**Charity number: 1113109** 

## **THE RIVER FARM FOUNDATION** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 5 APRIL 2024** 



## **THE RIVER FARM FOUNDATION** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Trustees' responsibilities statement**|5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Statement of cash flows**|12|
|**Notes to the financial statements**|13 - 23|





## **THE RIVER FARM FOUNDATION** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024** 

**Trustees** Mr M Haworth Mr NJ Langstaff Mrs D Fisher 

**Charity registered number** 1113109 **Principal address** Unit 4 Hill Farm Kirby Road Kirby Bedon Norwich Norfolk NR14 7DU **Independent auditors** Larking Gowen LLP Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE 

Page 1 



## **THE RIVER FARM FOUNDATION** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024** 

The Trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The financial statements comply with the charity's trust deed, the Charities Act 2011 and the provisions of the Charities SORP (FRS 102). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The Foundation's principal charitable purpose is that of a general purpose charity, i.e. for such charitable purposes as the Trustees in their absolute discretion think fit. The longer term objective of the Trustees is to maintain the level of investments such that sufficient capital growth is achieved to enable the Foundation to continue its grant making activities for many years to come. In the shorter term the Trustees are currently focusing their grant making activities to provide financial support to other charities and charitable institutions primarily (but not exclusively) in the areas of education, community development and health and welfare. The Trustees confirm that they have complied with the duty to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. 

## **ACHIEVEMENT AND PERFORMANCE** 

Grants made to other charities during the year totalled £537,604 (2023: £242,550). Transfers are made when needed from the Endowment Fund to the Income Fund 2024: £277,543 (2023: £236,405) to cover the shortfall arising in the Income Fund as a result of making these grants in accordance with the Trustees' policy of releasing funds from the Endowment Fund as required, to meet the operating needs of the Foundation. 

The Trustees are pleased to receive updates from successful applicants to keep the Trustees updated on the effective use of those funds. 

The investment portfolio rose in value by around 29% in the year to end March 2024 after donations. Whilst much of the rise was the result of the successes in a US asset, the Trustees note that the underlying performance was driven by a number of underlying positions with a much broader geography - for example one of the main drivers of gain was French, and there are several Scandinavian positions where we are hopeful of continued gains. That said, the Trustees aim for long-term performance from positions that are well-understood, and therefore accept periods of performance that can be quite different to that of the major indices. This more patient strategy has so far done reasonably well for the Foundation, and we are in close and frequent contact with the main managers of our assets. 

We cannot successfully speculate on the immediate outlook, but note a still unfavourable interest rate and inflationary outlook, together with some frothy valuations in areas of the world, especially in some US assets, though we would also note this is much less of an issue in Europe and indeed point to deep pessimism in parts of Asia, especially China. 

The Trustees believe the Foundation has fulfilled its objectives so far. 

## **FINANCIAL REVIEW** 

## **Principal funding sources** 

The Trustees' attached accounts show the current state of the Foundation's finances to be sound. 

The Foundation was established by an initial gift from Sloane Robinson Investment Services Limited and has been well supported in subsequent years from several sources. 

Page 2 



## **THE RIVER FARM FOUNDATION** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** 

## **Investment policy and objectives** 

The investment policy has been to invest in a diversified portfolio of international assets, including funds. The investment returns for the period reflect the context of the current global economy as there have been mixed returns with an overall gain for the year. Given the multiyear investment approach, however, the Trustees are able to look through the volatility and continue to monitor possible ways of allocating the cash balance. 

The Trustees continue to keep the value of investments under regular review. For further details regarding the valuation of the investments, please see note 10 to the accounts. 

## **Reserves policy** 

In view of the fact that the Trustees are able to apply capital of the fund as well as income, the Trustees consider they have sufficient reserves to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. The Income Fund reserve at 5th April 2024 was £nil (2023: £nil) and the Endowment Fund was £76,111,096 (2023: £58,758,874). The Trustees keep the level of reserves under review. 

## **Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.  For further details please see note 2.2 to the accounts. 

## **FUTURE PLANS** 

The Trustees intend to continue making grants to other charities, using funds they are holding. In particular, they continue to develop and forge new links with previous recipients, academic institutions, museums and charities providing support to children, the homeless and other disadvantaged groups. Over a period of time and as these links evolve, the Trustees intend to increase the number and level of grants to enable those recipient organisations to provide better and ever more appropriate levels of support. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The River Farm Foundation is an unincorporated trust, constituted under a trust deed dated 3rd February 2006 and is a registered charity, number 1113109. 

