Registered number.. 04430825 Charfty number: 1105186 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ? Bishop Fleming THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and administrative detalls of the Chatity. its Trustees and advisers Trustees. Report Independent Examinèrfs Report Statement of FiTrancial Activitles 12 Balance Sheet 13 Notos to the Financial Statem•nts 14-30 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARfrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Ms Alisowi Adlam. Chair of Trustees Ms Sue Adams Ms Anita Dowman Mr John Dracup Mr Stephen Fawcett {appointed 2 October 2023) Ms Alison Kohler (appointed 2 October 2023) Mr Robert Musgrave MBE Mr Andrew Walker Rev Geoffrey Fenton (resign8d 8 July 2023) Company registered number 04430825 Charity registered number 1105186 Registered office East Shallowford Fam Widecombe in Ihe Moor Newton Abbot Devon TQ13 7PW Company secretary Accountants Ms Julia McDade Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS Bankers Lloyds Bank PLC 41 Courtenay Newion Abbot Devon TQ12 2QW Solicitors Tozers LLP Broadwalk H¢)use Southemhay West Exeter EX1 1UA Page 1 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GuAR￿EE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the charity, The Shallowford Trust, for the periocl from 1 Aprll 2023 to 31 M FOR THE YEAR ENDED 31 MARH 2024 RISK MANAGEMENT The Board of Ttuslees has reviewed during the year an assessment of the risks to which the Charity is exposed. The highest priority risks idenlifiod fall broadty into tho following categories: Management competency Financial stability and controls Policy setting and implementation Change management Govemance Opgrational services The Board has introduced prO￿dureS and reporting regimes to Mar￿ge and reduce the identifie(J rlsks. PRINCIPAL ACTivrriES In the year under review and as in previous years, the charity has arranged group visits lo Shallowford Farm primarily for inner cty. children. young people and adults disadvantaged in their access and understanding of the natural world. OBJECTIVES AND ACTivmES . POLICIES AND OBJECTIVES sin￿ the Company was formed in 2002. its principal activ￿"e5 have cenired around the dellvery of farming and counlryside experiences. enhancing the educatiom (now renamed The Ark) was largely completed by June 2020 following considerable fundraising and volunteer support during construction. Phase 3 The Main Accommodation building work was started on 18th May 2020 following the completion of a tendering process Page 4 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARH 2024 in 2019. Starting date delays occurred due to CV19. but once activitics had been initidled, work forged ahead allowing the first 'test' group to use the accommodation in May 2021. A huge number of volunteer.4 enabled the Barn to be opened to the public in June 2021 prowding 21 beds in 5 ensuite bedrooms, a commercial kitchen. dining room, cobbled sitting room, disabled downslairs and upstairs toilets and faGilitie5. When ombined with the 15 beds in the Fann House, accommodation can be offered to a maximum of 32 people at any one time. The fourth and final major construction phase took place between 25th January and 2nd May 2022 with the development of the new Farm Yard. which induded the wnstruction Of the Comer Barn. a new roof and conversion of the Shippen from animal to hurnan spa￿. iwo outside tnilets, one of which has disability acce88. a store aiid a lean-to on the Animal Bam. Funding for final works were completed in 2023. with some work still to be completed in 2024. New plans to upgrade the Offi￿ space are now well under way as well. On 3rd May 2023 the Earl and Duchess of Wessex marked the opening of the new developments, by unveiling a plaque commemorating the recent work and the transformation of the curtilage from being a working [a￿n yard to an educational space. Approximately 200 people visited for Ihe day, with repre5entatlves from our local community. volunteers, famiers. schools. Dartmoor National Patk and a whole host of organisations with whom Shallowford partners and collaborates, to ￿lebrate this new phase of development. A detailed photo montage to illustrate the na￿ative of the building programme can be found on the website. Five Year Strategy The Lurrent Five Year Strategy was approved by the Trustees on 10th October 2020 with the objectives of: Increasing the overall number of visitors re￿iVed per year. Increasing the impact and value of work. Incieasing the number of people employed. Ensuring the long term sustsinability and viability of the fann and the Tnjst itself. On 215t June 2021 A Heritage Lottery Grant was pledged enabling the construciion of a poly-tunnel for the development of the Devil's Bit Scabious. the sole food of Ihe endangered Marsh Fritillary caterpillar, along with funding for the Corner Bam within