Doojsyn ID. 9C398F03ffjDA146B2.999&EEWA1FfjI RegistralN)n number.. 04787639 Charity Registrati No. 1098519 Nuffield Farming Scholarships Trust IA ConY limiied by guarantee) Trustee Diwectors, ReFL¥t ar Finanoal Sts1erts for Ihe Year Ended 5 April 2023 oore Scarrott 111 "A(TZMKAB* 0410112024 cPANIEs HOUSE A12
Do¢u*n IO.. gC39BFO>CQAI-4682.yJ94-EEE5FA1F61 Nuffield Famiing Scholarships Trust Contents Legal a1 administrative Snforrnalrc Directors. Report 2106 Statement of Oiredors. ReSPsIbIl&S Independent Auditots Rep(vl 6t010 siaemeni of financial activities 111012 Balance Sheet 13 Cash Flow Ststement 14 Notes lo the Nnancial Statements 15to21 The fcllowirrtj pages th not fom pal ofthe ststuty ftIal Staten$. Oetsiled Profft and Loss Actnt 221023
Docu&gn En*lopE ID. gC39BFO>ODA14682.9394EEE5FA1F61 Nuffield Farniing Scholarships Trust Legal and administrative inforniation Chalmian Christoph &af Grole (Rlea 27th Novemljer 2015, Elected VI Chairman 23rd November 2018. Elected Chairman 20th November 2020,Retired 23rd Novefflber 20221 Wyn 0 (Elected 27th November 201S. Re-eleded 23 Novemtw 2018. Elected Vir Chairman 20th Novemter 2020, El8Cte(I Chaimwn 23rd November 20221 Trustees Jim 8aird (Elected 20th November 20201 Sean Beer (Ewed 29th November 2019. Relired 23rd November 2022} David Gardner {Elected 23rd November 2018, R&elected 26th N¢)vember 2021) Tom Ma¢Millan {Ctropled 8th December 20221 Patn'cia Mary Munro (Elected 26th Novemtser 2021) Richard Percy IC¢>opted 12th December 2019, Elected 201h Novembgr 20201 Thomas Rawson (Elected 24th NovemLw 2017. Rfrel8cW 20th November 2020. Elecied VKe Chair 23rd November 20221 Tanya Robknns lEed 23rd Novernber 2022} Vi(knria Robinson (Elected Retuming 2019 Scholar Trustee 20th November 20201 David Rose (Elected 20th Novemiw 20201 Jenna Ross {Eleded 23rd November 20221 Angus Selby (Elected Retumir¥J 2018 Schdar Trustee 29th November 20191 Njthas Snell (Elecled 29th November 2019: Re-el 23rd November 2022) Joanna Speed (Ewed 29th Novemttr 20191 Chief Executlve Michad Vacher Registered office sJthlll Fami Stae Fitzwne Taunton SOmeet TA3 SSH Sollcltors stone King LLP 13 QLn Squa BA12PU Bonkers HSBC 17 North Street Taunton Somerset TA1 1MA CAF 8ank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Examlners Mo(Ke Scarrott Lld Registeied Audito CalyA House Slyth Road Taunton Swerset TA13DU
t)owSign Envelope ID.. 398F0MDA14G82.wjy-EEESFA1F6l Nuffield Farming Scholarships Trust Trustee Directors. Report for the Year Ended 5 April 2023 The trustee diredors present their reF¥Nt and the finarKial statements for the year ended S April 2023. The financial statements comply with the Charities Ad 2011. the Companies Act 2CQ6, the Memorandurn and Arbcles of Associath"on. and Accounting and Rewting by Charib"es: Ststement of Recommended Practr"ce appliCae to Chaiities prepariNJ their accounts in accordan wth the Finla1 Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) leffeciive 1 January 20151. Status The organisalton is a tharTtable company limited by Tantee. irthrwyaled on 4 June 2003 atKI registered as a charity on 11 July 2Crf)3 under the number 1098519. The CoMpY was established urKler its Arbdes ol ABslati dated 4 Jur 21x13 as amerKled on 21 November 2014 K1 23 Novembw 2. Objects of the charity The objects of the Charity are to wcffnote agnltu{al. I1ra1, foresty and counrde management edu¢ation in EnglarKI. Wales, Scottand or Northem Irdand antl abroad and to athance the stsndard of farming (including the food SlY chain, horticulture. foresty and cc¥Jntryshle management and associated topics) in England. Wales. Scoltand or Northern Ireland, indudiro tyJt wrth(xrt lirnitatson. by Ihe provision of Schclarships to indiv5duals assoaaled agficulbjral and asscoaled industries to enaile them to study the Practices and techniques ernOyed anere in the world. Our vision $tatsment Inspire passion in pecyle aTrJ devekp their potential to leal positi.ve Lange in fanning and IrJ)J. Our ml$$lon Leading posfftve change n 8gricullure- Inspng passion Wenti* in pwjple: * Building knovAedge through gIal experience.. Sharing brilliant idea5- Making things h8ppen: . Oevelopirvj tomorrow's leajers. and Inspiring Commitment Page 2
EA¥thpe ID. 39BFO&0DA14682.9j9EE5FA1F6l Nuffield Farming Scholarships Trust Trustee Directors. Report for the Year Ended 5 April 2023 . continued Our purposes and actlvitles In 1913 a ywng Englishman b)arded a ship at LivefF(KA and sailed to the United Stsles of America. There. he traveljed lo Delroil and saw how Hwtry Ford was mass FcKfu(ang autonx)bile engines at a fraclion of their cD51 in the United Kingdom. He bht Ihese ideas back home and pirt them into practice in his faclory al CovAey. Oxford. His name was William Morris, doyen of the British motor industy during rts golden era. was later made a peef, as Lord Nuffield. in 1934. In 1943 he gave £10 millhjn to found the Nuffiefd Foundatson which in 1947, recognising the linkage betsyeen hearth and gc¥)J agrthmural wactices, tryan to fiJnd scmarshtps for British farmers lo travel in the footsteps of William Morri5_ Each year Nuffiekl Famiing Scholarships are avrard&J to deseryirg individuals wrjrking in farming. hortiojtture, foreslry or any other countryside and anallary irKluslry- or are in a PO"0n lo influence those who do - and are resident in