2025-06-30-accounts - Nuffield International Farming Scholarships

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Registration Number: 09976008 Charity Registration Number: 1169043

NUFFIELD INTERNATIONAL FARMING SCHOLARSHIPS (a company Limited by Guarantee)

TRUSTEE DIRECTORS’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Contents
Legal and Administrative Information	3 - 4
Trustee Directors’ Report	5 – 9
Independent Examiners Report	10 – 11
Statement of Financial Activities	12
Balance Sheet	13
Notes to the Financial Statements	14 – 17

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Legal and Administrative Information

Chairman	Christoph Graf-Grote	Appointed as Trustee by Nuffield UK on 8 March
		2021;
		Elected Chairman on 12 March 2023
Trustee Directors	David Brownhill	Co-opted as an External Trustee by the Board of
		Trustees on 8 March 2022
	Martin Davies	Co-opted as an External Trustee by the Board of
		Trustees on 10 March 2018
	Rob Bradley	Appointed by Nuffield AUS 14 March 2020
		Retired 9 March 2025
	Jane Bennett	Appointed by Nuffield AUS 9 March 2025
	Luciano Loman	Appointed by Nuffield BRA on 10 March 2024
	Steve Laroque	Appointed by Nuffield CAN on 10 March 2024
	Chloe Pellerin	Appointed by Nuffield FRA on 10 March 2024
		Retired 9 March 2025
	Laure	Appointed by Nuffield FRA on 9 March 2025
	Figeureu-Bidaud
	Michael Brady	Appointed by Nuffield IRL on 12 March 2023
	Annechein Ten	Appointed by Nuffield NLD on 10 March 2018
	Have Mellema	Retired 9 March 2025
	Roy Tomesen	Appointed by Nuffield NLD on 9 March 2025
	Kate Scott	Appointed by Nuffield NZL on 10 March 2024
	Wyn Owen	Appointed by Nuffield UK on 12 March 2023
		Retired 9 March 2025
	Tom Rawson	Appointed by Nuffield UK on 9 March 2025
	Ed Kee	Co-opted as the representative Trustee of Nuffield
		USA on 10 March 2024
	Philip Weller	Appointed by Nuffield ZWE on 10 March 2024
Chief Executive	Jodie Redcliffe
Company Secretary	Michael Vacher

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Legal and Administrative Information (continued)

Registered Office Southill Farm Staple Fitzpaine Taunton Somerset TA3 5SH Solicitors Stone King 13 Queen Square Bath BA1 2HJ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ National Australia Bank Limited 147-153 Yambil Street Griffith NSW 2680 Australia Accountants & Moore Scarrott Limited Independent Examiners Calyx House South Road Taunton Somerset TA1 3DU

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Trustee Directors’ Annual Report for the Period Ended 30 June 2025

The trustee directors present their report and the unaudited financial statements for the period from 1 July 2024 until 30 June 2025.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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).

Status

Nuffield International Farming Scholarships is a charitable company limited by guarantee, incorporated on 28 January 2016 and registered as a charity on 5 September 2016 under the number 1169043. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Objects of the charity

The Objects of the Charity are, for the public benefit, the advancement of education in the fields of agriculture, horticulture, fishing, food supply chain and countryside management in the United Kingdom and elsewhere in the world, in particular but without limitation by:

providing scholarships to Beneficiaries to learn about the practices and techniques employed in different parts of the world and to develop best-practices based upon this learning; and
providing a forum for the exchange and dissemination of information among Beneficiaries about agricultural, horticultural, fishing, and countryside management best practices and related information.

Strategic Planning

The Vision Statement, Mission and whole Strategic Plan was reviewed during the year with the updated versions included below:

Our Vision Statement

Nuffield International inspires people to make a difference in the world of agriculture.

Our mission

To nurture the values of Nuffield International, through the provision of a global framework for leadership, cooperation and development in the world of agriculture.

