CHARITY REGISTRATION NUMBER: 01156652 Lodge Farm Charity Report of the Trustees and Unaudited Financial Statements For the Year Ended 31 March 2024 Lodge Farm Charity Report of the Trustees and Financial Statements Year Endad 31 March 2024 Pages Trustees, Annual Report 1to3 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 6t09 Lodge Farm Charity Trustees, Annual Report Year Ended 31 March 2024 Reference and administrative details Charlty registration number 01156652 Registered office Lodge Farm Forestside Rowlands Castle Hants P09 6EA Trustees Cynthia Peel {Chairman) Rachel Cook Kathleen Gregory Sabastian Hodkin Trevor James Hannah McLaughlin Jacqueline O'Neill Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Lodge Farm Charity Trustees, Annual Report Year Ended 31 March 2024 The trustees present their report and financial statements of Lodge Farm Charity I'the Charity") for the year ended 31 March 2024 The financial statements comply with the Charities Act 2011 and the Charity's constitution. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the United Kingdom and the Republic of Ireland IFRS 102} {effective from 1 January 2019) Structure The Charity is a charitable incorporated organisation registered by the Charity Commission for England and Wales on 11 April 2014. The trustees are the members of the Charity. Objects and aims The Charity's objects are to further such charitable Purposes (falling within the purposes set out in the Charities Act 20111 as the trustees see fit from time to time by the provision of grants, loans and 5UPPOrt in kind. Achievements and performance During the year the charity continued to develop plans for its care farm at Lodge Farm. No grants were made during the year. Public Benefit The trustees have paid due regard to the Charity Commission's guidance on public benefit. They strongly believe the Charity's grant making and its planned care farm are for the public benefit. Financlal review The income from the Charity's collective and quoted investments increased to £56412023: £496) The Charity's rental income of £15,592 continued at the same level as the previou5 year 12023.. £15,592). The capitsl value of the Charity's collective and quoted investments gained £6,036 {2023.' Ioss £2,568) Reserves policy As a grant maker without any core costs the Charity did not need to hold operational reserves but the development of its care farm means that reserves will be needed to cover its core operating costs. On that basis the trustees have resolved that it should build sufficient reserves to generate an income to fund a planned grant making programme, to manage its farmland and to support the care farm. Investment policy The Charity has the power to invest funds not required for current needs in investments of any kind and it has the power to employ the services of a professional fund-manager. Other than small disposals to meet investment management costs, there were no changes in the investments. At 31 March 2024 the Charity held. 763 BT 5p Ordinary shares valued at £834.72 12023 £1,112.45) 16,767.1944 NFU Mutual Mixed Portfolio 40-850/0 Shares Fund Class C units valued at £26,543.02 (2023 £24,216.13) 7,456.01 Columbia Threadneedle Managed Equity Fund Retail Accumulation units valued at £20,587.53 (2023 £18,371.61) 7,922.68 Columbia Threadneedle Equity Focused Fund Retail Accumulation units valued at £17,233.41 (2023 £15,646.50) 130 acres of farm land valued at £975,00012023 £975,000) Future dèvelopments The trustees are focussing on the development of its care farm and the implications for its grant making policies and operations. Golng concern After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence ft)r the foreseeable future. For this reason they have continued to adopt the going concern basis in preparing the financial statements. Governance The responsibility for the Charity rests with the trustees. During the year the trustees met both for formal meetings and kept in regular contact with each other both in person and electronically. They take governance seriously and seek to apply the Charity Governance Code and believing that corruption, bribery and unfair actions hamper development and impede progress insist on integrity in all aspects of the Charity's activities. They also endeavour to conduct the Charity's activitie5 in accordance with the Principles identified by the Nolan Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership). Lodge Farm Charity Trustees, Annual Report Year Ended 31 March 2024 Recruitment, appointment and training of trustees Trustees are recruited from those who are familiar with the aims and policies of the Charity and who share its aims and aspirations. Future trustees will be appointed from those who are able to ensure the continuance of good governance and who will provide personal knowledge and experience to the grant making policies. Prior to appointment trustees are briefed on the Charity's activities. Each trustee is required to