the United Kirodom. They will have ¥Jent at least hvo JEars workn.ng in fvir current appointment and be at least three years since leaving full tsme educatijn or sludy and be no m(e than 45 years dd. Applications are made el8¢tronically ty 31$1 Juty eath year the websile." www.nuffieklschdar.ory. The Trust caThie5 on certain other activibes in a¢SJilion to fundraising aThJ Jministering the annual scholarships. These inelude h05tiThJ Visn9 scholars from overseas. anaThJing I)leren. briefings and Iraining programmes for Schdars (including the Annual confence arkl Annual Meetiftg of the Trust) supporting study groups for existing scWars and o)ntinualty liaisYKJ overseas Nuffiekl Intemaiional organisalicms. During 2022-23 the Nuffld Farming Sthdar5hips programme Te5umed ncYmal aclivities following the ijisrupts.on caused by fv covid pandern. Events were hekj around the County to prcmnole the Trust and a very successful annual conferen took place al the Cty Hall. Car¢Jrfl. atteIed by record nurnbers of desegates. Nineteen 2023 Scholarships were awarded and Ihe Stholars. In1 briefings held before they travemed lo Vancouver, for the inlemalional Contempofary Scholars conferere. Organlsational strtscture Nuffield Farming Scholarships Trust is a ccrfnpany limited by guardlltee govemed by its Memcfandurn ar Artides of Association dated 4 June 2003 as amended 21 M)vember 2014 23 November 2022. It 1$ registered as a charity wth the Charity C(Mnmission. The day lo day management of the Trust 15 delegated lo the Chief Execubve vkn) repcts to the Tru51ee Board. The Trustees (see Page 1} a dravm from members th a broad range of expertise. aj include representatives of year grc4ps %tho have recently I)pleted tsir schdarships. In addition, extemal Tnjstegs are appointed for their speu.al knowkdge and experience. Trustees are fomally dected at the Annual General Meetiry. The Trustee Board fomis scommIttee$ to oversee key funclions induding." Finance, Communications and Norninalions. A speual SelectKJn Commjttee convenes to kn and th(M)se new stholars and wKludes respected indidUaL$ from outsJe the Trust. Groups of Nuffidd Scholars are fomied aThJ the United on a regal or specialisatton basis to pnjrnole the work of ihe Trust and Mjentify and en¢Cra98 new applicants. On 1st January 2023 there WEre a lotal of 867 sumving Nuffield Famiing SclKAars in the Unrted 'ngdOM. Members of Ihe tharilable company guarantee to contribute amounl exce&*ng £1 to the assets of the chariiable company in the event ofwndirwj up. Rlsk factors The Board regularly review5 the risks to vthich Ihe charity may be exkwd and can confimi that systems have been eStal5hed to mitigate tIK)5e risk5. In partio)lar. Schclars are required lo arrarrfJe travel insurance and sign ntIaLIS which include a discjaimer. This remains ur ccmslant review. Page 3
Enlw ID.. 39BFo&ODA1488Z.3g4EE5FA1F6l Nuffield Farniing Scholarships Trust Trustee Directors. Report for the Year Ended 5 Aprll 2023 . continued Ftnan¢l•F review The owrations of the Trusl. exduding investment inc(The and (k)ntons. have, again. made an operaling deficit Ihis year on ils charitsble a¢3iwties. Furthefmwe. unusualty this year, this was not comperssaled by additwjnal support from other tNganisations or the unrealised gain trom investrnts. Trustees have initiated measures to enable them lo manage the &tuation shoukl these ciruJmstarKe5 conts"nue. The gross resources arising in the arn(yJnted to £674,794 12022.. £646.341}. Tolal chaTrtab18 exp8nditur8 was £364.748 12022.. £448,365). This induded a)sls of nirteen schc4aTships. 11 emphasised Ihat th8 Trust rdie5 cfj private donations to fvnd its ovgrFaJs athinistralbon. Relaled partles On 5 April 2CKM. assels and liabilities were IransfeThed from the (9131 charity of tt sarne name al their nel l)ook value using the merger meth(xJ of acoJunliry for incorpor*)ns in aCrdanCe wth the Deed of Incorporation vmh the exception of d(M)ats"c5 and subscriptions receivable We re•ve4 under gift aid, associated tsx refund due from H M Revenue & Customs arKI the Barclays bank acuunt in whh subscriptions and donations are deposited by the donors. a5se15 were held on trust by the original charity. The original charity annualty gifted its net ineomirwJ resources to the incorpornted chanty. On 7 February 2CK)8 Ihe trustees of the orvJinal charity decided to dissolve that charity and lo transfer all remaining assets and aclivibes to the incffj)orated chanty. Folluthrg the transfer the original charity was dissolved under the charity mergef provigons of Section 74C of the Chanbes Act 1993. Thus enb"lement to )lenlial ftjture legacies a1 other irwme tra$feed to ts rrent charity. Page 4
