ADDINGTON FUND TRUSTEES, REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Number= 1097092 Company Number.. 4654186
ADDINGTON FUND TRUSTEESAND ADVISORS Charity Number- 1097092 CompanyNumber- 4654186 Principal & Registered Office.. 9 8arford Exchange Wellesbourne Road Barford WanNickshire CV35 8AQ Trustees: Mrsimon Mountjoy, FBIAC (Chairl Mr Petersnoijgrass MA (Cantabl Isecretaryl Mrs Louisa Dibble MrThomas Hind Mr Richard Maundei FRAgS rs Emma Nurray-clarke Mr Martin Redfearn FIAgrM MrTom Richardson Mrs Clair Stevens MrAndrewWard MBE Secreiary= Mr Peter Snodgrass MA Icantabl Fund Director: Ms Sue English Bankers- National Westminster Bank PIC 59 Parade Le8mington Spa Warnickshire CV32 4BH Auditors: Luckmans Duckett Parker Limited 1110 Elliott Court Coventry Business Park Herald Avenue Coventry CV56UB Solicitors-. Shakespeare Martineau Bridgeway House Bridgeway Stratford upon Avon CV37 6YX Stockbrokers= RBC Brewin Dolphin 4° Floor 9 Colmore Row Birmingham B3 2BJ P81ron- HRHThe Duchess ofEdinburgh GCVO Vice Patrons: The Rt Hon The Countess Bathurst Rt Rev'd john Stroy8n M Stoel MA
ADDINGTON FUND TRUSTEES, REPORT The Trustees present their report and the accounts for the year ended 31 Narch 2025. The financial statements comply with the Charities Act. the Companies Act 2006, the Memor8ndum and Articles of Association. 8n Accounting and R8POrting by Charities.. Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Chairman's report It is a prlvilege to address you as Chairman of Addington Fund. an esteemed charity dedicated to supporting our industry. PTesently. the sector faces significant challen8es' prolonged wet condilions in autumn 2023 resulted in a difficult 2024 harvest, and the outlookfor 2025 remains uncertain. On the political front, the transition from the basic payment scheme to an environmental scheme under the new Eovernment has introduced complexities. While livestock prices have 8hown improvement. certain segments continue to experience persistent pressures whether financial or physical and Addington remains committed to 8SSlSting individuals tr8nsitioningout of the industry due to such ¢ircumsian¢es. Notably. there has been an increase in the complexity of housing applications. often reflecting financial stress, particularly among smaller tenant farmers. fimely professional advice may prevent these issues from escalating further. We are also advanclng our commitment to new entrants by developing our first starter farm and planning additional properties in the fulure. In the coming year, we will launch a new entrant fund to support aspiring farmers-a longstanding goal now becoming r8ality- This year. we are especially grateful to receive notification of a remarkable legacy, which further strengthens the charity's sound financial position. It is a reflection that the fingnci81 strength of Addington is due firstly to the generosity of our legators, our tight cost conirol and the effect of inflation on the homes we own in which our retired farmers reside. It is a p8r8dox thai the same Inflation has made propertyownership so hard lor some leavlng their tenanted holdin& with modest, if 8ny savings. Finally. l extend sincere thanks to our staff. trustees. patrons. legators. and donors as we enter our 25th year, Addington is well-positioned to support those in need within the industry, assist newcomers. and respond promptlyto unforeseen events. Simon Mountjoy Chair of Trustees Charitable obje1V&S of Addington Fund Addington Fund's three primary puiposes are.. The provision of housing for retired farmers and farmworkers Iwithout the means of purchasing or renting their own homel in their locality. and affordable dwellings and work/live premises for people employed in rural situations. To provide emergency relief for farmers hit by circumstances beyond Iheir Control. such 88 extreme weather events. anlmal disease and family illness. Supporting new entrants to farming inclu¢ing'. acquiring farms by legacy or purchase IOT the purpose otgrantinga startertenancyto new entrants to famiing. The trustees confirm that, in reviewing the charity's aims and planning its future actiwties, they have carefully considered the Charitycommission's generalguidance on public benefit. Afull copy of the charity's Memorandum ofAssoci8tion is available upon request. Public benefit Addington Fund delivers a range of support services designed to address the housing and financial challenges faced by individuals working in the rural and agricultural sectors.
ADDINGTON FUND TRUSTEES, REPORT (continued} Review of operations. achievements and performance In November trustees and staff came iogether lor a Strategic Review. As we approach our 25 anniversary, il felt important that we look at the services we provide Io Ihe farming Community to ensure it IS Slill lit for purpose. We can Condense what we aTe about to 8 'B8rn View, with the three levels reporting our vision and mission. our three core specialisms and core capabilities. Addington £BarnY View Supportin8FaWm.SetUnFuiulS1bmh.. Qus th¢É6lh¢yR¢ll tfiddinslunFwd.woir•E04d1pF•rtlvl2rhWrattd11 +lou¥lns ÈM4r8n¢y R•llf Niw EDtr¥Dt Srhqrn• eputltknn &N¢twork5 Subl•rt Mail•rExp•rtls• rty & MattAkÈMnt dwliies E%EedderyIleiksllj RIBiet Housing We provide secure and affordable housing lor farming families who are retiring from the industry or are forced io leave due to ill health, bereavement, or other circumstances beyond their control. In the case of tenant farmers. many will face the loss of their family home as a result. and our housing scheme is unique in that the people we help play a part in finding their new home. We believe that enabling people to live in their chosen environment, close to friends and family. supports their menial wellbeing as they can remaln part of thelr community. As part of our review, our Strategic Housing Scheme has been expanded to also include farm workers and farm managers when they lose theirlied accommodation, due to ill health. accident or retirement. when they have worked in the industry for a significant period of time. Our ten8nts orten rely only on pensionable ncome. or low-paid work and our rents reflect this, being a minimum of 2096 below the average Market lent$ and in some 8reas fall to 45% below. Our housing work Is wlde and varied, and in Cornw811 we have a workllive development for self-employe¢J people working within a rural industry who are unable to rent reasonably priced accommodation. They have desire to contribute towards the local economy through their self-employment but are priced out of the geographical area in which theywish to resido. Our tenants often rely only on pensionable income. or low-paid work and OUT rents reflect this. being a mlnimum of 20% below the average market rents and in some areas fall to 45% below. This year. due to the generosity of a benefactor passionate about helping people who have spent their lives working in the rural sector. but whose home is tied to their jot). we launched our new Arepo Farmworker Hou$lng S¢heme. Throu8h this new initiative, we support farm workers who lose their tied housing upon retirement. The rent will be no less than 50% below the market let value. From small acorns grow mighty
