Charity Registration No. 1172540 NFU ESSEX CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 BUSINESS ADVISORS &AGCOUNTANTS 11 De Grey Square De Grey Road Colchester Essex C04 5YQ
NFU ESSEX CHARITABLE TRUST CONTENTS Page Company information Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-13
NFU ESSEX CHARITABLE TRUST COMPANY INFORMATION Trustees C C Tritton NWReed C Barr N J Percival C Butler M Unwin Charity number 1172540 Independent examlner TC Group 11 De Grey Square De Grey Road Colchester Essex C04 5YQ
NFU ESSEX CHARITABLE TRUST TRU5fEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's Trust Deed Idated 15 February 20171, the Charities Act 2011 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 IFRS 1021" las amended for accounting periods commencing from l January 20161 Objertives and activities The NFU Essex Charitable Trust was created to further the understanding of farming and the countryside in Essex, as well as offering support to those in need and involved in agricultural and rural communities in the county. The objects of the charity are defined as follows, l. To advance the education of the public in wildlife, protection of the rural environment, agriculture, country life and related subjects. To relieve financial hardship amongst agricultural students studying in or resident in Essex who are in need or to promote their education. including by way of educational bursaries. 3. To provide financial assistance to farmers, farm workers and their dependents who live in Essex if they are in need (including by reason of their suffering from illnes5, accident. bereavement, disability. depression, redundancy or stress) by providing 8rants. 4. To provide financial assistance to people in rural communities in Essex who are in need lincluding by reason of their suffering from illness, accident, bereavement, disability, depression, redundancy or stress} by providing grants. S. To make grants to other charities supporting farmers in need and/ or people in rural communities who are in need. Trustees have had regard to the guidance issued by the Charity Commission on public benefit. Poli on rant makin The charity supports most of its beneficiaries by way of making grants towards their expenditure. A beneficiary submits a grant application form, to the chair of the trustees. Assuming this meets the objects of the charity, this 15 then reviewed and discussed by the board of trustees at one of the quarterly meetings. In excess of two thirds of applicants are successful when applying for grants. Applicants are notified of trustee decisions within 5 days of trustees meetings. Contribution made b volunteers All trustees are volunteer5, giving their time before. during and in between quarterly meetings. Achievements and performance During the year the charity continued to 5UPPOrt its beneficiarie5, awarding amounts to Essex Agricultural Society, The Country Trust and Writtle College and others.
NFU ESSEX CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE2024 Investment erformance a ainst ob ectives The charity holds an investment portfolio to generate both income and capital to meet grant awards in future years. The charity is awarding grants in excess of its income, thereby eroding its capital, The trustees will continue to consider all grant applications made to them, and have taken steps to activelv encourage more applications by promoting the charity and its objects to the wider community, increasing our reach. The charity trustees always ensures that some trustees are from an investment management / banking background, having worked in the city with relevant experience. The Trustees have recently run a process to selert investment managers and appointed Rathbones to manage 90% of the charity's investments. Financlal review The charity's income in the year was from investments, which were the charity's main asset at the year end. Costs of running the charity remained consistent and minimal. The charity aims to distribute grants in excess of retained income every year. Reserves olic Reserves are held to enable the charity to relieve financial hardship and provide financial assistance and grants as and when applied for and awarded. The charity held fund reserves of £1,910,75912023: £1,764,524) of which £117,85112023: £154.7181 was unrestricted. We do not consider that there are any uncertainties about the charity continuing as a going concern. Investment oli The tru5tee5 select a suitable investment manager. The investment manager is tasked with earning income and maintaining the real capital value of the portfolio. The charity's a55ets are held in a fund with many other similar UK charity's. The investment manager ensures that all underlying investments are 5Ultable and ethical to be held by charities. The trustees receive quarterly updates on performance (benchmarked against suitable comparable index returns), with biannual review meetings. The principle risks to the charity would be a sustained Imultiyearl drop in real value5 of its portfolio of investments, that affected its ability to support beneficiaries.
NFU ESSEX CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE2024 Structure• governance and management The charity is governed by a trust deed. The charity is an unincorporated association. The trustees who served during the year and up to the date of signature of the financial statements were.. C C Tritton NWReed C Barr N J Percival C Butler S D Bradshaw M Unwin IDeceased 28 June 20241 Trustees are selected by the chair of trustees and are appointed to ensure their core skills complement other trustees. Certain skills are normally represented on the committee, notably accountancy and investment management. Trustees serve a maximum of 3 x 4 year terms and the chair will always consider their succession is well planned, with a deputy in post for at least one year, before handover. The trustees, report as approved by the Board of Trustees. M Unwin Trustee Dated- 16 April 2025
NFU ESSEX CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NFU ESSEX CHARITABLE TRUST I report to the trustees on rny examination of the financial statements of NFU Essex Charitable Trust (the charity) for the year ended 30 June 2024. Responsibillties and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 Ithe 2011 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention In connection with the examination giving me cause to believe that in any material respect.. accountin8 records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those record5,' or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financi315tatements to be reached. Simon Garner FCA Independent Examiner 11 De Grey Square De Grey Road Colchester Essex C04 5YQ Dated..