Docusiw EThdope ID". gC398FO>ODA14682.9994-EEESCAIF61 Nuffield Farmlng Scholarships Trust Trustee Directors. Report for the Year Ended 5 April 2023 . continued Reser¥ and Inve$lment policy Tolal funds of the Trust as al 5 April 2023 amwnled to £3.216.753 12022.. £3,332,966) whilst free reseryes Iwhith indLtde suwus fvn(Js tld as unrestrtted investments in order to gerwale income) stsnd at £1,305.180 12022.. £1.483.0671. The market value of the Tnjsfs investrnents * 5 April 2023 £3235.022 12022: £3.406,8171 against their cost of £2.220.307 (2022." £2,472.6131. The policy setting out the overarthiro finana81 obiectives. reserves allocations and irwestmenl strategy for the Nuffield Faming Scholarships Trust provide the strategic constraints vthin whith the Trusf5 finances are managed. 11 is revtewed annualty. In summary, the financi81 £'e(ve5 of the Trust are now to.. maximise the return on investsnents, bolh in captsl groth and income. 7Mthin the agreed level of risk.. provide slable aTrJ C£sIstenI levels of investment income for the Charity lo pursue its charilable obfrectives- aThJ. always mainta cash lund equivalent to years, expeThJiture in ieserve w scrfne other Slbm approved by the Tfuslees. Given Ihese objectives Trustees have eslablisw a Rewes Policy whh divides the Charilabbe fund5 inlo three reserves. each wth an oLy"ective vthich can be monitod by lh8 Finance Committee alongside perfom)ance dats.. a long reserve.. a IKiuK1ty reserye and fuThJs hehj in Ihe Tating bank acttsjnts: Iottn Eg500. The long tenn r8serve will t invested to Crue catal growih and provide in(¥)me. The net income is retumed to the charrtys Operating Bank account for use by the Trust lo pursue ils charitsble obj'ectives. Donations of Cawtsl in lump sums. such a5 legacie5. Wtll bp invested in this fund. 11 will comprise unrestricted funds and restiicted tunds vh)ere ts inlenlion is to hold a ILunp SLtm for the lo tem wlh income used lo provide scholarships. Liqvidty ReSerV . This is a cash lund held on deposit 7Mth the lund maAager5 to hobj the equwalent of bvo year5, expenditure or a sum approved by TnJstee5. The Board has authorised the minimum sum of £300.000 be held and sums in ex of thi8 may be transfeffed to the Temi Reserve at the discretion of the Flnance Committee. OaL9 nk These TeceNe inve5trnent income and are the operating bank accx)unts for Nuffield Famiing. Tolal funds a expected lo be behveen £nil and £2.(j0 in credrt as much as posgble being held in a deposit a¢ftt. The detsiled management of inve5trnents is the Tesp)n&bility of the apwnted professional investment managers. However, Trustees set an Investment Strategy as the mandate urthr vthich these operdle.. The Board of Trustees want to see cathl growlh vknith is in excess of inflation over the Icfflg lem and reliable and consistent investment inc(Nne. The inveslmenl manager5 have growth objectives which Tnjslees have accepted as being aligned lo thwr aspirations fry the Lg Temi Reserve. The detailed managernenl of investments wll be the reSpOnlIty of the apwinted profewonal managers. but representatNes of the Finance coMmee will meet the fund managers annually to discuss performance and investment strategy. Inveslment Managers are specAalists in the charitsble secttx. &£&. The investment risk of volatility in captsl values and the risk to reliable investment income are managed by the investrnent managers and reported to the Finance C(*nmiliee. These risks have been mitigated by the policy to hold £300,000 in cash on deposit or the equivalent to ts¥0 years operab.ng expenditure to srnoolh the charity past diificull inve51menl condthons and alk)w the Chanty to adjust to unfavourabie market Clrcumstances. hic l inVeS W. Investment manager5 have ethtcal inveslmenl tKAiries which have been apwoved by the Finan Committee and will be dIj55ed with the managers durirrfJ their annual meetrng and reported lo the Board in case of concem. E£Dobt. The investment managws use Ilw"r own benchmaths. The Finance Comrnittee makes its own comparison befvRen the inveslrnent compw4es to assess Iheir laVe Fthance. Page 5
DorJJSign Ene ID.. gc39BF03QDA14S52.99Y¢-EEWA1F61 Nuffield Farmlng Scholarships Trust Trustee Directors. Report for the Year Ended 5 April 2023 . continued Statement ol trustees. responsibilities The Iruslees a reSpon9e for preparirg Annua Rewxl wd Fmnaa Statements in accordance th appficable law and regulations. Company law requires the Irustees to ryepare fina81 statements for each financial year. Urthr that law the trustees have elected to prepare financial statements in accordance 7Mlh Untled Kingdom Generally Accepted Accounting Practice {United Kirujcffj AccJ)unltr¥J Standards and apWicaUe lawl. The finanual slalemenls are required by law to give a true and fair view of the slate of affairs of the charitae company al1he balance sheet date and of its incoming resources and OFvlt¢ion of resourrs. indLMJing income and exwiditure, the financial year. In preparing those financial statemerts. Ihe trustees we wuld to: ' select suitable accounting Folicies arKI then them consistwyy, • make judgements and eslimates that a msonable and [dent.. ' prepare the financial statements on the goiTrJ corKm basi5 unless it is inappropriate to presume lh the. charity will continue to opwate. The trustees nfirM that they have ¢pIled wth Ihe above rg]uireents in preparing the finala1 stalemenls. The trustees are reSwnslb for maintaining proper acrA)unling rewrds disdose with reasonable accuracy Ihe ffinancial rAXOn of the tharitable company and which enable them to ensure that the financial statements compty Companies Ad 2C(6. They are also resp(sIble for safeguarding the assets of the charitable company and tteno for Ling asonable steps for the prntion and deteaion of fraud other ItglaritieS. Disclosure of Inform¥tlon to the auditors Eath director has taken steps that they ought to have taken a5 a director in ¢yder to make themselve$ aware of any felevant aLklit information 8rKJ to establish that the companvs auditors are aware of that information_ The directors confirm that Ihere ts no relevant infomialion Ihat they know of arKI whth they know the auditors are unaware of. Small company provlslons This report has been prepared in accordance Ihe Siatemenl of Recomrrended Practice - Accounting Reporting Charities in acccffdan¢e speca.al provisiorts of Part Vll of the Companies Act 2C relating lo small enlits"es. 02-01-24 Approved by the Board on.................... and si9d on its thaW by. Wyn Owen Chaimian Page 6