ADDINGTON FUND TRUSTEES, REPORT Icontinuedl oaks. and we're excited aboutthe future development of this addition to our housing support. Housing remains central to our operations and the rental income we receive goes some way to support the viability of our charitywhich h8s Lieen a sound and sustainable modelfor manyyears. The uniqueness of our housing scheme is thai the farmlngfamily we are supporting. plays a part in choosing their Addington home, which can be located anywhere from Cornwallto Cumbria. and Wales to the Eastern counties and every county in between. Mindful of ever-increasing Energy Pertorm8nce Certificate standards. we are budgeting for the financial impact this will have on our older properties with lower EPC'S and we have been investigating retrofitting of renewable heating options. We welcorne opportunilies to expand our housing stock through land acqLJiSition and legacy gifts. Following a recent review. our George Stephens Trust Fund has taken a new direction. After consulting with the National Farmers Union Board of Governors who Driginally transferred the fund lo us in 2009, it was decided that the Fund would also be used to support retired farm workers with housing. Specifically. it will help those who, having worked on tsrms for a significani part of their life. find themselves in need of housing after losing access to thelr tied acctsmmodation. Emergsney Support delivered through Forage Ald Fund In 2023, Forage Aid became part of Addington and now 811 our emergency on-farm support is delivered through our Forage Aid Scheme. We offer short-term support in the form of essential supplies such as anim81 feed. fodder. or bedding to farming businesses impacted by unforeseen events, most commonly extreme weather or disease outbreaks. These circurnstances are usually beyond the control ofthe affecte¢ f8miligs and can have devastating effects on their livelihood. We hope that the much-needed breaihing space this support creates gives them the time to consider other long-term options. Grants totalling £127,951 were made to farmingtamilies this year. Straw 2314 Haylage Hay Oth•r ClampèdSllag• 20% Beef Nuts 2596 Ayund Balesot SFlège Ewe Nut5 The pie ch&rtshows the various ways we have helped farmers facinga crisis in this financialyear, demonstrating the flexibility of oursupport.
ADDINGTON FUND TRUSTEES, REPORT Icontinuedl Now Entrantscheme Aimed at supporting the next generation of farmers, this scheme will provide affordable access to land and farms donated to the charity. It gives aspiring farmers a vital opportLtnity to take thelr first steps into Ihe industry and continues to be a cornerstone of our long-term vision to cultivate the next generation ot farmers. This year, thanks to a generous legacy, we seized the opportunity to invest in our very first farm and we 81s0 have pledges of land and agri¢tJltural holdings which, if fulfilled, could contribute a number of such starter farms to Ihe scheme. The irusiees are excited about the journey ahead and are eagerly preparing ID develop our first starter tarm an important step in supporting new fBrmers as they begin Iheir agricultural careers. Communltyand Partnershlps We remain deeply committed to working in Close partnership with other farming charities. A key example of Ihls Is our ongoing collaboration through Farming Help, alongside the Farming Community Network IFCNI. Our Memorandum ol Understanding underpins and strengthens this valued relationship. Whenever possible. we Share stand space with FCN at regional and national agrlcuiiural shows. continulng a partnership that began in 2001 and has grown steadily ever since. We believe that malntaining strong relationships ancl understanding the unique roles of each farm support charity significantly enhances the impact of our collective efforts. Through collaboration. we ensure that those we serve receive the most effective and comprehensive support availatile. In Ihls respect we continue to work alongside FCN and th8 Royal Agricultural Benevoleni Instbtutlon IRABII regularly. and other charities where we identty that thelr support is best tailored to the need. We are especially grateful for the support received from the Welsh Government this year, which enabled us to 8SSlSt farmers in Wales aflected by the prolonged wet winter and its knock-on eflects into spring. Notably. over 309b of our grant support this year was directed to Welsh farmers. We continue to work closely with like-minded organisaiions in Wales, such as FCN Cymru, RABI, Tir Dewi, The DPI Foundatlon, and Nonmouthshire Rural Mind to identify and reach individuals In need. Many tarmers may be hesitant to seek help, so these partnerships are vital in encouraging referrals and ensuring no one is left behind. The annual Royal Countryside Fund Conference IRCFI was held in Cumbria this year and we thank the RCF for their continued encouragement and support. Support from The NFU Mutual Charitable Trust makes so much difference to the rural charities they support and have been an encouragement to us over the last 24 years. LookingAhe8d A5 we look to the future. Addington Fund trustees remain steadlast in their mission to support farming families and rural communities across ihe UK. Building on our slrong foundations, we are focused on expanding our reach, strengthening partnerships, and adapting to the evolving challenges faced by those who live and work in the countryside. In the year ahead, we aim to expand our housing schemes. respond as required to crisis situations, and deepen our support for young and aspiring farmers. With the ¢ontinue(I support of our donors, trustees. and partners, we remain committed to supporting the b8ckbone of the rural economy- ourfarmirig eommunily. Legacy Income As with the previous financialyear. we have continued to see a rise in income from legacy gifts. This growth is a testament to the trust placed in the Addington Fund over many years. and we would like to acknowledge the foresight and dedication of colleagues from over a decade ago who helped bulld the confidence of some of our generous Legalors. In 2025 we are truly reaping the rewards of seeds sown in the past. anQ we work todayto SOW S88ds for the future too. Every donation we receive Is deeply valueé and treate¢J with the utmost respect and gratitude. A gift left in a Will carries a special signilicance. Often arriving without prior notice, these legacies are a powertul and
ADDINGTON FUND TRUSTEES, REPORT Icontinuedl humbling reminder of the endurlng impact of our work and the deep connection supporters feel to our mission. It is important to note that. in accordance with SORP Istatement of Recommended Practice) guidelines, legacy income must be recorcled In the financial year in which the charity is notified of the gift not when the *unrls are actually received. As a result, it is not uncommon to see fluctuations or spikes in legacy income within our financial statements. The trustees extend their heartfelt thanks to all our donors. Their generosity continues to sustain and insplre the work of Addington Fund, enabling us to support farming families and rural communities when they need it most. Financial review The 202412025 year marked not onlythe point where our balance sheet exceeded £20m wlth income increasing to É4.26m forthe year. This includes a legacy gitt, yet to be received. but accounted for under the Charity Act rules. Balance Sheet Growth 12020-2025) 20- 18- 16- 14 12- 2020 2021 2022 2023 2024 2025 Year Expenditure remained tightly Controlled at É613k. resulting in surplus of £3.6m for the year factoring in the legacyyet to be received.
