Charity number: 1190911 MARKET FIELD FARM UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
MARK FIELD FARM CONTENTS Page Refergnce and admlnlstratlve details of the CIO, its Trustees and advisers Trustees. report Indepgndent examlner's report Statement of financial actlvltles Balanco Sheet Notes to the financlal statements 10-25
MARKET FIELD FARM REFERENCE AND ADMINISTRATIVE DAlLs OF THE CIO, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024 Trustees Naomi Andrews, Chair (resigned 12 January 20241 Joanna Mallhias, Trustee Gary Smith OBE, Chair Jennifer Rudkins, Trustee David Bullock, Trustee Miranda Andras, Trustee Elizabeth Kuli, Trustee Charity registered number 1190911 Principal offlce Market Field School School Road Elmslead Colchesler Essex C07 7ET Accountants Griffin Chapman Chartered Accounlanls 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchesler Essex C07 7QR Page 1
MARKET FIELD FARM TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees present their annual report together with the financial statements ol the Charitable Incorporated Organisalion I'CIO'I Market Field Farm lor the year from 1 March 2022 10 29 February 2024. Objectives and activities Policies and objectlves The objects of the CIO are the r81ief ol need ol young people with autistic condition and learning dillicullies, in particular by providing resources, education, work experience and employment opportunities and facilities. In selling objectives and planning lor activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit: running a charity IP821'. b. Strategle$ for achieving objectives To support a long term strategy ol the charity, we have created a conservation enterprise, working with local organisations, charities and landowners. The enterprise is called Market Field Grows and continues lo be run as part ol the eharily. This enlerprise has erealed part lime jobs for people with lèarning disabilities, autism and ADHD. Our long term strategy is lo establish a 'farm' sile and our partnership with a local developer aims lo achieve this. We now have a working maslerplan, which was submilled lor consideration lo the Planning Officers al Tendring District council in December 2022. A special committee meeting was held on 27 November 2023, and a resolution lor approval was passed lor the proposed site. This is a significant slep towards obtaining the farm site lo further our charity objectives. We are now in the middl8 ol the process and the Section 106 has been approved. Plans are currently with the Highways Department. c. Actlvltles undertaken to achleve objectives Our intention has always been lo work with existing businesses. However, we soon realised the opportunities were not there and we needed lo break down the preconceptions around young people with disabilities. We therefore decided lo become an employer ourselves lo support the long lerm strategy ol the charity. Research led us towards the green economy and helping businesses achieve their nel zero largels. 11 was then we erealed a conseryalion and gardening enterprise. We now work with local organisations, councils, charities and landowners. The enterprise is called Market Field Grows and is run a5 part ol the charity. Our first major project saw us working with The Big Green Internet to plant 46,024 trees between December 2021 and April 2022, Since this lime, we continue lo grow and expand our reach across north east Essex. We now have two teams, which support 8 paid roles. Our plans for diversilicalion have proceeded due lo a major grant being made available by Tendring District Council. With this funding, we have purchased a Barista Van which WIIS lead lo greater opportunities lor work lor a more diverse group ol young people. Page 2
MARKET FIELD FARM TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Objectives and activities (continued> d. Main activities undertaken to further the CIO'S purposes for the public benefit The conlinualion ol a successful enterprise, which included= sourcing funding, transport 2nd equipment. recruiting further leam members., recruiting another team leader., and enhancing HR systems, payroll and pension plan with the support ol an administration assistant. Continue with PR and marketing activities lo raiso awareness of our charity and the challenges we aim lo combat. Building a strong network of organisalions and businesses upon which we have formed strong collaborations for partnership al our new site. Worked with other organisalions lo sel up discussion groups lor young people with SEN and autism, with their families and carers. Secured further contracts with local businesses