CwS¥D En¥dope10.. 3gBFo[m14682-gj94EE5FA1fO1 Nuffield Farniing Scholarships Trust Statement of Directors. Responsibilities The directors we respwsible for ppanng the hnnual ReFal and ihe fincial statements in accolanc with applicable law aThJ regulations. Company law requires Ihe dire¢tor8 to ppa finanoal statements for each finanaal year. Under that law the directors have elected to prepare the financial statements in accordan wth United rjdOM Generally Accepted Acownting Prath'ce (United Accounting Stsndards aThJ applicable lawl. Under company law the directors must t approve Ihe financial swements unless they are satisfied thal they gwe a true and fair view of the stale of affairs of the company and of the profft or loss of the company for thal period. In preparing these financial slalements. the directors are required to: select suitsble accountsrYJ FMJi¢ies and aKWy them asiStenty, make judgements and Bcwuntiro ests"males that are reayJrwlAe arn1 prudent.. arKI prepare the financial stslements c(MKwn basis unless bt is inappropriate lo presume thal the company will continue in business. The directors are respsible for kewThJ adequate a¢¢tirj rerdS that are sufficienl to $how and explain the companys tranwuons and disdose wtt) reaSonae aecuracy at any bme the firsancial posth.on of the company and enable them to ensure that the financk31 statements u)mpty th the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hen for taking reasonable steps for the prevention and detection of fraud and other irreguL8ribes. Page 7
Docu&"w ID.. gC39OF0>ODA142.9p91-EEESFA1F6l Independent Audltorfs Report to the Members of Nuffield Famlng Scholarships Trust Opinion We have audited the finaal statements of Nulfield Farming sclarshIps Tnjst for the year ended 5 April 2023 whith comprise Ihe finanaal statements and lo the financial slalements. induding significant accounting polic. The finanual reporting ITamework that has been applied in their preparation 15 applicable law and Uniled Kingdom Accounting Stsndards. induding Finan¢ial ReportirvJ Standard 102 The Financial Reporting Standard applicable in Ihe UK and Republr of lTrland (United King Generally Accepte¢J Accounting Practscel. In our Opin the finClaI stalernents: ' a In and fair wew of the state of the charitsble conyanls affairs at 5 April 2023. and of its inming resources and applie2tion of resources. incIling rfs income and expenditure. for the year then ed. . have been properfy prepared in ¥eordare with Urmted KiryJii Generalty Accepted ACCOLting Praetiee: and * have been prepared in acct)rd8nce ith the rerymrements of the Crynpanies Ad 2(th. Ba$1$ for oplnlon We conducted our audit Trn accordanL with Intemational StsThJaTds AuditiThJ IUKI IISAS (UKII and applicab law. Our responsibilities under those stsndards are further descril)ed in Ihe Audilorfs reswnsibilities for the audit of the financial 51alernents section of cwr port. We a inderwdent of the tharitsble company in a¢¢ance with the ethical requirements that are reVant to our audié of the finanoal slalements in Ihe UK. induding the FRC'S Eth81 Stsndar(J. and have tled our oiher ethThl responsibilities in accordance wilh Ihese requirernents. We believe that the audit evthce v have obtsined is suffiaent and appropriate io prowde basis fcf our opinirm. Concluslons relatlng to golng concern In audibng the fina>al slalements. we have ¢xffJduded that the tnJStees' use of ts going concern basis of accounting in the preparation of the financial stslements is appropriate. 8ased on the work have perfuThd. we ts¥e rKJt hlenlified any material uncertainties relating lo events or conditions that. indivKJually or eollectivety. may cast dwbt Ihe charitable companys ability lo continue as going concem for a period of at $1 iwdve monlhs frryn when the financial statements are aulhorised for issue. Our responsibilities and the respI)ns11es of the trustees ilh respect to goirwJ concem are described in the relevant sections of this pOrt. otr informatlon The other infomiatknn cornprises Ihe inf0rrnat ded in Ihe truslees annual report. other than fInarla1 statements and our auditovs rert reOn. The trustees are reS$1ble for the other information contained within the annual report. Our opinM)n on finanoal sialements dces not cover the other information and. except lo the extent otherwise expliuily stsled in wr rep¢yl. we th) not express any form of assurance conclusion Ihereon. Our responsikn.lity is lo read the otrEr infomation aTrJ. in doing so. C?ser whelher the other information is malerially inconsistent with the finano81 statements or our knowledge ckntained in the course of the audit or otherwise appear5 to be rnaterialty misslaled. If we idenb.fy such material inconsistencies or apparent material misststemenls, we a Tequired to determir* whelher this gives rise to a rnalerial rnisstaternent in the financk41 statements themselves. If. based on the work ¥ have performed, we conclude that there is a material misstatement of Ihis otrw inf¢ym8tion, we are required to report Ihal fact. We have nothing to rewt in this regwd. Page 8