ADDINGTON FUND TRUSTEES, REPORT Icontinuedl Income v5 Expenditure12020-2025) in Millions (£1 2020 2021 2022 2023 2024 2025 Year Addlngton Fund was originally established to provide emergency support durlng the 2001 foot and mouth outbreak. with no expectation of long-term operation. To now stand on such strong financial foundations is truly remarkable. This growth is not only a testament to th8 generosity of our supporters and the dedication of ourteam, but aLso to the enduring relevance of our mission. We are humbled by the journey we have t8ken Bnd deeply thankful for the Irust placed in us. This financial strength en8bles us to pian ¢onfidently for the future. ensuring that farming familles and rural ¢ommunities continue to receive the support they need- today and for years to come. Expendilure has decreased by £86,129, r8fle¢ting efficient cost management while maintaining our charitable activities and net income has Increased to £3.22m above our previous year, boosted by legacy income and also investment gelns. Structure* governance, and m8nagement Our Board of Trustees is made up of ten dedicated and passionate people. all of whom have either practical or theoretical knowledge of the agricultur81 industry that we setve. This year, Mrs Christine Ryder resigned from her trusteeship. but we were delighted when Tom Richardson. a farmer an(5 rural surveyor from County Durham joined ihe Board. All trustees give their time freely. Over the next three years five trustees retire on a rotation. Trustees meet four times per year as a board and we have subcommittees responsible for distinct aspects of the charity's work as follows.. The Marketing and Fundraising committee is responsible lor overseeing our charity events and marketing strategy. The Forage Aid Committee takes responsibilily for our grants activity- supporting working farms in times of hardship and emergency. The Governance and Besource Committee takes care of governance and risks. and the Housing committee looks after all housing relating matters. All subcommittees report into the main board of trusteesto make recommendations. Our Royal Pairon, HRH The Duchess of Edinburgh takes an active interest in our work and meets with us ai agricultural shows when we are both in attendance. The Rt Hon The Countess Bathurst. and the Rt Reverend john Stroyan have again served as Vice-Patrons. The Hon Mrs Mllly Soames stepped back from her role as a Vice Patron this year and we take the opportunityto thank herfor her support in the pasi. Trustee appointment, induction and trainlng The Directors ofthe Ch8Titsble Company are also the Charity Trustees for the purposes of charity law.
ADDINGTON FUND TRUSTEES, REPORT lcontinuedl The Directors of the Charitable Company also serve as the Charity Trustees under charity law. They are collectively responsible for ensuring Addington Fund operates in accordance with its charitable objectives and legal obligations. Newtrustees undergo a comprehensive induction programme, which includes.. An overview of their legal responsibilities under Ch8rliy and Company Law A review of the Memorandum and Artlcles of Association Insight intts the charity's decision-making processes, business plan. and recent financial performance Meetings with key staff and fellow trustees Trustees are aciively encouraged to attend rel8vanttraining opportunities. Trustees are elected for an initial four-year term. wlth the option to serve up to two additional three-year terms, allowing for a maximum of ten years of seNice. For a serving Chair. this term may be exrended at the discretion of the board. Trustees serving durlngthe year Mr Simon Mountjoy OFM, F61AC (Chairl Mr Peter Snodgrass MA Icanlabl (Secretary) Mrs Louisa Dibble Mr Thomas Hind Mr Richard Maunder FRAgS Mrs Emma Murray-clarke Mr Martin Redfearn FIAgrM Mr Tom Richardson lappolnted 30 January 20251 Mrs Christine RyderlresSEned 7September 20241 Mrs Clair Stevens MrAndrewWard MBE No Trustee had any financial Snterest in the charity at any time during the year. Risk m8n8gement The trustees have undertaken a thorough review of the major strategie, business. and operational risks facing the charity. They confirm thai robust systems are in place to ensure these risks are regularly monitored and reported. These systems enable the board to take timely and appropriate action to mltlgate poiential Ihreats and ensure the continued stability and effectiveness of the charity's operations. Insurance The ¢harity maintains insurance coverage for its truslees and officers, providing protection against liabilities arising from iheir roles within the organisation. This policy offers cover of up to £5 million, ensuringthat those servingthe charity are appropriately safeguarded while carrying out their duties. Fundralslng stand8rds Addingion Fund organises fundraising events at shows and events across the Country throughout the year and is registered with Fundraising Regulator the independent regulator Df charitable fundraising in England, Wales, and Northern Ireland. We rto not use professional fundraisers. R¢serves pollcy It is the policy of the charity to mainiain a General Resetve of unrestricted funds of £100,000, which is the equivalent of approximately 3 months core Costs. Holding reserves of this level will ensure that the charity will be able to meet its planned financial obligations to cover managemenl and administrative costs in the case of unloreseen circumstances. Designated funds are set aside for future spending to meet the needs of the charity's housing work and amountto £18.780,768 and listed in the Notes to Financial Statements page.
ADDINGTON FUND TRUSTEES, REPORT (Gontinuedl Restricted funds are held separately and listed with the particular restriction in ihe Notes to Fin8ncial Statements page. As atthe end of this financial year. restricted funds amo*Jnt to £1,600,759. Investment policy Charity funds are spread to reduce risk and create an income to fund our grants activities. Risk levels and our investment policy are reviewed annually and our investment managers from RBC Brewln Dolphin and Epworth Investments update the trustees annually on the investment performance. The Trustees, Discretionary Fund Endowrnent Fund and NFU George Stephens Fund are held as blue-¢hip equities. Key msnagement personnel remuneration No remuneration was paid to Directors, and they give their time freelyto the charity. Trustees are reouired to disclose all r8levant interests and register them with the Fund Director and in 8ccordance wtth the ch8rlty's policywlthdrawtrom declsions where a conflict of interest arises. The pay ofthe charitvs key management personnel is reviewed annually and normally increased in accordance with average earnings. Plans forthefuturo As we approach our 25th anniversary. trustees Convened in November for a Strategic Review to reflect on the charity's journey and chart a course for the future. This milestone offers a timely opportunity to reassess our operations. refine our approach. and enhance how we commLFnicate our impact. Building on our legacy of supporting farming f8mili8s during times of crisis and transition. we are now expanding our supporr of new entrants to farming. This widened initiative. emerging from opportunities identified during the current financial year. will be developed into a dedicated programme in the ne linancial ye8r. It marks 2 significant evolution in our mission- enabling us to support farmingfamilies.. At the beginning of their careers, by helping new entrants establish themselves in the industry. During their working lives, by providing emergency relief and practical support when misfortune strikes. At the end ofthelr c8reer$. by offering housing solutions and gentle assistance during Telirement This full-circle model ot care reflects our commitment to standing alongside farming families ai every stage of their journey. As we lead into our 25 year, we rernain focused on adapting to the changing needs of the agricultural community and ensuring our support remains relevant, Compassionate. and impa¢tftJl. Organlsatlon Addington Fund operates from Its head office at 9 Barford Exchange. Wellesbourne Road. Barford, Warwickshire CV35 8AQ. Responsibility for the day-to-day operations of the charity is delegated by the trustees to the Fund Director. During the reporting year. the charity employed an average of five staff members per month. Sm8LI Compgnies, Exernptions This repon has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2016 relatingto small companies.