lor work, outside ol the traditional planting seagon. Working with the Planning team al Tendring Dislricl Council 10 8LJPPOrt our current planning application. The diversification into barista training. Achievements and performance a. Main achievements of the CIO The creation ol eight part lime jobs lor young people with autism, learning disabilities and ADHD. The creation ol three jobs lor members of the local ¢ommunily. The purchase of a barista van. Planting 162,000 trees. Maintaining a steady income lo cover salaries and running costs. Developing a network of polenlial partners and organisalions with which to collaborate and generate further employment in our next year. Flnancial review a. Golng concern After making appropriate enquiries, the Trustees have a reasonablg expectation that the CIO has adequate resources lo continue in operational existence lor the foreseeable lulure. For this reason. they continue 10 adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy Reserves are retained by the charity in order lo carry out repairs on the truck or general equipment us8d lor the projects. Reserves would also be required lor new equipment IsLJch as water tanks and lawn mowers). Generally, the Trustees like lo see £3,500 in cash reserves. This sum would cover any unforeseen costs. Page 3
MARKET FIELD FARM TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 ¢. Flnancial activities Al the end ol the financial year the charity had decreased cash reserves lota11ing £1,095, compared to the previous year of £8,577. The charity has fixed assets lotalling £15,887, being vans used lor Market Grows projects which were funded by grants received in previous year. Current liabilities lolalled £5,74512023.' £4,331), which was comprised ol day lo day operational costs oulslanding. The nel assets ol the charity at the year end totalled £15,214, compared lo £37,913 the previous year end. Reslricled funds held by the charity as al 29 February 2024 lolalled £8,448 12023.. £13,756). These funds are detailed further within the Statement ol Funds noles. Structure. governance and management a. Constitution Market Field Farm is a registered charity, number 1190911, and is conslituled under a Foundation CIO Conslilulion. b. Methods of appolntment or election of Trustees The management ol the CIO is the responsibility of the Trustees who are elgcled and co-opted under the terms ol the CIO Gonslitulion. There must be al least three Trustees al any lime arnd the maximum number of Trustees is twelve. Every Trustee musl be appointed lor a term ol Ihr8e years by a resolution passed al a properly convened meeting ol the Trustees. In selecting individuals lor appointment as Trustees, they musl have regard to the skills, knowledge and experience needed for the elleclive adminislralion of the CIO. Members, Ilablllty If the CIO is wound up, the members ol Ihg CIO have no liability lo contribute to ils assets and no personal responsibility for sellling ils debts or liabilities. Page 4
MARKET FIELD FARM TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 29 FEBRUARY 2024 Statement of Trustees. respon$ibilltles The Trustees are responsible lor preparing the Trustees. report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities ill England & Wales requires the Trustees to prepare financial slalemenls for each financial year which give a true and lair view ol the slate ol affairs of the CIO and ol its incoming resources and application of resources, including ils income and expenditure, lor that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles ol the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial stalemenls on the going concern basis unless it is inappropriate lo presume that the CIO will continue in business. The Trustees are responsible for keeping adequate aecounting records that are sullicienl to show and explain the CIO'S transactions and disclose with reasonable accuracy al any lime the financial position ol the CIO and enable them to ensLJre that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Ihg provisions of the CIO Conslilulion. They are also responsible lor safeguarding the assets of the CIO and hence lor taking reasonable steps lor the prevention and detection of fraud and other irregularities. Approved by order ol th members ol the board of Trustees and signed on Ih8ir behalf by.. Gary Chair mith O Dale- 4-/1// Page 5
