2024-03-31-accounts - Langaford Farm Trust

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CHARITY NUMBER : 1196003

LANGAFORD FARM TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

BRAY ACCOUNTANTS

CHARITY NUMBER : 1196003

LANGAFORD FARM TRUST

CONTENTS	Page
Trustees' Annual Report		1-3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet		6
Notes and accounting poilicies		7 - 13

CHARITY NUMBER : 1196003

LANGAFORD FARM TRUST

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2024

Reference and administration details

Charity's principal address Langaford North Bovey Newton Abbot TQ13 8RH

Names of the trustees for the charity

D Bunting A Riddle D Atkins M Lowe S Derges

Structure, governance and management

The trust was registered as an charitable incorporated organisation with the Charity Commission with effect from 30 September 2021.

Trustees are selected in accordance with the provisions of the trust governing document

Method of appointment or election of trustees is by careful selection based on personal knowledge of existing trustees the majority of whom agree the new trustee be appointed. They normally will have specific knowledge and experience of one or more of the objectives of the Trust.

The charity has converted to a charitable incorporated organisation (CIO), which means therefore, 'The Langaford Farm Charitable Trust' will wind up and transfer its assets to the new charity, 'Langaford Farm Trust'.

Objectives and activities

To continue to maintain and encourage the ecological enhancement of the area of land known as Langaford Farm, North Bovey in order to sustain and improve the wide diversity of both plant and animal life found on the farm. This way the farm can continue to remain available for study purposes by members of the local and general community, thereby enabling them to continue to appreciate the uniqueness of the land and its wildlife, and to carry out further studies and research while visiting the site.

To provide facilities on the farm for visits of an educational nature either by interested individuals, groups and/or educationla organisations.

To provide both open air and indoor formal and informal recreational/rural craft training facilities for the persons visiting the farm so that they can benefit materially from their

time at Langaford.

Provide quiet areas set aside within the grounds of Langaford Farm to enable visitors to gain both physical and spiritual enhancement as a result of their experience at Langaford.

Public benefit

The primary aim of Langaford Farm Trust has always been to keep the East Dartmoor agricultural holding known as Langaford Farm as an exemplary in-bye farm.

The Trust followed the same land management practice as Geoffrey Bayes our benefactor and this has continued to keep the high ecological value of the varies landscapes types found at Langaford.

From the Trusts formation in 2021, it has provided education, respite and recreation facilities for a wide range of people who have gained benefit from and been inspired by the qualities of the environment.

The Trust has further developed its links with other organisations that share our common punblic benefit objectives, particulary those in the fields of well being, mindfulness, as well as maintaining and increasing links involving research, education, environmental management and local community development.

Now the Trust has improved visitor facilities its long term objective of providing the local and wider communities with a farm based community hub will now be able to be more effectively pursued.

Achievements and performance

During the past year the trustees continued to take full responsibility for the actual day to day and financial management of the land and buildings at Langaford Farm. The farm has been used for agricultural therapy, open days and educational camping. The trustees remain dedicated in their pursuit of the aims and objectives of the trust and wherever possible have taken an active part in caring for the land and buildings.

Financial review

The trust expects to meet its revenue expenditure out of its operating income and grants. However, where expenditure on the farm, is incurred of a capital nature (including fencing, hedging and other improving work), this may require financing from the disposal of investments.

During the year the trustees decided to remain with their investment managers, Hawksmoor, and their investment policy is to invest in assets that are low to medium risk. The trust had cash reserves, including cash held in the investment portfolio of £1034 (2023 £477) at the end of the year, and the market value of investments amounted to £34,306 (2023 £31,168).

Going concern

The charity's main source of income is farm income and gain on disposals in relation to the fixed asset investments.

The trustees have considered the impact on cash reserves and the liquidity of the investments and are satisfied that the charity is a going concern.

Reserves policy

The trustees have set a reserves policy which requires that reserves be maintained at a level which ensures that the trust's core activities continue during a period of unforseen difficulty and that a proportion of reserves be maintained in a readily realisable form. The trustees consider readily realisable reserves to be the amount of reserves that are easily converted in to cash should the need arise. The calculation of the required level of reserves is an integral part of the trust's planning, budgeting and forecasting cycle. It takes into account the risks associated with each stream of income and expenditure varying from budget; the planned activity level; and the trust's future commitments.

The trustees will now assess the reserves policy on a annual basis. They will discuss levels of readily realisable reserves against the trust's main commitments and market valuation of investments. The main risks to both income and expenditure will be highlighted and a calculation made of the possible financial consequences of adverse movements.

The trustees will use this information to ensure an adequate level of readily realisable reserves is maintained. The trustees agreed the current reserves policy to be a minimum of £30,000. As at the 31st March 2024, the total of cash and realisable investments amounted to £57,956 (2023 £54,594). The excess over the desired minimum will continue to be monitored but is considered prudent in the light of uncertainty over future funding levels.

