```
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
```