REGISTERED CHARrrY NUMBER: 1151449 TRUST ' REPORT ND INANCIAL STAT MENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Y PLUMB FOUNDATI Martin and Company 25 St Thomas Stre¢t Winchester Hampshire S023 9HJ
THE HENRY PLUMB FOUNDATION cowrENTS OF THE FIN NCIAL STATEMEwrs FOR THE YEAR ENDED 31ST DECEMBER 20 Page Reference athd Admlnlstratlve Detall8 Trusteesl Report 2 to 4 Ind¢p¢ndent ExAmlner's Report Stfitement of FlnandAI Actlvitl¢s Balance She¢t Cash Flow Statement Notes to the CA8h Flow Statement Notes to the FlnaneiAI Stalements 10 to 14 Detalled Statement of Financial Actlvltie 15
THE HENRY PLUMB FOUNDATION REFERENCE AND ADMINISTRATIV DETAI FOR THE YEA F.NDED 31 T DECEMBER 2024 TRUSTEES C Antrobus Miss R S N Carne Lord W R F V Inglewood (resigned 15.10.2024) A Quinney J Thorley D R Richardson (rcsigncd 15.10.2024) J R Stevens PGWynn J W Stanley (resigned 15.10.2024) C Baxter J Speers H Wildman T Russ (appointed 15.10,2024) PRINCIPAL ADDRESS Baes Loft The Sheep Centre Malvern Worce5tcrshire WR13 6PH REGISTERED CHARrrY I¥UMBER 1151449 INDEPENDENT EXAMINER Martin and Company 25 St Thomas Strcct Winchester Hampshire S023 91U BANKERS HSBC 2 Market Place Cir¢nccster GIoucc5tershire GL7 2NS Page I
HE HENRY PLUMB FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DE BER 2024 The trustees present their report with the financial statcm¢nts of the Charity for the year ended 31 st December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement 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 l January 2019). Legal and administrativ¢ inforniation Set out on pa8e I fom)s part of this report. ORIEcfivES AIW ACTIVITIES Objectives and alm The obj¢ctives of th¢ charity are to advance cducation by providing bursaries to youn8 peopl¢ aged between 18 and 35 to give OppornitieS to Icam about land based industrie5 which include the ¢nhanccment of ecosystems, diversity water managemenL energy production, waste management and food production and to provide support and activities which develop young people's entrepreneurial skills, capacities and capabilities in the land based industrtes nationally and internationally to include the skills of innovation. analystn8 risk and personal communication. Public benefit The TnleeS confirni that they have tsken account of the Charity Commission's general guidance on public benefit. The beneflts that arise from the aims of the Henry Plumb Foundation are in the advancement of education of young people in le8rnin8 about land based industries and in developing their entr¢pr¢neuriAI skills, leadership capacities and capabilities in this field. Page 2
THE HENRY PLUMB FOUNDATIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DE KIIffjBER 2024 ACHIEVEMENT AND PERFORMANCE Ch4ritable gctlvities The activity of The Henry Plumb Foundation (HPF) has continued in 2024 very much according to the pattern established in the fomiativc years. During the twelve months of this report the Trustees interview¢d 16 people from some 24 applicants and 13 new scholars received help from the organisation. During the period th¢ acffli¢d total funding for this element of the work of the Foundation involved bursaries being paid of £40.000. Breadth of IDt¢resty Progress in the calendar year of 2024 was larg¢ly covered by Rounds 24 And 25 with the usual combination of applic&nts with an interest in livesto¢k or the provision of serviccs to the livestock sector specifically cattle, dairy Gattle and sheep. other businesses were Contracting, share farming and bee keeping for honey. Each of our Scholars brings a differing level of success to their projects and it is becoming Clear that one of the rnost important aspects in development is to have a mixture of determination and flexibility. That flexibility has to be exercised in all aspects of developing and there have been tim¢s when we've found that even the best of mentors and new scholars have been unable to develop a successful partnershlp. In such situations we have discussed the matt¢r with our scholar and asked them if thry Can identify a potential mentor who we could approve. The M¢ntorn A key element of the Henry Plumb Foundation offering is that each sCesSful applicant not only receives a welcome financial bursary but also rec¢iv¢s the support of an industry Menr with expertisc in the area of work for which the need for help had been idcntificd. Th¢ provision of such a mentor is now being Scen as onc of the important unique benefits of the Foundation and is a matter which the farniins profession can bc justifiably proud of. The Trustses wish to place on Public Record their thanks to all the Mentors who've participated in the work of the organisotion to this point. Some mentors have looked after more than one scholar but it is quite clear that without this entir¢ly voluntary help the key ambition of Lord Plumb and the Foundation 'to help young people to get stsrted in the industy, would bc