ADDINGTON FUND TRUSTEES, REPORT Icontinuedl Trustees. responsibilities in reiatlon tothe Ilnanclalstatements The trustees (who are also directors of Addingtorb Fund for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited KinEdom Generally Accepted A¢¢ounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state ot affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company lor that period. In preparing these financial statements. the trustees are required to.. Select suitable accounting policies and then applythem consistently- Follow the principles and methods set out in the Charities SORP 2015 IFRS1021' Make reasonable and prudent judgements and esismates.. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe charity will continue in operation. The trustees are r8spoTrsible for keeping adequ8t8 accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the fin8n¢ial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ot the charitable company and hence for iaking reasonable steps lor the prevention and detection of fraud and other irregularitl8S. St8tement as to Disclosure of Information to Auditors The trustees who were in office on the date of approval of these financial statements have confirmed. as far as they are aware. that there is no relevant audit information of which the auditors Bre unaware. Each ot the trustees has confirmed that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevanl audit informatiorb and to establish that it has been communicated to the auditor. Approved the trustees and signed on their behalf by.. Mr Simon Mountjoy- Chair of Trustees 9 Barforrs Exchange Wellesbourne Road Barford Warwlckshlre CV35 8AQ Date..
ADDINGTON FUND INDEPENDENT AUDITORS, REPORTTO THETRUSTEES OF ADDINGTON FUND Oplnlon We have aurlited the financial statements of Addington Fund Ithe 'charitable ¢omp8ny'l for the year enrled 31 March 2025 whlch comprise the Statement of Financial Actlvities. the Balance Sheet and notes to the financial statements, including a sumrnary of significant 8c¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and R8public of Ireland (United Kingdom GenerallyAccepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of it., incoming resoijrces an¢J applic8tSon ot resources. Including its result. for the yeer then ended: have been properly prepared in accordance wtth United Kingdom Generally Accepted AccountinE Practice.. and have been prepared in accordance with thg requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standsrds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charltable company in accord8n¢e with the ethical requirements thet are relevant to our audit ol the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that Ihe audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Coneluslons relating to going concern In auditing the finan¢ial statements, we have concluded that the trustees, use of the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we hav8 performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the charitable cofflpany's ability ro continue as a going concern lor a period of at least twelve months Irom when the financial statements are authorised for issu8. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant se¢tions of this report. Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual report. other than the financial statements and our report of the Independent Auditors thereon. Our opinion on the financial statements does not coverthe other information and. except to the extent otherwise explicilly stated in our report. we do not express any form of assurance conclusion Ihereon. In Connection with our audit of the finan¢i81 statements, ou¥ responsibility is to read the other information and, in doing so. consider whelhei the Other inforrnation is materially inconsistent with the financial stalements or our knowledge obtained in the course of the audit or otherwise appears to be m8terially misstated. If we identity such material inconsistencies or apparent material misstatements. we are required to determine whetherthis gives rise to a material misstatement in the financial statements themselves. If. b8sed on the work we h8V8 performed, we conclude that there is a material misstatement of thls other information, we are required to report that fact. We have nothingto report in this regard. 10
ADDINGTON FUND INDEPENDENT AUDITORS. REPORTTO THE TRUSTEES OF ADDINGTON FUND Icontinuedl Opinion on other matters pro¥cribed byth* Camp8ni8s Act 2006 In our opinion. based on the work undertaken in the course of the 8udil- the information glven in the Report of the Trustees forthe financialyearforwhlch Ihe Ilnanclal statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matt¢r$ on which we are required to report by ¢x¢eptlon In the light of the knowledge and understanding of the charitable comp8ny and rts environment obtained in the course of the audit, we have not identified material rnisstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Aei 2006 requires us to report to you if, Sn otjr opinion= adequate accounting iecords have noi b8en kept or returns adequate for our audit hav8 not beer received from branches notvisited by us.. or the financial si¥tements are not in agreement with the accounling records and returns- or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantage of the small companies exemption from thÉ requirementlo prepare a Strategic Report or In preparingthe Repon ofthe Trustees. Responslbllities of tru$tees As explained more fully iri the Statement of Trustees Responsibilities. the trustees (who are also the directors of the charitable company for the purposes of company lawl ore responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view. and for such internal control as the trustees determine is necess8ry to enable the preparation of tinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going con¢ern, disclosing. as applicable. matters relaterl to going concern and using the going con¢erri basis ol accouniing unless the irustees either intencl to liquidaie ihe charitable company or to Cease operations, or have no realistic alt8rnaiive but to do so. Our responsibllltres forthe audit of the financial statements Our objectives are to obtain reason8ble assurance about whether the financial statements as a whole are free from material misstatement. whether due to traud or error, and to Issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it 8XiSts. Misstatement5 can arise from fraud or error and are considered material if. individually or in the aggregate, they could reason8bly be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line wlth our responsibilities. outlined above. to detect material missiatements In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below-. Enquiring of rn8nagement and employees, including obtaining and reviewing supporting documentation, concerning the charity's pollcies and procedures relating to:_ Ideniifying, evalualing, and complying with laws and regulations and whetherthey were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whetherthey were aware ot any actual. suspected. or alleged fraud 8nd. The internal controls established to mitigate risk relatingto Iraud or non-compliance with laws and 11
