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2025-04-05-accounts

Nuffield Farming Scholarships Trust (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 5 April 2025

Company Number: 04787639 Charity Registered in England and Wales Number: 1098519

Nuffield Farming Scholarships Trust Contents For the Year Ended 5 April 2025

Page
Reference and Administrative Details 1–2
Trustee Directors’ Report 3–19
Independent Auditors’ Report 20–23
Statement of Financial Activities 24–25
Balance Sheet 26–27
Statement of Cash Flows 28
Notes to Financial Statements 29–44

Nuffield Farming Scholarships Trust Reference and Administrative Details For the Year Ended 5 April 2025

Patron

HRH The Duke of Gloucester KG GCVO

Trustee Directors

The Trustees serving during the year and since the year-end are as follows:

Chair W Owen (retired 21 November 2024) T G Rawson (appointed 24th November 2017) Vice Chair J B Baird (appointed 20 November 2020) 1, 2 T R Alcorn (appointed 21 November 2024) 6, 7 A E Bowen (appointed 16 November 2023) 3, 6 Dr O L Champion (appointed 21 November 2024) 2, 4, 8 D A Gardner (retired 21 November 2024) 2 L C Maclennan (appointed 16 November 2023) 2, 4, 8 Prof T C MacMillan+ (appointed 8th December 2022) 3, 5, 8 J L McCoy (appointed 21 November 2024) 6, 8 P J M Munro (retired 21 November 2024) 3 T Robbins (appointed 24 November 2022) 3 D A Rose (appointed 20 November 2020) 3, 5 Dr J L Ross OBE (appointed 24 November 2022) 3, 7, 8 N H Snell (appointed 29 November 2019) 1, 3 J Speed (appointed 29 November 2019) 3, 7 C P Taylor (appointed 16 November 2023) 3, 5 R B Taylor (appointed 21 November 2024) 3, 4

Committee Membership Ex-officio member of all Ex-officio member of all

*Returning Scholar Trustee

+Non-Scholar External Advisor

Trustee Committee and Working Group Memberships

  1. Nominations and Renumeration Committee

Renamed 18 September 2025

  1. Finance Committee

  2. Communications and Operations Committee

  3. Fundraising Working Group

  4. Sustainability Working Group

  5. Next-Gen Scholarship Working Group

  6. Conference Working Group

  7. Impact Working Group

Established 21 November 2024 Established 21 November 2024 Established 4 June 2025

Selection Committee

W Owen (retired 21 November 2024)

T G Rawson (appointed 21 November 2024) J B Baird (appointed 21 November 2024) R Soffe (retired 21 November 2024) C Snell (appointed 1 January 2021) D Allen (appointed 1 January 2024) Prof J Price (appointed 1 January 2025)

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Nuffield Farming Scholarships Trust Reference and Administrative Details For the Year Ended 5 April 2025

Chief Executive Officer (Director) R R Alers-Hankey
Charity Number 1098519
Private Company Limited by Guarantee04787639
Principal Address and Registered OfficeBullbrook Stables
West Charlton
Charlton Mackrell
Somerset, TA11 7AL
Auditors Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset, TA1 2PX
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent, ME19 4JQ
Solicitors Stone King LLP
13 Queen Square
Bath, BA1 2HJ
Investment Advisors CCLA Investment Management Ltd
One Angel Lane
London, EC4R 3AB
BNY Mellon Fund Managers Ltd
PO Box 366
Darlington, DL1 9RF

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Forward from the Chair of Trustees

Firstly, I would like to start my report on the last year by showing my thanks and gratitude to all our Trustees and co-opted committee members; we have a very capable group of individuals who have come together to form a highly effective team to help steer our organization.

Over the course of the last twelve months, we have had four Board meetings including our annual Away Day held again this year near Coventry. Where we also welcomed sponsor representatives to a dinner, which is a great opportunity to catch up with the Trustees and be updated on activities. Can I also take this opportunity to thank Nuffield Australia Chair, Jane Bennett who gave us an invaluable insight into how their organization operates. We certainly share many of the same challenges.

When Jim Baird and I came into post last November, we decided to expand the number of working groups. All with Trustee leads looking at specific areas of Nuffield and then reporting back to the Board, this has worked well.

Several changes have been made to the workings of the Board this last year. All with the aim of greater transparency and improved governance. One such example is the Trustee Report that now fronts our statutory accounts, with more detail of Nuffield Farmin g’s achievements and performance, giving increased transparency to our members.

We have many Trustees come to the end of their terms this November. So, special thanks go to Jo Speed, Nic Snell, Tanya Robbins, Tom MacMillan, Anna Bowen and Chris Taylor. Lucy MacLennan and Jenna Ross stand for reelection.

Your elected representatives and co-opted Board and committee members are working extremely hard on your behalf to help Nuffield Farming meet its aims and objectives.

This year we have had ninety one applications for scholarships of which the Selection Committee have put forty one forward for interview for a maximum of twenty five awards.

We couldn’t operate this Trust without the financial help of our sponsors, from our title sponsor Elizabeth Creak Charitable Trust (ECCT), scholar sponsors, Friends of Nuffield, Saffrey who let us use their amazing offices in London for the interviews, through to of course the annual donation given by our alumni.

The scholar report backlog, which had reached an unacceptable level of around seventy at our last AGM, I am glad to report is now down to just a handful. In the future, a Trustee led panel will vet any request for an extension. The Board have made some tough calls and sadly three individuals have been removed from the programme and in the majority of cases have already paid money back.

2025, has seen the second year of the Next-Gen Scholarship with three dairy and three poultry scholars aged between eighteen and twenty four. 2026, will see another three dairy and for the first time, three scholars for the Regen Group. Thanks of course to our Next-Gen Scholarship sponsors the Trehane Trust, ECCT and CHK Foundation, and the organizing and hosting Alumni. We launch next year’s programme on 1st November 2025, with a closing date of the end of January 2026.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

The 2024 Nuffield Farming Conference in Belfast last November, was a huge success with thanks of course to our office team, but also the Northern Ireland committee. It was also great to see around ninety younger farmers and budding agriculturalists in atte ndance with many places being sponsored. This year’s conference is in Aberdeen, with a packed programme planned. Headed up by Trustee and committee lead Jenna Ross, as well as many of our Scottish alumni. 2026 will see us head to Leeds to the amazing Royal Armories Museum, if you would like to be on the organizing committee, please contact Jo Speed.

I would also like to take the opportunity to urge you to attend the Nuffield International Triennial in May 2026 hosted by Nuffield Ireland, with help from our own Northern Ireland committee. Some 350 Nuffield alumni from around the globe are expected to attend.

As you would expect the finances of the Trust are at the front and center of our day-to-day operations with Rupert Alers-Hankey and the team being supported by the Finance Committee, headed up by Vice Chair Jim Baird. I am glad to say the operational deficit was far less than the previous year at around £85,000. However, our new auditors have made around £40,000 of adjustments from previous years to bring us back into line with our original budget of £125,000 deficit. Many savings have been made and credit due to Rupert in particular, however we are still committed to delivering a zero deficit. To support this, the Trustees have agreed to put up the cost of scholarship sponsorship to £21,000 to include the full economic cost and raise the annual donation to £150 per person. The increase cost of sponsorship will come into play for the scholarship awards in October 2026.

Finally, can I thank the Nuffield Farming team Claire Laidler, Charlotte Merson and Lindsay Woods for their hard work and dedication to the Trust they play a huge part in the ongoing success of this organization.

T G Rawson Chair of Trustees Sept 2025

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the audited financial statements for the year ended 5 April 2025. The financial statements comply with the Charities Act 2011, the Co mpanies Act 2006, the charity’s governing document and the Statement of Recommended Practice (SORP FRS 102- implemented 1 January 2019).

The Nuffield Farming Scholarships Trust is a charitable company limited by guarantee, incorporated on 4 June 2003. The company was established under its Articles of Association dated 4 June 2003 as amended on 21November 2014 and 23 November 2022.

The Nuffield Farming Scholarships Trust was registered with the Charity Commission for England and Wales on 11 July 2003, charity number 1098519.

References and Administrative Details

Administrative information is given in a separate section at the front of these accounts.