the Farm Yard complex and the employment of a full time Conservation Offi￿r unlil 3151 March 2023_ This fundamental expansion of the Trusts work into aclive Conservation has enriched and broadened our (x)mmunty and local fami engagement, enhancing our overall programme impact and work vlith young people by fun(Jing our Conservation Officer enabling her to provide free visits. including transport Costs for some of the more disadvantaged groups. The essential elements necessary to achieve our overaN aims include". Maintaining a feeling of 'home', whilst remaining a w0￿1ng fami Engendering in every vi?iitor. a sense of responsibility for self, for each other, for nature and Ihe environment whilst being vaued and trusted as an individual within a team. Developing tailored programmes that are designed to challenge many people's nomial assumptions about themselves and their world p￿[speCtIVe. encouraging everyone to be the very best they can be and educate visitors emotionally. spiritually. physically, academicalty. with new and improved skills. ACTIVITIES FOR ACHIEVING OBJECTIVES Increasing Impact The overall number of visitor days. combining day and residential visitors has continued to increase year on year. thus increasing the difference made to people's lives. Page 5 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 MARH 2024 As schools struggle to meet targets and remain within limited budgets, no matter how valuable teachers perceive courses at Shdllowfuid to be. funding is simply not available for extra-curricular aGtivitics. It is clcar to US that there is a coThelation between access to supported transport and funding for residentials and our essential growth in numbers and impact. Support to Schools in Disadvantaged Areas Donor funding first received during 2023Q4. has enabled us to support one hundrp.d dis2dv2nt2ged young people to stay for up to four nights and five days on the fami. We have partnered with schools from Bristol and Plymouth. from particularly deprived areas, where the basic Indicator used was the Uptske of free school meals. These schools were contar.fpd 2nd offered a week's 'fr￿, visit. Rigorous pre- and post-impact data was gathered to assess the potential for improved mental health and well-being when submerged fvlly within the natural world. The aim of the counses intend lo increase: Connectioii tu iiature Care and con￿rn for the environment Mental health and wellbeiry Engagement wilh learning The aim is to continue to work with these five schools, asking for a contribution in the coming years that will enable the programme to be extended to additional schools. The donor supports a total of seven orqanisations which meet online monthly to faciliiate discussions to increase leaming and impact. In addition funding from UK Youth helped us to support the visit of youth groups in the first half of 2024. Day visitor numbers also increased with weekly ThAonday visits from a Local Pupil Referral Unft starting in September 2021. Numbers vary. but the average group size is around five. with one to three support staff accompanying the young people who vary in age from Ihirteen to sixteen. This is an area we would like to expand. In addition. we have partnered with Dartmoor National Park to provide camping Nights under the stars and with a variety of families who have approached us. Broadening Programme The conservation work has extended and broadened discussions around how food can be produced in a sustainable manner cornbining practical chicken rearing for meat, fam) to fork food preparation. improved nutrition and further emphasis on not wasting the world's limited resources through food and energy wastage. In June 2023, we undertook a large project in collaboralion with P￿VIdenCe House in south London, with Dartmoor National Park and other partners. to bring the farm to the city. For fivc days working with SGhools in Wandsworth and with over 2000 visitors we ran a pop-up fa￿￿ and environmental education project just yards from Clapham Junction station. The project brought together a large group of partners and funders. ACHIEVEMENTS AND PERFORMANCE GOING CONCERN After making appropriate enquiries, the Directors have a reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounts'ng Policies Page 6 THE SHALLOWFORD TRUST {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARH 2024 REVIEW OF ACTivrriES With the recruitment of staff. the breadth of e(luc￿lonal experien￿. environmental knowledge and key skills has enabled a huge increase in the depth and impact of educational programming. This has meant we are able to engage in more specffic technical aTeas, honing activities to direct curriculum requirements in a practical and therefore more impaclful manner. The valug of practically applying curriculum specified tOPlCS has been clearfy articulaled by teachers, who value the combination of