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 |Recommended categories by activity
Notes
Incoming resources
3
Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other
Resources expended
4
Expenditure on:
Raising funds
Charitable activities
Governence
5
Net gains/(losses) on investments
Extraordinary items
Other gains/(losses)
Reconciliation of funds:
Net movement in funds
Total funds brought forward
Total funds carried forward
Total
Total
Net income/(expenditure) before investment
gains/(losses)
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Gains and losses on revaluation of fixed assets for the
charity’s own use|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 |Notes
Fixed assets
Tangible assets
7
Investments
Total fixed assets
Current assets
Debtors
8
Investments
9
Cash at bank and in hand
10
Total current assets
Creditors: amounts falling due within one
year
11
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after one
year
11
Provisions for liabilities
Total net assets or liabilities
Funds of the Charity
Restricted income funds
12
Unrestricted funds
Total funds|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