Directors and Trustees

The directors of the Company are the c harity’s trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year-end are as follows:

(appointed 21 November 2024)

• R B Taylor (appointed 21 November 2024)

None of the Trustees have any beneficial interest in the Company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of a winding up.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Structure, Governance and Management

The Trustee Board has 13 Trustee Directors (Trustees) and can co-opt up to 3 people with a maximum of 15 Board members. In addition to Scholar/Honorary Scholar members there can be up to 2 Non-scholar External Advisor Trustees and at least 2 Returning Scholar Trustees.

All Trustees (except Returning Scholar Trustees) stand for an initial 3 years and if re-elected can stand for a second 3-year term. Returning Scholar Trustees are elected by their year group and are co-opted to the Board for 2 years. Trustees are required to resign after 6 years on the board, unless they are elected as chair or vice chair. The Board will elect a chair and vice chair, each being a 2-year term. The vice chair will become the chair. All trustees have the same voting rights. See Articles of Association for detail.

All Trustees are registered at both Companies House and with the Charity Commission. They are members of the Company and guarantee to contribute £1 in the event of a winding up.

Trustee Recruitment

Recruitment of Trustees is managed through the Nominations and Renumeration Committee, which conducts an annual Trustee skills audit and makes recommendations to the Board.

Non-scholar External Advisor Trustee recruitment is conducted by promoting the role via LinkedIn and the Newsletter to Members and supporters. Candidates are shortlisted for interview and suitable candidates are recommended to the Board.

Member Trustee roles are promoted via the Newsletter. Candidates submit a written application and twominute video. Members vote to select candidates in the run up to the AGM.

Returning Scholar Trustees are selected by an internal year group vote. The result and candidate are scrutinised by the Nominations and Renumeration Committee, who recommend the candidate to the Board.

Trustees are formally elected and or co-opted to the Board at the Nuffield Farming Scholarships Trust AGM.

Trustee Induction

All new Trustees receive a personalised induction programme and the Trustee Handbook. This is revised annually and is designed to cover: the Trustee Board, its function through Committees and working groups; the management of the Trust; the Trust’s object , vision, mission and values; the Nuffield Farming Scholarships Trust’s structure of regional and study groups; Nuffield International; the Strategic plan and objectives; summary of activities; and Trustee administration and support.

All new Trustees are required to complete AgDiversity, a new online learning course developed by the Nuffield Farming Scholarships Trust aiming to raise awareness of diversity, equity and inclusion (DEI) issues in UK agriculture.

Organisational Structure

The Board forms committees and working groups to oversee key functions. Committees and working groups can have co-opted members who are Members or are external advisors with a specialist skillset. The following Committees and Working Groups operated during the reporting period.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

The Nominations and Renumeration Committee manages Trustee succession planning, including an annual skills audit and makes recommendations in accordance with the Articles of Association for the appointment of new trustees (Member, Non-scholar External Advisor Trustee and Returning Scholar) to the Board. The Committee manages the appointment of new Selectors to the Selection Committee. The Committee oversees employee renumeration. The Committee is required to meet at least two times during the year. This Committee met three times during the reporting period.

The Finance Committee advises the Board on matters relating to finance and financial procedures. It regularly reviews financial policy, reserves and investment policies, monitors in year financial progress and recommends an annual budget. The Committee is required to meet four times each year before the corresponding Board meeting and is led by the Vice Chair. The Committee met four times during the reporting period.

The Communications and Operations Committee advises the Board and manages on its behalf all matters relating to Communications and Operations. A panel of Trustees from the Committee also judge the Nuffield Farming Best Report. The Committee is required to meet four times each year before the corresponding Board meeting. The Committee met four times during the reporting period.

The Selection Committee shortlists candidates for interview and awards Nuffield Farming scholarships. The five-person Committee is led by the Chair, with the Vice Chair and two external people and one Nuffield Farming Scholar. The Committee also interviews candidates for the Frank Arden Leadership Award. The Committee is required to meet two times per year to shortlist and select applicants. The Committee met three times during the reporting period.

The Fundraising Working Group reports to the Finance Committee on matters relating to fundraising in line with the Fundraising Strategy. The Working Group met five times during the reporting period.

The Sustainability Working Group reports to the Communications and Operations Committee on matters relating to sustainability. A panel from the Working Group judges the Greener Future Award. The Working Group met four times during the reporting period.

The Next-Gen Scholarship Working Group was established in November 2024 to steer the Next-Gen Scholarship programme and reports to the Communications and Operations Committee. The Working Group met three times during the reporting period.

Employee Remuneration

Nuffield Farming Scholarships Trust is committed to recruiting the correct high-calibre people and rewarding them fairly for the work they do. It is extremely important to Nuffield Farming Scholarships Trust to use the resources available for the remuneration of its employees effectively and to recruit, retain and develop people with the necessary skills and knowledge to deliver positive contributions that support the charity’s objectives. The salary of the Chief Executive and other members of the Team is reviewed annually during the budget setting process and is approved by the Finance Committee.

From 18 September 2025, the Nominations and Renumeration Committee will oversee all staff renumeration. In 2023, the Auditors recommended that the charity changed from a team that were engaged on a consultancy to an employed basis. This change took effect on 1 January 2024.

Management

The management of the Nuffield Farming Scholarships Trust is delegated to the Chief Executive who reports to the Trustee Board.

The Office Team, has four part time members of staff, including the Chief Executive, who all work a 32 hour week. PR and management accounts are outsourced. All work from home, with the Office Manager spending 2-3 days a week in the registered office.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Membership and Networks

On 1st January 2025, there were a total of 913 Nuffield Farming Scholar alumni in the United Kingdom. This represents the Nuffield Farming Scholarships Trust membership.

Each year, we invite our alumni to contribute to support the running costs of the Nuffield Farming Scholarships Trust. This annual donation enables the Charity to deliver the scholarship programme through funding core cost, such as the staff and systems that make the Nuffield Farming Scholarship programme possible.

In September 2024, Trustees decided to increase the annual donation from £120 to £150. They also introduced monthly direct debit payments and options for members who are 70 or over to pay a ‘lifetime’ donation of £1,500, and for members to pay 10 years of donations at £1,500.

In 2024, 250 (2023, 381) members had contributed towards the annual donation.

All members who have paid their annual donation are eligible to vote at the AGM.

Nuffield Farming Scholars are expected to use all means at their disposal to spread the knowledge they have gained within their industry and beyond. The Nuffield Farming Scholarships Trust facilitate this by organising regional and topic specific study groups for alumni that enable them to share best practice by engaging in peerto-peer learning on a regional and national basis. There are ten regional groups covering the whole of the UK and twelve study groups covering: Aquaculture, Arable, Beckett, Beef and Sheep, Business, Dairy, Horticulture, People, Pigs, Poultry, Regenerative Agriculture and Reputation and Public Outreach.

Nuffield International

The Nuffield Farming Scholarships Trust (Nuffield UK) is a founding member of Nuffield International Scholarships Trust (Nuffield International), which has 17 member and affiliate countries from across 5 continents.

In January 2025, there were a total of 2,038 Nuffield Farming Scholars world-wide: 913 from the United Kingdom; 494 from Australia; 146 from New Zealand; 122 from Ireland; 107 from Canada; 62 from France; 59 from The Netherlands; 51 from Zimbabwe; 31 from Brazil; 25 from the USA; Nuffield International has a total of 28 Scholars: 12 from Chile; 7 from Japan; 3 from Germany; 3 from Poland; 1 from Belgium; 1 from South Africa; and 1 from Romania.

Each country has a representative on the Nuffield International Board, that representative is supported by a country executive. The Nuffield Farming Scholarships Trust Chair and Chief Executive hold these responsibilities.

The Nuffield International Board meets in person each year during the Contemporary Scholars Conference, which is held in a different Nuffield country each year; 2024- Campo Grande, Brazil, 2025- Aukland, New Zealand.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Objectives and Activities

Nuffield Farming Scholarships Trust Objects: To promote agricultural, horticultural, forestry and countryside management education in the UK and abroad and to advance the standard of farming (including the food supply chain, horticulture, forestry and countryside management and associated topics) in the UK by the provision of scholarships to persons who fulfil the conditions set out in clause 4 of the governing document to enable them to study the practices and techniques employed anywhere in the world .

Our Vision: Inspire passion in people and develop their potential to lead positive change in farming, food, horticulture, and rural industries.

Our Mission: Leading positive change in farming, food, horticulture, and rural industries; inspiring passion and potential in people.

