Doojsyn ID. 9C398F03ffjDA146B2.999&EEWA1FfjI
RegistralN)n number.. 04787639
Charity Registrati￿ No. 1098519
Nuffield Farming Scholarships Trust
IA Co￿￿nY limiied by guarantee)
Trustee Diwectors, ReFL¥t ar￿ Finanoal Sts1er￿ts
for Ihe Year Ended 5 April 2023
oore Scarrott
111
"A(TZMKAB*
0410112024
c￿PANIEs HOUSE
A12

Do¢u*n IO.. gC39BFO>CQAI-4682.yJ94-EEE5FA1F61
Nuffield Famiing Scholarships Trust
Contents
Legal a￿1 administrative Snforrnalrc
Directors. Report
2106
Statement of Oiredors. ReSP￿sIbIl￿&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 f￿￿tIal Staten￿$.
Oetsiled Profft and Loss Act￿nt
221023

Docu&gn En*lopE ID. gC39BFO>ODA14682.9394EEE5FA1F61
Nuffield Farniing Scholarships Trust
Legal and administrative inforniation
Chalmian
Christoph &af Grole (R￿le￿a 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 lE￿￿ed 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
s￿Jthlll Fami
Sta￿e Fitzwne
Taunton
SOme￿et
TA3 SSH
Sollcltors
stone King LLP
13 QL￿n 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
appliCa￿e to Chaiities prepariNJ their accounts in accordan￿ wth the Fin￿la1 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 CoMp￿Y was established urKler its Arbdes ol ABs￿lati￿ 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 agn￿ltu{al. I￿￿1￿ra1, foresty and coun￿rde management
edu¢ation in EnglarKI. Wales, Scottand or Northem Irdand antl abroad and to athance the stsndard of farming
(including the food S￿￿lY 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 ern￿Oyed an￿ere in the world.
Our vision $tatsment
Inspire passion in pecyle aTrJ devekp their potential to leal positi.ve L*ange in fanning and IrJ)J.
Our ml$$lon
Leading posfftve change n 8gricullure- Insp￿ng passion Wenti* in pwjple:
* Building knovAedge through gI￿al experience..
Sharing brilliant idea5-
Making things h8ppen:
. Oevelopirvj tomorrow's leajers. and
Inspiring Commitment
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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 F*cKfu(ang autonx)bile engines at a fraclion of their cD51
in the United Kingdom. He b￿ht 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$1 Juty eath year the websile." www.nuffieklschdar.ory.
The Trust caThie5 on certain other activibes in a¢SJilion to fundraising aThJ *Jministering the annual scholarships.
These inelude h05tiThJ Vis￿n9 scholars from overseas. anaThJing I)￿leren￿. briefings and Iraining
programmes for Schdars (including the Annual confe￿nce arkl Annual Meetiftg of the Trust) supporting study
groups for existing scWars and o)ntinualty liaisYKJ overseas Nuffiekl Intemaiional organisalicms.
During 2022-23 the Nuff￿ld Farming Sthdar5hips programme Te5umed ncYmal aclivities following the ijisrupts.on
caused by fv covid pandern￿. Events were hekj around the County to prcmnole the Trust and a very
successful annual conferen￿ took place al the Cty Hall. Car¢Jrfl. atte￿Ied by record nurnbers of desegates.
Nineteen 2023 Scholarships were awarded and Ihe Stholars. In￿￿1 briefings held before they travemed lo
Vancouver, for the inlemalional Contempofary Scholars conferer￿e.
Organlsational strtscture
Nuffield Farming Scholarships Trust is a ccrfnpany limited by guardlltee govemed by its Memcfandurn ar
Artides of Association dated 4 June 2003 as amended ￿ 21 M)vember 2014 23 November 2022. It 1$
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. a￿j 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 s￿￿commIttee$ 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 indi￿dUaL$ from outs*Je the Trust.
Groups of Nuffidd Scholars are fomied a￿ThJ the United on a reg￿￿al or specialisatton basis to