ADDINGTON FUND INDEPENDENT AUDITORS, REPORTTO THETRUSTEES OF ADDINGTON FUND Icontinuedl regulations. We identified areas of law and regulatlon that could reasonably be expected to have a mateil81 effect on the fin8nci81 st8tements from our general charitable sector experience, discussions with management las required by auditing standards) and we discussed with management the policies and procedures regarding compliance with laws and regulations. The most signi(i¢ant considerations for the charitable company are the Charities Act. Companies Act 2006, tax legislation and employment18WS. All identified 18ws and regulations were communicated throughoutthe audit team, and they remaineij alert to any indications of non-compliance throughout the audit. Auditing standards limit the audit procedures to identifying non-compliance of these laws and regulations to enquiry of management and inspectlon OY regulatory and legal correspondence, if there is any. Therefore. if a breach of operational regulations is not disclosed to us or evident from relevant ¢orrespondence. and audil will not detect the breach. To identify risk of material misstatement due to fraud. we carried out discussions amongst the audit team to assess areaswhere and howfraud might occur in the linancial statements and any potential indicators. The following areas were identified Management overritte of controls through the posting of inappropriate accounting entrles or lournais Fraud risk relatingthe revenue recognition, although the recognition of rent81 revenue is Siraighttorward with limited opportunityfor manipulation. Fraud risk due to the valuation of properties at the year end. this is minimised where a professional valuation has been obtained. We tested the appropriateness of accountingjournals and other adjustments made in the accounts preparation based on a risk crFieria. Owingto 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 performed Dur audit in accordan¢e with auditing standards. For example. the further removed non-compli8n¢e with taws and regulation is from the events and transaction reflected in the financial slaternent, the less likely in the inherently limited procedure required by auditing standards would identify it. In addition, as with any audil, Ihere remainecl a hbgher risk of non-detection of fraud. as these may involve ¢ollusion. forgery. inientional omissions. misrepresentations, or Ihe override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance orfraud and cannot be expected to detect non-compliance with all laws and regulations. A lurther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our R8port of the Independent Auditors. Use of our report This report is made solely lo the charitable company's members, as a body. in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are requlred 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 charitable company and the charitable company's members as a body. for our audit work. for this report, orfor the opinions we have forrned. 12
ADDINGTON FUND INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF ADDINGTON FUND Icontinuedl Mark Spafford FCA FCCA Seniorstatutory Auditor For and on behalf of Luckmans Duckert Parker Limited Statutory Auditor Chartered Accountants 1110 Elliott Business Park Herald Avenue Coventry CV56UB Date..l.S.-7k[.. 13
ADDINGTON FUND STATEMENT OF FINANCIALACTIVITIES IINCOMEAND EXPENDITURE) Forthe year ended 31 March 2025 Unr&strlctad funds Restrlct8d funds Endovrfment fund$ 2025 Toial 2024 Totsl Note Income Don8tions8nd legacies.. Donations Legacies Incom8 from charitable a¢tivit188 Otherincome on raisinglunds Investment Income 234,419 3.039,202 520.727 305.8 $40,077 3.039,202 S20,727 288.899 196.988 513.164 42,520 102.194 43.520 120,916 42.668 68.710 17.990 732 Total iOrne 3,940,062 323.848 732 4.264,442 1.110.429 Expendlture Expendlture on ralsingfunds 49.494 3.992 53.486 50.014 Charitable activities 432,084 127.851 559,935 649,536 rot81 expen(Jiture 481.578 131.843 613.421 699,550 Net Income befor8 Invèstmentg8ins 3,458,484 191,805 732 3,651,021 410,879 Net Ilossesygains on investment assets 361.496 23.494 128 385.118 77.141 Nei lexpendlturellincome 3.819,980 215.299 860 4.036.139 488.020 Transf815 between lunds Net movement infunds 3.819.980 215,299 B60 4.036.139 488.020 Funds broughtforward at 1 April 15.060.788 1.385.460 157,691 16.603.939 16,115,919 Funds carriedforward at 31 March 18.880.768 1.600.759 158.SS1 20.640.078 16.603,939 All income and expenditure derive from continuing activities. The statement of financial activlties Includes allgalns and losses recognised durlngthe year. 14
ADDINGTON FUND STATEMENT OF FINANCIALACTIVITIES IINCOMEAND EXPENDITURE} Forthe yearended 31 March 2024 Analy515 of cornparatlve stat8m¢nt olfinan¢laLa¢tlvitie$ UnrgwTlct?d Restricted Endowmènt funds funds lunds 2024 Total Income Don8tlOnS and legacies.. Donations Legaeie5 Income from charitable 220,562 196,988 68.247 288,809 196,988 513,164 42.668 50.291 512.164 42,668 68,710 Other income on raisingfun¢Js Investment income 17,615 804 Totsl income 1,023.763 85,862 804 1,110.429 Expenditure Expenditu on rai8in8funds 45,934 4,080 50.014 Charltable activilles 556,306 93,230 649.536 Total expenditure 602,240 97.310 699.550 Net income before investment gains 421,523 111,4481 804 410,879 Netllos$esiig8ins on inv8stmenta8sets 71.63B 3.558 1.945 77.141 Lo8n overage chsrgg on revaluatKJn of property Nèt lexpendltureljirbcome 493.161 17.8901 2.749 488,020 Tr£nsfers between funds 8,000 18.0001 Net movem8nt in funds 501.161 115.8901 2.749 488,020 Funds brougl1tf0Srd at 1 Aprll 14,559.627 1,401,350 154.942 16.115.919 Funds carrled fotward at 31 March 15,060.788 1.385.460 157.691 16,603.939 15
ADDINGTON FUND SUMMARY INCOME AND EXPENDITURE ACCOUNT Forthe year ended 31 March 2025 2025 2024 Gross income from external sources Unrestricted funds Restricted funds 3,940,062 324,380 1,023,763 86,666 4,264,442 1,110,429 Expenditure Interest payable Depreciation less book proflt 609,812 688.258 27 11,265 3,609 Total expenditure torthe year 613.421 699.550 Net in¢ome forthe year before profit on disposal of investment assels 3,651,021 410,879 Realised profitl Ilossl on disposal ot investrnent assets 385,118 77.141 Net incomeforthe y*ai 4,036,139 488.020 16