Our Values:

5 Year Strategic Plan

– The Strategic Plan 2024 2029, has a five-year horizon and sets out objectives, and key associated activities to deliver them. It is reviewed annually, by Trustees and adapted as necessary to meet new challenges. There are four key objectives:

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

The Nuffield Farming Scholarships Trust is a charity organisation whose aim for the public benefit is to bring positive change in the food, farming, horticulture and rural industries through the development of its future leaders.

In 2024, twenty-four Nuffield Farming Scholarships are awarded to deserving individuals aged 25-45 working in the food, farming, horticulture and rural industries. Our life changing scholarships unlock individual potential through study and overseas travel, as well as develop the farming and agricultural industries through the sharing of ideas.

In 2024, the Nuffield Farming Scholarships Trust launched the Next-Gen Nuffield Farming Scholarship, for young people aged 18-24, part of the developing young talent programme. Awarding three dairy Next-Gen Nuffield Farming Scholarships.

The Nuffield Farming Conference was held in Belfast, 19-20 November 2024

The Nuffield Farming Scholarships Trust carries on certain other activities in addition to promoting, fundraising and administering the scholarships. These include: facilitating further learning and knowledge exchange; supporting the regional and study groups for existing scholars; and hosting the Global Focus Programme.

Achievements and Performance

Board

The Board Away Day was held at the Nailcote Hall Hotel, Warwick in June 2024. Trustees revised the Strategic Plan 2024 – 2029 objectives. With deep dives into the main scholarship delivery, the Next-Gen scholarship, reducing the deficit, communications and engaging the alumni.

In addition to Board, committee and working group commitments Trustees also support the Nuffield Farming Conference as session chairs. There are typically eight sessions over two days. Each session will have up to five presenting scholars followed by a question and answer session. This is a significant commitment and links the Trustee directly with presenting scholars. Two months before the conference, Trustees meet up with the presenting scholars in Leeds and this relationship builds as presentations are rehearsed and advice is given by the session chair Trustee.

Trustees gain oversight of a key output from each scholarship, the study report, when they judge the annual best report award. In 2024, sixteen reports were judged by a Trustee led panel.

Nuffield Farming Scholarship

Demand for the Nuffield Farming Scholarship remains strong with 94 people applying in 2024 and 91 people – applying in 2025 (2023 89). In both 2024 and 2025, forty-one candidates were shortlisted by the Selection Committee for interview. The Selection Committee can award up to 25 Nuffield Farming Scholarships. In 2024, – the Nuffield Farming Scholarships Trust awarded twenty-four Nuffield Farming scholarships (2023 23).

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

2024 saw a review of the Scholarship leadership programme. The key driver was cost reduction, while maintaining a high standard of delivery. All contracts were retendered, and new agreements were made with the Reporters Academy to deliver video training and editing, and Audrie Woodhouse from Honestly Speaking for presentation training. Training delivery was synchronised with Board meetings, allowing Trustees to meet current scholars and see the leadership training in practice.

In March 2025, twenty four 2025 Nuffield Farming Scholars had four days of leadership development training in London which included a visit to the Houses of Parliament hosted by Rt. Hon. Robbie Moore MP, 2016 NSch. They were privileged to gain an insight from Agri leaders such as Tom Bradshaw NFU President and 2011 NSch, Emily Norton, 2018 NSch, founder of Farm Foresight Ltd, Jim Chapman MBE Chair Farm Safety Foundation, Jude McCann, 2017 NSch and CEO FCN, Caroline Lewis McDonald’s UK & Ireland, Steve McLean Head of Agriculture and Fisheries M&S Food, Abi Reader NFU Cymru President, Professor David Hughes, aka Dr Food, Katie Doherty CEO International Meat Trade Association, and Stephanie Berkeley Farm Safety Foundation.

This was followed by the Nuffield International Contemporary Scholars Conference, 8 to 16 March 2025, hosted by Nuffield New Zealand supported by the New Zealand Rural Leadership Trust in Aukland, New Zealand. There were over 130 delegates from 15 countries from across five continents. A real melting pot of diversity of thought, cultures, experience and opinion.

Nuffield Farming Scholar Report Backlog

In November 2024, there were 67 scholars from the 2019-2023 year groups who had yet to complete their study report. Covid had a significant impact on the 2020 and 2021 year groups and created a scholar backlog, which has been actively addressed. This has had a significant negative financial and administrative impact over 2023-2025.

A report action plan was put in place with Trustees setting a deadline of 31 May 2025 for reports from this group to be submitted. The backlog has been reduced to a very small number of Scholars, some whom have valid reasons for a delay in completing their report.

Trustees have removed two people from the programme and their bursaries have been recovered.

Global Focus Programme

The Global Focus Programme (GFP) is an international study tour that facilitates an in-depth understanding of global agriculture. It offers a unique opportunity for UK Scholars to benefit from exposure to a broad range of very different political and social environments while traveling in a small group of international Nuffield Scholars. For the GFP to remain an option for UK Scholars, the Charity is always looking for additional sponsorship, as very few scholars are able to self-fund.

In 2024, four Scholars joined one of the six Global Focus Programmes (GFP 2, GFP 3 and GFP 7) delivered by Nuffield Australia. Each GFP lasts for 5 weeks, with 8 to 12 Scholars participating from different countries. They visit six countries on multiple continents, investigating agricultural marketing, trade, production, environmental and industry issues and experiencing different social and cultural aspects of each region. The Charity also hosted a leg of GFP 5 in June 2024.

Nuffield Farming Post Graduate Certificate

In partnership with IBERS Distance Learning, Aberystwyth University, Nuffield Farming Scholars have the opportunity to undertake a Nuffield Scholarship Post Graduate Certificate (PGCert), worth 60 credits. This is often used as a first step to a Masters Degree (MSc).

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

In 2024, the requirements for both the standard and IBERS accredited Nuffield Farming report were harmonised, resulting in both 5,000 word report requirements being very similar.

Since 2020, twenty one Nuffield Farming Scholars, including one from Ireland and one from Australia, have taken up this Nuffield Farming Scholarship PGCert opportunity, with five graduations; three PGCerts and two MSc.

– Next-Gen Scholarship Developing Young Talent

The Next-Gen Nuffield Farming Scholarship was launched in Northern Ireland in 2024. The scholarship is for young people aged 18- 24, part of the Charity’s initiative to develop young talent. We know the challenges that young people face to establish themselves in our industry, and this scholarship uses the Nuffield Scholar network to link successful applicants directly to farmers. The aim of the Next-Gen Scholarship is to provide a pathway to the Nuffield Farming scholarship.

Three young people from Northern Ireland were awarded a dairy 2024 Next-Gen Scholarship. They undertook a 28-day study tour organised by the Nuffield Farming Dairy group in June 2024; staying on farm with Nuffield Farming scholars, visiting 44 businesses and travelling over 3,000 miles across the UK. They presented at the 2024 Nuffield Farming Conference in Belfast.

One of the challenges for young people taking up a Next-Gen Scholarship is getting released from work, especially if on a family farm. The scholarship includes a financial incentive of £1000, to part cover replacement labour cost, to enable a young person to leave the farm.

Next-Gen Nuffield Farming Scholars will be made associate members of Nuffield Farming Scholarships Trust, encouraged to attend networking events, including farm walks, regional and study group events, talks, tours and the Annual Conference. They will be mentored by their respective Nuffield Farming Study groups, with the aim of progressing to one day become a Nuffield Farming Scholar.

Funding Scholarships

Scholars need to be sponsored, and we have a loyal pool of 38 sponsors[1] . Several sponsors have been engaged with the Trust for over 20 years.

Nuffield Farming attracts new sponsors each year. 2024; Farming Community Network, Journal of Horticultural Science and Biotechnology, CHK Foundation, Milking Goat Association, British Goat Society and in 2025; Sainsburys PLC and Arwain DGC. This demonstrates that external organisations see the value to the industry in a Nuffield Farming scholarship and also changing farming practice and the impact of mental health on farmers. It also demonstrates agility as the Trust adapts to change.