## **Recruitment and appointment of new trustees** 

The power of appointing new or additional trustees is vested in Mark Haworth during his lifetime. The minimum number of trustees (under the terms of the Trust Deed) is three. The Trustees keep the skill requirements of trustees under review and any new trustee is provided with guidance on the requirements of trustees' roles from the Charities Commission website. 

## **Organisational structure** 

The Trustees aim to meet at least twice a year to discuss and consider the potential areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance. The general administration of grants and the processing and handling of applications prior to the consideration of the trustees is delegated to the administrator, FisherLegal LLP (who are also the solicitors to the Foundation) of Unit 4 Hill Farm, Kirby Road, Kirby Bedon, Norwich, Norfolk, NR14 7DU. The Trustees decide on the grants to be made after careful review of the applications received. 

## **Related parties** 

Mrs D Fisher a Trustee, is a Principal Member of FisherLegal LLP, a firm of solicitors which raises invoices to the Foundation for legal and administrative services rendered. Payment of these invoices is authorised by the other Trustees. No trustees' expenses have been reimbursed during the year. 

Page 3 



## **THE RIVER FARM FOUNDATION** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** 

## **Risk management** 

The Trustees have reviewed the areas where potential and major risks may arise to the Foundation in accordance with the statement of recommended practice and have established systems and procedures to manage those risks. The principal risk faced by the Foundation lies in the performance of investments and the variability of investment returns. This is mitigated by the Trustees keeping this under close review. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

................................................ 

**Mrs D Fisher** (Trustee) (Trustee) Date: Date: shh 

Page 4 



## **THE RIVER FARM FOUNDATION** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** 

## STATEMENT OF TRUSTEES' RESPONSIBILITIES 

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial  which give a true 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: 

- select 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 the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the Trustees and signed on its behalf by: 

**Mrs D Fisher** Mrs D Fisher Trustee Trustee Date: Date: 5M FEO 

Page 5 



## **THE RIVER FARM FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF  THE RIVER FARM FOUNDATION** 

## **Opinion** 

We have audited the financial statements of The River Farm Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical 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 Trustees' 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

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

Page 6 



## **THE RIVER FARM FOUNDATION** 

**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF  THE RIVER FARM FOUNDATION (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so. 

Page 7 



## **THE RIVER FARM FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF  THE RIVER FARM FOUNDATION (CONTINUED)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 Auditors' 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. 

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. 

Due to the field in which the charity operates, we identified the following areas most likely to have a direct material impact on the financial statements as compliance with UK accounting standards and UK charity law. 

The extent to which our procedures are capable of detecting irregularities, including fraud, and our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, is detailed below: 

- Enquiries about actual or potential litigations and claims against the charity; 

- Enquiries about any known or suspected instances of non-compliance with laws and regulations and fraud; 

- Review of board meeting minutes; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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 Auditors' report. 

Page 8 



## **THE RIVER FARM FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF  THE RIVER FARM FOUNDATION (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

**Larking Gowen LLP** Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Date:  5 February 2025 

Larking Gowen LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 9 



## **THE RIVER FARM FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024** 

|**Note**<br>**Income and endowments from:**<br>Investments<br>3<br>Other income<br>4<br>**Total income and endowments**<br>**Expenditure on:**<br>Charitable activities:<br>_._ Grant making<br>Other expenditure<br>5<br>**Total expenditure**<br>**Net (expenditure)/income**<br>Transfers between funds<br>14<br>**Net movement in funds before other**<br>**recognised gains/(losses)**<br>**Other recognised gains/(losses):**<br>Net gains/(losses) on investments<br>Net foreign exchange gains/(losses) on<br>investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**300,838**<br>**-**<br>**300,838**<br>**578,381**<br>**-**<br>**578,381**<br>**(277,543)**<br>**277,543**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**37,332**<br>**37,332**<br>**(37,332)**<br>**(277,543)**<br>**(314,875)**<br>**18,180,534**<br>**(513,437)**<br>**17,352,222**<br>**58,758,874**<br>**17,352,222**<br>**76,111,096**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**300,838**<br>**-**<br>**300,838**<br>**578,381**<br>**37,332**<br>**615,713**<br>**(314,875)**<br>**-**<br>**(314,875)**<br>**18,180,534**<br>**(513,437)**<br>**17,352,222**<br>**58,758,874**<br>**17,352,222**<br>**76,111,096**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_40,982_<br>_501,155_<br>_542,137_<br>_277,387_<br>_-_<br>_277,387_<br>_264,750_<br>_-_<br>_264,750_<br>_(3,522,446)_<br>_2,032,010_<br>_(1,225,686)_<br>_59,984,560_<br>_(1,225,686)_<br>_58,758,874_|
|---|---|---|---|---|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 13 to 23 form part of these financial statements. 