pnjrnole the work of ihe Trust and Mjentify and en¢C￿ra98 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 eSta￿l5hed to mitigate tIK)5e risk5. In partio)lar. Schclars are required lo arrarrfJe travel insurance and
sign ￿ntIaLIS which include a discjaimer. This remains u￿r ccmslant review.
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En*lw ID.. ￿39BFo&ODA1488Z.￿3g4￿EE5FA1F6l
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)n*tons. 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 investr￿nts. 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 nir*teen schc4aTships. 11 emphasised Ihat th8 Trust
rdie5 cfj private donations to fvnd its ovgrF*aJs athinistralbon.
Relaled partles
On 5 April 2CKM. assels and liabilities were IransfeThed from the (￿91￿31 charity of tt* sarne name al their nel
l)ook value using the merger meth(xJ of acoJunliry for incorpor**)ns in aC￿rdanCe wth the Deed of
Incorporation vmh the exception of d(M)ats"c￿5 and subscriptions receivable We￿ r￿e•ve4 under gift aid,
associated tsx refund due from H M Revenue & Customs arKI the Barclays bank acuunt in wh￿h 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 a￿1 other irwme tra￿$fe￿ed to ts ￿rrent charity.
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Docusiw EThdope ID". gC398FO>ODA14682.9994-EEESCAIF61
Nuffield Farmlng Scholarships Trust
Trustee Directors. Report for the Year Ended 5 April 2023
. continued
Reser￿¥ and Inve$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 t*ld 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 wh￿h divides the Charilabbe fund5 inlo
three reserves. each wth an oLy"ective vthich can be monito￿d by lh8 Finance Committee alongside
perfom)ance dats.. a long reserve.. a IKiuK1ty reserye and fuThJs hehj in Ihe ￿Tating bank acttsjnts:
Iottn Eg50￿0. The long tenn r8serve will t* invested to ￿Crue ca￿tal 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.
￿O￿aL9 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 L￿g Temi Reserve. The detailed managernenl of
investments wll be the reSpOn￿￿lIty of the apwinted profewonal managers. but representatNes of the
Finance coMm￿ee 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 dI￿j55ed 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 ￿la￿Ve Fthance.
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DorJJSign En￿￿e 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￿ reSpon9￿e for preparirg Annua Rewxl wd Fmnaa Statements in accordance ￿￿th
appficable law and regulations.
Company law requires the Irustees to ryepare fina￿81 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 charita￿e company al1he balance sheet
date and of its incoming resources and OFvlt¢*ion of resourr*s. indLMJing income and exwiditure, ￿ the
financial year.
In preparing those financial statemerts. Ihe trustees we wul￿d 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 corK*m 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]uire￿ents in preparing the fina￿la1 stalemenls.
The trustees are reSwnslb￿ for maintaining proper acrA)unling rewrds disdose with reasonable
accuracy Ihe ffinancial rAX￿On 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 L*ing ￿asonable steps for the pr￿ntion and deteaion of fraud other
It￿g￿laritieS.
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 si9￿d on its t*haW by.
Wyn Owen
Chaimian
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CwS¥D En¥dope10.. ￿3gBFo￿[m14682-gj94￿EE5FA1fO1
Nuffield Farniing Scholarships Trust
Statement of Directors. Responsibilities
The directors we respwsible for p￿panng the hnnual ReFal and ihe fin￿cial statements in acco￿lanc￿ with
applicable law aThJ regulations.
Company law requires Ihe dire¢tor8 to p￿pa￿ finanoal statements for each finanaal year. Under that law the