1 AHDB, Beckett Award, Alastair and Margaret Miller Charitable Trust, BEMB Research & Education Trust, Central Region Farmers Trust (CRFT), British Goat Society, CHK Foundation, Company of Merchants of the Staple of England, Dartington Cattle Breeding Trust (DCBT), East Sussex NFU, Elizabeth Creak Charitable Trust, Farming Community Network (FCN), Food Chain Scholarship, John Oldacre Foundation, Journal of Horticultural Science and Biotechnology (JHSB), MacRobert Trust, Malcolm Isaac Charitable Trust, McDonald's UK & Ireland, Arwain DGC, Milking Goat Association, NFU Mutual Charitable Trust, Poultry Meat Group, Proagrica, Richard Lawes Foundation, Royal Highland & Agricultural Society of Scotland (RHASS), Royal Norfolk Agricultural Association, Royal Welsh Agricultural Society (supported by the Eira Francis Davies Bursary), Sainsbury’s PLC, Studley College Trust, Thatchers Cider, Thomas Henry Foundation, Three Counties Agricultural Society, Trehane Trust, Worshipful Company of Butchers, Worshipful Company of Farmers, Worshipful Company of Fruiterers, Worshipful Company of Gardeners, Yorkshire Agricultural Society.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

In 2024, the Nuffield Farming Conference was held in Belfast. The two-day conference attracted over 400 delegates on each day with 450 people attending the annual Nuffield Farming dinner. Andrew Muir MLA, Minister of Agriculture, Environment and Rural Affairs gave the keynote speech. AHDB was the main conference sponsor and Famers Guardian was the media partner.

Twenty-seven scholars presented their study topic findings, and the three Next-Gen Nuffield Farming scholars gave a presentation on their study tour, which attracted a new younger audience at the conference.

Nuffield Farming Awards

The 2024 Nuffield Farming Awards took place during the 2024 Nuffield Farming Conference and celebrated Innovation, Leadership and Sustainability in agriculture.

The Bullock Award for Innovation was won by Jonty Brunyee, 2015 NSch. He was judged by the Award panel, which includes the editor from Farmers Weekly, to be the Scholar who has demonstrated the most successful application of the experience they have gained. This award was open to Nuffield Farming Scholars from the 2014, 2015 and 2016 year groups, the winner receives £1000.

The Frank Arden Leadership Award was won by Tim Stephens, 2017 NSch. He has a fully funded place on the Emerging Strategic Leaders programme delivered by the Windsor Leadership Trust.

The LEAF Greener Future Award was won by Lorna Davis, 2017 NSch. This award is judged by a panel drawn from the Sustainability Working Group and included on farm visits by panel members.

There were also awards for the Best Report and Best Presentation.

The 2024 Nuffield Farming Best Report was won by Liz Cresswell, 2022 NSch. Sixteen reports were judged by Trustees from the Communications Committee. Her report was submitted as the Nuffield UK entry to the – inaugural 2025 Nuffield International Jim Geltch Award Best Nuffield Report. There were nine entrants from Australia, Canada, Ireland, Chile, USA, Brazil, Netherlands, New Zealand and the UK. The Jim Gelch Award was won by Nuffield Chile.

The Nuffield Farming Best Presentation at the 2024 Nuffield Farming Conference was won jointly by Roisin Taylor 2023 NSch and Claire Whittle 2021 NSch. This award was judged by Anna Bowen Trustee and a representative from the Farmers Guardian.

AgDiversity: Positive growth towards a more inclusive sector

23 October 2024, saw the AgDiversity launch at Romshed Farm, Kent by the Nuffield Farming Reputation and Public Outreach group. The launch included a panel session with leading advocates in the farming sector speaking about their experiences in the industry and why advocating for Diversity, Equity and Inclusion (DEI) in the industry is so important.

AgDiversity is a practical online course tailored for the food and farming sector, designed to educate and – empower both individuals and organisations. It is also more than just a course it is a catalyst for creating a more resilient future for farming, guiding participants to understand, reflect, and take meaningful action on DEI.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Recognising that agriculture remains one of the UK's least diverse industries, particularly concerning race and ethnicity, this programme aims to increases awareness of these issues and encourages participants to assess their own thinking. The course comprises three modules:

Upon completion, participants receive a certificate and may opt to be listed in the 'AgDiversity Database,' a growing network of conscious individuals and organisations committed to being open, inclusive, and ready to support diverse talent entering the industry.

The course requires approximately 60 minutes to complete and is accessible for a fee of £30. Discounts for group bookings are also available.

AgDiversity has seen good take up from organisations such as Red Tractor, Twig, McDonald’s UK & Ireland, National Federation of Young Farmers' Clubs, FCN, BCVA, NFU Education, Rookhaye Estates.

AgDiversity is a collaborative initiative by Nuffield Farming Scholarships Trust, McDonald's UK & Ireland, School of Sustainable Food and Farming at Harper Adams University, AHDB and the Frank Parkinson Agricultural Trust.

Bitesize Guide Project

Last year in collaboration with the Royal Agricultural Society of England and Innovation for Agriculture, we launched the Bitesize Guide pilot. Each Guide covers a topic using about 10 reports from Nuffield Farming scholars. In 2024, three Bitesize Guides were produced covering; Teams, Young people and Succession Planning, Nutrients & Water. In 2025, with funding from the Elizabeth Creek Charitable Trust, Central Region Farmers Trust and the Gloucestershire Agricultural House Foundation a further 10 Bitesize Guides will be produced over the next two years.

Sustainability

The Trust is committed to support initiatives to enhance sustainability and the environment. Understanding that international travel is at the core of the Nuffield Farming Scholarship and is necessary for a rich learning experience; it is the USP of the Nuffield Farming scholarship experience.

Nuffield Farming Scholars are environment and sustainability leaders. The collective impact they have both locally and at the national level is significant. We celebrate this through the annual Nuffield Farming Greener Future Award with out partner LEAF.

Through the Sustainability Working Group, current Nuffield Farming Scholars have been given guidelines on carbon considerations when travel planning and, will baseline Scholar’s carbon footprint when conducting their study travels.

In 2024, the Nuffield Farming office went paperless. All Trustee Board, committee, working group meetings and the 2024 AGM used e-papers to support the meetings. Resulting in savings of paper, time and cost.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Communications

Trustees oversee and monitor the Charity’s communications through the Communications Committee. PR and social media have for a number of years been outsourced to Reverberate PR, who rebranded in 2025 to Twig. In June 2025, Steph Rogers from the Social Farmhouse was selected by the Committee to deliver the Charity’s PR and social media.

Feed back from Nuffield Farming Scholarship applicants shows that over 90% of applicants have heard about the scholarship from a Nuffield Farming scholar.

The fortnightly Nuffield Farming Newsletter is used to inform and engage with Members, Sponsors and Supporters. The Newsletter sent to 673 Members has an email open rate of 55%. The Newsletter is also sent to 159 Sponsors and Supporters and has an email open rate of 44%. A good open rate is between 17-28%.

In 2024, the ‘Tales of a Nuffield Scholar’ podcast, hosted by Wallace Currie, 2025 NSch and funded by – Howden, was launched. Season 1, June to December 2024, and Season 2, January August 2025 saw over 50 Nuffield Farming Scholars take part. The response has been good with listeners increasing to about 7,000 across all episodes.

The Charity renewed its partnership with Farmers Guardian for the 2024 Nuffield Farming Conference.

Followers continue to grow across all Nuffield Farming social media channels, LinkedIn, Instagram, X, Facebook and YouTube. The aim is to grow reach and engagement in a move from purely informational posts to more personal people-focused storytelling with emphasis on community and engagement and, increased short-form video.

The 2024 Annual Report was produced containing promotional opportunities for sponsors of Presenting Scholars and Friends of Nuffield sponsors, as well as the Charity’s updates, Regional and Study Group reports and the Presenting Scholar’s Executive Summari es. The 112 page report was posted to members who paid their Annual Donation and the Charity’s sponsors and supporters.

Financial Review

The accounts for the year are set out on pages 24-44 and should be read in conjunction with this section of the Trustees’ Report. A summary of the financial results and the work of the Charity are set out below.

The operations of the Nuffield Farming Scholarships Trust, excluding investment income, have made an operating deficit this year on its charitable activities. The operating deficit was -£124,485 against a budget of -£124,789.

The gross incoming resources arising in the year amounted to £804,127 (2024: as restated[2] £547,592). Total charitable expenditure was £928,612 (2024: as restated £763,038).

2 Restated: auditors have restated the prior year figures in the current set of accounts, so if one were to compare the 2024 comparatives in the 2025 accounts, to the signed 2024 accounts, they will differ. By restating the 2024 comparative in the 2025 accounts, there is no requirement for an updated set of accounts for 2024 to be refiled.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Total funds of the Nuffield Farming Scholarships Trust as at 5 April 2025 amounted to £3,207,663 (2024: as restated £3,353,640) whilst free reserves (which include surplus funds held as unrestricted investments in order to generate income) stand at £1,388,018 (2024: as restated £1,451,221). The market value of the Nuffield Farming Scholarships Trust's investments at 5 April 2025 were £3,163,010 (2024: £3,386,424).