Aims

The aims of the charit are to:

Nurture the Nuffield heritage and build on its legacy;
Promote, develop and inspire leadership;
Provide a model for existing and future countries that have a desire and commitment to benefit from Nuffield International’s charter;
Challenge thinking to encourage innovation and ensure the transfer of knowledge and ideas
Build financial resilience of the organisation by holding cash reserves equivalent to one year of operating expenses.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Trustee Directors’ Annual Report for the Period Ended 30 June 2025

Strategic Goals 2025 – 2030

The strategic goals of the charity are to:-

be a strong and vibrant international Nuffield network;
be a viable and sustainable Nuffield International;
provide clear and consistent communications and engagement; and
provide “Fit for Purpose” programme delivery and outcomes.

History and Activities

In 1913 a young Englishman boarded a ship at Liverpool and sailed to the United States of America. There, he travelled to Detroit and saw how Henry Ford was mass producing automobile engines at a fraction of their cost in the United Kingdom. He brought these ideas back home and put them into practice in his factory at Cowley, Oxford. His name was William Morris, doyen of the British motor industry during its golden era, who was later made a peer, as Lord Nuffield, in 1934. In 1943 he gave £10 million to found the Nuffield Foundation which in 1947, recognising the linkage between health and good agricultural practices, began to fund scholarships for British farmers to travel in the footsteps of William Morris.

In 1950 the Nuffield Foundation extended the scheme to the former Commonwealth countries and continued to finance and administer the scheme in the Overseas Countries until 1976, from which they had to finance and administer their own schemes. However, close, informal, connections were maintained between the Nuffield Countries with exchanges of scholars and regular international conferences.

In 2011 a set of rules governing the Nuffield Countries as an informal federation was adopted with arrangements for shared administration of the organisation. However, as the organisation developed it became apparent that a formal entity was necessary and, because of the preponderance of Nuffield Scholars from the United Kingdom, ‘Nuffield International Farming Scholarships’ was established as a British Charity and Company Limited by Guarantee.

‘Nuffield International Farming Scholarships’ - Nuffield International for short – is now an independent organisation. It is managed by part time staff, maintains its own website (www.nuffieldinternational.org). It oversees the publishing of all Nuffield Scholar reports and maintenance of the Scholars’ Directory with password-protected access to the associate database along with an annual conference (the Contemporary Scholars Conference) for all new scholars world-wide and a triennial conference for all scholars - these are hosted by Nuffield Countries in turn. However, the overriding responsibility is the development and dissemination of the scheme worldwide.

There are now ten full member countries (Australia, Brazil, Canada, France, Ireland, Netherlands, New Zealand, United Kingdom, United States of America and Zimbabwe) and close links have been established with embryonic organisations in Chile, Japan, Germany, and Poland. Nuffield International also offers its own scholarships to applicants from countries that do not as yet formally belong to the Nuffield Farming Scholarships scheme, including, Romania. During the period 2015-2024, sixty six of these scholarships have been awarded to deserving individuals from: Brazil (17), USA (21), Chile (12), Japan (7), South Africa (1), Belgium (1), Germany (3), Poland (3) and Romania (1).

Organisational structure

Both Nuffield Australia and Nuffield UK contribute to the administration of Nuffield International by, for example, hosting parts of the website and holding special funds for it. Separately, there is a service agreement under which Nuffield Australia provides day to day management including the role of Chief Executive. A part time Finance Officer and Company Secretary is responsible for ensuring compliance (with Charity Commission and Companies regulations), for advising Trustees on appropriate governance and financial management.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Trustee Directors’ Annual Report for the Period Ended 30 June 2025

Organisational structure (continued)

Each Nuffield ‘Full Member’ Country nominates one Trustee (see Page 1) to the Board. It is usual for these individuals to be scholars of considerable experience and they are normally the Chairmen of the Nuffield Country concerned. Trustees, therefore, have a broad range of expertise. From 2018 two External Trustees have been co-opted onto the Board to provide additional expertise in international agriculture and continuation. Trustees are formally appointed at the Annual General Meeting and meet at least twice each year – once at the Contemporary Scholars Conference and at least once by teleconference.

The Trustee Board forms sub-committees to oversee key functions:

Finance, Audit and Risk;
Governance; and
Programmes.

