## **Trustees’ Annual Report** For the year ended 31 July 2025 ## **Reference and Administrative Details** Charity Name: The Sally Ann Raven Foundation Charity Registration Number: 1164393 Principal Address: Wymarks House, Purleigh Wash Farm, Fambridge Road, Maldon. Essex. CM9 6PG ## **Trustees during the year and at the date of approval:** Luke Macfarlane (Chair) Janice Macfarlane Carolyn Dowding The charity is governed by its Trust Deed and administered by the Trustees in accordance with the Charities Act 2011 and the requirements of the Charity Commission for England and Wales. The Trustees confirm that the charity is a public benefit entity. ## **Structure, Governance and Management** The charity is constituted as a charitable trust and is governed by its Trust Deed. The Trustees are responsible for the strategic direction and policy of the charity and meet regularly to oversee operations, review financial performance, and approve grantmaking decisions. New Trustees are appointed in accordance with the provisions of the governing document. Trustees are provided with relevant Charity Commission guidance and, where necessary, professional advice to support the proper discharge of their duties. Day-to-day management of the charity’s agricultural and commercial activities is overseen by the Trustees, supported by professional advisers where appropriate, including farm management and investment advisers. ## **Objectives and Activities** ## **Objects** - To provide financial assistance to animal welfare charities. - To support farmers in need. The Trustees seek to achieve these objectives by generating sustainable income through the operation of agricultural land and property and the management of investment assets. ## **Principal Activities** The principal activities during the year continued to be the operation of Purleigh Wash Farm and associated land, together with the management of investment portfolios formerly held by Miss S A Raven and now owned by the charity. The year has been one of transition following the death of Miss S A Raven, during which time significant assets transferred into the charity. ## **Public Benefit** The Trustees have had due regard to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. The charity provides public benefit through the financial support of animal welfare organisations and assistance to farmers experiencing hardship. ## **Achievements and Performance** ## **Agricultural Operations** Purleigh Wash Farm is a working agricultural enterprise located in Essex, comprising approximately 600 acres. The farm currently operates as a fully arable farm, having historically been a mixed farming operation with livestock. During the year, the farm continued to operate profitably. The Trustees further developed additional income streams through the redevelopment and commercial letting of surplus agricultural buildings. The number of commercial tenants is now 5 different businesses ranging from high end automotive body work, to Cheerleading and Gymnastics (This business competed at the World Championships last year in the US) and Security systems. We have 2 further business looking to take premises shortly in March 2026 and when all premises are let, the incomes that are received from the commercial letting side of the business will overtake income from the Farm operations and the Charity will have further diversified its operations. ## **Investment Portfolio** The charity holds a portfolio of investments which are managed to generate income while maintaining an appropriate balance between risk and return. The portfolio performed strongly in the latter part of the year, leaving the charity in a sound financial position at the year end. The Charity continues to diversify its investments alongside Farming and ## **Grant-Making** The farm’s profitability and investment performance enabled the charity to maintain its programme of grant-making to its existing portfolio of beneficiary charities. At the year end, the charity supported nine charities focused on animal welfare and therapeutic or supportive animal-based services as well as two agricultural welfare charities. ## **Financial Review** The charity’s income is derived primarily from agricultural operations, commercial property lettings, and investment income. The increase in commercial farm-related income materially strengthened the charity’s recurring income base. The investment portfolio’s positive performance further enhanced reserves, placing the charity in a robust financial position at 31 July 2025. ## **Reserves Policy** The Trustees aim to maintain sufficient free reserves to ensure continuity of grantmaking, meet operational liabilities, and provide a buffer against volatility in agricultural income and investment markets. The reserves policy will be formally reviewed during the next financial period. ## **Investment Policy** The charity’s investment objective is to generate sustainable income while preserving capital over the long term. Investments are diversified across asset classes and are managed with professional advice where appropriate. ## **Risk Management** The Trustees have assessed the major risks to which the charity is exposed and