REGISTERED CHARITY NUMBER: 1133149
Trustees' Report and
Unaudited Financial Statements for the Year Ended 30 November 2024
for
Devon Farmers Benevolent Fund
Evolution ABS Limited
Oake House
Silver Street
West Buckland
Wellington
Somerset
TA21 9LR
Devon Farmers Benevolent Fund
Contents of the Financial Statements
for the Year Ended 30 November 2024
|
Page |
Trustees' Report |
1 to 2 |
Independent Examiner's Report |
3 |
Statement of Financial Activities |
4 |
Balance Sheet |
5 |
Notes to the Financial Statements |
6 to 10 |
Detailed Statement of Financial Activities |
11 |
Devon Farmers Benevolent Fund
Trustees' Report for the Year Ended 30 November 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended30November 2024.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectsof the charityincorporatethe following:1) The relief of financialhardshipamongfarmersin Devon 2) The
advancementofeducationofthepublicinagriculture(inDevon)bytheprovisionofgrants,includinggrants to
promote research and to publish or otherwise disseminate the useful results of such research
Significant activities
Grant making
Public benefit
The charityhas an investmentportfolio,held and administeredby CharlesStanleyInvestments.This is the funds main
and only source of income, used for the furtherance of the charities purpose for the public benefit.
The Trustees have given consideration to the Charity Commission's published guidance on the Public Benefit
requirement under the Charities Act 2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Recruitment and appointment of new trustees is past by majority vote
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1133149
Principal address
1 Brockhill Lodge
Station Road
Broadclyst
Devon
EX5 3AR
Trustees
Mr T L Hammett
Mr R M Kallaway
P F Griffith
W R Newbery
M J Weekes
Page 1
Devon Farmers Benevolent Fund
Trustees' Report for the Year Ended 30 November 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Lower Easton Farm Limited
Evolution ABS Limited
Oake House
Silver Street
West Buckland
Wellington
Somerset
TA21 9LR
Approved by order of the board of trustees on 23 September 2025 and signed on its behalf by:
Mr T L Hammett - Trustee
Page 2
Independent Examiner's Report to the Trustees of
Devon Farmers Benevolent Fund
Independent examiner's report to the trustees of Devon Farmers Benevolent Fund
I reportto thecharitytrusteesonmy examinationof theaccountsof DevonFarmersBenevolentFund(theTrust) for
the year ended 30 November 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionunderSection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Lower Easton Farm Limited
Evolution ABS Limited
Oake House
Silver Street
West Buckland
Wellington
Somerset
TA21 9LR
Date: .............................................
Page 3
Devon Farmers Benevolent Fund
Statement of Financial Activities for the Year Ended 30 November 2024
2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
17,791
Investment income
2
14,176
Total
31,967
EXPENDITURE ON
Charitable activities
General
17,039
Net gains/(losses) on investments
57,301
NET INCOME/(EXPENDITURE)
72,229
RECONCILIATION OF FUNDS
Total funds brought forward
508,895
TOTAL FUNDS CARRIED FORWARD
581,124 |
2023
Total
funds
£
-
12,647
12,647
12,882
(8,598)
(8,833)
517,728
508,895 |
|
|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes on page 0 form part of these financial statements
Page 4
Devon Farmers Benevolent Fund
Balance Sheet
30 November 2024
Notes
FIXED ASSETS
Investments
5
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
6
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
7
Unrestricted funds
TOTAL FUNDS |
2024
Unrestricted
fund
£
554,565
27,309
(750)
26,559
581,124
581,124
581,124
581,124 |
2023
Total
funds
£
491,156
18,489
(750)
17,739
508,895
508,895
508,895
508,895 |
|
|
|
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 23 September2025 and
were signed on its behalf by:
Trustee
The notes on page 0 form part of these financial statements
Page 5
Devon Farmers Benevolent Fund
Notes to the Financial Statements
for the Year Ended 30 November 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
2024 |
2023 |
|
£ |
£ |
Investment income |
14,176 |
12,647 |
Page 6
Devon Farmers Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 30 November2024 nor for the year
ended 30 November 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended30November2024norfortheyear ended
30 November 2023.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
Unrestricted |
|
fund |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Investment income |
12,647 |
EXPENDITURE ON |
|
Charitable activities |
|
General |
12,882 |
Net gains/(losses) on investments |
(8,598) |
NET INCOME/(EXPENDITURE) |
(8,833) |
RECONCILIATION OF FUNDS |
|
Total funds brought forward |
517,728 |
TOTAL FUNDS CARRIED FORWARD |
508,895 |
FIXED ASSET INVESTMENTS |
|
|
Listed |
|
investments |
|
£ |
MARKET VALUE |
|
At 1 December 2023 |
491,156 |
Additions |
73,099 |
Disposals |
(63,772) |
Revaluations |
54,082 |
At 30 November 2024 |
554,565 |
NET BOOK VALUE |
|
At 30 November 2024 |
554,565 |
At 30 November 2023 |
491,156 |
Page 7
Devon Farmers Benevolent Fund
Notes to the Financial Statements - continued
for the Year Ended 30 November 2024
5. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
Cost or valuation at 30 November 2024 is represented by:
Valuation in 2023
Valuation in 2024
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
31,967
TOTAL FUNDS
31,967 |
At
1/12/23
£
508,895
508,895
Resources
expended
£
(17,039)
(17,039) |
Listed
investments
£
491,156
63,409
554,565
2024
2023
£
£
750
750
Net
movement
At
in funds
30/11/24
£
£
72,229
581,124
72,229
581,124
Gains and
Movement
losses
in funds
£
£
57,301
72,229
57,301
72,229 |
|
|
|
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7. MOVEMENT IN FUNDS
Page 8
Devon Farmers Benevolent Fund
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
At
1/12/22
£
Unrestricted funds
General fund
517,728
TOTAL FUNDS
517,728
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
12,647
(12,882)
TOTAL FUNDS
12,647
(12,882) |
Net
movement
At
in funds
30/11/23
£
£
(8,833)
508,895
(8,833)
508,895
Gains and
Movement
losses
in funds
£
£
(8,598)
(8,833)
(8,598)
(8,833) |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At
1/12/22
£
517,728
517,728 |
Net
movement
in funds
£
63,396
63,396 |
At
30/11/24
£
581,124 |
|
|
|
581,124 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
44,614 |
(29,921) |
48,703 |
63,396 |
TOTAL FUNDS |
44,614 |
(29,921) |
48,703 |
63,396 |
Page 9
Devon Farmers Benevolent Fund
Notes to the Financial Statements - continued
for the Year Ended 30 November 2024
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2024.
Page 10
Devon Farmers Benevolent Fund
Detailed Statement of Financial Activities for the Year Ended 30 November 2024
|
2024 |
2023 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
17,791 |
- |
Investment income |
|
|
Investment income |
14,176 |
12,647 |
Total incoming resources |
31,967 |
12,647 |
EXPENDITURE |
|
|
Support costs |
|
|
Management |
|
|
Accountancy |
750 |
750 |
Investment management fees |
5,624 |
5,482 |
Donations |
10,665 |
6,650 |
|
17,039 |
12,882 |
Total resources expended |
17,039 |
12,882 |
Net income/(expenditure) before gains and |
|
|
losses |
14,928 |
(235) |
Realised recognised gains and losses |
|
|
Realised gains/(losses) on fixed asset |
|
|
investments |
57,301 |
(8,598) |
Net income/(expenditure) |
72,229 |
(8,833) |
This page does not form part of the statutory financial statements
Page 11