Trustees are satisfied with the Nuffield Farming Scholarships Trust ’s financial performance for FY 2024 -25. Recognising that while the Charity has reserves that enable it to continue to run a year-on-year deficit, this is not sustainable in the medium term.

2024, was a period of transition: Following past audit recommendations, the Charity employed four part time staff, including a new Chief Executive from 1 January 2024; Delivering within budget the scholarship programme to about 80 current scholars and managing the scholar backlog, which has had a significant financial and administrative impact; Reviewing and retendering existing contracts, including PR, and leadership development training; Building on the 2023 Conference to deliver the 2024 Nuffield Farming Conference in Belfast, at scale, attracting a new younger audience and making a financial return; Successfully launching the Next-Gen scholarship; and re-establishing the Fundraising Committee with a coherent plan to raise unrestricted funds.

Reserves Policy

The policy setting out the overarching financial objectives, reserves allocations and investment strategy for the Nuffield Farming Scholarships Trust provides the strategic constraints within which the Charity’s finances are managed. It is reviewed annually. In summary, the financial objectives of the Nuffield Farming Scholarships Trust are to: maximise the return on investments, both in capital growth and income, within the agreed level of risk; provide stable and consistent levels of investment income for the Charity to pursue its charitable objectives; and, always maintain a cash or near-cash reserve, the quantum to be recommended by the Nuffield Farming Scholarships Trust Finance Committee and approved by the Board of Trustees.

Given these objectives Trustees have established a Reserves Policy which divides the Charitable funds into each with an objective which can be monitored by the Finance Committee alongside performance data: a long term reserve; a liquidity reserve and funds held in the operating bank accounts:

The long term reserve will be invested to accrue capital growth and provide income. The net income is returned to the Charity's Operating Bank account for use by the Nuffield Farming Scholarships Trust to pursue its charitable objectives. Donations of capital in lump sums, such as legacies, will be invested in this fund. It will comprise unrestricted funds and restricted funds where the intention is to hold a lump sum for the long term with income used to provide scholarships.

The liquidity reserve is a cash or near cash reserve on deposit with one or more of the fund managers. The sum to be recommended by the Nuffield Farming Scholarships Trust Finance

Committee approved by the Board of Trustees. The Board has authorised the minimum sum of £300,000 be held on deposit with CCLA.

The operating bank account receives investment income and is managed and operated by the Chief Executive. This account and an operating deposit account is expected to operate between £nil and £200,000 in credit.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Investment Strategy and Investment Risk

The detailed management of investments is the responsibility of the appointed professional investment managers. However, Trustees set an Investment Strategy as the mandate under which these operate:

The Board of Trustees want to see capital growth which is in excess of inflation over the long term and reliable and consistent investment income. The fund managers have growth objectives of CPI + 5% (CCLA) and RPI + 4% (Newton) as their targets in their investment strategy over the medium term. The Board of Trustees have accepted these objectives as being aligned to their aspirations for the Long Term Reserve.

The investment risk of volatility in capital values and the risk to reliable investment income are managed by the investment managers and reported to the Finance Committee. These risks have been mitigated by the policy to hold £300,000 in cash on deposit to smooth the Charity past difficult investment conditions and allow the Charity to adjust to unfavourable market circumstances.

Investment managers have ethical investment policies which have been approved by the Finance Committee and will be discussed with the managers during their annual meeting and reported to the Board in case of concern.

Risk Management Statement

The Nuffield Farming Scholarships Trust follows the Charity Commission’s Charities and risk management (CC25) guidance. Trustees regularly review and assess the risks faced by the Trust in all areas of its work and provide assurance that operational risks are appropriately identified, mitigated and monitored by management. Risk is owned by the Board; the Vice-Chair has the lead for risk and management is delegated to the Chief Executive.

The Trustees have given consideration to the major risks to which the Charity is exposed and satisfied themselves that systems or procedures are established in order to identify, manage and mitigate those risks to an appropriate level.

Equity, Diversity and Inclusion (EDI)

Nuffield Farming Scholarships Trust is committed to being a diverse and inclusive charity.

AgDiversity, an online EDI course and Register, launched in October 2024, is gaining traction and marks out Nuffield Farming Scholarships Trust as a true change agent in the Agricultural sector.

Plans for Future Periods

The priority will be to reduce the deficit to zero over the next 2 to 3 years. This will be achieved through: efficiencies in delivering the Nuffield Farming scholarships and administering the Charity; re-valuing the scholarship to include the full economic cost. This will be introduced in 2026; the Next-Gen Nuffield Farming scholarship will be maintained at the 2025 level until the deficit has been reduced to zero before any further expansion; fundraising will focus on unrestricted grants for core costs.

Funds held as a Custodian Trustee

No funds are held as a custodian trustee.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

Responsible Fundraising

The Nuffield Farming Scholarships Trust is reliant on raising voluntary income to support the work of the Charity and utilise all voluntary income within the provisions of charitable scholarship grants and support services.

The Fundraising Strategy was developed by Trustees through the Fundraising Working Group, which sets out the fundraising approach and is delivered through the Fundraising Action Plan. The Charity is advised by a professional fundraiser from Woodford & Poplar Ltd who assists in bid writing and development.

The Nuffield Farming Scholarships Trust is registered with the Fundraising Regulator and has committed to meeting the standards of the Code of Fundraising Practice. No formal complaints were received during the year regarding fundraising practices. (FY 2023-24: Nil).

The Charity’s Friends of Nuffield Farming programme was refreshed. The Fundraising Committee increased the Friends of Nuffield Farming support from £2,500 to £5,000. In 2024, there were 10 Friends of Nuffield Farming.

Three Agricultural societies support the Charity on a three to five year agreement at £1000.

Statement of Trustees’ Responsibilities

The Trustees (who are directors of Nuffield Farming Scholarships Trust for the purposes of company law) are responsible for preparing the Trustee Directors’ Report (incorporating the Directors’ Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company, for that period. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Nuffield Farming Scholarships Trust Trustee Directors’ Report For the Year Ended 5 April 2025

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

The auditors, Albert Goodman LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

By order of the Trustees.

……………………………………………….

T Rawson Chair

Date : ……………………………… 29 October 2025

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Nuffield Farming Scholarships Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 5 April 2025

Opinion

We have audited the financial statements of Nuffield Farming Scholarships Trust (the 'charitable company') for the year ended 5 April 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethi cal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee ’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Nuffield Farming Scholarships Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 5 April 2025

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities [set out on page 18], the trustees (who are also the directors of the charitable company for the purposes of company law) are 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 necessary to enable the preparation of financial 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further 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 auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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Nuffield Farming Scholarships Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 5 April 2025

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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Nuffield Farming Scholarships Trust Independent Auditors' Report to the Trustees and Members For the Year Ended 5 April 2025

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s 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 and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………………………………………..

Michelle Ferris BSc (Hons) FCA DChA Goodwood House Senior Statutory Auditor Blackbrook Park Avenue for and on behalf of Taunton Albert Goodman LLP Somerset Chartered Accountants TA1 2PX Statutory Auditor

Date: 13 November 2025

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Page 23

Nuffield Farming Scholarships Trust Statement of Financial Activities (including Income and Expenditure Account) For the Year Ended 5 April 2025

Unrestricted
Notes
£
Income and endowments from:
Donations and legacies
2
6,600
Scholars donations
(including gift aid)
2
54,116
Charitable activities
3
280,239
Other trading activities
4
4,324
Investment income
5
36,632
Total income
381,911
Expenditure:
Raising funds
6
11,259
Charitable activities
7
602,571
Total expenditure
613,830
Net income / (expenditure)
before other recognised
gains and losses
(231,919)
Net gain / (loss) on
11
(10,064)
investments
Net income
before transfers
(241,983)
Transfers
178,780
Net movement
in funds for the year
(63,203)
Reconciliation of funds
Total funds brought forward
1,451,221
Total funds
carried forward
1,388,018		 Restricted
£
-
-
383,400
-
4,705		 Endowment
£
-
-
-
-
34,111		 2025 Total
2024 Total
£
£
(As restated)
6,600
2,621
54,116
53,935
663,639
411,195
4,324
2,532
75,448
77,309
804,127
547,592
11,259
4,649
917,353
758,389
928,612
763,038
(124,485)
(215,446)
(21,492)
251,402
(145,977)
35,956
-
-
(145,977)
35,956
3,353,640
3,317,684
3,207,663
3,353,640
388,105 34,111
-
284,704		 -
30,078
284,704 30,078
103,401
(1,385)		 4,033
(10,043)
102,016
(197,867)		 (6,010)
19,087
(95,851)
319,950		 13,077
1,582,469
224,099 1,595,546

The statement of financial activities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the year that are not shown above.