have established systems to mitigate those risks. Key risks include agricultural volatility, environmental factors, tenant risk, market fluctuations, and regulatory compliance. Mitigation measures include income diversification, prudent oversight, and professional advice. ## **Plans for Future Periods** During the next financial year, the Trustees intend to review and potentially expand the range of charities supported, progress the potential disposal of non-core farmland, continue strengthening commercial income streams, and review governance structures considering the enlarged asset base. ## **Trustees’ Responsibilities Statement** The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). They are responsible for keeping proper accounting records, safeguarding the assets of the charity, and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on [Date] Signed on behalf of the Trustees: _________________________ [Name] Trustee / Chair of Trustees Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 **Charity number: 1164393** ## **THE SALLY ANN RAVEN FOUNDATION** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE PERIOD ENDED 31 JULY 2025** Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 6| |**Independent auditors' report on the financial statements**|7 - 10| |**Statement of financial activities**|11| |**Balance sheet**|12| |**Statement of cash flows**|13| |**Notes to the financial statements**|14 - 27| Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 JULY 2025** |**Trustees**|L A Macfarlane (resigned 27 August 2025)| |---|---| ||J Macfarlane| ||A Davidson (appointed 27 August 2025)| ||J Pilcher (appointed 26 November 2025)| |**Charity registered**
**number**
1164393
**Principal office**
Wymarks House
Purleigh Wash Farm
Mundon
Maldon
Essex
CM9 6PG
**Independent auditors**
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP|| Page 1 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **TRUSTEES' REPORT FOR THE PERIOD ENDED 31 JULY 2025** The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 April 2024 to 31 July 2025. ## **Objectives and activities** ## **a. Policies and objectives** The objects of the charity are: - To provide financial assistance to animal welfare charities - To support farmers in need. The Trustees seek to achieve these objectives by generating sustainable income through the operation of agricultural land and property and the management of investment assets. ## **b. Activities undertaken to achieve objectives** The principal activities during the period continued to be the operation of Purleigh Wash Farm and associated land, together with the management of investment portfolios formerly held by Miss S A Raven and now owned by the charity. The period has been one of transition following the death of Miss S A Raven, during which time significant assets transferred into the charity. ## **c. Grant-making policies** The farm’s profitability and investment performance enabled the charity to maintain its programme of grantmaking to its existing portfolio of beneficiary charities. At the year end, the charity supported nine charities focused on animal welfare and therapeutic or supportive animal-based services as well as two agricultural welfare charities. ## **d. Main activities undertaken to further the Charity's purposes for the public benefit** 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)'. The main activities focuses on generating as much revenue as possible in order to support the objectives of the charity in being able to provide financial support to animal charities and supporting farmers in need. They support animal charities to improve the quality of life of those in need by providing financial assistance. ## **Strategic report** ## **Achievements and performance** Page 2 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 **THE SALLY ANN RAVEN FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025** ## **Strategic report (continued)** ## **Achievements and performance (continued)** ## **a. Main achievements of the Charity** Purleigh Wash Farm is a working agricultural enterprise located in Essex, comprising approximately 600 acres. The farm currently operates as a fully arable farm, having historically been a mixed farming operation with livestock. During the period, the farm continued to operate profitably. The Trustees further developed additional income streams through the redevelopment and commercial letting of surplus agricultural buildings. The number of commercial tenants is now 5 different businesses ranging from high end automotive body work, to Cheerleading and Gymnastics (This business competed at the World Championships last year in the US) and Security systems. We have 2 further business looking to take premises shortly in March 2026 and when all premises are let, the incomes that are received from the commercial letting side of the business will overtake income from the Farm operations and the Charity will have further diversified its operations. ## **b. Review of activities** The Charity’s principal activities in furtherance of its charitable objectives are centred on the operation and management of Purleigh Wash Farm. During the year the core farming operation