ID.. 9C39BF03.COA14682.9gWEEE¥A1F61 Independent Auditofs Report to the Members of Nuffield Farming Scholarships Trust . continued Opinions on other matters prescribed by the Companies kt 2006 In our opinion. based on the wryk undertaken in the course of the audiL the information given in the tnjslees, report linc(watt the directorfs wrt) for the financial year for lch the financial Statements are prepared t5 C¥)nwstenl wilh the ffinanoal stslemenls: and the directorfs rert h8s been prepared n accordance with ap[elega1 r4uirernents. Re5pon5ibilities of trustees As explained mofe fully in the trustees. responsibililies ststemenl. the trustees (who are also the direct5 of the charitsble company for the purFose5 of company L3w} are responsible for the weparation of the financial ststemenls and for being satisfied th8t they give a true and fair view. and for such inlem3J )ntrol as the Iruslees delemiine is necessary lo enable the preparation of finarKial slaternents Ihal are free from rnalerial misstatement, whether due to fraud errc¥. In preparing the financial statements. the twstees are resE4)nsb for assesstng the tharitab companys abilty to conb.nue as a ng conrn. disdosing, as apThble, matters related to wng conc¥rn and usirvJ the going concem basis of accounting unless the trustees ethel inlerwj to liquidate the charTtable ojrnpany or lo cease operalions. or have no realistic allemalive but to tkj . Audltofs rtsponslbSlltles for the audlt of the financial ststemènts Our r)jectives are tr) obtain reasonable assurance abjul ther fir)ancAal stslements as a Wle are free from material misstaternent. whether due to fraL•J or error. and to iS9Je an aUdIS report that includes our oK¥nion. Reasonable assu[ar 15 a hoh Ve1 of assurance, but is rt a guarantee that an audit ndUCted in accordance wilh ISAS {UKI will detect a material misslatement bt exists. Misslalemenls Can arise from fraud or effor and are considered material if. indivmlualty or in the gregate. they cx)uld reasonabty be expected lo influence the enOMiC decisiLw)s of users taken on Ihe basis of these financial slatements. Irregularib'es, including fraLtd. are instsrKes of non-compliance wlh L4w5 and regulatIS. We design procedures in line wth our reS1b11ilI¢$. ¢wdined atove. to delect material mis5talemenls in respect of irregularitses, including fraud. The extent lo vthich our wc(edures are capable of dete("NJ irregularities. including fraud is detailed below.. we made enquiries of management. we reviewed Board minutes throughout the )Ear under audit and post year end; we vieWed bank slalemenls fc large unusu81 transath"ons." afj ' we agreed the finan(#al statement th'sckMJres to supp)rb"rKJ txAJmentalion. Because of the inherent limitations of an audil. there is a risk that we we will not detect all irregularities. induding those leadir8J to a malerial misstalement in Ihe finan¢)aJ stslemenls or nDvFcompliance wilh ulation. This risk increases the more that cornplian wilh a law or regulation is removed frorn the events and transactions reflected in the finanaal statemenls. as we will bg kss likety to become a¥wdre of ins¢arKes of non-complian. The risk i5 also greater regardlry Irregul1e$ cKcwfflng due lo fraud rather than error, as traud involves intentional cOnlMent. forgery. cdlusion. l&s1on or misrepresentalion. A further deSPtion of our respsibil is ardiL4bfe on the Ftnawal Rep)rting Cou11,$ 4vebsite al.. http.'Ih w.frc.org.uklOur-WorklAudiVAudit-and-as5uMa1sIandards-arguIdanCeIStanard$-0nd-gldanGfora{jiI9rS lAuditors-SponSItyIIt1e$-fOr-audlvoe$Cpn-Of-aLl0It9rS-respcsb1IlIte$-for-3IlI.aSpX This description forms part of our auditorfs report. Page 9
OooJ&'gn En5tpe ID.. 30coAl46O2.gs9¥EEEsFAIF61 Independent Auditorfs Report to the Members of Nuffield Farniing Scholarships Trust . continued Use of our report This report is made solety to the ehèritable companys memtws. as a body, in w)rdance wth Chapter 3 of Part 16 of the Companies Act 2C()6. Our aLJrt has been undertaken so ihat we might slate lo the charitable cownpanls members those matters we are required to state to them in an auditorfs rew)rt and for no other purpose. To the fullest ext1 perniitted by law. we not accpt or 85sume respKJnsibility to anyone other than the charitsble company and the charitsble compaWs members as a bty. for cMJr audit work. for this rep)rt. or for the wn1$ we have frned. Matters on whlch we are requlred to report ty exceptlon In ihe light of the knedge and underst8ndirvJ of the charitable C(panY and ts enmronmenl obtained in the course of the aLJil, we have not idenbfied material mi5Statements in the directors. report We have nothry lo report in respecl of Ihe fr4kywing matters vhwe the Companies Act 2(YJ6 requires us to port to you if. in our opinion-. adequate accounting records have not trn kept. cf retums adequate for wr aLhJit have been CeS¥ed frorn branches not visited by us: c the fin8nual ststemenls a rK)t in agreement with the acccthting rerdS and luMS.. or certain discknsures of directors. remuner8tMM S[fied by law are not made.. ¢x we have nol received all Ihe Informall aTrJ explanalirxts we rewire for ow dit. Mr Duncan Nicholas (Senior Statutuy Audrtryl For and on behf of M(e Scarrott 'mIted. Slatuw ALKlik Calyx House South Road Taunton Somerset TA1 3DU 02-01-24 Date:.............................. Pagè 10