MARK FIELD FARM INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 Independent examiner's report to the Trustees of Market Field Farm {'the Clo'} I report lo the charity Trustees on my Èxamination of the accounts ol the CIO for the year ended 29 February 2024. Responsibilities and basls of report As the Trustees ol th8 CIO you are responsible for the preparation ol the accounts in accordance with the requirements ol the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect ol my examination ol the CIO'S accounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner'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 Ihal in any material respect-. accounting records were not kept in respect of the CIO as required by section 130 of th8 2011 Act., or the accounts do not accord with those records.. or the accounts do not comply with the applicable requirements concerning the form and content ol a¢¢ounts sel out in the Charities IAccounls and Reports) Regulations 2008 other than any requirèment that the accounts give a 'lrue and fair. view which is not a matter considered as part ol an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding ol the accounts lo be reached. The CIO has received bookkeeping support from Grillin Chapman in the year. I have applied FRC'S Revised Ethical Standard. Pag8 6
MARKET FIELD FARM INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 This report is made solely lo the CIO'S Trustees, as a body, in accordance wrfth Part 4 of the Charities IAceounts and Reports) Flegulalions 2008. My work has been undertaken so that I might slate to the CIO'S TrLJslees those matters l am required lo slate lo them in an Independent examiner's report and lor no other purpose. To thè lullesl exlenl permilled by law, I do not accept or assume responsibility lo anyone other than the CIO and the CIO'S Trustees as a body, lor my work or lor this report. Signed.. Mr Thomas Maddocks Dated.. FCA FMAAT Grlffln Chapman Chartered Accounlanls 4 & 5 The Cedars Apex 12 Old Ipswich Road Colchesler Essex C07 7QR Page 7
MARK FIELD FARM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tolai lunds 2023 Nole Incorne from: Donations and grant5 Charitable aclivilies Other income 5,000 42,818 23,804 28,804 42,818 67.805 34,322 200 Total income 47,818 23,804 71,622 102.327 Expendlture on: Charitable activities 65,209 29.112 94,321 85.061 Total expenditure 65,209 29,112 94,321 85,061 Net movement in funds (17,3911 {5.308) {22,6991 17,266 Reconciliation of funds: Total funds brought forward Nel movement in funds 24,157 {17,391) 13.756 {5.308) 37,913 122.6991 20,647 17,266 Total funds carrled fonvard 6,766 8,448 1S,214 37,913 The Slalemenl ol financial activities includes all gains and losses recognised in the year. The notes on pages 10 10 25 form part of these financial slalemenls. Page 8
MARKET FIELD FARM BALANCE SHE AS AT 29 FEBRUARY 2024 29 February 2024 28 February 2025 Notg Flxed assets Tangible assets 15.887 28,870 15,887 28,870 Current assets Debtors Cash al bank and in hand 3,978 1,095 4,797 8,577 5,073 13.374 Creditors.. amounts falling du8 within one year 14 15,7461 (4,331) Net current Ilabllltles l assets 1673) Total assets less Current Ilabllltles 15,214 37,915 Net assets excluding penslon asset 15,214 37,913 Total net assets 15.214 37,913 Charity funds Reslricled funds 16 8,448 6,766 13,756 24,15? Unrestricted funds Total lunds 15,214 37,913 The linancial slalemenls were approved and aulhorised lor issue by the Trusle&s on and signed on their behalf by.. h08E Chair The notes Dn page$ 10 to 25 form part ol these financial slalements. Page 9
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 General inlormatlon Market Field Farm is a registered Charitable Incorporated Organisalion ICIOI which is incorporated in England and Wales. The principal ollice is Market Field School, School Road, Elmslead, Colchesler, Essex, C07 7ET. The registered number of the charity is 1190911. The object of the CIO is lo help young adults with learning disabilities, autism andlor ADHD access meaningful employment. The CIO works with local people, companies and parish councils lo conserve natural habilals, create wildlife-friendly gardens and help maintain public spaces with conservation and nature in mind. The CIO gives young people with learning disabilities a stepping stone into work. Aceountlng policies 2.1 Basis of preparatlon of financial staternents The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Sialemenl of Recommend&d Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Ad 2011. The financial slalemenls have been prepared lo give a 'lrue and lair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'lrue and fair. view. This departure has involved following th8 Charities SORP IFRS 1021 publish8d in October 2019 rather than the Accounting and Reporting by Charities.. Statement ol Recommended Practice elleclive from 1 April 2005 which has since been withdrawn. Market Field Farm meets the definition of a public ben81il gnlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in th8 relevant accounting policy. 