The statement of financial activities incorporates the income and expenditure account

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Nuffield Farming Scholarships Trust Statement of Financial Activities (including Income and Expenditure Account) For the Year Ended 5 April 2024

Unrestricted
Restricted
Notes
£
£
(As restated) (As restated)
Income and endowments from:
Donations and legacies
2
2,621
-
Scholars donations
(including gift aid)
2
53,935
-
Charitable activities
3
180,320
230,875
Other trading activities
4
2,532
-
Investment income
5
37,675
5,269
Total income
277,083
236,144
Expenditure:
Raising funds
6
4,649
-
Charitable activities
7
607,249
151,140
Total expenditure
611,898
151,140
Net income / (expenditure)
before other recognised
gains and losses
(334,815)
85,004
Net gain / (loss) on
11
-
136,942
investments
Net income
before transfers
(334,815)
221,946
Transfers
246,837
(218,629)
Net movement
in funds for the year
(87,978)
3,317
Reconciliation of funds
Total funds brought forward
1,539,199
316,633
Total funds
carried forward
1,451,221
319,950		 Unrestricted
Restricted
Notes
£
£
(As restated) (As restated)
Income and endowments from:
Donations and legacies
2
2,621
-
Scholars donations
(including gift aid)
2
53,935
-
Charitable activities
3
180,320
230,875
Other trading activities
4
2,532
-
Investment income
5
37,675
5,269
Total income
277,083
236,144
Expenditure:
Raising funds
6
4,649
-
Charitable activities
7
607,249
151,140
Total expenditure
611,898
151,140
Net income / (expenditure)
before other recognised
gains and losses
(334,815)
85,004
Net gain / (loss) on
11
-
136,942
investments
Net income
before transfers
(334,815)
221,946
Transfers
246,837
(218,629)
Net movement
in funds for the year
(87,978)
3,317
Reconciliation of funds
Total funds brought forward
1,539,199
316,633
Total funds
carried forward
1,451,221
319,950		 Endowment
2024 Total
£
£
(As restated) (As restated)
-
2,621
-
53,935
-
411,195
-
2,532
34,365
77,309
34,365
547,592
-
4,649
-
758,389
-
763,038
34,365
(215,446)
114,460
251,402
148,825
35,956
(28,208)
-
120,617
35,956
1,461,852
3,317,684
1,582,469
3,353,640
236,144
-
151,140
151,140
85,004
136,942
221,946
(218,629)
3,317
316,633
319,950

The statement of financial activities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the year that are not shown above.

The statement of financial activities incorporates the income and expenditure account.

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– Nuffield Farming Scholarships Trust Company Registration Number: 04787639 Balance Sheet As at 5 April 2025

Notes
Fixed assets
Tangible fixed assets
12
Investments
11		 £
£
£
£
(As restated) (As restated)
914
-
3,163,010
3,386,424
2025
2024		 £
£
£
£
(As restated) (As restated)
914
-
3,163,010
3,386,424
2025
2024		 £
£
£
£
(As restated) (As restated)
914
-
3,163,010
3,386,424
2025
2024
Current assets
Stock
Debtors
13
Cash at bank and in hand
Liabilities:
Creditors falling due within one year
14
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds:
General funds
15		 5,827
362,192
144,676
512,695
(468,956)		 3,163,924
43,739
3,207,663
1,388,018		 3,386,424
4,797
428,463
38,995
472,255
(505,039)
(32,784)
3,353,640
1,451,221
Restricted funds:
Restricted income funds
15
Endowment funds
15
Total charity funds		 224,099
1,595,546		 1,819,645
3,207,663		 319,950
1,582,469
1,902,419
3,353,640

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– Nuffield Farming Scholarships Trust Company Registration Number: 04787639 Balance Sheet (continued) As at 5 April 2025

The financial statements have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Approved by the Board of Trustees for issue on …………………………….. 29 October 2025 and signed on their behalf by:

………………………………………

T Rawson Chair

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Nuffield Farming Scholarships Trust Statement of Cash Flows For the Year Ended 5 April 2025

Notes
Cash flows from operating activities
Net movements in funds for the year
Adjustments to cash flows from non-cash items
Depreciation and amortisation
12
Dividends and interest from investments
5
(Gains)/losss on investments
11
Working capital adjustments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
13
Increase/(decrease) in creditors
14
Net cash flow from operations
Cash flows from investing activities
Dividends and interest from investments
5
Purchase of tangible and intangible assets
12
Acquisition of investments
11
Investment disposals
11
Net cash provided by/(used in) investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
Cash & Cash equivalents reconciliation:
Cash at bank
Cash held by investment manager
Total cash & cash equivalents at the end of the
reporting period		 2025
2024
£
£
(145,977)
35,956
304
-
(75,448)
(77,309)
21,492
(251,402)
(199,629)
(292,755)
(1,030)
985
66,271
14,073
(36,083)
83,652
(170,471)
(194,045)
75,448
77,309
(1,218)
-
(30,000)
-
231,922
100,000
276,152
177,309
105,681
(16,736)
38,995
55,731
144,676
38,995
144,676
38,995
-
144,676
38,995

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Page 28

Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

1 Accounting Policies

1.1

Basis of accounting

The Nuffield Farming Scholarships Trust is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. The maximum liability of each member is limited to £1. The address of the registered office is given on page 1 . The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-19.

The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2

Income

Income from donations is recognised on a cash basis, in the year in which the income is physically received, except when the donors specify that they must be used in future accounting periods or donors conditions have not been fulfilled, then the income is deferred.

Income from trading activities is included in the period in which the company is entitled to receipt.

Income from investments constitutes dividends and bank interest and is recognised in the year to which it relates.

Sponsorship receivable is recorded in the statement of financial activities as soon as the charity has entitlement to the income, there is probability of receipt and the amount is quantifiable. Monies are recognised at the time that the service is delivered to scholars. Any amounts received or due for sponsorship which have not been paid to the agreed recipient either by way of a bursary or anticipated costs at the end of the accounting period are carried forward in other creditors as deferred income.

1.3

Expenditure

Scholarships awarded are recognised in the year in which the award is agreed together with the associated selection, briefing and award advertising costs incurred in the year, to the extent that the conditions for payment have been satisfied.

Costs of other activities are recognised in the year in which they are incurred.

Governance costs are those incurred in connection with the management of the Trust's assets, organisational administration and compliance with constitutional and statutory requirements.

Overheads and directors' fees and expenses are allocated between expense headings on the basis of time spent.

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

1.4 Donated services

In accordance with the Charities SORP (FRS 102), the unpaid volunteer time is not recognised in the financial statements. Refer to the Trustee Directors’ Report for more information about their contribution.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Office equipment 25% reducing balance

1.6 Investments

Fixed asset investments comprise investment portfolios maintained by investment managers. These are recognised initially at fair value which is normally the transaction price (but excludes any transaction costs.) Subsequently, investments are held at market value, with all realised and unrealised gains passing through the SOFA.

1.7 Stock

Stock is valued at the lower of cost and net realisable value, after making allowances for obsolete and slow moving stock.

1.8 Debtors

Accrued income is recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.9 Cash at bank and in hand

Cash at bank and in hand comprise cash on hand and call deposits with a maturity of less than three months, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.10 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

1.11 Pensions

The charity operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the charity during the year in accordance with FRS 17.

1.12 Taxation

As a registered charity, the company is not liable to corporation tax to the extent that income and gains are applied to charitable activities.

1.13 Funds

The charity maintains various types of fund as follows:

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

1.14 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 18. Investment portfolios are basic financial instruments measured at fair value through the income and expenditure account. Prepayments are not financial instruments.