In addition, a special Selection Committee convenes to interview and choose new scholars and includes respected individuals from outside the organisation.

On 30 June 2025 there were a total of some 2,038 Nuffield Farming Scholars world-wide of whom 913 are from the United Kingdom, 494 from Australia, 146 from New Zealand, 122 from Ireland, 107 from Canada, 62 from France, 59 from The Netherlands, 51 from Zimbabwe, 31 from Brazil, 25 from the USA, International has a total of 28 Scholars: 12 from Chile, 7 from Japan, 3 from Germany, 3 from Poland, 1 from Belgium, 1 from South Africa, and 1 from Romania.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up.

Risk factors

The Board regularly reviews the risks to which the charity may be exposed and can confirm that systems have been established to mitigate those risks. In particular, Scholars sign contracts which include appropriate disclaimers, and the requirement for them to provide their own comprehensive travel insurance. This remains under constant review.

Related parties

The Member organisations of ‘Nuffield International Farming Scholarships’ are the Nuffield organisations in different countries including the ‘Nuffield Farming Scholarships Trust’ in the United Kingdom.

Financial summary

Since its inception, the ‘Nuffield International Farming Scholarships’ has been successfully established and raised sufficient funds to support 66 international scholarships, as at 30 June 2025 and the operations to develop and administer the Charity. In addition, the ‘Nuffield International Foundation Fund’ has been established to promote the growth of the Charity and underwrite its initial operations.

As at 30 June 2025 £189,589 (US$230,000) has been received.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Trustee Directors’ Annual Report for the Period Ended 30 June 2025

Financial summary (continued)

The gross incoming resources arising in the initial period amounted to £293,716 (2024: £381,479). From these eight awards were made at a cost of £169,015 (2024: £204,291), whilst other costs borne by the Trust amounted to £107,144 (2024: £83,864). Separately, the restricted fund established by Nuffield Australia in memory of Chris Reichstein NSch continues to provide additional support to new Nuffield International scholarships and associated initiatives in developing countries. Also, another restricted fund with similar purposes continues. This was established by Nuffield Farming Scholarships Trust (NFST) in the United Kingdom with NFST holding discretion over use of this restricted fund to provide an annual grant.

Reserves policy

Reserves are held to cover a minimum of 12 months operating costs for normal conditions. It is the intention of the charity to build reserves totalling two years’ worth of expenditure in unrestricted funds.

This reserves policy will be reviewed annually.

The trustees are confident that going forward the Company will be able to meet its operational costs and its financial obligations, and in particular, in a timely manner over the next 12 months. They are also aware that to continue to operate, profitable trading activity will be required.

The financial statements have been prepared on a going concern basis that assumes the realisation of assets and extinguishment of liabilities in the normal course of business at the amounts stated in the financial statements, for the following reasons:

The budget prepared for the next 12 months indicates that the Company will make a profit, however this is on the basis that the Company receives three scholarships in the year.

As at 30 June 2025, the Company had a net working capital position of £351,763 (2024: £334,206).

On the basis that sufficient cash inflows are expected to be received through trading to fund programs for at least 12 months after the date of signing these financial statements, the Trustees are confident that the Company remains a going concern and these financial statements have been prepared on this basis.

If the Company is unable to continue as a going concern it may be required to realise its assets and discharge its liabilities other than in the normal course of business and at amounts different to those stated in the financial report. The financial report does not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of liabilities that might result should the Company be unable to continue as a going concern and meet its debts as and when they fall due and payable.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Trustee Directors’ Annual Report for the Period Ended 30 June 2025

Statement of trustees' responsibilities (continued)

In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The trustees confirm that they have complied with the above requirements in preparing the financial statements.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy the financial position of the charitable company and which enable them to ensure that the financial statements comply with Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

This report has been prepared in accordance with the Statement of Recommended Practice - Accounting Reporting Charities and in accordance with the special provisions of Part 15 (Small Companies and Groups) of the Companies Act 2006 relating to small entities.