seriously impeded. Other Supported Actlvity Tn addition to the general list of beneficiories 5Ct out above the Foundation helped the Scottish Association of Youn¥ Famiers Clubs with financial support towards their Cultivating Leaders Programm¢. Assoelated General Aetlvlty During 2024 there were 4 meetings of the Board of Trustees, most of which were carried out using 'Zoom' or tclephone conferenclng facilities. This allow5 good contact to be maintsined the Trustees, costs of trav¢lling to be kept to the absolute minimum required while also cn5uring least possible disruption to the business activities of Trust¢cs. Additional contsct was mainthined during the year. The Trustees recognise that the maintcnance of consistent levels of fundin8 is a key element of their work and see that and keeping strict controls on all expenditure as essential to fulfil their role in good governanc¢. The opporiunity As taken to thank all benefractors of The Henry Plumb Foundation without whom it would bc very difficult lo meet our objectives. Conclus10 Trustees are delighted to report that The Henry Plumb Foundation (HPF) continues on a similar plain to previous years. There havc been four meetings of the Board and again a broad spectrum of agricultural activities represented by the people applying to become Scholars of the Foundation, becoming cleaT that the number of applicants comin¥ foTward at th¢ moment was gaining ground identifying the need for the organisation and th¢ fact that the pattern which had been set was very much on the right lines, At a meeting towards the end of the period one new trustee was introduced. He had been known personally to Lord Plumb, being:. Tim Rus5. This was an important appointment and would help extend the thinking of the Board. Page 3
THE HEIYRY PLUMB FOUNDATION us ' REPORT FOR THE YEAR ENDED 1ST DECEMBER 2024 Overall, the year 2024 was a period of consistent good progress and consolidation wlth most of the objectivcs of the organisation being attained. The Trustees commend it to all interested parties and parttcularly to our flnancial supporters. FINANCIAL REVIEW FAnT4nelal posltion At 31 si Deccmbcr 2024 the fund balance was £939,062. Whilst the greatest part of this has been accrued to the Foundation through welcome donations and careful husbanding by the Trustees the Foundation is extremely gratefvl to the late Hannah Stanley of Midhurs¢ West Sussex for th¢ enerous gift in her will of l OO/ts of the rldUary cstate b¢ing £445.700.00. Re5eryes polley It is th¢ policy of the Trust to maintain its free reserves so as to allow as much grant making as possible. STRUCTURL GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its 8overnin8 documenL a deed of trust and constitutes an unincorporated charity. Recruitment and appointnwnt of neiv trus¢ee8 A minimum of 3 trustees must be appolnted, A r¢solution of the trustees At a 5pcci&I mecting is required for the appotntment ot'new tru5¢eH. Risk management The Trustees have carried out a review of the charity's activitles and the risks to which it is exposed and ronfirni that controls are in place to mitigat¢ those risks. Approved by order of the board of trustees on . . and 8i8n¢d on its bchalf by: or ey - Trustec Page 4
LYDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEES OF THE HENRY PLUMB FOUNDATIOIY IDdepelldent examiner's report to th¢ trujttts ofThe Henry Plumb Foundation I report to the charity trnstees on my examination of the accounts of The Henry Plumb Foundation (the Trust) for the year ended 315t December 2024. Responslbllities and basis of report As the charity trn5tees of the Trust you art r¢5ponsible for the pr¢paration of the accounts in ac¢ordano¢ with the requir¢ments of the Charities Act 2011 (Ihe A¢V). I report in r¢speGt of my examination of th¢ Trust's accounts Carried out under Section 145 of the Act and in carying out my examination I hav¢ followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the ACL IDdependent examlner'8 Statement Since your Charity's gross income exceeded £250,000 your examiner must be a member of a lis*d body. J can confirni that l am qualified to undertake th¢ examination because J am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my ¢x4minAtion. I confirni that no material matters hAve come to my attention in connection with the examination giving mc cause to believe that in any material respect: counting records were not kept in respect of the Tntst as required by Section 130 of th¢ Act. or the ac¢ounts do not acwrd with those records: or the accounts do not comply with the applicable rquirements conccming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requir¢mcnt that the acnts give a true and falr view thich is not a matter considered as part of an independent examination. I hav¢ no concerns and have comc across no other matters in Gonnection with the ¢xamination to which attention should be drawn in this report in order to enable a proper underslandin8 of the accounts to be reached. David Barr BSC FCA Martin and Company 25 St Thomas Strcct Winchester Hampshir¢ S023 9FIJ Date.. Page 5