Page 10 



## **THE RIVER FARM FOUNDATION** 

## **BALANCE SHEET AS AT 5 APRIL 2024** 

||||**2024**|**2024**|_2023_|
|---|---|---|---|---|---|
||**Note**||**£**||_£_|
|**Fixed assets**||||||
|Investments|10||**63,800,134**||_46,103,939_|
||||**63,800,134**||_46,103,939_|
|**Current assets**||||||
|Debtors|11|**31,422**||_-_||
|Cash at bank and in hand||**12,305,462**||_12,724,335_||
|||**12,336,884**||_12,724,335_||
|Creditors: amounts falling due within one||||||
|year|12|**(25,922)**||_(69,400)_||
|**Net current assets**|||**12,310,962**||_12,654,935_|
|**Total assets less current liabilities**|||**76,111,096**||_58,758,874_|
|**Total net assets**|||**76,111,096**||_58,758,874_|
|**Charity funds**||||||
|Endowment funds|14||**76,111,096**||_58,758,874_|
|Unrestricted funds|14||**-**||_-_|
|**Total funds**|||**76,111,096**||_58,758,874_|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

................................................ **Mrs D Fisher** Mrs D Fisher (Trustee) Trust Date: Se ceo 2005 

The notes on pages 13 to 23 form part of these financial statements. 

Page 11 



## **THE RIVER FARM FOUNDATION** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Proceeds from sale of investments<br>Purchase of investments<br>Interest received<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>Change in cash and cash equivalents due to exchange rate movements<br>**Cash and cash equivalents at the end of the year**|**2024**<br>**£**<br>**(653,117)**<br>**-**<br>**(29,098)**<br>**300,674**<br>**271,576**<br>**(381,541)**<br>**12,724,335**<br>**(37,332)**<br>**12,305,462**|_2023_<br>_£_<br>_(224,621)_<br>_20,979_<br>_-_<br>_40,982_<br>**61,961**<br>**(162,660)**<br>_12,385,840_<br>_501,155_<br>_12,724,335_|
|---|---|---|



The notes on pages 13 to 23 form part of these financial statements 

Page 12 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **1. General information** 

The River Farm Foundation is a registered charity, incorporated in England and Wales, registration number 1113109. The registered office of the charity is Unit 4 Hill Farm, Kirby Road, Kirby Bedon, Norwich, NR14 7DU. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The River Farm Foundation 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. 

The financial statements are presented in sterling (£) and rounded to the nearest £. 

## **2.2 Going concern** 

The Trustees have reviewed the level of investments held at the year end alongside movements in value since the year end and considered the level of anticipated grants. Based on this, they have a reasonable expectation that the Foundation can meet its liabilities as they fall due and have therefore prepared the accounts on a going concern basis. 

## **2.3 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Investment income is included when receivable. 

## **2.4 Expenditure** 

Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.  Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

Page 13 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure (continued)** 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 Foreign currencies** 

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. 

Foreign investments and bank balances are translated into sterling at the exchange rates prevailing at the balance sheet date. 

Any increase or decrease in the valuation of investments at the year end is separated between the market value gain or loss and the foreign exchange gain or loss. 

Gains or losses on exchange arising from the bank accounts are recognised within endowment income or expense. 

## **2.6 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

## **2.7 Debtors** 

Other debtors are recognised at the settlement amount. 

