2025-04-05-accounts

Charity number: 1113109

THE RIVER FARM FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

THE RIVER FARM FOUNDATION

CONTENTS

	Page
Reference and administrative details ofthe Foundation, its Trustees and advisers	1
Trustees’ report	2-5
Independent auditors’ report on the financial statements	6-9
Statement of financial activities	10
Balance sheet	1a
Statement of cash flows	12
Notestothefinancialstatements	13-23

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THE RIVER FARM FOUNDATION

Es REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED5 APRIL 2025

Trustees Mr M D Haworth Mr N J Langstaff Mrs D Fisher Charity registered number 1113109 Principal office Unit 4 Hill Farm Kirby Road Kirby Bedon Norwich Norfolk NR14 7DU

Independent auditors BW Audit Ltd Chartered Accountants Berry & Warren 54 Thorpe Road Norwich : NR1 1RY

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THE RIVER FARM FOUNDATION

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i TRUSTEES’ REPORT FOR THE YEAR ENDED5 APRIL 2025

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The Trustees present their annual report together with the audited financial statements of the Foundation for the year 6 April 2024 to 5 April 2025. 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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.

Achievements and performance

Main achievements of the Foundation

Grants made to other charities during the year totalled £2,269,305 (2024 - £537,604). Transfers are made when needed from the Endowment Fund to the Income Fund and this year totalled £2,104,372 (2024 - £277,543) 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 performed well in the period in question with particular success in US stocks. The Trustees continue to aim for long-term performance from positions that are well-understood and investing where we see much opportunity, though caution that this need not bear out over any given calendar year. 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.

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

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el TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025 ee ee eee ee ee ee eS ee

Financial review

a. 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.

b. Investments 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.

c. 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 2025 was ENil (2024 - £Nil) and the Endowment Fund was £85,193,562 (2024 - £76,111,096). The Trustees keep the level of reserves under review.

d. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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.

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THE RIVER FARM FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

a. Constitution

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

b. 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.

c. 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.

d. 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.

e. 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.

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TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED5 APRIL 2025
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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 year which give a true and fair view of the state of affairs of the Foundation 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:

• e select suitable accounting policies and then apply them consistently; e 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 Foundation will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• ° so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• ° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

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

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Mrs D Fisher
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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 2025 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 2025 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.

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

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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 concer, 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.

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ooo THE RIVER FARM FOUNDATION aEEE! INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE RIVER FARM FOUNDATION (CONTINUED) ee ee ee ee ee eee ee

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.

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with the Trustees.

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

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

• e €nquiries about any actual and potential litigations and claims against the charity; e Enquiries about any known or suspected instances of non-compliance with laws and regulations and fraud; e Reviewing board minutes; * Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• e 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.

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5 February 2026

THE RIVER FARM FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2025

		Unrestricted	Endowment	Total	Total
		funds	funds	funds	funds
		2025	2025	2025	2024
	Note	£	£	£	£
Income and endowments from:
Investments	3	205,769	-	205,769	300,838
Total income and endowments		205,769	-	205,769	300,838
Expenditure on:
Charitable activities		2,310,141	-	2,310,141	578,381
Other expenditure	4	-	35,921	35,921	37,3832
Total expenditure		2,310,141	35,921	2,346,062	615,713
Net expenditure		(2,104,372)	(35,921)	(2,140,293)	(314,875)
Transfers between funds	13	2,104,372	(2,104,372)	-	-
Netmovement in funds before other recognised gains/(losses)		$$ -	(2,140,293)	———————_- OS (2,140,293)	(314,875)
Other recognised gains/(losses):
Net gains/(losses) on investments		-	12,928,936	12,928,936	18,180,534
Net foreign exchange gains/(losses) on investments		-	(1,706,177)	(1,706,177)	(513,437)
Net movement in funds		-	9,082,466	9,082,466	17,352,222
Reconciliation of funds:
Total funds broughtforward		-	76,111,096	76,111,096	58,758,874
Netmovement in funds		-	9,082,466	9,082,466	17,352,222
Totalfundscarriedforward		-	85,193,562	85,193,562	76,111,096

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.