comprised approximately 331 acres of cropped land, producing wheat, barley and beans as the primary arable crops. In addition, the farm maintained around 150 acres dedicated to hay production. The Charity continues to pursue opportunities to diversify its agricultural operations and strengthen long-term income generation. This has included the commercial leasing of surplus farm buildings, an activity that has expanded across the estate during the year. The farm currently accommodates six commercial tenants, and the Trustees expect this area of activity to continue to develop and provide a sustainable and profitable income stream for the Charity. Alongside its operational farming activities, the Charity is continuing to progress the sale and development of certain non-core land holdings. This remains an ongoing strategic project and the Trustees anticipate that the process will be concluded during 2026. ## **c. Investment policy and performance** The charity’s investment objective is to generate sustainable income while preserving capital over the long term. Investments are diversified across asset classes and are managed with professional advice where appropriate. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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. Page 3 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025** ## **b. Reserves policy** The Trustees aim to maintain sufficient free reserves to ensure continuity of grant-making, meet operational liabilities, and provide a buffer against volatility in agricultural income and investment markets. The reserves policy will be formally reviewed during the next financial period. ## **c. Principal risks and uncertainties** The Trustees recognise their responsibility to identify and manage the principal risks that could affect the Charity’s ability to achieve its objectives. The Charity’s primary activity is the operation and management of Purleigh Wash Farm, together with the leasing of certain farm buildings. As such, the Trustees have considered the main operational, financial and external risks associated with these activities. ## **Agricultural and Environmental Risks** The Charity’s farming operations are exposed to risks associated with weather conditions, crop disease, pests and wider environmental factors which may impact yields and farm productivity. The Trustees seek to mitigate these risks through appropriate crop planning, responsible land management practices and the use of experienced agricultural contractors and advisers. ## **Commodity Price and Market Risks** Income from arable farming is subject to fluctuations in commodity prices and input costs such as fuel, fertiliser and seed. These market variables can affect the overall profitability of the farm. The Trustees monitor market conditions and manage cropping decisions with the aim of maintaining sustainable farm income over the longer term. ## **Property and Tenant Risks** The Charity generates income through the leasing of surplus farm buildings to commercial tenants. Risks associated with this activity include tenant default, void periods, or maintenance requirements for the estate’s buildings. The Trustees seek to manage these risks through appropriate lease agreements, tenant selection, and regular maintenance and oversight of the estate. ## **Asset and Land Management Risks** As a landholding charity, the organisation holds significant physical assets including farmland and buildings. Risks include property damage, deterioration of buildings, or liabilities arising from land use. The Charity maintains appropriate insurance cover and undertakes regular monitoring of the condition and use of its assets. ## **Strategic and Development Risks** The Charity is progressing the potential sale and development of certain non-core land. Projects of this nature can involve uncertainty relating to planning permissions, market conditions and transaction timelines. The Trustees manage these risks through professional advice and careful oversight of the process. ## **Regulatory and Compliance Risks** The Charity must comply with relevant agricultural, environmental, property and charity regulations. The Trustees seek to mitigate compliance risks through professional guidance where required and by maintaining appropriate governance and reporting practices. The Trustees review the Charity’s principal risks and uncertainties on a regular basis and consider that appropriate systems and procedures are in place to manage and mitigate these risks as far as reasonably possible. ## **Structure, governance and management** Page 4 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025** **Structure, governance and management (continued)** ## **a. Constitution** The Sally Ann Raven Foundation is a registered charity, number 1164393, and is constituted under a Trust deed. ## **b. Methods of appointment or election of Trustees** The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## **c. Financial risk management** The Trustees have assessed the major risks to which the charity is exposed and have established systems to mitigate those risks. Key risks include agricultural volatility, environmental factors, tenant risk, market