THE HE]¥RY PLUMB FOUNDATION STATEMCI NT F FINANCIAL ACTIVITIE FOR TIIE YEAR ENDED 31 T DECEMBER 2024 2024 Unrestrieted fund 2023 Total funds Not¢s tNCOME AIYD EIYDOWMENTS FROM Donations ftttd legacies 509,882 86,231 Investment income 11,932 3,650 Tolal 521,814 89,881 EXPENDITURE ON Charitabl¢ wctlvltles Edu¢ation 58.113 37,.197 NET INCOME 463,701 52,484 RECONCILIATION OF FUNDS Total funds brought forward 475J62 422,878 TOTAL FUNDS CARRIED FORWARD 939,063 475,362 Thc notes forni part of these financial statements
THE HENRY PLUMB F UNDATION BALANCE SHEET 1ST DECEMBER 2024 2024 Unrestrf¢t¢d fund 2023 Total funds Notes CURRENT ASSETS C*sh at bank 941,717 478,655 CREDTTORS Amounts faRlin8 due within one year io (2ffj54) (3,293) NET CURRENf ASSETS 939,063 475,362 TOTAL A&SETS LESS CURRENT LIABALITIES 939,1163 475,362 IYET A&SETS 939,063 475,362 FUNDS Unrestrtcted funds 939,063 475,362 TOTAL FUNDS 939.063 475,362 The financial statements wcre approved by the Board of Trustees and authorised for i55ue "I.£F" 2L+L¥.. and were signed on its behalf by.. on J Thorley - Trustce The notes forni part of these fanCIal ststements Page 7
THE HENRY PLUMB FOUNDATION HFLO TATEMENT THE YEAR ENDKD 31ST DECE FO BER 2024 2024 2023 Notes CAsh flows from operating activities Cash generated from operntions 451,130 51,047 Net cash provided by operating activities 451,130 51,047 Cash flows from investlng actlvldes Interest received 11,932 3,650 Net provided by investing activities 11,932 3,650 Change In ¢98h and cash equfvalents in th¢ reportlng ptrlod Cash gnd cayh ¢qulvalents at the beglnning of th¢ reportlng perlod 463.062 54,697 478.655 423,958 Cash and eA$h equlvalents Vdt the ¢nd of the reportlng perlod 941,717 478,655 The notes fonn part of these finanrial ststements Page 8
THE HENRY PLUMB FOUNDATION NOTE TO THE CASH FLOW ATEME FOR TTrIE YEAR ENDED 31ST DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporllng period (as per the Ststornent of FiDancig1 Aetlvttles) AdJu&tments for: Interest received (Decre&se)/increase in credAtor8 463,701 52,484 (11,932) (639) (3.650) 2,213 Net Ch provlded by opergtlon8 451.130 51,047 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At31.12.24 Net e48h Cash at bfink 478ffjSS 463,062 941,717 478,655 463,062 941.717 Total 47&655 463,062 941,717 The notes forn) part of these finmcial statements Pa8e 9
THE HENR Y PLUMB FOUNDATION NOT TO THE FINANCIAL STATEMENTS FOR THE YEA ENDED 31ST DECEMBER 2024 STATUTORY INFORMATION The Henry Plumb Foundation is a charlty registered in England and Wales. The charity's registered number and registered address v4n be found tn the Trustees, Report. ACCOiNTING POLXCIES AecountlnE ¢oTrventions The financial statefflts of the charity, which is a public bwefit entity under FRS 102, have been prepared itt accordance with the Charities SORP (FRS 102) 'Accounting and Rcporttng 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 l January 2019),, Financial Reporting Standard 102 The Financial Reporting Stsnd8rd applicable in the UK and Republic of Ireland, and the Charities Act 2011. Th¢ financial ststements hav¢ been prcpared under the historical cost onvention. The financial statcmcnts havc b¢cn preparcd to 8iv¢ a 'tru¢ and tair, view and hav¢ d¢parted from thc Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and faiw view. Thi5 depare has involved following Accounting and Reporting by Charities preparing their accounts in accordan¢¢ with th¢ Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 102) i55ued in October 2019 rather than the Ac¢ountin¥ and Reporting by Chorities: Statement of RcconTrnded Practice effective from l April 2005 which has since been removed. The prlncipal accounting policies adopted in the preparation of the financial statements are as follows: Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fiinds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are rccognised as expenditure as soon as there is a legal or constructive obltgation committing the charity to that expenditure, it is probable that a transfer of economic benefits will bc required in settlement and the amount of th¢ obligation can be me&sured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Whcre costs cannot b¢ directly attributed to particulBr headings they have been allocated to activities on a basis consistent wlth th¢ use of resources. Grants offered subject to conditions which hav¢ not been met at the year end date are noted as a commilment but not accrued as ¢xpcnditure. TAxatlou Thc charity is exempt from tax on its charitable activities. Fuud oecouuting All funds held by the charity are unrestricted 8cneral funds whi¢h can be used in accordan¢e with th¢ ¢haritable obj¢thivc5 at the diswetion of the Trustees. Pa8c 10 continued...