2.2 Golng concern The Trustees consider that there are no material uncertainties about the Charitable Incorporated Organisalion's ability lo continue as a going concern. 2.3 In¢ome All income is recognised once the CIO has enlillemenl lo the income, it is probable that the incorne will be received and Ihe amount ol income receivable can be measured reliably. Grants are included in the Sialemenl ol financial activities on a receivable basis. The balance ol income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of enlillement ol receipt, its recognition is deferred and included in creditors as deferred income. Where enlitlemenl occurs before income is received, the income is accrued. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion ol the service. Page 10
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policie$ {¢ontlnuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo Iransler economic benefit lo a third party, il is probable that a Iransler ol economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The ¢osls ol each activity are made up ol the total of direct Costs and shared costs, including support cosls involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consistent with the use ol resources. Central stall costs are allocated on the basis ol lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable aclivilies is incurred on directly undertaking the activities which further the CIO'S objectives, as well as any associated support costs. All expenditure is inclusive ol irrecoverable VAT. 2.5 Tangible flxed assets and depreciation Tangible fixed assets costing £200 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed 28sels are initially recognised al cost. After recognition, under the cost model. tangible fixed assels are measured al cost less accumulated depreciation and any accurnulaled impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement ol cost. Depreciation is charged so as lo allocate the cost ol tangible fixed assets less their residual value over their eslimaled Ljselul lives, on a reducing balance basis. Depreciation is provided on the following basis= Motor vehicles 25V¢ reducing balance method 2.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net ol any trade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity ol three months or less from the date of acquisition or op8ning of the deposit or similar account. Page11
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policies {continued) 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result ol a past evenl, il is probable that a Iransler ol economic benefit will be required in selllement, and the amount ol the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the CIO anticipates il will pay lo settle the debt or the amount il has received as advanced payments lor the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the ellecl ol the lime value of money is material, the provision is based on the present value ol those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement ol financial activities as a finance cost. 2.9 Financial inslwments The CIO only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured ai their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Pensions The CIO operates a defined contribution pension scheme and the pension Charge represents the amounts payable by the CIO lo the fund in respect ol the year. 2.11 Fund a¢¢ountlng General funds are unrestricted funds which are available lor use at the discretion ol the Trustees in furtherance ol the general objectives ol the CIO and which have not been designated lor other purposes. Reslricied funds are funds which are lo be used in accordance with specific r&strictions imposed by donors OT which have been raised by the CIO lor particular purposes. The eosls of raising and administering such funds are charged against the specific fund. The aim and use ol each reslricled fund is sel out in the notes lo the financial slalemenls. Page 12
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Income from donations and grants Unrestricted Reslricted funds funds 2024 2024 Total lunds 2024 Grants 5.000 23,804 28.804 Unr8StriGlen funds 2023 Restrictgo funds 2025 Total lunds 2023 Donations Grants 3,957 3,500 2, 750 57,598 6,707 61,098 7,457 60,348 67,805 Income from charitable actlvltles Unrestrlcted funds 2024 Total funds 2024 Market Grows eonlracls 42,818 42,818 Unrestricleo funds 2025 Tolai lunds 2023 Market Grows contracts 34,322 34,322 Page 13