curriculum. practically challenging yet homely environment that is rare in esiablishments wrth a more 'centre' based feel. Grant support through Farming in Protected Landscape5 has enabled improved neiworking and coordination with famiers managing rhos pasture within the Postbridge area and has broadened the experience for our visiting groups. The Key Themes whilst the young people are visiting the fami include." Fann Itfe - participating in daily fami lrfe duties and anin￿l husbandry A garden project to develop a vegetable and fruit plot Forest school education Fire lighting and den building Discovering the forest environment An opportunity to explore and undersland the moorfand environment Encourcigement to participate in the maintenance of the farm. tree planting & gorse clearance (as a leam) To leam new skills, cooking. pottery. weaving, spinning. willow work etc. A focus on the well-being of individuals through physical exercise and the chance to socially integrate with a far wider circle than their usual peers The outcomes in terms of real benefft for these young people: Understanding farming. the wild environment and food production Learning about and enjoying healthy ealing Appreciating the needs of and developing a resped for all living things Promoting a sense of wonder and curiosty about the natural environment CelebTating Su￿sS and building self-worth through work and the completion of fami tasks Social and emotional develrjpment through team tssks and challenges Using practical, hands-on leaming in the natural environmenl to meet the requirements of the national CU￿1cUluM in scler1￿, Geography, English, Malhs, PE, Design Technology. PSHE, Art, History etc. Drawtng on the farm experience to promote literacy and story telling Free and wild play provided in a safe environment Enjoying a place where children and adults from different bad(grounds can experien￿ a sense of community together. can see their place in. and r8sponsibilty within, the wider world. Experiencing a 'home' where children and adults Gan feel secure, share together and leam to sharp with the people they tneel. thereby being drawn into God's family & understand their responsibility in the world. Immersion and total involvement through a ,staY-awa￿, building values of independen￿, onsideration and responsibilty. Building and developing relationships within and across generations. Addressing the poverty of experien￿ arising not just from economic and social depiivation. but also from the effects of inGreasing llidlerialism and sedentary digital occupations. Page 7 THE SHALLOWFORD TRUST {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARH 2024 We aim to measure the following: Ynijng people's improved self-worth Improved interpersonal skills The level of tolerance of each other The readiness to try something new The ability to communicate, hold a conversation and take part in discussions The degree to which the young people have engaged wilh voc31iDnal Ijnd Bnvironmental educational opportunities FEEDBACK AND SUPPORT We have continued to re￿1ve very positive feedback from young people staying on our fann. with most schools rebooking for the following year, rf funding has been secured. Quotes from letters sent back from visiting schools include: 'Thank you for the unforgettable experience. I had a truly amazing 4 days. You made me teel nght al home.. 'Everything was great becauso we got to see what it was like to live on a fami. '1 had so much fun. thank you, and want to come back again please. INVESTMENT POLICY The investment powers are to invest in the name of the Charity such part of the fvnds as is felt appropriate and lo expend the proceeds of any s21e of inveslments or interest eamed in the furtheranre of thp nbjpp.tivp.s of the Charity. The Charity policy is to manage its investments in a manner that aims to protect its capital. For this reason and our organisational Objectsves. surplus funds are held in a Ihirty day not1￿ bank deposit account. At the end of March 2024, £Nil remained invested in a deposit account. This includes the Teserves total of £?58.757 And the balance will be used at the Trustees, discretion to fund further building projects and future fami developments. The source of this funding is Miss Braund's Legacy. Refflaining balanceb, iiibluding funds taised for Ihe new bam developments are held in cuffent and instant access bank accounts. FACTORS RELEVANT TO ACHIEVE OBJECTIVES EQUAL OPPORTUNITIES The Charity has an equal opportunities policy for both staff and visitors to the farm. The latter translates into offering accommodation and experiences to children irrespective of the family's financial means, colour. sexual orientation, ra￿ or creed. subject to the norn￿1 constraints of available resources. RESERVES POLICY Free reserves are defined as the total of unrestricted fundg oxduding amounts invested in f￿@￿ a£sp.ts. The Trustees have decided that the Charity should hold free reserves of £180,000. to cover three years net deficit before income and expenditure become broadly aligned. This is because they consider this sum would be adequate to continue providing a consistent level of sen11￿ to children and yourig people visiting the fami. should there be a significant shortfall in income. The charity continues to expand fund raising activities to support this long temi objective. PRINCIPAL FUNDING Funds for the final farm-yard alteralions weTe recewed from l)olh Ihe Clothworkers Foundation and Bernar(J Sunley. The Farming in Protected Landscapes programme supported a project to take the Fann to the City this year. Page 8 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 MARH 2024 Emest Cook Trust continued to support school.4 to send pupils to East Shallowford Farm who would not be able to go away on a residential visit wittK)ut this funding. We also received funding from the Big Give. L(￿1 fundraising continued through running a café at Widewmbe Fair which raised over £3,000 in profrts. FUTURE DEVELOPMENTS To maximise the experien￿ for visiting groups. Ihe Plans which included excellent leaming facilities clear recreational areas. catering and efficient wel weather facilities were almost fvlly coiripleted by in 2023. We £iie in the next phase which is to increase Ihe number of schools and groups that visit for a three or five day residential during term times and extend the provision during school holidays for many different and disadvantsged groups. The accommodab.on is designed therefore to be flexible. Further plans include incrpasing the number and variety of animals. rural crafts and skills, expanding and extending Conservakn'on work on site and where Kx)ssible with local farmets. Our plans going forward are to work more closely with local partners. includlng the Dartmoor Landscape Recovery Project, to grow our volunteer base through Friends of Shallowford, and to press on with growing the diverse nature of visiting group& The Trustep.s' Report, incorporating a strategic ieport was approved by order of the Board of Truslees, as the company directors. and signed on its behalf by: Ms Alison Adlam (Chair of Trustees) Date: Page 9 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED) STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees (who are also the directors of the Charity for the purpnses of company law) are ￿spOnSible for preparing the Trustees. report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (Unltecl Klngdorn Generally AGcepled Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the fft"nancial statements unless they are satisfied that Uiey 9ive a twe and fair view of the state of affairs of the ChArity and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to.. selecl suitable accounting policies and then apply them consistently, observe the methods and principles of the Charities SORP {FRS 102); make judgments and accounting estimates that are reasonable and prudent, state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in Ihe financial statemerrts; prepare the financial statements on tha going concem basis unless it is inappropriate to prp.sume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounti￿ records that are sufficient to show and explain the Charitys transactions and disclose with reasonable accuracy at any time the financial p051tion of the Charity and enable them to ensure that the financial stalements cornply ￿th Ihe Companies Act 2006. They are also responsible for safeguarding the asscts of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irtegularits'es. Page 10 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHALLOWFORD TRUST ('the Charity.) I report to the charity Trustees on my examination of the aGwunts of the Charity for the year ended 31 March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the Charity (and its directLYs for the purposes of company law) you are resF)onsible for the preparation of the accounts in accordan￿ wilh Ihe ￿qUirementS of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Charity are not requI￿d to be audited under Part 16 of the 2006 Act and are eligible for independent exaniination, I report in respect of my examination of the Charitys accounts carried out under section 145 of the Chariiies Act 2011 Cthe 2011 Act,). In carrying out my examination I have followed the DIre￿lonS given by the Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINERE STATEMENT Since Ihe Charivs gross income exoeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 ACL I confimi that l am qualified to undertake the examination because l am a member of (enter body here), which is one of the listed bodies. I have completed my examination. I confinn that no matters have Gome to my attention in connection with Ihe examination giving me cause