directors have elected to prepare the financial statements in accordan￿ wth United ￿r￿jdOM 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 a￿siStenty,
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 resp￿sible for kewThJ adequate a¢¢￿tir￿j re￿rdS that are sufficienl to $how and explain
the companys tranwuons and disdose wtt) reaSona￿e 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.
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Docu&"w ID.. gC39OF0>ODA14￿2.9p91-EEESFA1F6l
Independent Audltorfs Report to the Members of
Nuffield Famlng Scholarships Trust
Opinion
We have audited the fina￿al statements of Nulfield Farming sc￿larshIps 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 fin￿ClaI stalernents:
' a In* and fair wew of the state of the charitsble conyanls affairs at 5 April 2023. and of its in￿ming
resources and applie2tion of resources. incI￿ling rfs income and expenditure. for the year then e￿*d.
. have been properfy prepared in ¥eordar*e with Urmted Kiry*Jii Generalty Accepted ACCOL￿ting 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 re￿Vant to our audié of the finanoal slalements in Ihe UK. induding the
FRC'S Eth￿81 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 perfuTh*d. 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)ns*￿1￿1es of the trustees *ilh respect to goirwJ concem are described in the
relevant sections of this ￿pOrt.
ot￿r informatlon
The other infomiatknn cornprises Ihe inf0rrnat￿ ￿￿ded in Ihe truslees annual report. other than fInar￿la1
statements and our auditovs re￿rt ￿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?￿s￿￿er 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 re￿rt 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 direct￿5 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 con￿rn. disdosing, as ap￿Thble, 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 W￿le are free
from material misstaternent. whether due to fraL•J or error. and to iS9Je an aUdI￿S report that includes our
oK¥nion. Reasonable assu[ar￿ 15 a hoh ￿Ve1 of assurance, but is r￿t 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 e￿nOMiC decisiLw)s of users taken on Ihe basis of these financial slatements.
Irregularib'es, including fraLtd. are instsrKes of non-compliance wlh L4w5 and regulatI￿S. We design procedures
in line wth our reS￿￿￿1b11ilI¢$. ¢wdined atove. to delect material mis5talemenls in respect of irregularitses,
including fraud. The extent lo vthich our wc(edures are capable of dete(*"NJ irregularities. including fraud is
detailed below..
we made enquiries of management.
we reviewed Board minutes throughout the )Ear under audit and post year end;
we ￿vieWed bank slalemenls fc￿ large ￿ unusu81 transath"ons." a￿fj
' we agreed the finan(#al statement th'sckMJres to supp)rb"rKJ t*xAJmentalion.
Because of the inherent limitations of an audil. there is a risk that we we will not detect all irregularities.
induding those leadir8J to a malerial misstalement in Ihe finan¢)aJ stslemenls or nDvFcompliance wilh ￿ulation.
This risk increases the more that cornplian￿ wilh a law or regulation is removed frorn the events and
transactions reflected in the finanaal statemenls. as we will bg kss likety to become a¥wdre of ins¢arKes of
non-complian￿. The risk i5 also greater regardlry Irregul￿1￿e$ cKcwfflng due lo fraud rather than error, as traud
involves intentional cOn￿lMent. forgery. cdlusion. ￿l&s1on or misrepresentalion.
A further deS￿Ption of our resp*￿sibil￿￿ is ardiL4bfe on the Ftnawal Rep)rting Cou￿11,$ 4vebsite al.. http.'Ih
w.frc.org.uklOur-WorklAudiVAudit-and-as5uMa￿1sIandards-ar￿guIdanCeIStan￿ard$-0nd-g￿ldanG￿fora{*jiI9rS
lAuditors-￿SponSItyIIt1e$-fOr-audlvoe$C￿p￿n-Of-aLl0It9rS-respc￿sb1IlIte$-for-3￿IlI.aSpX
This description forms part of our auditorfs report.
Page 9