12-03-26

Approved by the Board on ………………… and signed on its behalf by:

…………………………………… Martin Davies Chairman of the Finance Sub-Committee & Trustee Director

…………………………………… Christoph Graf Grote Chairman & Trustee Director

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Independent Examiners’ report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts

I report on the accounts of the charity for the period ended 30 June 2025, which are set out on pages 9 to 14.

Respective responsibilities of trustees and examiner

The trustees (who are the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and under Part 16 of the Companies Act 2006 relating to audit requirements, that an independent examination is needed. The charity’s gross assets did not exceed £3.26 million and I am qualified to undertake the examination by being a member of The Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under Section 145 of the 2011 Act;
follow procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention.

This report, including my statement, has been prepared for, and only for, the Nuffield International Farming Scholarship Members as a body. My work has been undertaken so that I might state to the Members those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Nuffield International Farming Scholarship Members as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity company. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that, in any material respect, the requirements:

to keep accounting records in accordance with Section 386 of the Companies Act 2006; and
to prepare accounts which accord with the accounting records, and
to comply with the accounting requirements of Section 396 of the Companies Act 2006; and

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Independent Examiners’ report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts

Basis of independent examiner’s report (continued)

to comply with the Statement of Recommended Practice ‘Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019)’.

have not been met: or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

……………………………………..

Duncan Nicolas FCA Chartered Accountant

Moore Scarrott Limited Calyx House South Road Taunton TA1 3DU 12-03-26

Dated: ………………….

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Statement of Financial Activities Including Income & Expenditure Account for the Period Ended 30 June 2025

Note Income Other trading activities 2 Income from charitable activities: 3 Sponsored scholarships Income from investments 4 Total income Expenditure Expenditure on charitable activities: Charitable activities – scholarships 5 Direct charitable activities 6 Total expenditure Net income/(expenditure) and net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward	2025 Unrestricted £ 11,786 280,838 1,092 293,716 (169,015) (107,144) (276,159) 17,557 334,206 351,763	2024 Unrestricted £ 11,734 369,628 117
		381,479
		(204,291) (83,864)
		(288,155)

		93,324
		240,882
		334,206

The statement of Financial Activities also complies with the requirements for an Income and expenditure account under the Companies Act 2006.

All incoming resources and resources expended derive from continuing activities.

Notes to the financial statements are on pages 14 – 17

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Balance Sheet as at 30 June 2025 (Company Registration Number 09976008)

		2025	2024
	Note	£	£
Current assets
Debtors	10	52,945 94,910	94,910
Cash at Bank and in Hand		481,387	454,919
		534,332	549,829
Creditors:Amounts falling due within one year	11	(182,569)	(215,623)
Net current assets		351,763	334,206
Net assets		351,763	334,206
Income funds
Unrestricted funds	351,763	351,763	334,206
Charity funds	351,763	351,763 334,206	334,206

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

For the year ended 30 June 2025, the Trustee Directors are satisfied that the company was entitled to exemption from the provisions of the Companies Act 2006 under Section 477 relating to the audit of the financial statements.

The members have not required the company to obtain an audit in accordance with Section 476 of the Act.

The Trustee Directors acknowledge their responsibilities for:

a) Ensuring that the company keeps accounting records which comply with Section 386 of the Act; and
b) Preparing accounts which give a true and fair view of the state of affairs of the company at 30 June 2025 and of its profit for the year then ended in accordance with Sections 394 and 395, and otherwise comply with the requirements of the Act relating to accounts, so far as applicable to the company.

12-03-26

Approved by the Board of Trustees on ……………………………….

And signed on its behalf by:

……………………………………………….

Martin Davies

Chairman of the Finance Sub-Committee & Trustee Director

Notes to the financial statements are on pages 14 - 17

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Notes to the financial statements

1. Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Preparation of the accounts on a going concern basis

The company has prepared the financial report on a going concern basis adopting accruals-based accounting using the historical cost method.

The profit/(loss) for the Company for the year amounted to £17,557 (2024: £93,324) contributing to a net asset surplus of £351,763 (2024: £334,206) as at 30 June 2025.

Donations, legacies and similar incoming resources

Donations, legacies and similar incoming resources are recorded in the statement of financial activities as they become due. The value of services provided by volunteers has not been included. Annual subscriptions are recognised in the period to which they relate.