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BALANCE SHEET AS AT 5 APRIL 2025

			2025		2024
	Note		£		£
Fixed assets
Investments	9		80,507,067		63,800,134
			80,507,067		63,800,134
Current assets
Debtors	10	8,669		31,422
Cash at bank and in hand		4,699,230		12,305,462
		4,707,899		12,336,884
Current liabilities
Creditors: amounts falling due within one
year	11	(21,404)		(25,922)
Net current assets			4,686,495		12,310,962
Total assets less current liabilities			85,193,562		76,111,096
Total net assets			85,193,562		76,111,096
Charity funds
Endowment funds	13		85,193,562		76,111,096
Unrestricted funds	13		-		-
Totalfunds			85,193,562		76,111,096

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

Mrs D Fisher Date: S— fin FEL wrt Doras

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

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THE RIVER FARM FOUNDATION

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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED5 APRIL 2025

		2025	2024
	Note	£	£
Cash flows from operating activities
Netcash used in operating activities	15	(2,291,906)	(653,117)
Cash flows from investing activities
Dividends, interests and rents from investments	3	205,769	300,674
Purchase of investments	9	(5,484,174)	(29,098)
Netcash (used in)/provided by investing activities		(5,278,405)	271,576
Change in cash and cash equivalents in the year		(7,570,311)	(381,541)
Cash and cash equivalents at the beginning ofthe year		12,305,462	12,724,335
Change in cash and cash equivalents due to exchange rate movements		(35,921)	(37,332)
Cash and cash equivalents at the end ofthe year	16	4,699,230	12,305,462
Thenotesonpages13to23formpartofthesefinancialstatements

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THE RIVER FARM FOUNDATION
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED5 APRIL 2025
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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.

1. 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 financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

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2.2 Going concern
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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 Foundation 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.

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2.4 Expenditure
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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. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

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

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LY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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2: Accounting policies (continued)
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2.4 Expenditure (continued)

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.

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. Exchange gains and losses arising from the bank accounts are recognised within endowment income or expense in the Statement of financial activities.

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2.6 Investments
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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.

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2.8 Cash at bank and in hand
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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.

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2.9 Liabilities and provisions
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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 Foundation 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.

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THE RIVER FARM FOUNDATION

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a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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2: Accounting policies (continued)

2.10 Financial instruments

The Foundation only 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.

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 Foundation 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.

1. Investment income

	Unrestricted funds	Total funds	Total funds
	2025	2025	2024
	£	£	£
Income from UK listed investments	-	-	164
Bank interest receivable	205,769	205,769	300,674
	205,769	205,769	300,838
Total2024	300,838	300,838

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ce ————— NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025 nn.—— 4. Other expenditure

	Endowment funds	Total funds	Total funds
	2025	2025	2024
	£	£	E
Foreign exchange losses	35,921	35,921	87332
Total2024	37,332	87,332

5.	Analysis ofexpenditure by activities
		Grant
		funding of activities 2025	Support costs 2025	Total funds 2025	Total funds 2024
		£	£	£	£
	Grantmaking	2,269,305	40,836	2,310,141	578,381
	Total 2024	537,604	40,777	578,381
	Analysisofsupportcosts

	Grant making 2025	Total funds 2025	Total funds 2024
	£	£	£
Accountancyfees	7,205	7,205	6,539
Auditors remuneration	9,055	9,055	7,400
Professional costs	24,540	24,540	26,838
Bank charges	36	36	-
Total 2025	40,836	40,836	40,777
Total2024	40,777	40,777

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aNU EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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6. Analysis of grants

	Grants to Institutions 2025	Total funds 2025	Total funds 2024
	a	£	£
Grant making	2,269,305	2,269,305	537,604
Total2024	537,604	537,604
The Foundation has made the following material	grants to institutions during the year:
		2025	2024
		£	£
Community development
Busoga Trust		440,000	400,000
Education
Pharos Foundation		400,000	-
St Edmund Hall, Oxford		1,250,000	-
Environment and heritage
The Woodland Trust		19,965	18,150
Health and welfare
Centrepoint Soho		34,650	31,500
Helen and Douglas House		22,660	20,600
NSPCC		22,660	20,600
Renaissance Foundation		50,000	-
Royal British Legion		8,030	7,300
Shelter		21,340	19,400
Worcester Acute Hospitals NHS Trust		-	20,054
		2,269,305	537,604

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iel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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7. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - ENIL).

During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - ENIL).