## **2.8 Cash at bank and 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. 

## **2.9 Liabilities and provisions** 

Liabilities are recognised when there is an obligation 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 are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

## **2.10 Financial instruments** 

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

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## **THE RIVER FARM FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **2. Accounting policies (continued)** 

## **2.11 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Endowment funds represent donations received which form part of the capital fund of the Foundation. The fund is expendable endowment insofar as the Trustees have discretion to expend the fund in furtherance of the Foundation's objects. Transfers are made from the endowment fund to the income fund to cover any shortfall arising on a year by year basis as a result of amounts expended from the income fund in furtherance of the Foundation's object in excess of the net balance held in the income fund. Endowment funds include a revaluation reserve representing the restatement of investments assets at fair value. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

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## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **3. Investment income** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Income from UK listed investments<br>164<br>Bank interest receivable<br>300,674<br>300,838<br>_Total 2023_<br>_40,982_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**164**<br>**300,674**<br>**300,838**<br>_40,982_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_-_<br>_40,982_<br>_40,982_|
|---|---|---|
||||



## **4. Other incoming resources** 

|Foreign exchange gains<br>_Total 2023_|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>-<br>_501,155_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>_501,155_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_501,155_|
|---|---|---|---|
|||||



Page 16 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **5. Other expenditure** 

||**Endowment**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Foreign exchange losses|37,332|**37,332**|_-_|



## **6. Analysis of expenditure by activities** 

|Grant making<br>_Total 2023_|**Grant**<br>**funding of**<br>**activities**<br>**2024**<br>**£**<br>537,604<br>_242,550_|**Support**<br>**costs**<br>**2024**<br>**£**<br>40,777<br>_34,837_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**578,381**<br>_277,387_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_277,387_|
|---|---|---|---|---|
||||||



## **Analysis of support costs** 

|Accountancy fees<br>Auditors remuneration<br>Professional costs<br>**Total 2024**<br>_Total 2023_|**Grant**<br>**making**<br>**2024**<br>**£**<br>6,539<br>7,400<br>26,838<br>40,777<br>_34,837_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**6,539**<br>**7,400**<br>**26,838**<br>**40,777**<br>_34,837_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_6,229_<br>_7,044_<br>_21,564_<br>_34,837_|
|---|---|---|---|
|||||



Page 17 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **7. Grants payable** 

The total grants paid to institutions during the year was as follows: 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Community development**|||
|Busoga Trust|**400,000**|_-_|
|**Health and welfare**|||
|Centrepoint Soho|**31,500**|_31,500_|
|Helen and Douglas House|**20,600**|_20,600_|
|NSPCC|**20,600**|_20,600_|
|Royal British Legion|**7,300**|_7,300_|
|Shelter|**19,400**|_19,400_|
|The Trussell Trust|**-**|_100,000_|
|St Richard's Hospice|**-**|_25,000_|
|Worcester Acute Hospitals NHS Trust|**20,054**|_-_|
|**Environment and heritage**|||
|The Woodland Trust|**18,150**|_18,150_|
||**537,604**|_242,550_|



Page 18 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **8. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other disclosable benefits _(2023 - £NIL)_ . 

During the year ended 5 April 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ . 

## **9. Auditors' remuneration** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**7,400**|_7,044_|
|Fees payable to the Charity's auditor in respect of:|||
|Accountancy services|**3,150**|_3,000_|



## **10. Fixed asset investments** 

|At 6 April 2023<br>Additions<br>Revaluation<br>Foreign exchange (loss) / gain<br>Disposals<br>**Total 2024**|**UK Unlisted**<br>**2024**<br>**£**<br>2,085,866<br>29,098<br>586,539<br>-<br>-<br>2,701,503|**Non-UK**<br>**Unlisted**<br>**2024**<br>**£**<br>44,018,073<br>-<br>17,593,995<br>(513,437)<br>-<br>61,098,631|**Total**<br>**funds**<br>**2024**<br>**£**<br>**46,103,939**<br>**29,098**<br>**18,180,534**<br>**(513,437)**<br>**-**<br>**63,800,134**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_47,615,354_<br>_-_<br>_(3,522,446)_<br>_2,032,010_<br>_(20,979)_<br>_46,103,939_|
|---|---|---|---|---|



Investments of total value £57,936,227 were valued at 31 March 2024 (2023: £39,919,160), being the closest date to the year end for which financial information was available. 