ADDINGTON FUND (Companynumber:4654186) BALANCE SHEET 31 March 2025 2025 2024 Note Frxsd assets Tangible fixed assets Investment propertles & charity office Other investments 235,399 13,482,658 1.402,940 239,004 13,249,947 1.399,092 15.120,997 14,888.043 Current asset8 Debtors Shortterm deposits Cash at bank and in hand 474,181 2,363,541 434,425 81,922 1,476,419 212,721 3.272,147 1.771.062 Creditor$: amounts falling due within one year 179,5481 155,1661 Net current assets 3,192,599 1.715.896 Debtors due more than oneyear 2.326.482 Total assets less curr¢nt liabilities 20.640.078 16.603,939 Net assets 20,640,078 16,603,939 Funds Unrestricted funds- - General funds - Designated funds Restricted funds Endowmentfunds 100,000 18.780.768 1.600.759 158.551 100.000 14.960.788 1.385.460 157,691 20,640.078 16.603.939 The trustees have prepared the financial st8tements in accordBnce with section 394 of the Companies Act 2006 and section 132 of the Charities Act 2011. The accounting policies and notes on pages 15 to 25 form part of the88 accounts. The financial statements were approved by Ihe Board of Trustees and authorised for issue on Simon Mounljoy- Chair 17
ADDINGTON FUND STATEMENT OF CASH FLOWS Forthe year ended 31 March 2025 2025 2024 Note Cash flows from oparating actiVbtie5: Net cash provided by Iusod inl operating8ctivitie$ 806.483 820,834 Cash flows from investing activftles Inierest and dividends Proceeds from sale offixed assets Proceeds from the sale of strategic housing properties Purchase of f1xed assets Purchase of strategic housing properties Proceeds Irom sale of investments Purchase of investments 120.916 68,710 23,914 421,523 128,8801 1529.4901 198,797 1203,9131 645.967 1467.2631 391,912 1389,1891 Not ¢ash provlded by (used Inl Investlng actlvltl¢$ 302,343 151,3391 Cash flows providtd by lused inlfinancingactivities Flepayments of borrowing Cash inflows from new borrowing Net ¢ash flows from flnan¢ing #¢tivitie$ Change in cash and ¢a3h equivalents inthe year 1,108,826 769.495 Cash 8nd cash equivalent broughtloM8rd 1.689.140 919,645 Cash and cash equlvalènts ¢arried forw8rd 2,797,966 1.689.140 Cash and eosh equlvalents con51St5 Ofr. Cash al bank and in hand 434.425 1,476,419 Short term deposits 2.363,541 212.721 Cash and cash equivalents at31 March 2025 2,797.966 1.689,140 18
ADDINGTON FUND ACCOUNTING POLICIES Accounting poLicies The principal accounting policies adopted, judgements and key sources of estimation un¢ertainiy in the preparation of the financial statements are as follows: The ac¢oLJnts present a true and fair view and no changes have been made to the accounting policies. No changes to accounting estimates have occurred In the reporting period. No materS8l prior year errors have been identified in the reporting period. Basls of preparatlon The financial statements have been prepared on a going concern basis under the historical cost convention. modified to include certain items 81 fairvalue. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reponing by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and with the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS1021 and with the Charities Act 2011. The charity consiilutes a public benefit entity as defined by FRS102. Funds General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees out of unrestricted generalfunds for particular purposes. Restricted funds-these are funds that can only be used for specific purposes within the objects of the chBrity. Restrictions arise when specified bythe donor orwhen funds are raised for particular restricted purposes. The Endowment Fund represents those assets that must be held permanently bythe charity- Incom¢ arisirig on the endowment fund can only be used in accordance with the donor's wishes. Further explanation of the nature and purpose of each fund is included in the notes io the financial statements. Income Recognition of income These are included in the Statement of FinancialActivities ISOFAI when: the charity becomes entitled to the funds any performance conditions attached to the itemlsl of income have been met it is possible that the Sncome will be received the amount can be measured with reliably. Recognition of legacy income is in line with SORP guidance with income recognlsed when the charlty has been notified of a legacy even though there can be some tlme bemen notification of the legacy and receipt of it. Income with related expendlture Where income has related expenditure the income and related expenditure are reponed gross in the SOFA. Grants and donations Granis Bnd donations are only Included In the SOFA when the charity has unconditional entitlement to the resources. For legacies, entitlement is taken as the earlier of the date on which either= the charity is aware thai probate has been granted, the estate has been finalised and notification has been made bythe executorlsl to the Trust that a dlsiribution will be made. or when 8 distribution is received from the estate. Receipt of a legacy. in whole or in part. IS Dnly considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the grarrting of probate, and the criteria for income recognition have not been met, then the legacy is 19
ADDINGTON FUND ACCOUNTING POLICIES treated as a contingent Sssei and disclosed if material. Gifts In klnd Gifts In kind are accounted for 8t a reasonable estimate of thelr value to the charity or the amount actually received. Tax reclaims on donations and g5fts Incoming resources from tax reclaims are ineluded in the SOFA at the same tlme as the gift to which they relate. Volunteer help The value of any voluntary help recewed is not included in the accounts. Investment income Interest on funds held on deposft Is Included when receNable. Dlvidends receivable are recognised when declared. Invtrstmentgalns ond losses This includes any gain or loss on the sale of investments and any gain or ioss resulting from revaluing investments to market value at the end ol the year. Realised and unrealised gains are not sep8rated in the Statement of Financial activilies. Expenditure and liabllities Llablllty recognition Liabilities are recognised as soon as there Is a legal or constructlve obligation committingthe charity to pay out resources. Supportcosts Support costs include central functions and hav8 been allocated to acfivity Cost categories on a basis consisientwith the use of resources. Govèrnance costs InclLJde costs of the preparation and audit of the statutory accounts, the costs of Trustee meetings and cost of any legal advice tothe Tiustees on governance or constitutional matters. Operating leas$s Rentals payable under operating leases are charged to the SOFAas incurred. Pension c05t$ The charity operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension cOS is ihe contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are Shown a8 either accruals or prepayments in the baLance sheet. TangibL8 fixèd as$gt5 Tangible fixed assets are capitalised at cost if they can be used for more than one year and cost at least È2.000. Depreciation is provide(J on all tangible fixed assets at rates calculated to wriie each asset down to its estimated residualvalue over its expected useful life as follows.. Motor vehicles and trailers Office equipment Property- Buildings Propery improvements-solar panels Over 4 years Over4 years Over 50 years commencingthe year after acquisilion Over 10 years Str8tegic Housing Scheme Prop8rties The properties are valued professionatiy on a ten-year cycle from the date of acquisition and in inteNenlngyears using an inflation index on the previous year's values. Developments thal have a buy back option clause based on cost with no deduction for grants received and building project properties in progress are valued at cost. 20