Cash at bank and deposit accounts – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 18. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

1.15 Key sources of estimation uncertainty

As noted in the income accounting policy, income from sponsorship for scholars is recognised to the extent that the programme has been delivered to scholars. The programme delivery takes the form of financial bursaries, which are set out and defined at the start of the programme (as long as the scholar completes the programme), and training costs which are the costs of supporting the scholar through the programme and include items such as attendance at and travel to the annual conference, printing, marketing, and general support costs.

An estimation is made of the average cost to support each scholar through the programme, and income is recognised in line with delivery of these costs. These do vary from scholar to scholar, but due to the uncertainties and difficulties in establishing the costs individually, the calculation is done on a population basis.

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

1.16 Prior period adjustment

A prior period adjustment has been made to correct the income and expenditure recognition for scholarships. Previously, the income and expenditure for the scholarship was recognised in full in the first year of the three year programme. This has been corrected to recognise income and expenditure on an annual basis once the scholar has completed the relevant year, or in the year the bursary is physically paid and support delivered.

A separate prior period adjustment has also been made to separate out the endowment funds from restricted income funds, and to update the restricted sponsorship fund which have been overstated in prior years due to allocation of income being charged to the fund, but not the corresponding expenditure.

The effect of the prior period adjustments are as follows:

Income from charitable activities
Sponsored scholarships (restricted)
Expenditure from charitable activities
Scholarships awarded to individuals (restricted)
Decrease in surplus for the year
Accruals and deferred income
Funds brought forward at 6 April 2023
Restricted income funds
Endowment funds
Unrestricted funds		 2024
£
345,050
(255,159)
(556,759)
1,911,573
-
1,305,180
3,216,753		 (As
Correction
restated)
2024
2024
£
£
(114,175)
230,875
104,019
(151,140)
(10,156)
90,775
(465,984)
(1,594,940)
316,633
1,461,852
1,461,852
234,019
1,539,199
100,931
3,317,684

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

2. Donations and legacies

==> picture [533 x 224] intentionally omitted <==

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2025 tricted tricted 2024
funds funds Total funds funds Total
£ £ £ £ £ £
Donations 6,600 - 6,600 2,621 - 2,621
- -
6,600 6,600 2,621 2,621
Gift aid 7,450 - 7,450 6,015 - 6,015
Scholars' donations 46,666 - 46,666 47,920 - 47,920
- -
54,116 54,116 53,935 53,935
- -
60,716 60,716 56,556 56,556
----- End of picture text -----

3. Charitable activities

Unres-
tricted
funds
£
Sponsorship
scholarships:
Other sponsorship
70,000
Sponsored scholarships
-
70,000
Income from other activities:
Bullock Award
1,100
Annual conference
155,748
Next Generation Sponsorship
-
Study Group Income
5,417
Diversity & Inclusion Course
47,974
210,239
280,239		 Unres-
tricted
funds
£
70,000
-		 Res-
tricted
funds
£
-
368,400		 2025
Total
£
70,000
368,400		 Unres-
tricted
funds
£
56,000
-		 Res-
tricted
2024
funds
Total
£
£
(As restated)(As restated)
-
56,000
230,875
230,875
70,000 368,400 438,400 56,000 230,875
286,875
-
-
15,000
-
-		 1,100
155,748
15,000
5,417
47,974		 1,000
123,320
-
-
-		 -
1,000
-
123,320
-
-
-
-
-
-
210,239 15,000 225,239 124,320 -
124,320
280,239 383,400 663,639 180,320 230,875
411,195

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

4. Trading activities

==> picture [542 x 155] intentionally omitted <==

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2025 tricted tricted 2024
funds funds Total funds funds Total
£ £ £ £ £ £
Valuation movement - - - (985) - (985)
Sale of merchandise 3,442 - 3,442 3,517 - 3,517
Other income 882 - 882 - - -
- -
4,324 4,324 2,532 2,532
----- End of picture text -----

5. Investment income

==> picture [540 x 127] intentionally omitted <==

----- Start of picture text -----
Unres- Res- Unres- Res-
tricted tricted 2025 tricted tricted 2024
funds funds Total funds funds Total
£ £ £ £ £ £
Dividends and interest 36,632 38,816 75,448 37,675 39,634 77,309
36,632 38,816 75,448 37,675 39,634 77,309
----- End of picture text -----

Restricted fund income above includes £34,111 in relation to endowment funds (2023 - £34,365 in relation to endowment funds).

6. Expenditure on raising funds

Subscriptions
Website design and
maintenance
Cost of merchandise		 Unres-
tricted
funds
£
6,037
-
5,222		 Res-
tricted
funds
£
-
-
-		 2025
Total
£
6,037
-
5,222		 Unres-
tricted
funds
£
1,574
357
2,718		 Res-
tricted
2024
funds
Total
£
£
-
1,574
-
357
-
2,718
11,259 - 11,259 4,649 -
4,649

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

7. Charitable activities

7.
Charitable activities
Scholarships awarded
to individuals
Selection and briefing
expenses
Scholars' reports
Advertising scholarships
Administration
Contemporary scholar
conference expenses
Nuffield International
scholar levies
GFP
Diversity and Inclusion course		 Unres-
tricted
funds
£
-
17,638
25,540
28,028
7,925
65,745
11,335
(21,604)
35,840		 Res-
tricted
funds
£
314,782
-
-
-
-
-
-
-		 2025
Total
£
314,782
17,638
25,540
28,028
7,925
65,745
11,335
(21,604)
35,840		 Unres-
tricted
funds
£
23,406
34,402
32,412
30,386
13,516
62,767
10,953
(5,000)
-		 Res-
tricted
2024
funds
Total
£
£
(As restated)(As restated)
151,140
174,546
-
34,402
-
32,412
-
30,386
-
13,516
-
62,767
-
10,953
-
(5,000)
-
-
170,447 314,782 485,229 202,842 151,140
353,982
Other charitable activities
Annual conference 136,266 - 136,266 133,442 -
133,442
136,266
Support & governance costs
Wages and salaries
217,988
The Director/Chief executive
fees
-
Alumni costs
500
Clerical assistance
8,170
Insurance
6,607
Sundry expenses
373
Website costs
6,732
Meeting costs
31,281
Accountancy fees
8,273
Other finance charges
1,945
Auditor fees
13,200
Legal and professional fees
789
295,858
602,571
136,266 - 136,266 133,442 -
133,442
-
-
-
-
-
-
-
-
-
-
-
-		 217,988
-
500
8,170
6,607
373
6,732
31,281
8,273
1,945
13,200
789		 46,534
81,302
34,694
48,971
7,012
3,149
712
26,414
6,720
1,026
7,850
6,581		 -
46,534
-
81,302
-
34,694
48,971
-
7,012
-
3,149
-
712
-
26,414
-
6,720
-
1,026
-
7,850
-
6,581
295,858 - 295,858 270,965 -
270,965
602,571 314,782 917,353 607,249 151,140
758,389

Restricted fund expenditure above includes £30,078 in relation to endowment funds (2023 - £nil in relation to endowment funds).

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

8. Trustee directors

None of the Trustee Directors (or any persons connected with them) received any remuneration during the current or prior year.

Ten Trustee Directors were reimbursed during the year for travelling expenses totalling £6,697 (2024: thirteen trustees totalling £5,249).

9. Employees

The average monthly head count was 4 staff (2024: 1 staff)

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
2024
£
£
191,498
45,387
22,096
9
4,394
1,138
217,988
46,534

The number of employees whose annual emoluments were £60,000 or more (excluding employer national insurance and employer pension costs) were:

£80,000 - £90,000 2025
2024
number
number
1
-

The key management personnel of the charity are considered to be the Chief Executive Officer. The total costs to the charity of employee benefits (including employer national insurance and employer pension costs) for the key management personnel were £83,709 (2024: £19,996).

Reimbursements have been made to key management personnel and related parties amounting to £3,453 (2024: £nil), for provision of office services.

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £4,394 (2024: £1,138).

Contributions totalling £874 (2024: £798) were payable to the scheme at the end of the year and are included in creditors.