8. Auditors’ remuneration

	2025	2024
	£	£
Fees payable tothe Foundation's auditor for the audit ofthe Foundation's annual accounts	7,200	7,400
Fees payable to the Foundation's auditor in respect of:
Accountancy services	3,600	3,150
Additionalfeespaidtoprioryearauditor	1,900	-

9. Fixed asset investments

			Non-UK
		UK Unlisted	Unlisted	Total
		£	£	£
Cost or valuation
At 6 April	2024	2,701,503	61,098,631	63,800,134
Additions		-	5,484,174	5,484,174
Revaluations		585,926	12,343,010	12,928,936
Foreign exchange movement		-	(1,706,177)	(1,706,177)
		"pees Gee		-
At 5 April pril	2025 20	3,287,429	77,219,638	80,507,067

Investments of total value £74,711,768 were valued at 31 March 2025 (2024 - £57,936,227), being the closest date to the year end for which financial information was available.

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THE RIVER FARM FOUNDATION

SUEEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025 ne en en a SS SS SS 10. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	8,669	31,422
	8,669	31,422

1. | Creditors: Amounts falling due within one year

		2025	2024
		£	£
	Other creditors	21,404	25,922
12.	Financial instruments
		2025	2024
		£	£
	Financial assets
	FinancialassetsmeasuredatfairvaluethroughtheSoFA	80,507,067	63,800,134

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

$$ Page 19

THE RIVER FARM FOUNDATION

a

i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

nsSS,

13. Statement of funds

Statement of funds - current year

==> picture [393 x 180] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|6|Transfers|Gains/|Balance|at|5| |April|2024|Income|Expenditure|in/out|(Losses)|April|2025| |£|£|£|£|£|£| |Unrestricted| |funds| |Unrestricted| |income|fund|-|205,769|(2,310,141)|2,104,372|-|-| |Endowment| |funds| |Endowment| |Fund-allfunds|76,111,096|-|(35,921)|(2,104,372)|11,222,759|85,193,562| |Total|of funds|76,111,096|205,769|(2,346,062)|-|11,222,759|85,193,562|

----- End of picture text -----

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 with the exercise of the Trustees’ discretion.

A transfer of £2,104,372 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.

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THE RIVER FARM FOUNDATION

iEEE SEE!

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

——————————

13. Statement of funds (continued)

Statement of funds - prior year

==> picture [417 x 266] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Transfers|Gains/|Balance|at| |6 April 2023|Income|Expenditure|in/out|(Losses)|5 April 2024| |£|a|73|£|£|£| |Unrestricted| |funds| |Unrestricted| |income|fund|-|300,838|(578,381)|277,543|-|-| |Endowment| |funds| |Endowment| |Funds|-allfunds|58,758,874|-|(37,332)|(277,543)|17,667,097|76,111,096| |Total|of funds|58,758,874|300,838|(615,713)|-|17,667,097|76,111,096| |14.|Analysis|of|net|assets|between|funds| |Analysis|of net|assets|between|funds-|current year|

----- End of picture text -----

==> picture [395 x 116] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total| |funds|funds|funds| |2025|2025|2025| |£|£|£| |Fixed|asset|investments|-|80,507,067|80,507,067| |Current|assets|21,404|4,686,495|4,707,899| |Creditors|due|within|one|year|(21,404)|-|(21,404)| |Total|-|85,193,562|85,193,562|

----- End of picture text -----

NN

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THE RIVER FARM FOUNDATION

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

ee————————————————————E———————EEee 14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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

1. Reconciliation of net movement in funds to net cash flow from operating activities

	2025	2024
	£	£
Net expenditure fortheyear (as per Statement of Financial Activities)	(2,140,293)	(314,875)
Adjustments for:
Dividends, interests and rents from investments	(205,769)	(300,674)
Decrease/(increase) in debtors	22,753	(31,422)
Decrease in creditors	(4,518)	(43,478)
Loss on foreign exchange	35,921	37,392
Netcashusedinoperatingactivities	(2,291,906)	(653,117)

1. Analysis of cash and cash equivalents

		2025	2024
		£	£
Cash	in hand	4,699,230	12,305,462
Total	cashandcashequivalents	4,699,230	12,305,462

Dennen eee

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THE RIVER FARM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2025

17. Analysis of changes in net debt

								Exchange
						At 6 April		rate	At 5 April
						2024	Cashflows	movements	2025
						£	£	E	£
Cash	at	bank	and	in	hand	12,305,462	(7,570,311)	(35,921)	4,699,230
						12,305,462	(7,570,311)	(35,921)	4,699,230

18. Related party transactions

Professional costs of £24,540 (2024 - £26,838) 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 £9,180 (2024 - £13,338) owed to FisherLegal LLP.

Mr N G Langstaff is a Director of Renaissance Foundation, a beneficiary of a grant payment made by The River Farm Foundation. Grant payments of £50,000 (2024 - £Nil) were made to Renaissance Foundation.

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