ADDINGTON FUND ACCOUNTING POLICIES (continued) Fixed asset investments Investmenis are stated at market Value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Investments in subsidiaries are measured at cost less impairment. D•btors Trade and other debtors are recognised and the settlement amount due after any trade discount offered. Prepayments are valued atthe amount prepaid net of anytrade discounts due. Short term deposits Short term deposits with a maturity of six months or less atthe balance sheet date. Cash atbankand In hand Cash and bank balances on demand. Tax The charity is an exempt charity wthin the meaning of schedule 3 of the Charities Act 2011 and is ¢onsidered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitsble companyfor UKcorporation tax purposes. Golngconcern The financial statements have been prepared on a going concern basls as the trustees believe that no materlal uncertainties exist. The trustees have considered the level ol ftjnds held and the expected level ol income and expenditure for 12 monihs from authorising these financial statements. The budgeted income and expenditure is SLrfficienl with the level of reserves lorthe charity to be able to continue as a going concern. 21
ADDINGTON FUND NOTES TO THE FINANCIALSTATEMENTS forthe ye8rended 31 March 2025 Unrestricted funds Restri¢t$d funds 2025 Total 2024 Tot81 Expenditure on ralslngfunds Incurred seeking donations Stagingfundraising evenls, etc. Publicity PonfolS0 management costs 36,596 6,125 6.773 36,596 6,125 10,765 33.467 7.208 9.339 3,992 Total 49,494 3,992 53.486 50.014 Unrestriet¢d funds Restrleted funds 2025 Total 2024 Total Charitable actlvities Grants payable Grants and asslstance payable to in(Jividuals 127,851 127,851 92.626 127.851 127,851 92,626 Propgrty portfollo expenses Property expenses. repairs. Insurance and abortive costs 106,522 106,522 98,518 support costs Staff costs Rent and rates Other premises costs Insurance Travel and subsistence Office costs Subscriptions Sundryexpenses Professional fees Finance charges Interest payaole Depreciation and loss on disposals Governance costs Auditors, remuneration 234.862 2,242 4,403 4.226 20,347 17.036 1,244 4,722 12.201 1.700 234.862 2,242 4,403 4,226 20,347 17.036 1,244 4,722 12,201 1,700 365,380 2,151 10,704 2.217 21,9f)5 19,876 1,412 3.217 7.575 1,598 27 11,265 3,609 3,609 18.970 18,970 11.065 325,562 325.562 458,392 Total 432.084 127,851 559,935 649,536 22
ADDINGTON FUND NOTES TO THE FINANCIALSTATEMENTS Forthe year ended 31 March 2025 202S 2024 Staff costs Wages and salaries Social security costs Penslon costs Other healthcare costs 183.297 15.035 27,603 8,927 248,722 18.825 83.434 14,399 234,862 365,380 The average monthly number of persons employed by the Charity duringthe year was: Re-imbursement of travelling, subsisten¢e and related expenses paid to Trustees was £17212024= £nill. Remuneration paid to Trustees was Énil12023: £nill One employee received emoluments in the band of £70.000 to £80,000. One employee received emoluments in the band of 280.000 to £90.000. The key management personnel of the charity comprise the trustees. Fund Director and previously the Chief Executive Officer. The total employee benefFts of the key management personnel of the charity were £71.35512024: £203.0891. The prior year figure is inclusive of a Settlement pai(J to an employee of £78.206. 2025 2024 Net incoming resour¢8$ are 5t8ted after charging: Depreciation and amounts written off tangible fixed assets Auditors, remuneration audit Auditors, remuneration- other services 3.609 5,250 13,720 4.406 5.000 6,065 Tanglble fixed assets Office property & Improvements Vehicles & equlpment Total Cost 1 April 2024 Additions Disposals 313.533 18.250 331.783 31 March 2025 313.533 18,250 331,783 Depreclation 1 April 2024 Eliminated on Disposals Charged in the year 78.134 14,644 92.778 3,606 3,606 31 March 2025 78.134 18,250 96.384 Net bookvalue 31 March 2025 235.399 235.399 31 March 2024 235.399 3.605 239.004 23
ADDINGTON FUND NOTESTO THE FINANCIALSTATEMENTS Forthe year ended 31 March 2025 2025 2024 Strategic Housingsehgme Proporties 64 properties and 4 workshops let through the Strategic HousinE Scheme 12024-64 properties and 4workshops 1 April Additions Dispo$81s RevoLuation gain I Ilossl 13,249.947 467,260 1645.9671 411.418 13.209.128 529.490 1421,5201 167,1511 31 March 13.482.658 13.249.947 Historical cost of investments held ai 31 March 11.158.287 11.231.899 The properties are valued professionally on a ten-year (previously five-yearl cycle at 31 March trom the date of a¢quisition and in interveningyeors using an inllation index on the previous year's values. Building project properties in progress are valued at cost. Analysls of valuation Valued in year enQed 31 March No.of Propertiesl workshops OrlgSnal Cost Re-valued at Indexed value at yearend 2015 2016 2017 2018 2019 2021 2025 357.291 473.971 149.365 320.119 4,313,853 945,517 455,974 404.599 502.867 151.919 337.50Ct 3,996,211 800,000 642.504 598,147 742.010 189,288 429.472 5.143.082 885.522 642,504 27 7,016,090 6.835.600 8.630.025 Properties acquired in year ended 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 381.243 275,848 252,857 656,230 426.327 219,033 201.071 822,577 440,149 467,264 NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA 539,926 358,029 369.602 823.693 543.057 241.267 221.794 837,240 450.761 467.264 Total 23 4.142.599 NIA 4.852,633 Total at 31 March 68 11,158.689 NIA 13.482.658 24
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2025 2025 2024 Othèr snvestments 1 April Additions at cosVm8rketvalue Disposals Rev8lu8tion gainlllossl including interest accrual 1.399,092 387,141 1389,7751 6.482 1,315,343 203.913 1198,76 61 78.602 31 March 1,402,940 1.399,092 Historicauoriginal cost of investments held at 31 March including interest accrual 1.241,940 1,241,940 Analysis of investments Listed investments Cash held within Ihe investment portfolio Unquoted shares Subsidiary undertaking 1,285,393 11,524 2.545 1.226,004 13,390 2,545 31 March 1.299,463 1.241,940 Subsidiaryundartaking The wholly owned subsidiary undertaking Addingcon Development Company Limited IADCI WBS incorporated on 16 May 2017 in the United Kingdom (company number 107723721 and donates all of its profits to the charity. ADC acts as a development cornpany for the charity's Strategic Rural Housing Scheme. A summary ofthe trading resulls is shown below. The summaryfinancial performance of the subsldiaryalone is.. 2025 2024 Turnover (charged to charity) Cost of sales and administrative expenses Donation to Addington Fund Retained in subsidiary The assets and liabilities of the subsidiarywere.. Current assets Currenl liabilitles 4,009 110,5161 4.009 110.5161 Total assets 16.5071 18.5071 Aggregate share capital and reseryes 16.5071 16.5071 25