NFU ESSEX CHARITA8LE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restricted funds funds 2024 Z024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Investments 45,383 45,383 41,486 41,486 Total Income 45,383 45,383 41,486 41,486 Expendlture on: Raising funds Charitable activities 4,069 20.650 4,069 24,493 3,835 37.725 3,835 42,537 3,843 4,812 Total expendlture 3,843 24,719 28.562 4,812 41.560 46,372 Net gains/llossesl on investments 129.414 129.414 193 193 Net income/lexpendlturel and movement In funds 170,954 124,7191 146,235 36.867 141,5601 14,6931 Reconciliation of funds: Fund balances at l July 2023 154.718 1,609,806 1,764,524 117,851 1,651,366 1,769.217 Fund balances at 30 June 2024 325.672 1.585,087 1,910,759 154.718 1,609,806 1,764,524 The statement of financial activities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities.
NFU ESSEX CHARITABLE TRUST BALANCE SHEEr AS AT30 JUNE 2024 2024 2023 Note5 Fixed assets Investments 1,810,150 1,461,894 Current asset5 Debtors Cash at bank and in hand io 244 234 315,878 103,418 103,662 316.112 Creditors: amounts falling due withln one Year li 13,0531 113,4821 Net current asset5 100,609 302,630 Total assets less current liabllltles 1.910,759 1.764,524 The funds of the charity Restricted income funds Unrestricted funds 12 1,585,087 325,672 1,609,806 154.718 13 1.910,759 1,764,524 The financial state ents were approved by the trustees on 16 April 2025. M Unwin Trustee
NFU ESSEX CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity information NFU Essex Charitable Trust is a charity, meeting the definition of a public benefit entity under FRSIO2. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's trust deed dated 15 February 2017. the Charities Act 2011 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 IFRS 1021" las amended for accountin8 periods commencing from l January 20161. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charitie5 applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amount5 in these financial statements are rounded to the nearest £. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 IncomSn8 resources Income is recogni5ed when the charity is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount.
NFU ESSEX CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (Continued) 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 cost5 and shared costs, including support cost5 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. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.5 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Interest receivable 40,656 4,727 37.017 4,469 45,383 41,486 Raising funds Restrlcted funds Total 2024 2023 Investment management 4,069 3,835 4.069 3,835
NFU ESSEX CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Charltable activities Charltable Charitable Expenditure Expenditure 2024 2023 Insurance 575 654 Other professional fees Room hire Sundry Distributions to beneficiaries 3,168 loo 3.990 35 133 20.650 37,725 24,493 42,537 24,493 42,537 Analysis byfund Unrestricted funds Restricted funds 3,843 20,650 4.812 37,725 24,493 42,537 Other professional fees includes an independent examination fee of £1,440. Trustees None of the trustees lor any persons connected with them) received any remuneration during the year. Employees No staff were employed or remunerated by the charity during the year. Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainslllossesl arising on: Revaluation of investments 129.414 193 10-
NFU ESSEX CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Fixed asset Investments Listed Unlisted investments Investments Total Cost or valuatlon At l July 2023 Additions Valuation changes 1,400,483 218.842 144.341 61,411 1,461,894 218,842 129,414 114,927) At 30 June 2024 1,763.666 46,484 1,810,150 Carrying amount At 30 June 2024 1,763,666 46,484 1,810,150 At 30 June 2023 1,400.483 61,411 1,461,894 10 Debtors 2024 2023 Amounts falling due wlthin one year: Prepayment5 and accrued income 244 234 11 Creditors: amounts falling due wlthln one year 20Z4 2023 Accruals and deferred income 3,053 13,482 11
NFU ESSEX CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUNE 2024 12 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l July 2023 Resources expended At 30 June 2024 Essex Farmers and Rural Communities 1,609,806 124,7191 1,585.087 Previous year: At l July 2022 Resources expended At 30 June 2023 Essex Farmers and Rural Communities 1,651,366 141,560} 1,609.806 These funds are restricted to the protection of wildlife, agriculture, country life and the rural environment in Essex and to support farmers or people in rural communities in need, who are resident in Essex. 13 Unrestrlrted funds The unrestricted funds of the charity comprise the unexpended balances of donations and 8rant5 which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l July 2023 Incoming resources Resources expended Gains and 1055es At 30 June 2024 General funds 154,718 45.383 13,8431 129,414 325,672 Previous year: At l July 2022 Incomin8 resources Resource5 expended Gains and losses At30June 2023 General funds 117,851 41,486 14,8121 193 154,718 12
NFU ESSEX CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Analysis of net assets between funds Unrestrirted Restricted funds funds 2024 2024 Total 2024 Total 2023 Fund balances at 30 June 2024 are represented by: Investments Current assets/lliabilitiesl 287,451 38,221 1,522,699 62,388 1,810.150 100,609 1,461,894 302,630 325,672 1,585,087 1,910,759 1,764,524 15 Related party transactions There were no disclosable related party transactions during the year12023 - none). 13-