to believe: accounting records were not kept in respect of the Charity as reqUI￿d by section 386 of the 2006 Act: or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of thp ?006 Act other than any requiremenL that the accounts give a Irue and fairf view whith is not a matter considered as part of an independent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Repc#ling Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and liiive come across no olher matlers in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper underslanding of the accounts to be reaclied. Signad: Alison Oliver FCA Dated: 28 January 2025 BISHOP FLEMING LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX13QS Page11 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Notc INCOME FROM= Donations and legacies Charitable activities Other trading activities Investments Other income 109.588 169,131 107.345 3,755 4,454 4,272 278.719 107,345 3.755 4,454 4,272 247,336 81,440 647 1.418 4.542 TOTAL INCOME 109,588 288,957 398.545 335,443 EXPENDITURE ON- Raising funds Charitable activities 414 159,479 414 267.067 1,414 299,653 107,588 TOTAL EXPENDITURE 107.588 159,893 267.481 301,067 NET INCOME Transfers between funds 2.000 (44.700) 129.064 44.700 131.064 34,376 17 NET MOVEMENT IN FUNDS {42.700} 173.764 131.064 34,376 RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds 94,700 (42.700) 2,538,236 173,764 2,632,936 131,064 2,598,560 34,376 TOTAL FUNDS CARRIED FORWARD 17 52.000 2.712,000 2,764.000 2,632,936 The Stalement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 30 fomi part of Ihese financial statements. Page 12 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:04430825 BALANCE SHEET AS AT 31 MARCH 2024 2024 Note 2023 FIXED ASSETS Intangible assets Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 2.238,640 2,219,679 14 15 8.149 51.985 498,665 8,149 34.319 390,590 558,799 Creditors: amounts falling due within one year 433,058 16 {33.439) (19.801) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 525,360 413,257 2,764,000 2,632,936 TOTAL NET ASSErs 2.764000 2,632,936 CHARITY FUNDS Restricted funds Unrestricted funds 17 17 52.000 2,712.000 94,700 2,538,236 TOTAL FUNDS 2,7HOOO 2,632,936 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for c(Knplying wilh the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in acCffljan￿ with the provisions applicable to entities subject to the small companies regime. The financial ststements were approved and authorised for issue by the Trustees and signed on thcir behalf by: Ms Alison Adlam (Chair of Trustees> Date: The notes on pages 14 to 30 form part of these financial statements. Page 13 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The Chaiity is a company limited by guarantee. The members of the Charity are the Trustees name¢J on pagc 1. In the event of the Charity being wound up. the liability in respect of the guarantee is limiled to £10 per member of the Charity. The Charty was incorporated in the United Kingd￿. Details regaftling the Charitys information Can be seen on the Charity infomiation page. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slatements have been p￿Pared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prepanng their accounts in accordan￿ with the FinanGiial Repurlin9 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Shallowford Trust 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. 2.2 GOING CONCERN The financial statements have been p￿pared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expecled level of income and expenditure for the forseable future and consider these sufficient for the Charity to continue as a going COn￿M. 2.3 INCOME All income is recognised On￿ the Chaiity has entitlement to the income, it is probable that the income will be re￿iVed and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate V￿th sufficient accuracy the amount receivable. Evidence of enlitlemeFiI tu d leyduy exisls when Ihe Chatity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the propety in question viill not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the arnount receivable. which will generally be the expected cash amount to be distributed to the Charity. can be reliably measured. Grants are induded in the Statement of financial acttvilies on a receivable basis. The balan￿ of income received for specific purposes but not expended during tliB periud ib sliown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as defeThed income. Where entitlement occurs before income is r￿1ved, the income is accrued. Where donated goi)d is a fixed asset, it is measured at fair value, unless it is impraclical to mcasuro this reliably, in which case the cost of tha itam to the donor should be used. The gain is recognised as incorne from donations and a corresponding amount is included in the appropriate fixed asset class and dep￿lated