ADDINGTON FUND NOTES TO THE FINANCIALSTATEMENTS Forthe year ended 31 March 2025 2025 2024 Debtors- Due within one year Tenant debtors Trade debtors Prepayments and accrued income Subsidiary undertaking Other debtors 8,357 5.950 458,762 11.172 14.395 45.293 10.016 1.046 1,112 474,181 81.922 Due More than one y¥•r Accrued legacy Income 2.326.482 Creditors: amounts falling due within one year Accruals for grants payable Trade creditors Accruals and deferred income Taxation and social security Bank Loan 3.000 25.454 45.079 5,695 320 1.500 10.486 38.521 4.338 320 79,548 55.165 10 Deferred Income Balance brought lorward Amount released in year Amount deferred in year 28,184 128,1841 29.436 34,161 134.1611 28.184 29,436 28,184 Deferred income comprises reni, sponsorship and function income received in advance. 26
ADDINGTON FUND NOTESTO THE FINANCIALSTATEMENTS Forthe year ended 31 March 2025 Gainsl (Losses) 11 Statèment of funds TT8nsfers 31 Mar¢h 2025 2024 Income Expenditure G8n8ral resetve 100.000 3,940.062 1481.5781 361,496 13.819,9801 100.000 Designated funds: Hxed 8ssetfund Revaluation res8rve AddinOn Strategi¢ Housing Sch8me'. Investment properties Available forapplications - Legacies awaiting receipt 245.307 1,873.758 245.207 2.158,826 285.070 10.591,803 2.249,922 167,3141 862.575 2.739.649 10,S24,489 3,112,497 2.739.649 TotsLd8signated funds 14.960,788 3.751,448 18,780,788 TotaLunrÈstrictedfunds 15.060,788 8.940.062 1481.5781 361.496 18,880.768 Restricted funds: cheshi RuralTrusi Trustees, DSscretionary NFU George Stephen5 Trust Fund Regional Fundin8 Regional Properties Somerset Levels Farming Help Retire¢J F8miers ForageAid We15h DryWeatherGram Aiepo Farrnwork8r Fund 24.707 138.054 13,0001 191.7241 21,707 63.689 18.594 11.2351 179.786 73,146 778,089 88.458 3.277 10,000 89.943 12.2861 18,0001 2,240 I125.0) 55.636 171,146 799.343 86,594 3,277 10,000 85.429 106.000 21.254 11.8641 8.720 10,500 178,938 1132341 111,7351 1.235 125,000 303,938 Tot81 restrlcted funds 1.385.460 323,648 1131.8431 23,494 1,600,759 Endowment funrl$: Trustees, Discretionary Fund C8pitsl Queen Victoria's Glft Fund 126.694 30,997 126,694 31,857 732 128 157,691 732 128 158,551 Totalfunds 16,603,939 4,264,442 1613,4211 385.118 20.640,078 27
ADDINGTON FUND NOTES TO THE FINANCIALSTATEMENTS For the year ended 31 March 2025 11 Statement of funds Icontinuedl The general reserve represents the free funds of the charity that are not designated for particular purposes. The fixed asset funtj has been set up to asslst in 1dentltying those funds that are not free lunds and it represents the net bookvalue of tangible fixed assets. The revaluation reserve is required by Ihe Companies Act 2006 and represents the amount by which investment properties and other investments exceed their historical cosl. The Trustees, from experience gained during the Foot and MoLrth epidemic of 2001102. have designated the Addington Strategic Housing Scheme for the purchase of property to be let to Ihose who were employed in the agricultural and kindred Industries and need accommodation as a result of having to retir8 from farming or leavlng a non-vlable business. Cheshire Rural Trust Funds are restricted to meet the hardship needs of families farming in Cheshire. The Trustees, Discretionary Fund was received following appeals arising from natural disasters affecting farmers and is used to maintain a constant ability to administer hardship grants that assisi families who encounter unforeseen circum5tan¢8s and are unable to find any other form of assistance. The fund includes gifts that ore restricted to specific areas in Great Britain. During the year the trustees hove reviewed this funcl and undertaken an exercise to value the hardship grants provlded to tenants v18 their discounted rent81 payments. The difference between 80% of the market value of rent and the amount actually ¢h8rged to tenants has been retrospectively recognised as a hardship grant. The NFU George Stephens Trust distributes income to disadvantaged families. respecting the wishes of Ihe original settlor and since 2025 supports housingfor farm workers. The Regional Fund holds monies donated to help families in specitic counties and regions of England and Wales. The Regional Properties Fund represents the Investment properties acquired in the reglons Irom restricted funds. the figure includes revaluation adjustmenls. The Somerset Levels Fund having fulfilled any obligations relating to the flooding problems the current balance will be used to address housing needs in Somerset. The Farming Help ftjnd is a grant provided by the Royal Countryside Fund to rebrand the Farming Help alliance including launching the new brand at regional shows. producing marketing equipment and funding publicity Costs. The Retired Farmers fund is for retired elderlyfarmers with unmet emergency needs. The Forage Aid fund is for anlmal feed and bedding for UK farmers hlt by extreme weather or natural disasters. The Welsh government dry weather grant W8S to assistfarmers struggling due to dryweather. The Arepo Farmworkers fund is to provide affordabLe hovsing for farmworkers. Queen Victoria's Gift Fund is held as an Endowment Fund and any interest generated is ciedited to th8 Restricted Trustees Discretionary Fund. The charity has conducted a thorough review of its restricted funds and has been able to satisfy itself that the iestriction attached to certain funds has been satisfied. 28
ADDINGTON FUND NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 March 2025 12 Analysis of net assets between funds General funds D05ignated lund$ R8$trIed Endowment funds funds Total Fund baianees at 31 March 2025are represented by-. Tangible red assets Investment properties orher investments Debtors more than oney88r Netcurrent assetsll1i8bilitSI 235,399 12,683.315 735.540 2,326,482 2,800,032 235,399 13,482,658 1,402,940 2,326,482 5,621,599 799,343 635.543 31.8S7 loo.0 165.873 126.694 100.000 18,780.768 1.800,759 158,551 20.640.078 2025 2024 13 Reconciliatlon of net movement in tunds to not cash flow from operating activities Net movement infunds Add backdepreci8tion charge Add back book loss on disposal offixed assets Deduct Interest income shown as investing a¢tNlties Add ba¢k losseslldeduct gains) on investments Add back loan overage charge on revaluation of property Decreasellin¢reasel in debtors Increaselldecreasel in creditors 4.036.139 3.609 488.020 4,406 6,859 168,7101 19,4791 1120.9161 1417,9901 12.718.741) 24.382 430,125 130,3871 806,483 820,834 14 Transactions whh related partles There have been no related party transactions in the year. 15 Financial CommmentS At 31 March 2025 the entity had financial commitments totalling £1,105,00012024.. £495.0001. 16 Combination wlth For•geAid On 10 May 2023 AddinEton Fund combined with Forage Aid. Forage Aid is a charity which provides animal feed and bedding for UK farmers hit by extreme weather Or natural disasters. As part of the combination £44,000 of funds were transferred from the Trustees, Discretionary Fund to the Forage Ald fund to match the balance of funds of £44.000 brought across by Forage Aid. 29