fluctuations, and regulatory compliance. Mitigation measures include income diversification, prudent oversight, and professional advice. ## **Plans for future periods** During the next financial year, the Trustees intend to review and potentially expand the range of charities supported, progress the potential disposal of non-core farmland, continue strengthening commercial income streams, and review governance structures considering the enlarged asset base. ## **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 period which give a true and fair view of the state of affairs of the Charity 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: - select suitable accounting policies and then apply them consistently; - 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 Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Trust deed. 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. Page 5 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025** ## **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. ## **Auditors** The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: **Janice Macfarlane** Trustee Date: 06-04-2026 Page 6 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALLY ANN RAVEN FOUNDATION** ## **Opinion** We have audited the financial statements of The Sally Ann Raven Foundation (the 'charity') for the period ended 31 July 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). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources for the period 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. Page 7 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALLY ANN RAVEN FOUNDATION (CONTINUED)** ## **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 concern, 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. Page 8 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALLY ANN RAVEN FOUNDATION (CONTINUED)** ## **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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the control environment and performance of the Charitable Trust, including the remuneration incentives and pressures of key management; - the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Charitable Trust's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of the procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and indentified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also obtained an understanding of the legal and regulatory frameworks that the Charitable Trust operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities SORP 2019, and relevant tax legislation. Because of 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. Page 9 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALLY ANN RAVEN FOUNDATION (CONTINUED)** 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. ## **Other matters** The financial statements of the charity for the year ended 31 March 2024 were not audited and therefore the corresponding figures for 2024 are unaudited. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Hillier Hopkins LLP** Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Herts WD17 1HP Date: 07-04-2026 Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 10 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JULY 2025** |**Note**
**Income from:**
Donations and legacies
3
Other trading activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Raising funds
7,8
Charitable activities
10
**Total expenditure**
**Net income before net gains on investments**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward as previously stated
Prior period adjustment
Total funds brought forward as restated
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**10,437,763**
**355,737**
**132,900**
**2,406**
**10,928,806**
**498,642**
**161,731**
**660,373**
**10,268,433**
**395,351**
**10,663,784**
**273,097**
**104,056**
**377,153**
**10,663,784**
**11,040,937**|**Total**
**funds**
**2025**
**£**
**10,437,763**
**355,737**
**132,900**
**2,406**
**10,928,806**
**498,642**
**161,731**
**660,373**
**10,268,433**
**395,351**
**10,663,784**
**273,097**
**104,056**
**377,153**
**10,663,784**
**11,040,937**|_As restated_
_Total_
_funds_
_2024_
_£_
_-_
_125,641_
_15,132_
_-_| |---|---|---|---| ||||_140,773_| ||||_68,204_
_2,232_| ||||_70,436_| ||||_70,337_
_24,305_| ||||_94,642_| ||||_282,511_
_-_| ||||_282,511_
_94,642_| ||||_377,153_| The Statement of financial activities includes all gains and losses recognised in the period. The notes on pages 14 to 27 form part of these financial statements. Page 11 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **BALANCE SHEET AS AT 31 JULY 2025** |**Note**
**Fixed assets**
Tangible assets
14
Investments
15
**Current assets**
Stocks
16
Debtors
17
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
18
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
20
Unrestricted funds
20
**Total funds**|**19,490**
**397,629**
**234,114**
**651,233**
**(78,626)**|**31 July**
**2025**
**£**
**7,116,907**
**3,351,423**
**10,468,330**
**572,607**
**11,040,937**
**11,040,937**
**-**
**11,040,937**
**11,040,937**|_-_
_104,056_
_77,636_
_181,692_
_(12,586)_|_As restated_
_31 March_
_2024_
_£_
_-_
_208,047_| |---|---|---|---|---| |||||_208,047_