over the uselul economic life In accordan￿ witti ttie Charitys accounting policies. On receipt. donated professional services and facilities are recognised on the basis of the value of Page 14 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {continued) 2_3 INCOME (CONTINUED) trte gift to the Chaiity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open markec" a corresponding amount is then recognised in expenditure in the period of r￿lpL Income tax recoverable in relation to donations re￿iVed under Gift AK1 or deeds of covenant is recognised at the time of the donation. Income tax recoverable in ￿la110n to investment income is recognised at the time the Investment income is receivable. Other income is recc*Jnised in the period in which it is receivable arKJ to the extcnt the g¢)ods have been providea or on completion of the se￿1￿. 2.4 EXPENDITURE Expenditure is recognised On￿ there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is dassified by aclivity. The costs of each activity are made up of the totsl of direct costs and shared costs. including SUPPOrt Gostb Involved in undertaking each activity. Direct costs athibutable to a single activity are allocated directly to that actrvity. Shared costs whrch contribute to more than one acts.vity and support costs which are not attributable to a single activity are apportioned between Ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assefs use. Expenditurc on raising funds iriGludes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activiiies events and norFcharitable trading. Expenditure on charitsble activities is ir￿Urred on directly undertaking the activities which further the Charitys objectives, as well as any associated support costs. All expenditure is inclusive of irre￿Verab]e VAT. 2.5 GOVERNMENT GRANTS Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred. 2.6 INTEREST RECEIVABLE Interest on funds held on deposit is included when r￿1Vable and the amount can be measured liably by the Chajitr. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 TANGIBLE FIXED ASSEfs AND DEPRECIATION Tangible fixed assets are initially recognised at Cost. After recognition, un(Jei the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment Ios8es. Atl costs inGurred to brlng a tsngible h.xed asset into ts intended working condition should be included in the measurement of cost. Page 15 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARAKfEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 ACCOUNTING POLICIES (continued) 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED) Depreciation is Charged so as to allo￿te Ihe cost of tangible fixed assets less their residual value over their estimated useful lives. . Deprecialion is provided on the following basis: Freehold property Plant and machinery Fixtures and fittings Computer equipment Not depreciated 25 % Reducing balance 250/0 Reducing balance 250A Reducing b212nce Depreciation is not provided on freehold property as any provision (annual or cumulative) would not be material due to the very long expected remaining useful economic lrfe in each case, and because their expected residual value is not materially less than their carrying value. 2.8 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 DEBTORS Trade and other debtors are recognised at the settlement amount afier any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 CASH AT BANKAND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligatit)n at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities a￿ recognised at the amount that the Charity anticipates it will pay to se￿e the debt or the amount it has received as advanced payments for the goods or SerVi￿S it must provide. Provisions are measured at the best eslimate of the amounts ￿qUired to settle the obligation. Where the effect of the time value of money is material, Ihe provision is based on the present value of those amc)unts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwtnding of the discount is recognised in the Statemenl of financial activities as a finan￿ cost. 2.12 FINANCIAL INSTRUMEKrs The Charity only has financial assets and firpncial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trdnsaction value and subsequently measured at their settlement value wilh the exception of bank loans which are subsequently measured at amortised cost using the effective Inte￿St method. Page 16 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 2.13 OPERATING LEASES Rentals paid under operating leases are charged to the Statement of financial activities on a straight- line basis over the lease term. 2.14 PENSIONS The Charity operates a defined contribution pension scheme and the pension d)arge reprosents the amounts payable by the Charity to the fund in respect of the year. 2.15 FUND ACCOUNTANG General funds are unrestricted funds which are available for use at