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

10. Net incoming resources/operating surplus

Depreciation of
owned assets
Auditors’ remuneration for:
Audit services
Accountancy services		 2025
2024
£
£
304
-
13,200
7,850
8,273
6,720

11. Investments

11.
Investments		 11.
Investments
Unrestricted
funds
£
Listed shares
1,050,860
Cash held in investment
336,855
1,387,715
Unrestricted
funds
£
Market value
1,609,047
Additions
-
Disposals
(149,085)
Revaluation
(10,043)
Other adjustment
(62,204)
1,387,715
Unrestricted
funds
£
Historical cost
981,991
Additions
-
Disposals
(149,085)
832,906
At 6 April 2024
At 5 April 2025
At 6 April 2024
At 5 April 2025		 Restricted
funds
£
1,775,295
-		 TotalUnrestricted
2025
funds
£
£
2,826,155
1,283,820
336,855
325,227		 Restricted
Total
funds
2024
£
£
1,777,377
3,061,197
-
325,227
1,387,715 1,775,295 3,163,010 1,609,047 1,777,377
3,386,424
Restricted
Total
funds
2024
£
£
1,645,296
3,235,022
-
-
-
(100,000)
132,081
251,402
-
-
Restricted
funds
£
1,777,377
30,000
(82,837)
(11,449)
62,204
1,387,715 1,775,295 3,163,010 1,609,047 1,777,377
3,386,424
Restricted
Total
funds
2024
£
£
1,154,560
2,220,307
-
-
-
(83,756)
Restricted
funds
£
1,154,560
30,000
(82,837)
832,906 1,101,723 1,934,629 981,991 1,154,560
2,136,551

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

12. Tangible fixed assets

==> picture [508 x 440] intentionally omitted <==

----- Start of picture text -----
Office
Equipment Total
Cost £ £
- -
At 6 April 2024
Additions 1,218 1,218
At 5 April 2025 1,218 1,218
Depreciation
- -
At 6 April 2024
Charge for the year 304 304
At 5 April 2025 304 304
Net book value
At 5 April 2025 914 914
- -
At 5 April 2024
13. Debtors
2025 2024
£ £
Trade debtors 25,730 30,336
Prepayments and accrued income 336,462 398,127
362,192 428,463
----- End of picture text -----

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

14. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Taxation and social security
Reconcilation of deferred income :
Opening balance
Released during the year
Deferred during the year
Closing balance		 2025
2024
£
£
(As restated)
9,472
38,258
-
797
452,859
465,984
6,625
-
468,956
505,039
445,833
361,992
(445,833)
(361,992)
430,283
445,833
430,283
445,833

At the balance sheet date the charity was holding sponsor funds in advance for £430,283 (£445,833). This relates to funds received from various sponsors for scholarships relating to costs which will be incurred in future years. The income is not recognisable until such time as the service (costs) are delivered.

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Page 39

Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

15. Summary of movement in funds

Opening Gain/(loss) on
investments
Closing
balance Income Expenditure and transfers
balance
Unrestricted funds
General
Restricted funds
Restricted income funds
Food Chain Scholarship Trust
Phil Darke Memorial Fund
Richard Chantler Memorial
Fund
NFST Nuffield International
Fund
Sponsorships
Endowment funds
John Oldacre Foundation Trust
Malcolm Isaac Fund
Arden Fund
Total restricted funds
Total funds		 £
(As restated)
1,451,221
1,451,221
95,616
12,335
4,263
106,061
101,675
319,950
1,295,017
188,826
98,626
1,582,469
1,902,419
3,353,640		 £
381,911
381,911
2,061
266
92
2,286
383,400
388,105
27,915
4,070
2,126
34,111
422,216
804,127		 £
(613,830)
(613,830)
(28,700)
-
-
(13,146)
(242,858)
(284,704)
(17,000)
-
(13,078)
(30,078)
(314,782)
(928,612)		 £
£
168,716
1,388,018
168,716
1,388,018
(607)
68,370
(78)
12,523
(27)
4,328
(673)
94,528
(197,867)
44,350
(199,252)
224,099
(19,134)
1,286,798
28,802
221,698
(624)
87,050
9,044
1,595,546
(190,208)
1,819,645
(21,492)
3,207,663

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

– Summary of movement in funds prior year

Unrestricted funds
General
Restricted funds
Restricted income funds
Food Chain Scholarship Trust
Phil Darke Memorial Fund		 Opening
balance
Income
£
£
(As restated) (As restated)
1,539,199
277,083
1,539,199
277,083
100,489
2,337
11,186
265		 Opening
balance
Income
£
£
(As restated) (As restated)
1,539,199
277,083
1,539,199
277,083
100,489
2,337
11,186
265		 Expenditure
£
(As restated)
(611,898)
(611,898)
-
-		 Gain/(loss) on
investments
Closing
and transfers
balance
£
£
(As restated)
(As restated)
246,837
1,451,221
246,837
1,451,221
(7,210)
95,616
884
12,335
Richard Chantler Memorial
Fund 3,864 92 - 307
4,263
NFST Nuffield International
Fund
Sponsorships
Endowment funds
John Oldacre Foundation Trust
Malcolm Isaac Fund
Arden Fund
Total restricted funds
Total funds		 108,563
92,531
316,633
1,200,817
171,450
89,585
1,461,852
1,778,485
3,317,684		 2,575
230,875
236,144
28,267
4,011
2,087
34,365
270,509
547,592		 -
(151,140)
(151,140)
-
-
-
-
(151,140)
(763,038)		 (5,077)
106,061
(70,591)
101,675
(81,687)
319,950
65,933
1,295,017
13,365
188,826
6,954
98,626
86,252
1,582,469
4,565
1,902,419
251,402
3,353,640

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Page 41

Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

Use of funds:

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Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

16. Analysis of assets between funds

==> picture [535 x 420] intentionally omitted <==

----- Start of picture text -----
Cash at
Fixed bank and in
assets hand
(tangible Long term (including Other net
and invest- short term current Current 2025
intangible) ments investments) assets liabilities Total
£ £ £ £ £ £
Unrestricted funds 914 1,387,715 (317,774) 368,019 (50,856) 1,388,018
Restricted income funds - 179,749 462,450 - (418,100) 224,099
Endowment funds - 1,595,546 - - - 1,595,546
914 3,163,010 144,676 368,019 (468,956) 3,207,663
Cash at
Fixed bank and in
assets hand
(tangible Long term (including Other net
and invest- short term current Current 2024
intangible) ments investments) assets liabilities Total
£ £ £ £ £ £
(As restated) (As restated)(As restated) (As restated)(As restated)
Unrestricted funds - 1,585,680 (493,997) 433,260 (73,722) 1,451,221
Restricted income funds - 218,275 532,992 - (431,317) 319,950
Endowment funds - 1,582,469 - - - 1,582,469
-
3,386,424 38,995 433,260 (505,039) 3,353,640
----- End of picture text -----

17. Related parties

During the year, two trustees were paid bursaries totalling £8,000 (2024: none). Transactions are at arm’s length and under the same terms as other scholars in the scholarship programme.

During the year, thirteen trustees made donations totalling £1,950 (2024: ten trustees totalling £1,200).

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Page 43

Nuffield Farming Scholarships Trust Notes to the Financial Statements For the Year Ended 5 April 2025

18. Financial instruments

Categorisation of financial instruments
Financial liabilities measured at amortised cost
Item of income, expenditure, gain or losses
Income
2025
£
75,448
-
Financial liabilities measured at amortised cost
-
75,448
Income
2024
£
77,309
-
Financial liabilities measured at amortised cost
-
77,309
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at fair value through
income and expenditure account
Financial assets that are debt instruments
measured at amortised cost
Financial assets that are debt instruments
measured at amortised cost
Financial assets measured at fair value through income and
expenditure account
Financial assets that are debt instruments measured at
amortised cost		 Categorisation of financial instruments
Financial liabilities measured at amortised cost
Item of income, expenditure, gain or losses
Income
2025
£
75,448
-
Financial liabilities measured at amortised cost
-
75,448
Income
2024
£
77,309
-
Financial liabilities measured at amortised cost
-
77,309
Financial assets measured at fair value through
income and expenditure account
Financial assets measured at fair value through
income and expenditure account
Financial assets that are debt instruments
measured at amortised cost
Financial assets that are debt instruments
measured at amortised cost
Financial assets measured at fair value through income and
expenditure account
Financial assets that are debt instruments measured at
amortised cost		 2025
2024
£
£
3,163,010
3,386,424
490,856
499,154
3,653,866
3,885,578
32,048
59,206
Expense
Net gains Net losses

£
£
£
-
-
21,492

-
-
-

-
-
-
-
-
21,492
Expense
Net gains Net losses

£
£
£
-
251,402
-

-
-
-

-
-
-
-
251,402
-
75,448
Income
£
77,309
-
-
77,309

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Page 44