_169,106_| |||||_377,153_| |||||| |||||_377,153_| |||||_-_
_377,153_| |||||| |||||_377,153_| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ ## **Janice Macfarlane** (Trustee) Date: 06-04-2026 The notes on pages 14 to 27 form part of these financial statements. Page 12 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2025** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of investments
Proceeds from investments
**Net cash provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the period**
Cash and cash equivalents at the beginning of the period
**Cash and cash equivalents at the end of the period**
The notes on pages 14 to 27 form part of these financial statements|**2025**
**£**
**(5,510)**
**132,900**
**(76,008)**
**(2,011,152)**
**2,116,248**
**161,988**
**-**
**156,478**
**77,636**
**234,114**|_2024_
_£_
_(39,295)_
_15,132_
_-_
_(253,717)_
_309,778_
**71,193**
**-**
**31,898**
_45,738_
_77,636_| |---|---|---| Page 13 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **1. General information** The Sally Ann Raven Foundation is a charitable trust, registered in England and Wales. ## **2. 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 Sally Ann Raven 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. ## **2.2 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.3 Expenditure** Expenditure is recognised 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 shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and 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 raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 14 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **2. Accounting policies (continued)** ## **2.3 Expenditure (continued)** Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the period 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 period end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Freehold property - 2% Straight-line Plant and machinery - 10% Straight-line ## **2.6 Investments** 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 Stocks** Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 15 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **2. Accounting policies (continued)** ## **2.8 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.9 Cash at bank and in hand** 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. ## **2.10 Liabilities and provisions** 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 Charity 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.11 Financial instruments** The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.12 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 Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Income from donations and legacies** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Legacies|10,437,763|**10,437,763**|_-_| Page 16 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **4. Income from other trading activities** ## **Income from non charitable trading activities** ||||_Total_| |---|---|---|---| ||**Unrestricted**|**Total**|_funds_| ||**funds**|**funds**|_As restated_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Trading income - farming|355,737|**355,737**|_125,641_| ## **5. Investment income** |**Unrestricted**
**funds**
**2025**
**£**
Rental income
95,117
Dividends and interest
36,130
Bank interest
1,653
132,900|**Total**
**funds**
**2025**
**£**
**95,117**
**36,130**
**1,653**
**132,900**|_Total_
_funds_
_2024_
_£_
_10,527_
_4,528_
_77_| |---|---|---| |||_15,132_| Page 17 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **6. Other incoming resources** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Other income|2,406|**2,406**|_-_| ## **7. Expenditure on raising funds** ## **Other trading expenses** |**Unrestricted**
**funds**
**2025**
**£**
Farming expenses
428,662
Farming casual wages
55,786
484,448
**Investment management costs**
**Unrestricted**
**funds**
**2025**
**£**
Investment management fees
14,194|**Total**
**funds**
**2025**
**£**
**428,662**
**55,786**
**484,448**
**Total**
**funds**
**2025**
**£**
**14,194**|_Total_
_funds_
_2024_
_£_
_65,638_
_-_| |---|---|---| |||_65,638_| |||_Total_
_funds_
_2024_
_£_
_2,566_| ## **8. Investment management costs** Page 18 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **9. Analysis of grants** ||**Grants to**|**Total**|_Total_| |---|---|---|---| ||**Institutions**|**funds**|_funds_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Grants paid|3,850|**3,850**|_-_| ## **10. Analysis of expenditure on charitable activities Summary by fund type** ||**Unrestricted**||| |---|---|---|---| ||**funds**|**Total**|_Total_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Charitable activities|161,731|**161,731**|_2,232_| ## **11. Analysis of expenditure by activities** |Charitable activities
Charitable activities|**Grant**
**funding of**
**activities**
**2025**
**£**
3,850|**Support**
**costs**
**2025**
**£**
157,881
_Support_
_costs_
_2024_
_£_
_2,232_|**Total**
**funds**
**2025**
**£**
**161,731**| |---|---|---|---| ||||_Total_
_funds_
_2024_
_£_
_2,232_| Page 19 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **11. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Depreciation
Light and heat