DoJJS¥n ID.. K39BF03WA14682.9994EEE5FA1F61 Nuffield Famiing Scholarships Tntst Statement of Financial Activities including Income and Expenditure kcount for the Year Ended 5 Apfll 2023 Vnrestricted Restricted fvnds funds Total 2023 Total 2022 Income Donak'ons arKI legaae5 Stholars donations lincluding gift aid) Activities for generati funds Investment income 87,790 87.790 5.600 59356 59.256 66.244 6.009 ao.259 2.250 68,053 430 43.829 Income charitable activltles Scholars sponsotship Income from other aclivilies 51.IX>O 278.750 329.7SO 286,720 111.730 111.730 217,474 646.341 Total 352.215 322.579 674.794 Expenditure Costs of raisirvJ lunds Expenditure on charitsbje activities Cost of other acliwties 8.197 8,197 6.290 180.$00 364.748 118.806 448,365 93,362 118,806 311251 180.500 491.751 SK017 The notes fm Pa3es 15 10 21 fc¥m an intwal part of these financial statements. Page 11
Docusgn ID: 9C39BFQ>COA146e2-999&EEEAlPSl Nuffield Farniing Scholarships Trust Statement of Financial Activities including Income and Expenditure Account for the Year Ended S April 2023 . continued unltrICI¢d Restrlthd funds funds Total 2023 Totsl 2022 Resources expended Charitable activities Nel Ideficill l income for the yearl net movement in funds Unrealised gainsloossesl on investrnents 220,1106 220.006 169,269 1179.042) 142.079 136,963) 170,945 117.645) 18.800 161.6051 118.8001 179.250) 238,575 Transfer of furKIs (36,500 Net movement in luThYs {177,887) 61,674 (116.213) 3.332.966 131,130 8alances brougm forwwd at 6 Aprll 2022 1,483.067 1.849.899 3.201,836 Balances c8rried forward at 5 April 2023 1.305.180 1.911.573 3.216.753 3,332.966 Tumover operating wofit derive from ctntimng operntions. The ccnpany has no re1xniSed gall or losses for the year other Ihan the re5uFts atrKJVe. The statement of financial athMbes also coThWies requirements for an orne and expenditure aCCnI under the Companies Act 2006. The notes pages 15 to 21 frm) an integral part ofthese finanoal sLements. Page 12
DocuSvJn ID.. 9C39BF0>ODA1-4682.9WEEEAlF6l Nuffield Farmlng Scholarships Trust (Registration number: 04787639) Balance Sheet at 5 April 2023 2023 2022 Fixed assets Investments hekl as ffixed assets 3,235.022 3.4{.817 Current a$s•ts Stocks Debtcis Cash at bank aNJ in hand 5,782 442.536 55.731 4.337 572.131 49,793 12 504.049 626.261 Creditors.. Amounts fallirKJ due wilhin one Nel ojrrent liabilFlies 13 1522.318) 118.2691 I7.112) (73.8511 3,332.966 Net assets 3.216.753 In¢ome funds Restrictetl lunds Unrestricted funds 1,911,573 1.305.180 1.849,899 1.483,067 Charity fiJnds 3.216,753 3.332.966 02-01-24 Approved by the Trustee Board on................... and signed on its behalf ty. Wyn Owen Chairman The notes on page5 15 to 21 form an integral part of these finla1 statements. Page 13
OODJ& Enbtsjpe ID.. 3$BFoODA146o2.999I&EWA1F61 Nuffield Fam)ing Scholarships Trnst Cash Flow Ststement for the Year Ended 5 April 2023 RencIlIatIon of oporatlng loss to nel flow from owratlng acttvltles 2023 2022 Nel loss foT the reFrf)ng peric {Increaseyde¢rease in stocks Decreasel{increasel in debtor5 {Decreaseyincrease in credito IGainsylosses on investments Dividends and interest inveslments (36.963) {1.445) 129.595 1177,7941 79,250 180,2591 170.9451 1,814 171,618) 122,634 1238,575) 168.053) 1324,743) Net $h 0uffiry from OFerab"ng activities 187,6161 Cash flow stslement 2023 2022 Nel cash outThJw from operating 11 {87.616} 1324.7431 Cash flows from Inve$tlng a¢tivities Dividends and interest from investrnents Transfer into tnveslmefits Profi15 on inveslments Transfer out of investrnents Transfer of funds trom debtors 80.259 17.455) 179.2501 11KI.C(KI 68.053 1100,0011 238,575 (36.500) 170.127 93.554 Nel cash in17owllcMJfflow) 1154.616} 1154.6161 Increaselld8ueasg1 in cash provided by investirvj acts1$ 5.938 Reconclllatlon of cash Ilow to movement In net debt 2023 2022 Increasel{d8crease} in cash and eash equNalents 5,938 {154.6161 Net decrease in and (xsh equivalents Cash and cash ewN4enls at 6 11 Cash and cash equivalents at 5 AFXII 5,938 {154.6161 204,409 49.793 55.731 49,793 The notes on pages 1S to 21 f(xm an integral part of these financial statements. Page 14