OooJ&'gn En5t￿pe ID.. ￿3￿0￿coAl46O2.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 aL*Jrt 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 ext￿1 perniitted by law. we not acc*pt 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 f￿rned.
Matters on whlch we are requlred to report ty exceptlon
In ihe light of the kn￿edge and underst8ndirvJ of the charitable C(￿panY and ts enmronmenl obtained in the
course of the aL*Jil, 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 tr￿n 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 re￿rdS 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 beh*f 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&EEE￿AlPSl
Nuffield Farniing Scholarships Trust
Statement of Financial Activities including
Income and Expenditure Account for the Year Ended S April 2023
. continued
unl￿trICI¢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 cc*npany has no re1x￿niSed gall￿ or losses for the year other Ihan the re5uFts atrKJVe.
The statement of financial athMbes also coThWies requirements for an ￿￿orne and expenditure aCC￿nI
under the Companies Act 2006.
The notes ￿ pages 15 to 21 frm) an integral part ofthese finanoal sL*ements.
Page 12

DocuSvJn ID.. 9C39BF0>ODA1-4682.9WEEE￿AlF6l
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 fin￿la1 statements.
Page 13

OODJ&￿ Enbtsjpe ID.. ￿3$BFo￿ODA146o2.999I&EWA1F61
Nuffield Fam)ing Scholarships Trnst
Cash Flow Ststement for the Year Ended 5 April 2023
Re￿ncIlIatIon of oporatlng loss to nel flow from owratlng acttvltles
2023
2022
Nel loss foT the reFrf)￿ng peric
{Increaseyde¢rease in stocks
Decreasel{increasel in debtor5
{Decreaseyincrease in credito
IGainsylosses on investments
Dividends and interest inveslments
(36.963)
{1.445)
129.595
1177,7941
79,250
180,2591
170.9451
1,814
171,618)
122,634
1238,575)
168.053)
1324,743)
Net ￿$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$tlng a¢tivities
Dividends and interest from investrnents
Transfer into tnveslmefits
Profi15 on inveslments
Transfer out of investrnents
Transfer of funds trom debtors
80.259
17.455)
179.2501
11KI.C(KI
68.053
1100,0011
238,575
(36.500)
170.127
93.554
Nel cash in17owllcMJfflow)
1154.616}
1154.6161
Increaselld8ueasg1 in cash provided by investirvj acts￿1￿$
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.. ￿398Fo3￿l46e2.9WEEE5FAlF8l
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 ap￿ICable in the UK and Republic of IrelarKI IFRS 1021 (effective 1 January 2015)
(Charities SORP IFRS 1021}. the Finantsèl Repvting Standard aPF4Ica￿e in the UK and Repu￿1¢ 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 histori￿1 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
Can￿m. 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 rnsoUr￿s
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 rec*pl 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
spOnS￿ship has rwjl iwi agreed in a(fvance. Any amounts rew¥ed or due for sponsorship which have not
been paid to the ag￿e¢y recpienl at the end of the acc(xJntirwJ per1￿j art camed fopAard in other Gre￿rt￿$ as
amounts received in advan￿.
Investment Sncome
Dividends are induded in the statement of finanaal athibes on receipt. Bank and other Interest is T￿e1ve0
gr055 of tsx and included in the statement of financial &ll￿tieS 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 p￿ent
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 man*Jemenl of the TnJ5fs assets, Org￿lSaI10nal
administration and Cr*n￿lance with constitut￿n81 and slatutcmy requirements.
Overheads and directors. fees arKI expertses are alr￿ted belween eX￿n$8 lwth.ngs on the basjs of lime
spent.
Page 15

Dcvjs￿3n E0￿c￿e ID." gC39BFO>oDA14682.￿94￿EWA1F61
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 t￿ll as thertising ar*J 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 ir￿rne eXpenda￿e at the thsuelion of the Iruslees in
furtherance of Ihe obiethves of the tharity.
. Restritsd fvnds represent donatiry￿. cL¥thtwJtion5 and swJns(Ked sclKlarships T￿Ned thh are ollocaled
by the ￿nor a speafic PUfFO5e.
Flnanclal Instrum•nts
Nuffield Farmin9 Scholarship Trust only has firta￿al assets and finanual liabilities of a kind that qualify as basic
financial instTumen15. Basic finanaal instruments are ir¥ti"ally rwnised al tr￿sarIl0n value and subsequently
measured al fair v81ue.
P•3e 16

Docusiqn EnvePope ID.. ￿9F0>0DAJ4602.999tyEFE￿AlF$1
Nuffleld Farming Scholarships Trust
Notes to the Financial Statements for the Year Ended S April 2023
. Continued
2 Income
Unrestricted Restrlcled
funds
nds
2023
2022
Donations and legacies
Donab"ons
Gift aid
Scholars. donations
87.￿]
10,676
87.7
10.676
48.580
15.899
50.345
147.046
147.046
71.844
Income from other tradlng activities
Valuation movement
Sales of rnefchandise
1.445
{1,8151
4.065
6,009
2.250
Inve$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 Sponso￿hlp 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." ￿398F0￿0DAI4682.9B￿EWA1F61
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
SL*olarships awarded lo individuals
Selechon and briefirg expenses
Scholars, rekxxts
Costs of advertising scholarships
Administration of s¢*darships
COntemp￿ary scholars C￿nferenCe
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 actIvIt￿S
Unrestrlcted Restrict*d
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(￿s￿n Envdope ID". ￿BFo￿oDA1-4fjB2.9j9¢￿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
InSUra￿e
Sundry expenses
Website costs
Meeting costs
A￿ntancY 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 eJ￿Ible lo redaim their travel and subsistence experGes. This a150 applw to those
Part￿1P811ng in the Award Selec￿ns 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 aCtr￿nt
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 defer￿d 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￿ c￿e
(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 CC￿trOlled 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 Ap￿1 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
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Nuffield Farniing Scholarships Trust
Funds Report for the Year Ended 5 April 2023
Last year, perniission was Obtsi￿d 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 $8me b"me. £81,386 of the Unreslrided Fund called "Jmi Will(yw5 Legacf was transfeThed into the
Restricted Fund 'NFST Nuffield IntemalK)naS Fund" al the bequesl of the exeujlors of the Jill Willows Le9acy.
Where scholarship fvnds were received trorn ¢yganlsatic￿S for restrth purposes. unlil the f￿J$ 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 staterr*nts
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