Repairs and renewals
Accountancy fees
Bank charges
Sundry expenses
Legal and professional expenses
Telephone and stationery
Motor expenses
Audit fees
Interest payable|**Charitable**
**activities**
**2025**
**£**
31,293
14,224
28,299
4,300
367
12,196
31,674
3,838
13,690
13,500
4,500
157,881|**Total**
**funds**
**2025**
**£**
**31,293**
**14,224**
**28,299**
**4,300**
**367**
**12,196**
**31,674**
**3,838**
**13,690**
**13,500**
**4,500**
**157,881**|_Total_
_funds_
_2024_
_£_
_-_
_-_
_384_
_1,800_
_48_
_-_
_-_
_-_
_-_
_-_
_-_| |---|---|---|---| ||||_2,232_| ## **12. Auditors' remuneration** The auditors' remuneration amounts to an auditor fee of £13,500 _(2024 - £ -)_ , and Accountancy and Independent Examination services of £3,100 ( _2024_ - _£1,800_ ). ## **13. Trustees' remuneration and expenses** During the period, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . During the period ended 31 July 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . Page 20 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **14. Tangible fixed assets** |**Cost or valuation**
Additions
At 31 July 2025
**Depreciation**
Charge for the period
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 March 2024_|**Freehold**
**property**
**£**
**7,097,000**
**7,097,000**
**26,340**
**26,340**
**7,070,660**
_-_|**Plant and**
**machinery**
**£**
**51,200**
**51,200**
**4,953**
**4,953**
**46,247**
_-_|**Total**
**£**
**7,148,200**| |---|---|---|---| ||||**7,148,200**| ||||**31,293**| ||||**31,293**| ||||**7,116,907**| ||||_-_| Page 21 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **15. Fixed asset investments** |**Cost or valuation**
At 1 April 2024
Additions
Probate transfer
Disposals
Revaluations
Investment cash movement
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 March 2024_
**16.**
**Stocks**
Finished goods and goods for resale
**17.**
**Debtors**
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**31 July**
**2025**
**£**
**19,490**|**Listed**
**investments**
**£**
**208,047**
**2,011,152**
**2,853,120**
**(2,121,161)**
**395,351**
**4,914**
**3,351,423**
**3,351,423**
_208,047_
_31 March_
_2024_
_£_
_-_
_31 March_
_2024_
_£_
_-_
_-_
_104,056_
_104,056_|**Listed**
**investments**
**£**
**208,047**
**2,011,152**
**2,853,120**
**(2,121,161)**
**395,351**
**4,914**
**3,351,423**
**3,351,423**
_208,047_
_31 March_
_2024_
_£_
_-_
_31 March_
_2024_
_£_
_-_
_-_
_104,056_
_104,056_| |---|---|---|---| ||||| ||||| ||||| ||||| ||**31 July**
**2025**
**£**
**38,344**
**352,085**
**7,200**||_31 March_
_2024_
_£_
_-_
_-_
_104,056_| ||||| ||**397,629**||_104,056_| Page 22 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **18. Creditors: Amounts falling due within one year** |Trade creditors
Other creditors
Accruals and deferred income|**31 July**
**2025**
**£**
**54,363**
**4,200**
**20,063**
**78,626**|_31 March_
_2024_
_£_
_-_
_-_
_12,586_| |---|---|---| |||| |||_12,586_| ## **19. Prior period adjustments** Income of £104,056 recieved in the period ended 31 July 2025 related to farming income in the year ended 31 March 2024. Page 23 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **20. Statement of funds** **Statement of funds - current period** |**As restated**
**Balance at 1**
**April 2024**
**£**
**Unrestricted funds**
General Funds - all funds
**377,153**
**Statement of funds - prior period**|**Income**
**£**
**10,928,806**|**Expenditure**
**£**
**(660,373)**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2025**
**£**
**395,351**
**11,040,937**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2025**
**£**
**395,351**
**11,040,937**| |---|---|---|---|---| |||||| ||||||_As restated_| |---|---|---|---|---|---| ||||||_Balance at_| ||_Balance at_|_As restated_||_Gains/_|_31 March_| ||_1 April 2023_|_Income_|_Expenditure_|_(Losses)_|_2024_| ||_£_|_£_|_£_|_£_|_£_| |**Unrestricted funds**|||||| |General Funds - all funds|_282,511_|_140,773_|_(70,436)_|_24,305_|_377,153_| ## **21. Summary of funds** ## **Summary of funds - current period** |**As restated**
**Balance at 1**
**April 2024**
**£**
General funds
**377,153**
**Summary of funds - prior period**
_Balance at_
_1 April 2023_
_£_
General funds
_282,511_|**Income**
**£**
**10,928,806**
_As restated_
_Income_
_£_
_140,773_|**Expenditure**
**£**
**(660,373)**
_Expenditure_
_£_
_(70,436)_|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2025**
**£**
**395,351**
**11,040,937**
_Gains/_
_(Losses)_
_£_
_As restated_
_Balance at_
_31 March_
_2024_
_£_
_24,305_
_377,153_|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2025**
**£**
**395,351**
**11,040,937**
_Gains/_
_(Losses)_
_£_
_As restated_
_Balance at_
_31 March_
_2024_
_£_
_24,305_
_377,153_| |---|---|---|---|---| |||||_As restated_
_Balance at_
_31 March_
_2024_
_£_
_377,153_| Page 24 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **22. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**31 July**
**2025**
**£**
Tangible fixed assets
7,116,907
Fixed asset investments
3,351,423
Current assets
651,233
Creditors due within one year
(78,626)
**Total**
11,040,937|**Total**
**funds**
**31 July**
**2025**
**£**
**7,116,907**
**3,351,423**
**651,233**
**(78,626)**
**11,040,937**| |---|---| ## **Analysis of net assets between funds - prior period** |Fixed asset investments
Current assets