Docu&gn ID.. 398Fo3l46e2.9WEEE5FAlF8l Nuffield Farniing Scholarships Trust Notes to the Financial Statements for the Year Ended 5 April 2023 l A¢¢ourfing pollcles Basis of preparat5on The finanaal slalements have been Prepared in accordance ¥th Attounting and Repy)rting by Charitse5.' statement of Recommended Practice applicable to chaiitses wep8ring their acc(yunls in accordance with the Financial Reporting Standard apICable in the UK and Republic of IrelarKI IFRS 1021 (effective 1 January 2015) (Charities SORP IFRS 1021}. the Finantsèl Repvting Standard aPF4Icae in the UK and Repu1¢ of Ireland {FRS 1021 and the Companies Act 2(. Nuffield Farming Scholarship Trus¢ meets Ihe definibon of a public benefit entity under FRS 102. Asse15 and liabililies are initially iecogniwj at histori1 cos¢ or transadKfft value unles5 LrtheThvise slated in the relevant accounting pdicy notelsl. Preparallon of the accounts on a going concèm basls The trustees consider that there are no malerial uncertainties ab(yJt the Trusl's ability to &tinue as a goiro Canm. Wrfh respect lo the nexl reporting period. 2023-24. the most &gnificant areas of uncertainty thal affect the carrying value of assets by the Trust are the levd of inveslment return and the perf¢)Tmance of investrnent markets (see the reser¥es and investrnenl Secti of the trustees, annual repxjrt for more information}. Donatlons. legacles and slmllar Incornlng rnsoUrs Donalions, legacies and similar irwmir¥J resources are recorded in the stalement of financial activities as they become due. The value of servi$ provKJed by v¢Junteer5 has nol been Uded. Annual subscripltons are reccynised in the perKd to they relate. Sponsorshlp receivable and payable Sponsorship receivable is recorded in the ststement ol finanaal actsth.es as soon as the has entitlement to the income, there is probalylty ol recpl arKI the amount is quanbfiable. Amounts payable are recorded at same time. Monies a agreed to be due when the scholar5 for the rdevant year are selected unless spOnSship has rwjl iwi agreed in a(fvance. Any amounts rew¥ed or due for sponsorship which have not been paid to the age¢y recpienl at the end of the acc(xJntirwJ per1j art camed fopAard in other Grert$ as amounts received in advan. Investment Sncome Dividends are induded in the statement of finanaal athibes on receipt. Bank and other Interest is Te1ve0 gr055 of tsx and included in the statement of financial &lltieS on receipt. Resour¢e$ expended Scholarships awarded are recogni5ed in Ihe yaar in the award is agreed togelher wilh the assoc¢ated selection, briefing and award advertising cosls in¢xYred in ts r. to the exient that the condrtions for pent have been satisfied. Costs of other 8cts"vrtt'es are rec(yJnrsed in Ihe year in 7htMch they are inuwred. Govemance costs are th¢)se incurred in conneclion 7iti the manJemenl of the TnJ5fs assets, OrglSaI10nal administration and Cr*nlance with constitutn81 and slatutcmy requirements. Overheads and directors. fees arKI expertses are alrted belween eXn$8 lwth.ngs on the basjs of lime spent. Page 15
Dcvjs3n E0ce ID." gC39BFO>oDA14682.94EWA1F61 Nuffield Famiing Scholarships Trust Notes to Ihe Financial Statements for the Year Ended S April 2023 . continued FSxed asset Investments Investments held as fixed assets are ststed at fair value. Any h)ss or gain on rtvaluatK)n is taken to the Statement of Finanaal Activities. Profits and losses arisir¥J on the di5F)sal of investments are included in the Slalemenl of Financial Actiwbes as they arise, based on the bro)hI forwa value (or cost for addilions disposed of during the same yearl of Ihe inve51men15 sdd. Stock Stock consists of purchased giK%ts re58le. as tll as thertising arJ womolional malerial. Slocks are staled al the lower of cost and nel realisable value. Funds The charty maintains various of fund as fc41ows'. Unrestricted funds rewesenl unreslri(led irrne eXpendae at the thsuelion of the Iruslees in furtherance of Ihe obiethves of the tharity. . Restritsd fvnds represent donatiry. cL¥thtwJtion5 and swJns(Ked sclKlarships TNed thh are ollocaled by the nor a speafic PUfFO5e. Flnanclal Instrum•nts Nuffield Farmin9 Scholarship Trust only has firtaal assets and finanual liabilities of a kind that qualify as basic financial instTumen15. Basic finanaal instruments are ir¥ti"ally rwnised al trsarIl0n value and subsequently measured al fair v81ue. P•3e 16
Docusiqn EnvePope ID.. 9F0>0DAJ4602.999tyEFEAlF$1 Nuffleld Farming Scholarships Trust Notes to the Financial Statements for the Year Ended S April 2023 . Continued 2 Income Unrestricted Restrlcled funds nds 2023 2022 Donations and legacies Donab"ons Gift aid Scholars. donations 87.] 10,676 87.7 10.676 48.580 15.899 50.345 147.046 147.046 71.844 Income from other tradlng activities Valuation movement Sales of rnefchandise 1.445 {1,8151 4.065 6,009 2.250 Inve$tment Income Dividends and interest 36,430 43.829 80,259 68,053 36,430 43.829 80,259 68,053 Total 189.485 43.829 233.314 142,147 3 Income from charitable acllvlll funds funds 2023 2022 Sponsorship s¢holarshlps Other sponsolship Sponsofed scholarships- Funds receiv&J 2017 Sponsorship deferred 2018 Sponsohlp deferred 2019 Sponsorship deferred 2020 Sponsorship deferred 2021 Sponsorship deferred 2022 Sponsorship deferred 51.( 51,IX 230.C( 2.750 1,500 17,500 21,000 206,0 230.0(Y) 2.750 17.5CK) 9.0 8.500 59.720 51.lJ)) 278,750 329.750 286,720 Inm from other actlvltlps Bullock Award Annual conference Sale of reports Contemporary Schclars Conference income Farming Ledure 76 76 .292 30 276 15.056 57.421 20 160.033 276 15.056 111.730 111.730 217,474 Total 162,730 278,750 441.480 504,194 Page 17