Declaration

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Date 24th September 2024

CHARITY NUMBER : 1196003

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LANGAFORD FARM TRUST FOR THE YEAR ENDED 31ST MARCH 2024

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31st March 2024 which are set out on pages 3 to 4

Responsibilities and basis of report

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

· accounting records were not kept in accordance with section 130 of the Act or · the accounts do not accord with the accounting records

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Kimberley Mary Bolt

Miss Kimberley Bolt FCCA Bray Accountants Ltd 21 Angel Hill Tiverton Devon EX16 6PE

Date 14th September 2024

Page 4

FOR THE YEAR ENDED 31ST MARCH 2024

Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £
19,624	-	19,624	27,021
8,757	-	8,757	15,190
	-	-	-
23,911	-	23,911	15,924
-	-	-	-
52,292	-	52,292	58,135

6,676	-	6,676	9,392
42,271	-	42,271	30,645
1,980	-	1,980	1,560
50,927	-	50,927	41,597

1,365	-	1,365	16,538
11	-	11	1,128 -
1,376	-	1,376	15,410
-	-	-	-
-	-	-	-

	-	-	690,106
-	-	-	-
1,376	-	1,376	705,516

705,516	-	705,516	-
706,892	-	706,892	705,516

Page 5

CHARITY NUMBER : 1196003

LANGAFORD FARM TRUST

BALANCE SHEET

FOR THE YEAR ENDED 31ST MARCH 2024

Unrestricted funds £	Restricted income funds Total this year £ £	Restricted income funds Total this year £ £	Total last year £
648,936	-	648,936	649,922
	-	-	-
648,936	-	648,936	649,922

-	-	-	-
35,340	-	35,340	31,645
22,631	-	22,631	24,716
57,971	-	57,971	56,361

15	-	15	767

57,956	-	57,956	55,594

706,892	-	706,892	705,516

-	-	-	-
-	-	-	-

706,892	-	706,892	705,516

	-	- 706,892	-
706,892			705,516
706,892	-	706,892	705,516

Signed by one trustees on behalf of all the trustees

Signed on behalf of the charity’s trustees

Signature Print name

Date of approval 14th September 2024

Page 6

Notes to the accounts

Note 1 Basis of preparation

Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014,

the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102),

and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102

Note 2 Accounting policies

2.1 Recognition of income

These are included in the Statement of Financial Activities (SoFA) when:

the charity becomes entitled to the resources; it is more likely than not that the trustees will receive the resources; and the monetary value can be measured with sufficient reliability.

Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

2.2 Expenditure and Liabilities

Expenditure is recognised on an accrual basis when a liability is incurred.

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Page 7

Notes to the accounts

Note 3 Analysis of income

Note 3	Analysis of income
TOTAL INCOME Donations and legacies: Charitable activities: Other trading activities: Income from investments:	Analysis	Unrestricted funds Restricted income funds Total funds Prior year £ £
	Donations andgifts	374	-	374	736
	Gift Aid	-	-	-	-
	Legacies	-	-	-	-
	General grants provided by government/other charities	19,250	-	19,250	26,285
	Other	-	-	-
	Total	19,624	-	19,624	27,021

	Farming income	8,577	-	8,577	14,385
	Events and workshops	180	-	180	805
		-	-	-	-
	Other	-	-	-	-
	Total	8,757	-	8,757	15,190

		-	-	-	-
	Other	-	-	-	-
	Total	-	-	-	-

	Interest income	165	-	165	15
	Dividend income	896	-	896	343
	Rental income	22,850	-	22,850	15,566
	Other		-	-	-
	Total	23,911	-	23,911	15,924

		52,292	-	52,292	58,135

Page 8

Notes to the accounts

Note 4 Analysis of expenditure

Analysis Expenditure on raisingfunds:	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year	Unrestricted funds Restricted income funds Total funds Unrestricted funds Restricted income funds Total funds £ £ This year Last year
Incurred seeking grants	-	-	-	300		300
Advertising,marketing,andpublicity	-	-	-	120	-	120
Investment management costs	300	-	300	230		230
Rental insurance	1,280	-	1,280	1,142	-	1,142
Rent management fees	1,850	-	1,850	1,298	-	1,298
Propertyrepairs and maintenance	3,246	-	3,246	6,302	-	6,302
Expenditure on charitable activities: Total expenditure on raising funds	6,676	-	6,676	9,392	-	9,392