Creditors due within one year
**Total As restated**|_As restated_
_Unrestricted_
_funds_
_31 March_
_2024_
_£_
_208,047_
_181,692_
_(12,586)_
_377,153_|_As restated_
_Total_
_funds_
_31 March_
_2024_
_£_
_208,047_
_181,692_
_(12,586)_
_377,153_| |---|---|---| Page 25 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **23. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Gains/Losses on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
Donation of long leasehold land and buildings
Donation of Investments
**Net cash used in operating activities**
**24.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**25.**
**Analysis of changes in net debt**|**31 July**
**2025**
**£**
**10,663,784**
**31,293**
**(395,351)**
**(132,900)**
**(19,490)**
**(293,573)**
**66,040**
**(7,072,192)**
**(2,853,121)**
**(5,510)**
**31 July**
**2025**
**£**
**234,114**
**234,114**|_31 March_
_2024_
_£_
_94,642_
_-_
_(24,305)_
_(15,132)_
_-_
_(104,056)_
_9,556_
_-_
_-_
_(39,295)_
_31 March_
_2024_
_£_
_77,636_
_77,636_| |---|---|---| |Cash at bank and in hand|**At 1 April**
**2024**
**£**
**77,636**
**77,636**|**Cash flows**
**£**
**156,478**
**156,478**|**At 31 July**
**2025**
**£**
**234,114**| |---|---|---|---| ||||**234,114**| Page 26 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 ## **THE SALLY ANN RAVEN FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025** ## **26. Related party transactions** During the period consultancy fees of £191,798 were paid to Skywalker Ventures Limited, which is a company controlled by L A Macfarlane, a Trustee of the charity. Page 27 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 The Sally Ann Raven Foundation Wymarks House Purleigh Wash Farm Mundon Maldon Essex CM9 6PG ## To: Hillier Hopkins LLP Radius House 51 Clarendon Road Watford Herts WD17 1HP Dear Sirs The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charity’s financial statements for the period ended 31 July 2025. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief. ## **General** - 1 We have fulfilled our responsibilities as directors / trustees as set out in the terms of your engagement letter, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you. - 2 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. - 3 All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission. - 4 The financial statements are free of material misstatements, including omissions. - 5 The effects of uncorrected misstatements (as set out in the appendix to this letter) are immaterial both individually and in total. ## **Internal control and fraud** - 6 We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. - 7 We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. - 8 We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others. ## **Assets and liabilities** - 9 The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements. - 10 We confirm the loan to Abbington 28 Ltd of £300,000 at 31 July 2025 is considered to be fully recoverable. - 11 We confirm the stock is valued at net realisable value at the period end. Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 - 12 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. - 13 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Accounting estimates** - 14 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. ## **Legal claims** - 15 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements. ## **Laws and regulations** - 16 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements. ## **Related parties** - 17 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements. ## **Subsequent events** - 18 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed. ## **Going concern** - 19 We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements. ## **Grants and donations** - 20 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. Yours faithfully ## Janice Macfarlane **Printed name:** ## **Signed:** ..................................................................................... Signed on behalf of the board of trustees Trustees: J Macfarlane A Davidson J Pilcher Charity registered number: 1164393 Date: 06-04-2026 Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 |**The Sally Ann Raven Foundation**
**Year End: 31 July 2025**
**Adjusting journal entries**
**Date: 01/04/2024 To 31/07/2025**|**N3. 1**
**Prepared by**
**Reviewed by**
**Final Review**
**RI Review**
**EQ Review**
**EQ Review Asst**| |---|---| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| |Net Income (Loss) Before Adjustments|98,755| |4 31/07/2025 Investments b/f
201
F2. 1
208,047
4 31/07/2025 Investments b/f
201
F2. 1
4 31/07/2025 Investment additions
202
F2. 1
785,806
4 31/07/2025 Investment disposals
203
F2. 1
4 31/07/2025 Investment revaluation
204
F2. 1
215,354
4 31/07/2025 Interest Income
270
F2. 1
4 31/07/2025 Investment bank account
303
F2. 1
4 31/07/2025 Investments
780
F2. 1
4 31/07/2025 Investment gains/losses
910
F2. 1
4 31/07/2025 Realised investment gain
911
F2. 1
4 31/07/2025 Probate - Investment porfolio
HH9
F2. 1
4 31/07/2025 Investment cash movement
HH10
F2. 1
41,955
4 31/07/2025 Investment cash movement
HH10
F2. 1
39,254