En¢10." 398F00DAI4682.9BEWA1F61 Nuffield Farming Scholarships Trust Notes to the Financial Statements for the Year Ended 5 April 2023 . continued 4 Costs of ralslng funds funds 2022 Olher ¢Sts Website des1 an(1 maintenarKe Cost of merchandise 1.491 1.491 234 6,472 1.139 1.274 3.877 6.472 8.197 8,197 S Charllable xtlvlttes Unrestricted Restrlcted funds fvnd5 2023 2022 SLolarships awarded lo individuals Selechon and briefirg expenses Scholars, rekxxts Costs of advertising scholarships Administration of s¢darships COntempary scholars CnferenCe expenses Nuffield Inlemation81 sltholar e5 GFP 2023 10.747 24,294 5.425 26.7 12.on 180.500 191,247 24.294 5.425 26.9)7 12.073 171.( 24.405 8,257 30.482 16.887 54.986 7,816 42,000 1.631 6.703 7.816 42.(K(J 184.248 180,5 364.748 448.365 19 h01¥[shIps12O22- 18) were awarded dumg the year. 6 Coyt of other actIvItS Unrestrlcted Restrictd funds funds 2023 2022 Annual conferen( Famiing Leclure Aw8rd 102.606 16.200 102,6C 16,200 93.362 118,806 118.806 93,362 Page 18
D(sn Envdope ID". BFooDA1-4fjB2.9j9¢EwA1F61 Nuffield Farniing Scholarships Trust Notes to the Financial Statements for the Year Ended 5 April 2023 . continued 7 Dlred Charitable Expenditur• funds funds 2023 2022 The Directorlchief executive fees Alumni costs Clerical assistanr InSUrae Sundry expenses Website costs Meeting costs AntancY fees Other finance charge$ Auditor fees Legal an¢J professional fees 66.4) 37.932 54.113 6.975 2.982 66.450 37,932 $4,113 6,975 62.500 22,085 43.618 4.846 2.516 2.546 14,548 3,290 773 5.945 6,602 34.572 34,572 3,943 6.967 6,967 220.(#)6 220,( 169.269 8 Transfer of funds During Ihe year Ihere was an adjustrnent cl £18.8 12022 - £74.614) be Ihe Restricled fLtThJs to Unrestricted funds. This 15 a net adjustment to take in to account the movement betsyeen the long and short lem Restricted and Unrestricted fvnds. There was also an adjustment of £Nil 12022 - £36,500) from other debtors to the Restricted fvnds and a transfer of £6.391 {2022 - £6.0121 Irom eX$S investment income on the John Oldacre Fund. 9 Trustees None of the Trustees rewved any remunefalion durirvj the TTU51ees are now eJIble lo redaim their travel and subsistence experGes. This a150 applw to those Part1P811ng in the Award Selecns and pa.pab"on in internaticfial meeb"ngs. Total travel expenses reimbursed during the year were £5.84212022- £2.4681. 10 Employees There were no employees the peric*l. Page 19
Dr*)J$Tr En¥dcpe ID.. K398FO>ODA14662.99WEEESFAIF61¥ Nuffield Fam)ing Scholarships Trust Notes to the Financial Ststements for the Year Ended S April 2023 .. continued 11 Investments held as flxed assets Unrestrlcted Investments Restrlcted Investments Investments total Cost At 6April 2022 Gainslllossl Transfer 1.699,516 (9.7) 1100.Cts)) 1.707.301 {62.0051 3.406,817 {71,795) I100.() At 5 April 2023 1.589.726 1.645.2S 3.235,022 Net book value At 5 April 2023 1,589,726 1,64S.296 3,235.022 At 5 April 2022 1,699,516 1.707.301 3.406.817 2023 2022 Inveslmonts at markrt value comprfse Deposit aCtrnt 408.983 661.289 Unit trLSSts 2,826,039 2,745.528 3.235.022 3.406.817 Investments at hlstorical cost as at S WI 2023 wnprlse Oep051t accounts 408,983 661.289 Unit trusts 1,811,324 1,811,324 2,220.307 2,472.613 12 Oebtors 2022 Trade debtofs Other debtors Prepayments and accrued inc(Nr 15.282 67.408 359,846 124,233 50,420 397,478 442.536 572,131 Page 20
DorJJSign En*bpe ID.. 9C398FOSODA14682.9994-EEE5FA1F61 Nuffield Farnilng Scholarships Trust Notes to the Financial Statements for the Year Ended 5 April 2023 . continued 13 Creditors: Amounts falllng du• wllhln one year 2023 2022 Trade creditrAs Other creditors Accruals and deferd inwme 27,868 462.923 31.527 41,293 617,695 41.124 522.318 700.112 14 Net assets by fund Unrestricted Restricted FurMIs Funds Total Investments 1,589.726 1.645.296 3.235,022 Current assets {219.7341 723.784 504,049 CredrtLYs.' Amounts fallrng due Wil ce (64.812) (457,) {522.3181 1.30S.180 1,911,573 3,216.753 15 Company status The company is a private company limited by guarantee arxl LX)rwuenty ¢th)es )t have share pital. Each of the members is liable to contllbule an amount exeeeding £1 t(Wdrds the assets of Ihe company in the event of liquidation. The company is CCtrOlled ty ts trustee direclors. 16 Taxallon The charitable company is exempt from c(Wati tax cm its tharitsble aclivibes. Page 21
Muffield Farnln9 SchoL4r¥hips Trust Funth Rewrtfortht Year End•d 5 Ap1 2023 Liitbf furth.. 1.246.491 31391 {45,6741 13m2} (4.769) 132,3911 1.2OU,817 118.Ce7 (16,XQl 1QO.489 14Z.699 1429 J.091 171.450 Restri. Phil D4tke ¥FU 11x3 13811 11.188 RggtndwJ.RKhard Fur 3.T 107 3.e65 ResbiciJ.AJden Fu .426 12.W)I RestncW.Spxtsor5hps 137. 27&79) {1•).gX)} 225.619 Re5bicied-NFST Nuffi Fur 1(VJ.627 I3,7} 10e,583 1.849.899 27&79) 161,6051 I18.} 1,911.573 NFSTnwn rqs8rvÈS 1.4&7.¢7 315.785 {53125n 117.645} 179250) 3.322. S94535 1711.7571 259 3.218.753
DocJJSww En ID.. gU8FO>ODAI-4682.99EAlF61 Nuffield Farniing Scholarships Trust Funds Report for the Year Ended 5 April 2023 Last year, perniission was Obtsid Ir(Jm the Charity C(Mt$90n lo transfer the Re51ricted FWKI "Nuffield in Russia Fund. into a new Restricled Fund called "NFST NLrffield IntematicThl Fun(r for Ihe specific purpose of funding inlemab.ond propcts auoss the 0be. Al the $8me b"me. £81,386 of the Unreslrided Fund called "Jmi Will(yw5 Legacf was transfeThed into the Restricted Fund 'NFST Nuffield IntemalK)naS Fund" al the bequesl of the exeujlors of the Jill Willows Le9acy. Where scholarship fvnds were received trorn ¢yganlsaticS for restrth purposes. unlil the fJ$ were distributed to Ihe individuals concemed. they were accounleil for separatety from Ihe other fvnds of Ihe charity as reslrictsd lunds. This page does not form part of the stabJtoryfin8naal staterrnts Page 23