tha discretion of the Trubtees in furtheran￿ ot the general objectives of the Charity and which have not been designated for other purposes. Designated funds Gomprise unrestn"cte(I funds that have been set aside by the Trustees for particular PUTposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds a￿ funds which are to be used in accnrdance wth spacific rcstrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds ara chargcd against the speGifiG funu. The aim and use of each restricted fund is set out in the notes to the financial statemen Investment income, gains and losses are allocated to the appropriate fund. INCOME FROM DONATIONS AND LEGACIES Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations Grants 103,125 66.006 103.125 175,594 109.588 109.588 169.131 278,719 Restricted Unreslrictèd funds funds 2023 2023 Total funds 2023 Donations Grants 18,614 5.751 18,614 228,722 222.971 222,971 24,365 247.336 Page 17 THE SHALLOWFORD TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Total funds 2024 Publishing (iroup visits Fami 71 94.238 13.036 71 94,238 13.036 107,345 107,345 Unrestricted funds 2023 Total funds 2023 Publishing Group visits Fami 70,008 11,42G 70,008 11,426 81.440 81,440 INCOME FROM OTHER TRADING ACTIVITIES Income from fundraising events Unrestricted funds Total funds 2024 2024 Fundraising income 3,755 3.755 Unrestricted funds 2023 Total funds 2023 Fundraising income 647 647 Page 18 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Bank interest received 4,454 4.454 Unrestricted funds 2023 Total fijnds 202J Bank interest received 1.478 1,478 EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME Unrestricted funds 2024 Total funds 2024 Fundraising costs 414 414 Page 19 THE SHALLOVVFORD TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2024 EXPENDITURE ON RAISING FUNDS (continued) COSTS OF RAISING VOLUNTARY INCOME (continued) Unrestncted funds 2023 Total funds 2023 Fundraising costs 1,414 1,414 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Group visits Farm 48,553 21,298 197.216 245,769 21,298 69.851 197.216 267.067 ALlivilies undertaken directly 2023 Support costs 2023 Total funds 2023 Group visits Fami 99.232 30.118 170.303 269,535 30,118 129.350 170,303 299.653 Page 20 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTMTIES (continued) Analysis of direct costs Group visits 2024 Total funds 2024 Fami 2024 Direct costs 48,553 21.298 69,851 Group visits 2023 Total funds 2023 Farm 2023 Staff costs Direct costs 27.020 72,212 27,020 102,330 30,118 99.232 30,118 129.350 AnalysFS of support costs Total funds 2024 Total funds 2023 staff costs Depreciation Repairs & maintenan Motor expenses Legal & professional Accountancy fees Cleaning Sundry expenses Printing, postage & stationary Telephone & intemet Rates Insurance Light & heat AdvertFsing & marketing Travel & subsisten Amortisation 128.604 916 6,772 3.551 5,721 4.112 1,838 2,022 669 105,516 1,221 16.133 2,417 1,373 3.726 5.076 1,875 134 2.157 (4.045) 13,779 18.599 645 1.750 244 19.968 14,809 1.023 270 4,947 637 1,060 197.216 170.303 Page 21 THE SHALLOWFORD TRUST (A COMPANY LIPIJITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY AcnvmES (continued) Analysis of support costs (continued) INDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Fees payable to the Charitrfs irKlependent examiner for ihe independent examination of the Charitys annual accounts 3,990 3.726 10. STAFF COSTS 2024 2023 Wages and salar5es Social security costs Contribution to defined contribution pension schemes 121.438 4.443 2.723 122,464 6,600 3,472 128,604 132,536 The average number of persons employed by the Charity during the year was as follows- 2024 2023 No employee re￿iVed remuneration amounting to more than £60,000 in either year. 11. TRUSTEES. REMUNERATION AND EXPENSES During the year. no Trustees re￿iVed any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 22 THE SHALLOWFORD TRUST (A GOMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. INTANGIBLE ASSETS Website COST At 1 April 2023 3.030 Al 31 March 2024 3,030 AMORTISATION At 1 April 2023 3,030 At 31 Marth 2024 3,030 NET BOOK VALUE At 31 March 2024 At 31 March 2023 Page 23 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS Computer & office gquipment Freehold property Plant and Fixtures and rnachinory fittings Total COST At 1 April 2023 Additions 2,21 6.022 19,877 7.625 2,517 1.643 2,227.807 19.877 At 31 March 202d 2.235.899 7.625 2.517 1.643 2.247,684 DEPRECIATION At 1 April 2023 Charge forthe year 5.648 494 1.920 149 560 273 8,128 9q6 At 31 March 2024 6,142 2.069 833 9,044 NET BOOK VALUE At 31 March 2024 2.235.899 1.483 448 810 2,238,640 At 31 March 2023 2,216,022 1,977 597 1,083 2.219,679 14. STOCKS 2024 2023 Finished goods and goods for resale 8,149 8,149 15. DEBTORS 2024 2023 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepaymenls and accrued income 22.392 