4 31/07/2025 Dividend received
INCOME 104
F2. 1
4 31/07/2025 Investment management fees
EXPENSES 218
F2. 1
7,178
Investment portfolio movements -
R51197H
1,297,594|817,096
630
208,047
109,451
105,903
39,254
17,213
1,297,594
324,774
226,019| |6 31/07/2025 Buildings
740
E1.3/E1. HH
7,025,192
6 31/07/2025 Plant and Machinery
764
E1.3/E1. HH
47,000
6 31/07/2025 Legacy income - Land & Buildings
HH2
E1.3/E1. HH
Being to account for Land &
Buildings/ PM asset transfer
7,072,192|7,072,192
7,072,192
7,396,966
7,072,192| |7 31/07/2025 Land & Buildings Dep
HH4
H1.HH
7 31/07/2025 Depr. Land & Buildings
HH5
H1.HH
26,340
7 31/07/2025 Depr. Land & Buildings
HH5
H1.HH
4,953
7 31/07/2025 Plant & Machinery Dep
HH6
H1.HH
Being to post depreciated for year
31,293|26,340
4,953
31,293
7,365,673
-31,293| **02/04/2026 15:49** **Page 1** Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 |**The Sally Ann Raven Foundation**
**Year End: 31 July 2025**
**Adjusting journal entries**
**Date: 01/04/2024 To 31/07/2025**|**N3. 1-1**
**Prepared by**
**Reviewed by**
**Final Review**
**RI Review**
**EQ Review**
**EQ Review Asst**| |---|---| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| ||| |8 31/07/2025 Cost of Sales -Farm Labour/Contracto312
G1. 1
8 31/07/2025 Dry Goods Stock
HH7
G1. 1
19,490
Being to account for stock held at
Y/E
19,490|19,490
19,490
7,385,163
19,490| |9 31/07/2025 Farm Sales
200
N2/N5NH1. 1
9 31/07/2025 Consulting - L Macfarlane
412
N2/N5NH1. 1
8,988
9 31/07/2025 Prior Year Adjustments
990
N2/N5NH1. 1
6,517
9 31/07/2025 Prior Year Adjustments
990
N2/N5NH1. 1
Being to clear PY audit adjustments
15,505|6,517
8,988
15,505
7,382,692
-2,471| |11 31/07/2025 Farm Sales
200
H1. 1
104,056
11 31/07/2025 PY Adjustment
HH8
H1. 1
Being to include PY adjustment
104,056|104,056
104,056
7,278,636
-104,056| |13 31/07/2025 Legacy income - Investment porfolio HH3
F2/F2. 1.6/8/
13 31/07/2025 Probate - Investment porfolio
HH9
F2/F2. 1.6/8/
877,631
13 31/07/2025 Probate - Investment porfolio
HH9
F2/F2. 1.6/8/
2,217,140
13 31/07/2025 Legacy income - Investment porfolio HH11
F2/F2. 1.6/8/
Being to account for Investment
portfolio probate
3,094,771|2,853,121
241,650
3,094,771
10,373,407
3,094,771| |15 31/07/2025 Investment additions
202
F2. 2
1,225,346
15 31/07/2025 Investment disposals
203
F2. 2
15 31/07/2025 Investment revaluation
204
F2. 2
179,997
15 31/07/2025 Interest Income
270
F2. 2
15 31/07/2025 Investment bank account
303
F2. 2|1,304,065
660| **02/04/2026 15:49** **Page 2** Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 |**The Sally Ann Raven Foundation**
**Year End: 31 July 2025**
**Adjusting journal entries**
**Date: 01/04/2024 To 31/07/2025**|**N3. 1-2**
**Prepared by**
**Reviewed by**
**Final Review**
**RI Review**
**EQ Review**
**EQ Review Asst**| |---|---| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| |15 31/07/2025 Investment gains/losses
910
F2. 2
15 31/07/2025 Realised investment gain
911
F2. 2
15 31/07/2025 Probate - Investment porfolio
HH9
F2. 2
15 31/07/2025 Investment cash movement
HH10
F2. 2
91,280
15 31/07/2025 Investment cash movement
HH10
F2. 2
202,397
15 31/07/2025 Investment cash movement
HH10
F2. 2
15 31/07/2025 Dividend received
INCOME 104
F2. 2
15 31/07/2025 Investment management fees
EXPENSES 218
F2. 2
7,016
Investment portfolio movements -
R51414A
1,706,036|105,943
74,054
202,397
18,917
1,706,036
10,565,965
192,558| |17 31/07/2025 Audit fees
402
13,500
17 31/07/2025 Consulting - L Macfarlane
412
17 31/07/2025 Accruals
805
10,786
17 31/07/2025 Accruals
805
17 31/07/2025 Accruals
805
1,800
17 31/07/2025 Accountancy
EXPENSES 219
Correct accruals
26,086|10,786
13,500
1,800
26,086
10,565,051
-914| |19 31/07/2025 Solicitors Holding Account
625
270,800
19 31/07/2025 Legacy income - Investment porfolio HH11
Recognise further estate monies
from solicitor
270,800|270,800
270,800
10,835,851
270,800| |**13,637,823**|**13,637,823**
**10,835,851**
**10,737,096**| **02/04/2026 15:49** **Page 3** Docusign Envelope ID: 6AB369EA-673E-4FA1-90DA-6A351CCF71B7 **The Sally Ann Raven Foundation Year End: 31 July 2025 Proposed/unrecorded journal entries Date: 01/04/2024 To 31/07/2025** ||| |---|---| |**The Sally Ann Raven Foundation**
**Year End: 31 July 2025**
**Proposed/unrecorded journal entries**
**Date: 01/04/2024 To 31/07/2025**|**N3. 2**
**Prepared by**
**Reviewed by**
**Final Review**
**RI Review**
**EQ Review**
**EQ Review Asst**| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Proposed**
**Proposed**
**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| |Net Income (Loss)|10,663,784| |1 31/07/2025 Accounts Receivable
610
H2. 1
4,000
1 31/07/2025 Accounts Payable
800
H2. 1
Being credit balances in Trade
debtors
4,000|4,000
4,000
10,663,784
0| |18 31/07/2025 Cost of Sales -Farm Labour/Contracto312
G1. 1
9,703
18 31/07/2025 Dry Goods Stock
HH7
G1. 1
Being to bring stock value closer
to industry GPM
9,703|9,703
9,703
10,654,081
-9,703| |20 31/07/2025 Land & Buildings Dep
HH4
20 31/07/2025 Depr. Land & Buildings
HH5
10,331
20 31/07/2025 Plant & Machinery Dep
HH6
Being to include depreciation for
extended period
10,331|8,708
1,623
10,331
10,643,750
-10,331| |**24,034**|**24,034**
**10,643,750**
**-20,034**| **02/04/2026 15:50** **Page 1**