Wages Note 6	22,358	-	22,358	16,875	-	16,875
	-	-	-	-	-	-
Rates and water	1,025	-	1,025	960	-	960
Heat and light	1,433	-	1,433	498	-	498
Propertyrepairs and maintenance	220	-	220	93	-	93
Cleaning	10	-	10	4	-	4
	-	-	-	-	-	-
Runningcosts events	940	-	940	445	-	445
Equipment repairs and renewals	3,209	-	3,209	1,461	-	1,461
Contracting	5,642	-	5,642	3,666	-	3,666
Depreciation	986	-	986	1,160	-	1,160
	-	-	-	-	-	-
Postage stationeryand office expenses	370	-	370	455	-	455
Telephone	947	-	947	510	-	510
Insurance	1,720	-	1,720	2,106	-	2,106
Subscriptions	564	-	564	385	-	385
Staff Entertainment	192	-	192	180	-	180
Other expenses	369	-	369	325	-	325
Legal	100	-	100	1,394	-	1,394
Tustee expenses	136	-	136	127	-	127
Donations	2,050	-	2,050	-	-	-
Accountancy	1,980	-	1,980	1,560	-	1,560
	-	-	-	-	-	-
Total expenditure on charitable activities	44,251	-	44,251	32,204	-	32,204
TOTAL EXPENDITURE
	50,927	-	50,927	41,596	-	41,596

Page 9

Notes to the accounts

Note 5 Details of certain items of expenditure

Fees for examination of the accounts

Note 5 Details of certain items of expenditure Fees for examination of the accounts
Tax advisory fees Other fees Independent examiner’s fees Assurance services other than audit or independent	This year £	Last year £
	1,980	1,560
	-	-
	-	-
	100	1,394

Note 6 Paid employees

6.1 Staff Costs

6.1 Staff Costs
Salaries and wages Social security costs Pension costs (defined contribution scheme) Other employee benefits Total staff costs	This year £	Last year £
	22,358	16,060
	-	815

	-	-
	22,358	16,875

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

2 Average head count in the year The parts of the charity in which the employees work		This year Number	Last year Number
	Charitable Activities	2	2
	Total	2	2

6.2 Average head count in the year

Page 10

Notes to the accounts

Note 7 Tangible fixed assets 7.1 Cost or valuation

Note 7 Tangible fixed assets 7.1 Cost or valuation
At the beginning of the year Additions Revaluations Disposals Transfers At end of the year Basis Rate At beginning of the year Disposals Depreciation Impairment Transfers At end of the year Net book value at the beginning of the year Net book value at the end of the year 7.3 Net book value 7.2 Depreciation and impairments	Freehold land & buildings £	Plant, machinery and motor vehicles £	Total £
	643,350	7,732	651,082
	-	-	-
	-	-	-
	-	-	-
	-	-	-
	643,350	7,732	651,082

		Reducing Balance
		15%

	-	1,160	1,160
	-	-	-
	-	986	986
	-	-	-
	-	-	-
	-	2,146	2,146

	643,350	6,572	649,922
	643,350	5,586	648,936

Page 11

Notes to the accounts

Note 8 Debtors and prepayments

8.1 Analysis of debtors

Trade debtors Prepayments and accrued income Other debtors

This year £	Last year £
-	-
-	-
-	-
-	-

Total

Note 9 Investment assets 9.1 Current assets investments

Note 9 Investment assets 9.1 Current assets investments
Carrying (fair) value at beginning of period Add:additions to investments during period* Less:disposals at carrying value Less: impairments Add: Reversal of impairments Add/(deduct):transfer in/(out) in the period Add/(deduct):net gain/(loss) on revaluation Carrying (fair) value at end of year	Cash & cash equivalents	Listed investments	Other	Total
	-	31,645	-	31,645
	-	3,772	-	3,772
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	- 77	-	- 77
	-	-	-	-
	-	35,340	-	35,340

Note 10 Cash at bank and in hand

Short term cash investments (less than 3 months maturity date) Short term deposits Cash at bank Cash on hand Total

This year £	Last year £
-	-
5,077	1,000
17,605	23,509
- 51	207
22,631	24,716

Note 11 Creditors and accruals

11.1 Analysis of creditors

11.1 Analysis of creditors
Accruals for grants payable Bank loans and overdrafts Trade creditors Payments received on account for contracts or performance- related grants Accruals and deferred income Taxation and social security Other creditors Total	Amounts fallingdue within		Amounts fallingdue after
	This year £	Last year £	This year £	Last year £
	-	-	-	-
	-	-	-	-
	15	767	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	-	-	-	-
	15	767	-	-

Page 12

Notes to the accounts

Note 12 Charity funds

Note 12 Charityfunds
Fund names	Fund balances brought forward £	Income £	Expenditure £	Transfers £	Gains and losses £	Fund balances carried forward £
	-	-	-	-	-	-
Restricted funds	-	-	-	-	-	-
Unrestricted funds	705,516	52,292	- 50,927	-	11	706,892
	-	-	-	-	-	-
	-	-	-	-	-	-
705,516 Total Funds		52,292	- 50,927	-	11	706,892

Note13 Transactions with trustees and related parties

13.1 Trustee remuneration and benefits

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity

13.2 Trustees' expenses

Type of expenses reimbursed	Thisyear	Lastyear
	£	£
Travel	136	127
Subsistence	-	-
Accommodation	-	-
TOTAL	136	127
Please provide the number of trustees reimbursed
	1	2

Page 13