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Other incoming resources Total funds 2024 Unreslrict80 funds 2023 rotai funds 2023 Other income 200 200 Analysis of expendlture on charltable actlvities Summary by fund type Unrestricted Restrleted funds funds 2024 2024 Total 2024 Market Grows 65,209 29,112 94,321 Unrestricteo funds 2023 Restricteo funds 2023 Tolai 2023 Market Grows 55,415 29,646 85.061 Page 14
MARKET FIELD FARIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support osts 2024 Total funds 2024 Market Grows 74.718 19,603 94.321 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Market Grows 72,536 12,525 85,061 Analysls of direct costs Market Grows 2024 Total funds 2024 Leadership stall costs Beneficiary wages Contract costs Tools and protective clothing Motor running costs Motor fuel Travel and subsistence 29,615 34,136 1.284 481 3,589 5,553 60 29,615 34,136 1,284 481 3,589 5,553 74,718 74,718 Page15
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Analysis of expenditure by activities (continued) Analysis of diroct costs (continued) Markel Grows 2023 Total funds 2023 Leadership staff costs Beneficiary wages Contract costs Tools and protective clothing Motor running costs Motor fuel Travel and subsistence 29,500 27,305 4, 778 2,052 3,726 5,106 71 29,500 27,303 4, 778 2,052 3, 726 5, 106 71 72,536 72,536 Analy$l$ of support costs Market Grows 2024 Total funds 2024 Depreciation Insurance 5,296 996 403 4,659 414 5,296 996 403 4,659 414 120 Computer costs Accountancy, bookkeeping and payroll lees Bank charges and interest General expenses Printing, postage and slalionery Advertising and marketing Subscriptions Stall training L05s on disposal ol fixed asset Consultancy lees 120 29 119 29 119 216 216 663 663 5.688 1,000 5.688 1,000 19,603 19.603 Page 16
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Analysis ol expenditure by activities l¢ontlnued) Analysis of support costs {continuedl Markel Grows 2023 Tolai funds 2025 Depreciation Insurance 3.375 893 351 172 3,375 893 351 772 4,118 Computer costs Telephone Accountancy, bookkeeping and payroll lees Bank charges General expenses Printing, postage and slalionery Advertising and marketing Subscriptions 4,118 176 176 163 3,249 2/ 163 3,249 27 Total 2023 12,525 12,525 Independent examlner's remuneration 2024 2023 Fees payable lo the CIO'S independent examiner lor the independent examination ol the CIO'S annual accounts 700 875 Fees payable lo the CIO'S independent examiner in respect ol- All other $ervices not included above 800 750 Staff costs 2024 2023 Leadership staff wages Beneficiary wages Contribution lo defined contribution pension schemes 29.071 34,136 543 28,885 27,303 615 63,750 56,803 Page 17
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Staff costs (continued) The average number of persons employed by the CIO during the year was as follows.. 2024 No. 2023 No. Leadership staff Beneficiary workers No employee received Yemuneralion amounting lo more than £60,000 in either year. 10. Trustees. rernuneratlon and expenses During the year, no Trustees received any remuneration or other bènefits (2023- £NIL). During the year ended 29 February 2024, no Trustee expenses have been incurred (2023- £NILJ. Page 18
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 11. Tangible fixed assets Motor vehicles Cost or valuation Al 1 March 2023 Disposals 32.795 19,000} Ai 29 February 2024 23,795 Depre¢latlon Al 1 March 2023 Charge lor the year On disposals 3,925 5.296 11,313) Al 29 February 2024 7,908 Net book value Al 29 February 2024 15,887 Al 28 February 2025 28,870 12. Fixed assel Investmenls The CIO has a wholly owned subsidiary, MarKel Field Farm Limited, company number 11839779, a company limited by guarantee. The CIO owns the subsidiary by virtue ol being the sole member. The company has been dormant since incorporation. Page 19
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 13. Debtors 29 February 28 February 2024 2023 Due within one year Trade debtors Prepayments and accrued income 2,740 2,057 3.978 3,978 4,797 14. Creditors: Amounts falllng due wlthln one year 29 February 28 February 2024 2025 Trade creditors Other laxalion and social security Other creditors 3,461 510 65 1,710 4? 1,536 1.038 1,710 Accruals and deferred income 5.746 4,331 15. Financial In5trument$ 29 February 28 February 2024 2023 Flnanclal assets Financial assets measured al lair value through income and expenditure 1,095 8,577 Financial assets measured at lair value through income and expenditure comprise cash al bank and in hand. Page 20
