leases are charged to the SOFA as llicurred.
Pension costs
The charity operates a der￿ed 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 r￿ed 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 f￿ed assets at rates Ca1￿lated io writ¢ each asset downlo its estimakd residual
value over its expected usethl life a% follows..
M￿Or 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 p￿paid net of any tra(k discounts due.
Short term deposits
Short terni (kposits with a rna￿rIty 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
InCu￿ed 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$ts
248,722
18,82S
83,434
14,399
240.958
25,283
31,664
12,006
365,380
309,911
The average monthly llLunkr of pe￿OnS employed by the Charity
during theyear was..
Re-imbursement of travelling, subsistence and related expen5e5 paid to Trustees was £nil (2023.. £Thtl)-
Remuneration paid to Trustees was £nil {2023.' £nil)
One employee received emoluments in the bhttd of £60,000 to £70,000.
On¢ employee received emoluments in the band of £70,000 to £80,000.
The key man&gement personnel of the ¢harity comprise the trustees, Fund Director and Chief Executive
Officer. The totsl employee benefits of the key management personnel of the d￿rIty were £203,089 {2023=
£164,582). This figure is inclusive of a settlement paid to the employee of £78,206.
2024
2023
Net ineoming resources are ststed after eharging:
Depreciation and amoutLts written off tangible fLxed assets
Auditors, remuneration - audit
Auditots, remuneration- other servi¢es
7.087
4,850
7,536
s,000
6,065
TADgible fixed #￿tI$
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 prop￿leS 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 STATEtw￿NTs
For the year ended 31 March 2024
2024
2023
Other investments
l April
Additions at cosvmarketvalue
Disposals
Rev21uation gainl(loss) including interest acc￿￿1
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 r￿cial 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¢¢n￿d 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
Ret￿ed 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 F￿ed 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 agricult￿al 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 cU￿ent
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(d￿rea5e) 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