THE HENRY PLUMB FOUNDATION NOT S TO THE FINANCIAL STATEMENTS - co FOR T AR ENDED 31ST DECEMBER 2024 tlnu DONATIONS AND LEGACIES 2024 2023 Donations Legacies 64.182 445,700 21,231 65.000 509,882 86,231 2024 2023 Deposit account interest 11,932 3,650 CHARITABLE ACTIVITIES COSTS Grant funding of activities (s¢¢ note Support costs (See not¢ 7) 6) Totsls Education 40,479 17,634 $8.113 GRANTS PAYABLE 2024 2023 Education 40.479 20,000 The total grants paid to institutions durin8 the year was as follows: 2024 2023 Scottish Association of Youn8 FaThners Club$ 5,000 Th¢ totsl srants paid to individuals during the year was as follow8: 2024 2023 Grants to individuals 35,479 20,000 Page 11 ontinued...
TI.IF. Fif.NIIY PLUMB fouNDATION NO'rr.s TC) THf. FINANCIAL STATEMENTS- continued FOR THE YF.AR Ff+lDFD 31SI' DECFMBER 2024 SUPPORT COSTS Governance costs Management 'I'otals Education 16,424 1,210 17,6J4 Support Costs. in¢lud¢d in the above, are as follows: ManaR¢ment 2024 2023 I'otal a¢iivities r.diicalion Triivel and subsistLnce Wcb%ite Administration expenses 3,507 288 12,629 2,865 1,152 12,204 16,424 16,221 GovLrnancc costs 2024 2023 Total activities Education Indcpcndent cxamincvs fees 1,210 1,176 TRUSTEL.S' RF.MUNF,RATION AND BF.NEFITS Therc were no trustec5' remuneration or other benefits for the ycar ended 31 st December 2024 nor for the year cnded 3 1st DecembLr 2023. Trust¢e$' expenses £2,850 of expenses wcre paid to one trustee in the year ended 31 Decembcr 2024 (£2,865 in 2023), STAFP COSTS Therc are no employees su consequently no statTLosts have been incurrn'd. Page 12 conlinued...
THE HENRY PLUMB FOUNDATION OTES OTHEFI ANCI L STATEMENTS- e FOR THE YEAR ENDED 31ST DECEMBER 2024 io. CREDITORS: AMOUNTS FALLING DUE WITHllY ONE YEAR 2024 2023 Accrued expenses 2,654 3,293 ii. MOVEMENT IN FUNDS Net movement in fiwmts At 31.12.24 At 1.1.24 Unrejtrleted thndj General fund 47S362 463,701 939,063 TOTAL FUNDS 475,362 463,701 939,063 Net movement in fimds, included in the above are as follows: Incoming resources Resources ex[nded Movement in funds UnrcstActd funds General fiind S21,814 (58,113) 463,701 TOTAL FUNDS 52J014 (58,113) 463,701 Comparatlves for movement Ill fund$ Net movement in funds At 31.12.23 At 1.1.23 Unrestrlcted thnd• General fund 422,878 52,484 475,362 TOTAL FUNDS 422.878 52.484 475,362 Comparative n¢t movernent in fund& included in the above ar¢ ¥s follows: Inwming Resources rasources expended Movement in fimds Unrestrlcted funds Gcneral fund 89,881 (37,397) 52.484 TOTAL FUNDS 89,881 (37.397) 52.484 Page 13 continued...
THE HENRY PLUMB FOUNDA TION TES TO THE FINAIYCIAL STA EMEN FOR THE YFAR ENDED IST DECEMBER 2024 inued 12. RELATED PARTY DISCLOSURES There We no related party transactions for the year ended 3 1st December 2024. Page 14
THE HENRY PLUMB FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITI FOR THE YEAR ENDED 31ST DECEMBKR 2024 2024 2023 INCOME AIqD ENIK)WMEN13 Dollation8 gud leggel¢B Donations Legacies 64,182 445,7011 21.231 65.000 509.882 86,231 Inve8tment Income Deposit account interest 11,932 3,650 Total iucoming resources 521,814 89,881 EXPENDITURE CharllAble aetlvltles Grants to institutions Bursari¢s to individuals 5,000 35,479 20,000 40.479 20,000 Support costs Management Travel and subsi5tcncc Website Administration expenses 3,$07 288 12,629 2,865 1,152 12,204 16.424 16.221 Governance costs lttd¢p¢nd¢nt examiner's fee5 1,2lO 1,176 Totsl resources expended 58,113 37.397 Net Ineome 463.701 52,484 This pag¢ does not forni part of the statutory financial stat¢m¢nts Page 15