## **11. Debtors** 

|**Due within one year**<br>Other debtors|**2024**<br>**£**<br>**31,422**<br>**31,422**|_2023_<br>_£_<br>_-_|
|---|---|---|
|||_-_|



Page 19 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **12. Creditors: Amounts falling due within one year** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Other creditors|**25,922**|_69,400_|



Included within other creditors are grants committed to be paid at 5 April 2024 totalling £Nil (2023: £50,000). 

## **13. Financial instruments** 

||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through the SoFA|**63,800,134**|_46,103,939_|



Financial assets measured at fair value through the SoFA comprises fixed asset investments. 

Page 20 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **14. Statement of funds** 

**Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>Unrestricted<br>income fund<br>**Endowment**<br>**funds**<br>Endowment<br>Funds - all funds<br>**Total of funds**|**Balance at 6**<br>**April 2023**<br>**£**<br>**-**<br>**58,758,874**<br>**58,758,874**|**Income**<br>**£**<br>**300,838**<br>**-**<br>**300,838**|**Expenditure**<br>**£**<br>**(578,381)**<br>**(37,332)**<br>**(615,713)**|**Transfers**<br>**in/out**<br>**£**<br>**277,543**<br>**(277,543)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**17,667,097**<br>**17,667,097**|**Balance at 5**<br>**April 2024**<br>**£**<br>**-**|
|---|---|---|---|---|---|---|
|||||||**76,111,096**|
|||||||**76,111,096**|



The Endowment Fund consists of funds provided by way of donation to the capital of the Trust. 

The Income Fund, which holds the income from the Endowment Fund is primarily used to meet expenditure incurred in the furtherance of the objects of the Trust but the Endowment Fund is also expendable on those objects at the discretion of the Trustees. 

The Trustees consider that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with the exercise of the Trustees' discretion. 

A transfer of £277,543 was made from the Endowment Fund to the Income Fund, to cover the shortfall arising in the income fund as a result of making grants in accordance with the Trustees' policy of releasing funds from the Endowment Fund, as required, to meet the operating needs to the Foundation. 

Page 21 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **14. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>General Funds -<br>all funds<br>**Endowment**<br>**funds**<br>Endowment<br>Funds - all funds<br>**Total of funds**|_Balance at_<br>_6 April 2022._<br>_£_<br>_-_<br>_59,984,560_<br>_59,984,560_|_Income_<br>_£_<br>_40,982_<br>_501,155_<br>_542,137_|_Expenditure_<br>_£_<br>_(277,387)_<br>_-_<br>_(277,387)_|_Transfers_<br>_in/out_<br>_£_<br>_236,405_<br>_(236,405)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_(1,490,436)_<br>_(1,490,436)_|_Balance at_<br>_5 April 2023_<br>_£_<br>_-_|
|---|---|---|---|---|---|---|
|||||||_58,758,874_|
|||||||_58,758,874_|



## **15. Analysis of net assets between funds** 

**Analysis of net assets between funds - current period** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Fixed asset investments<br>-<br>Current assets<br>25,922<br>Creditors due within one year<br>(25,922)<br>**Total**<br>-|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>63,800,134<br>12,310,962<br>-<br>76,111,096|**Total**<br>**funds**<br>**2024**<br>**£**<br>**63,800,134**<br>**12,336,884**<br>**(25,922)**<br>**76,111,096**|
|---|---|---|



Page 22 



## **THE RIVER FARM FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** 

## **15. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior period** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_-_<br>_69,400_<br>_(69,400)_<br>_-_|_Endowment_<br>_funds_<br>_2023_<br>_£_<br>_46,103,939_<br>_12,654,935_<br>_-_<br>_58,758,874_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_46,103,939_<br>_12,724,335_<br>_(69,400)_<br>_58,758,874_|
|---|---|---|---|



## **16. Related party transactions** 

Professional costs of £26,838 (2023: £21,564) were payable under a power contained in the Trust Deed, to FisherLegal LLP, a firm of solicitors, in which Mrs D Fisher, a Trustee, was a Principal Member. Other creditors include £13,338 (2023: £8,064) owed to FisherLegal LLP. 

Other than this, no trustee or other person related to the Charity had any disclosable personal interest in any contract or expenses incurred during the year. 

Page 23