Sponsorship receivable and payable

Sponsorship receivable is recorded in the statement of financial activities as soon as the charity has entitlement to the income, there is probability of receipt and the amount is quantifiable. Amounts payable are recorded at the same time. Monies are agreed to be due when the scholars for the relevant year are selected unless sponsorship has not been agreed in advance. Any amounts received or due for sponsorship which have not been paid to the agreed recipient at the end of the accounting period are carried forward in other creditors as amounts received in advance.

Investment income

Bank and other interest is received gross of tax and included in the statement of financial activities on receipt.

Resources expended

Scholarships awarded are recognised in the year in which the award is agreed together with the associated selection, briefing and award advertising costs incurred in the year, to the extent that the conditions for payment have been satisfied.

Costs of other activities are recognised in the year in which they are incurred.

Funds

The charity holds unrestricted funds. Unrestricted funds, both general and designated, represent unrestricted income which is expendable at the discretion of the trustees in furtherance of the objectives of the charity.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Financial instruments

Nuffield International Farming Scholarship 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 fair value.

2. Other trading activities

Other income 3. Income from charitable activities Sponsored scholarships - Fund received 2025 Sponsorship deferred 2024 Sponsorship deferred CSC scholar contribution CSC income Global Strategic Partner 4. Investment income Interest received	2025 Unrestricted Funds £ 11,786 11,786 2025 Unrestricted Funds £ 230,236 (49,159) - 33,848 26,422 39,491 280,838 2025 Unrestricted Funds £ 1,092 1,092	2024 Unrestricted Funds £ 11,734
		11,734
		2024 Unrestricted Funds £ 290,557 - (41,504) 35,696 29,622 55,257
		369,628
		2024 Unrestricted Funds £ 117
		117

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Notes to the financial statements (continued)

5. Scholarships

Scholarships awarded to individuals CSC GFP Costs Video Production . Direct charitable activities Telephone Sponsorship The Director/chief executive fees Clerical assistance Insurance Sundry expenses Website costs Accountancy fees Office finance charges Travel Legal and professional Printing postage and stationery Foreign exchange loss/(gain)	2025 Unrestricted Funds £ 65,509 44,313 59,193 - 169,015 2025 Unrestricted Funds £ 95 6,883 42,499 14,125 3,760 6,051 371 8,308 378 1,245 - - 23,429 107,144	2024 Unrestricted Funds £ 74,075 44,843 81,643 3,730
		204,291
		2024 Unrestricted Funds £ - 7,093 39,778 15,579 3,642 3,369 3,379 7,501 335 111 1 12 3,064
		83,864

6. Direct charitable activities

7. Transactions with Trustees

None of the Trustees received any remuneration during the period.

Trustees are eligible to reclaim their travel and subsistence expenses. This also applies to those participating in the Award Selections and participation in international meetings. Total travel expenses reimbursed during the period were £1,245 (2024: £111). This includes travel expenses of the Chief Executive.

8. Employees

There were no employees during the period.

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Nuffield International Farming Scholarships Unaudited Financial Statements For the Year Ended 30 June 2025

Notes to the financial statements (continued)

9. Debtors

Trade debtors Prepayments	2025 £ 35,244 17,701 52,945	2024 £ 89,196 5,714
		94,910

10. Creditors: Amounts falling due within one year

Trade creditors Deferred income Scholarships payable Accruals Other creditors	2025 £ 15,977 29,435 128,066 4,357 4,734 182,569	2024 £ 7,334 29,316 169,216 4,618 5,139 215,623

11. Company status

The Charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in event of liquidation. The company is controlled by its trustee’s directors.

12. Taxation

The charitable company is exempt from corporation tax on its charitable activities.

13. Foreign currency

The accounts have been prepared based on the computerised records prepared in US dollars, and been converted using a spot rate of 2025: 0.728278 (2024: 0.790557) on the 30 June 2025.

The figures from the computerised records also include foreign currency transactions which were translated into US dollars originally using the exchange rate prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

14. Related party transactions

There were no related party transactions during the year.