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 16. Statement of funds Statement of funds . current year Balance at 29 February 2024 Balance at 1 March 2023 Ineome Expenditure Unrestricted funds General Funds 24,157 47,818 165.209} 6.766 Restrlcted funds Essex Community Foundation Glimale Miligalion Fund The Tree Council The Big Green Inlernel Project Locality Fund 5,471 5.471 11,546 2,210 111,546} {2,210) 110,3561 {5.000} 13.333 5,000 2,977 13.756 23,804 129,112) 8,448 Total of funds 37,913 71,622 194,321> 15,214 Page 21
MARKEf FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 16. Statement of funds leontinuedl Restricted Funds.. The Essex Community Foundation fund provided funding towards staff costs of a new lèadership team memb&r lo lead a team of young adulls on gardening projects in Colchesler and Tendring. The fund also financed the purchase ol new equipment. The element towards new equipment was used in the next financial year. The Sullolk Community Foundation fund was used to cover stall costs of 6 young adults with learning difficulties and autism spectrum disorders lo work on a hedge and tree planting project with the Big Green Internel Project. The Eastern Counties Educational Trust fund was provided lo purchase a new truck lor use within Market Grows work. The asset was purchased in February 2023. and has been transferred lo unrestricted funds aller il was obtained. The Climate Miligalion Fund was provided lo fund staff eosls ol beneficiary workers and 10015 required on a project in collaboration with The Big Green Internet, lo plant trees on a site in North Essex. The Tree Council fund was lo fund projeet labour eosts lo carry out Iree planting at the Slanway Community Centre sile. The Big Green Inlernel Fund was provided to fund staff costs ol beneficiary workers on a project lo plant trees on a sile in Slanway. The Locality Fund is provided by Tendring District Council lo fund tools and equipment, uniforms and towards working partnerships on projects lo provide work lor the young adults employed. These funds received were the first tranche ol the funding that follows into next financial year. Page 22
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 16. Statement of funds (continued) Statement of funds - prior year Balance 81 7 March 2022 Balance al Transfers 28 February in/oul 2023 Income Expenditure Unreslrlcted funds General Funds 19.598 41.979 (55,415) 23,995 24, 157 Restrlcted funds Essex Comrnunily Foundation Suffolk Community Foundation Eastern Counties Educational Trust Climate Miligalion Fund Sparta Global The Tree Council 5,900 1, 149 71,000 9,600 (7,900) (10,749) (9,000? 15,000 79,788 2, 750 2,210 (14,995) (8,242) (2,750) 17,546 2,210 7,049 60,348 (29.646) (23.995? 13, 756 Total of funds 20,847 102,327 (85.061) 37.913 17. Summary of funds Summary of funds- current year Balance at 29 February 2024 Balan¢e at 1 Mar¢h 2023 Income Expenditure General funds Reslricled funds 24.157 13,756 47.818 23.804 65.2091 129.112} 6,766 8,448 37.913 71.622 194,3211 15,214 Page 23
MARKET FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 17. Summary of funds Icontinuedl Summary of funds- prior year Balance al l March 2022 Balance al Transfers 28 February in/oul 2023 InGome Expenditure General funds Reslricled funds 13,598 7,049 41,979 60,348 (55,4 15) [29.646) 23,995 (23,995) 24, 15? 13,756 20.647 102,327 (85,061) 37.973 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestrlcted Reslrl¢ted Total funds fund$ funds 29 February 29 February 29 February 2024 2024 2024 Tangible fixed assets Current assets 15,887 13,3751 15,7461 15,887 5,073 15,746) 8,448 Cfedilors due within one year Total 6,766 8,448 15,214 Analysis of net assets between funds - prlor perlod Unrestricteo Hestricleo Total funds lunds funds 28 February 28 February 28 February 2023 2023 2025 Tangible fixed assets Current assets Creditors due within one year 28,870 {581) [4,331) 28,870 13,375 (4.331) 13.756 Total 24,158 13,756 37,914 Page 24
MARK FIELD FARM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 19. Pension commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted lo £543 12023: £6151- No amount was payable lo the fund al the balance sheet date and therefore included in creditors. 20. Members. liability 11 the CIO is wound up, the members of the CIO have no liability lo contribute lo its assets and no personal responsibility lor seiiling ils debts or liabilities. 21. Post balance sheet events On 18 June 2024, the wholly owned subsidiary Market Field Farm Ltd was dissolved. The company had remained dormant since incorporation and never traded. Page 25