complete a Declaration of Interests and a Fit and Proper Person form. They take seriously their obligations to maintain their knowledge. Risk Management The trustees have reviewed the risks to which they believe the Charity is exposed. As a grant making charity with no employees the level of risk was regarded as relatively low. Following the acquisition of land they are aware that they must ensure appropriate procedures are in place to identify and monitor risks and must put in place steps to mitigate those risks. Volunteers In addition to its trustees, who undertake all the Charity's administrative and grant making the Charity has benefitted during the year from volunteers who have assisted in the care farm. Trustees do not receive any payment or benefits for their work either as trustees or as volunteers. Pay Policy for Key Management Personnel The Charity has no employees and therefore does not have a pay policy Fundraising The Charity does not undertake any fundraising activities. Independent Examlnation The Charity is entitled to exemption from the requirement to have an Independent Examination and the members have not required the Charity to obtain an Independent Examination. Trustees. responsibilities statement 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constitution 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 Charity and of the incoming resources and application of resources, including the 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 in the Charity SORP., make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which 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 Charity's constitution. 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 the board of trustees on 31 January 2025 and signed on its behalf by.. Trevor James Trustee Lodge Farm Charity ststement of Financial Activities For the Year Ended 31 March 2024 Unrestricted funds Restricted Total Funds Total Funds funds 2024 2023 Notes Income Donations and legacies Investment income Other income 564 15,770 564 15,770 496 15.673 Total income 16,334 16,334 16,169 Expenditure Raising funds Expenditure on charitable activities Bank charges and Investment management fees Total expenditure 776 776 1,000 749 749 695 1,525 1,525 1,695 Net incomel(expenditure) GainsllLossl on revaluation of investments Total incomel{expendlture) 14,809 6,036 14,809 6,036 14,474 12,5681 11,906 20,845 20,845 Reconciliatlon of funds Total funds brought forward Total funds carrlad forward 1,097,854 1,097,854 1,085,948 1,118,699 1,118,699 1,097,854 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Lodge Farm Charity Balance Sheet At 31 March 2024 2023 2023 Notes Fixed assets Tangible assets Investments 1,040,659 1,034,806 1,040,659 1,034,806 Current assets Stocks Debtors Cash at bank and in hand 12 13 2,500 83,336 2,500 68,344 85,836 70,844 Creditors: amounts falling due within one year Net current assets 14 7,796 7,796 78,040 63,048 Total assets less current liabilities 1,118,699 1,097,854 Creditors: amounts falling due after more than one year Net assets 1,118,899 1,097,854 Funds of the charity Restricted funds Unrestricted funds 1.118,699 1.097,854 Total charity funds 1,118,699 1,097,854 The trustees are satisfied that the charity is entitled to exemption from the requirement to have an audit under section 144 of the Charities Act 2011 and from the requirement to have an Independent Examination. The members have not required the Charity to obtain an audit under section 144 of the Charities Act 2011 and have not required the Charity to obtain an Independent Examination. The trustees acknowledge their responsibilities for complying with the requirements of sections 130 snd 132 of the Charities Act 2011 with respect to the accounting records and the preparation of accounts. These financial statements were approved by the trustees and authorised for issue on 31 January 2025 and are signed on their behalf by.. Trevor James Trustee Lodge Farm Charity Notes to the Financial Statements Year Ended 31 March 2024 Accounting policies Basls of preparation The financial statements of the Charity. which is a public benefit entity under FRS 102, 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 102 applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The financial statements have been prepared under the historic cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be reliably measured The following specific policies are applied to particular categories of income.. Income from donations and grants is recognised when there is eviden￿ of entitlement to the funds, receipt is probable, and its amount can be measured reliably. Tax recoverable on donations made under gift aid is recognised when the gift is received and tax not yet recovered is treated as a debtor. Sncome from charitable activities is recognised when there is evidence of entitlement to the funds, receipt is probable, and its amount can be measured reliably. Investment income, including interest on bank deposits is recognised on receipt. Rental income is recognised in the period to which it applies. Donated facilities and services are not recognised in the accounts on the grounds that the value can be reliably measured. No amounts are included for the time contributed by volunteers. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the reSoUr￿s. Governance costs Governance costs comprise the cost of governance arrangements which relate to the general running of the Charity. Fixed Asset Investments Collective and quoted investments held as fixed assets are initially recorded at cost or in the case of donated assets at their estimated value at the date of the donation, and subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction costs are expensed as incurred. Land is recorded at its estimated value at the date of the donation and is not revalued. Taxation The Charity is exempt from direct taxation on its charitable activities. Lodge Farm Charity Notes to the Financial Statements Year Ended 31 March 2024 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the Charity's purposes. Restricted funds can only be used in accordance with the restrictions on their expenditure declared by the donor or through the terms of an appeal. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and prov181on3 Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Donatlons and grants Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Donations - unrestricted Donations receivable Donations restricted Donations receivable Grant8 Grants receivable Year ended 31 March 2023 Investment income Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Income from collective and quoted investments 564 564 496 Othor Income Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Interest Care farm income Rental income 148 30 15,592 148 30 15.592 15,592 15,770 15,770 15,592 Costs of raising funds Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 General expenses Lodge Farm Charity Notes to the Financial Statements Year Ended 31 March 2024 6. Expenditure on charitable activities by activity type Activities undertaken directly Support Total Funds Total Funds Costs 2024 2023 Grants awarded Care Fam insurance Depreciation of charitable assets 776 776 1,000 776 776 7,000 Net income Net income is stated after charging= 2024 2023 Depreciation of tangible fixed assets Professional fees - Independent examiner's remuneration Trustees. expenses 1,000 Independent examiner's remuneration 2024 2023 Fees payable for the examination of the financial statements Stsff costs There were no employees (2023'.None). 10. Trustee remuneration and expenses None of the trustees or persons connected with them received any remuneration, reimbursement of expenses incurred or other benefits in the year {2023.'Nonel. Any claims for reimbursement would be subject to the Charity's normal internal control procedures. 11. Fixed asset investments Freehold Quoted and Land collective and investments equipment Total Cost or Valuation At 1 April 2023 Additions Disposals Revaluations 975,460 59,346 505 (688) 6,036 1,034,806 505 (688) 6,036 Net Book value at 31 March 2024 975,460 65,199 1.040,659 At 31 March 2023 975,460 59,346 1,034,806 12. Stocks The Charity holds no stocks {2023'.Nill 13. Debtors 2024 2023 Gift Aid tax refunds Prepayments Other debtors 2,500 2,500 2,500 2,500 Lodge Farm Charity Notes to the Financial Statements Year Ended 31 March 2024 14. Creditors: amounts falllng due within one year 2024 2023 Rent received in advance Accruals and deferred income 7,796 7,796 7,796 7,796 15. Analysls of charltable funds l April 2023 Investment Expenditure Gainsl{Loss) 31 March 2024 Income Unrestricted Restricted 1,097,854 16,334 (1,525) 10) 6,036 1,118,699 1.097,854 16,334 11,525) 6,036 1,118,699 Charitable funds - Prlor Year 1 April 2021 Investment Gains 31 March 2023 Income Expenditure Unrestricted Restncted 1,085,948 16,169 11,695) (o) {2,568) 1,097,854 1,085,948 16,169 11,695) 12.568) 1,097,854 The Unrestricted Fund represents the reSoUr￿S freely available to further the general aims and objectives of the charity. 16. Analysls of ngt assets between funds Unrestricted Funds Restricted Total Funds Fund5 2024 Tangible Assets Investment5 Cash at bank and in hand Debtors falling due within 1 year Creditors less than 1 year Net assets 1,040,659 83,336 2,500 (7,796) 1,118,699 1,034,806 68,344 2,500 17,7961 1,118,699 (o) Prior Year Unrestricted Funds Restricted Total Funds Funds 2023 Tangible Assets Investments Cash at bank and in hand Debtors falling due within 1 year Creditors less than 1 year Net assets 1,034,806 68.344 2,500 {7,796) 1,097,854 1,034,806 68,344 2,500 (7,796) 1,097,854 (o) 17. Operating lease commitments There are no operating lease commitments (2023'.None). 18. Related parties Cynthia Peel, a trustee and chairman of the Charity, provides office and administrative services to the Charity free of charge. There were no other related party transactions {2023.'None).