2.835 6,520 24.964 29,593 51,985 34,319 Page 24 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. CREDrroRS: AMOUNTS FALLING DUE MTHIN ONE YEAR 2024 2023 Trade creditors Other taxalion and social security Other bieuitors Acctual8 and deferred income 13,386 6.887 6.779 6.387 12,754 809 13 6,225 33,439 19,801 Page 25 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 MarGh 2024 Balance at 1 April 2023 Transfer5 inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Property improvements 214.057 44,700 258,757 GENERAL FUNDS Investment in fixed assets General Funds 1219.679 104,500 (916) (158.977) 19,877 (19.877) 2,238.640 214.603 288.957 2.324179 288,957 (159.893) 2,453.243 TOTAL UNRESTRICTED FUNDS 2.538,236 288.957 (159.893) 44,700 2,712,000 RESTRICTED FUNDS Fami to the City Project Ernest Cook (ireen Recovery Challenge Fund 44,700 50,000 38,558 52.000 (38.558) (50,000) (44,700) 52,000 19.030 (19.030) 94.700 109,588 (107.588) (44.700) 52.000 TOTAL OF FUNDS 2.632.936 398.545 {267.481) 2,764,000 Page 26 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUAIWITEE) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH2024 17. Statement of funds (continued) Unrestricted Funds In order to more clearfy show the free reserves held by the Charity, the Trustees have separately shown the amount of unrestricred fund8 invested in fixed assets, leaving general funds as represenkn'ng free reserves. Designated Funds The property improvement ftjnd ￿presents sums of money designated by the trustees for substanti81 works and iTnprovements to tlie tsrm site. During Ihe year £Nil (2023: £31,338) was spent on property improvements Restrictsd Fund8 Building project donations - This income ￿Presents donations from organisalional and individuals toward the building project at the farm. RDPE Grant- This income represents donations from organisations and individuals toward the building piojeG* at the Farm. Emest Cook - This income is to fund visits from schod groups. During the year £50,000 of the funding has been drawn dovm and spent. Green Recovery Challenge Fund- This income is to support the ￿COVery of the March Fritillary butterfiy in conjuction with 11 other fam￿ in the area. The March Fritsiiary butterfly is on the ￿d level of endange￿d species. Farm to the City Project- This income is to fund the Charivs involvement in an event held in June 2023. Page 27 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balan￿ at 1 April 2022 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Property improvements 245.395 (31,338) 214,057 GENERAL FUNDS Investment in fixed assets General Funds 2,084.910 76.829 (1.221) (123.605) 135.990 2,219,679 104.500 151,276 2.161.739 151.276 (124.826) 135.990 2.324,179 TOTAL UNRESTRICTED FUNDS 2,407.134 151,276 (124.826) 104,652 2,538,236 RESTRICTED FUNDS Building Project Donations Farm to the City Projecl Emest Cook Green Recovery Challenge Fund Other restricted income 85.000 45,000 50,000 (85,000) {300) (50.000) 44,700 50,000 50,000 141.426 (123.941) (2,000) (17,485) {2,167) 4.167 191.426 184.167 (176,241) (104,652) 94,700 TOTAL OF FUND8 2,598.560 335.443 (301.067) 2,632.936 Page 28 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 MARCH 2024 18. ANALYSIS OF NET ASSEfs BETWEEN FIJNDS ANALYSIS OF NET ASSEfs BETWEEN FUNDS_ CURRENT YEAR Restricted Unrestricled funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 52.000 2,186,640 558.799 (33,439) 2,238,640 558,799 {33,439) TOTAL 52.000 2.712.000 2.764.000 ANALYSIS OF NEf ASSETS BEtWEEN FUNDS - PRIOR YEAR Restiicted Unrestrrcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 2,219.679 338,358 (19.801) 2.219.679 433,058 (19,801) 94,700 TOTAL 2,538,236 2,632,936 19. PENSION COMMITMENTS The Charity operates a defined contributions pension scheme. The assets of the scheme are held separatoly from those of the Charity in illl independenlly aominislered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £2.723 (2023.. £3,472). Contri"birtions of £Nil (2023: £Nil) were payable to the fund at the balance sheet date. Page 29 THE SHALLOWFORD TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. RELATED PARTY TRANSACTIONS During the year, income of £19,833 (2023: £8,750) was received from Providence House Youth Club. a charity for which R Musgrave, a Trustee of The ShallowFord Trust. is a Trustee. The income related to residential visits to East Shallowford Farm. During the year, the TTUStees made donations to the Charity, free from conditions. totalling £13,628 (2023: £2,460). During the year. the Charity made purchases from J R Dracup. a Trustee. and his dose family and business, totalllng £26,399 (2023: £24.939) rvr farm and building manag¢ment. At the year end a b818nce of £5,359 (2023: £3,331) was owed by the Charity. During the year. the Charity made purchases from other Trustees, or their close family totalling £2,315 (2023: £579). Page 30