CHARITY NUMBER . 1196W3 LANGAFORD FARM TRUST TRUSTEES, REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 BRAY ACCOUNTANTS CHARITY NUMBER . 1196(YJ3 LANGAFORD FARM TRUST CONTENTS Page Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes and accounting poilicies 7-13 CHARITY NUMBER . 1196003 LANGAFORD FARM TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2025 and admlnlstTatlon détalls Charity's principal add￿$5 Langaford North Bovey Newton Abbot TQ13 8RH Names of the trustee5 for the charity D Bunting A Riddle D Atkins M Lowe S Derges Structure vernance and mana ement The trust was re8iStered as an charitable incorporated organisation with ihe Charity Commission with effert frorn 30 September 2021. Trustees are selected in accordance with the prowsions of the trust governin8 document Method of appointment or election of trustees is by careful 5elettion based on perso￿1 knowledge of existing trustees the majority of whom agree the new trustee be appointed. They normally will have specific knowledge and experien￿ of one or more of the objertive5 of the Trust. The charity has converted to a charitable incorporated organisation ICIOI. which means therefore, 'The Langaford Farm Charitable Trust, will wnd up and transfer its assets to the new charity, 'Lan8aford Farm Trust,. Ob ertives and actlvltles To continue to maintain and encoura8e 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 fam). This way the farm can continue to remain available for study purposes by members of the local and general community. Iherebv enabling them to continue to appreciate the uniqueness of the land and its wildlife. and to carry out further studies and research while vislting the slte. 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 fomal and infornial recreationallrural craft training fa¢ilitie5 for the persons visltin8 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. Publlc bene The primary aim of Langaford Farm Trust ha5 alwèys been to keep the East Dartmoor agricultural holding known as Langaford Farm as an exemplary in-bye farm. The Trust ha5 followed the principals of land management which our benefactor Geoffrey Bayes desired. that is to manage the site to a high ecological value and maintain the features ' and character of a granite in-bye farm. From the Trusts fofmation in 2021. it has provided education, respite and recreation facilities for a wide range of people who have gained benefit frorn 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 bein& mindfulne55, as well as maintainin8 and increasin8 links involvin8 research. education, environmental management and local community development. Now the Trust has improved Visitor facilities its long term objective of providing the local and widercommunitie5 Wlth a farni based community hub will now be able to be more effectively pursued. Achlevements and rforniance During the past year the trustees continued to tske full responsibility for the actual day to day and financial management of the land and buildings at Langaford Fami. The farm has been used for agricultural therapy, open days and educational camping. The trustees remain dedicated in their pursuit of the aims and objertives of the trust and wherever possible have taken an active part in caring for the land and buildin8S. Financlal review The trust expects to meet its revenue expenditure out of its operating income and grants. However, where expenditure on the farni, is incurred of a capital nature lincludin8 fencin& hedging and other improvin8 workl. 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 £1.84112024 £1.0341 at the end of the year, and the market value of investments arnounted to £35.58212024 £34.3061. Goin concern The charity's main source of income is fami 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 investment5 and are satisfied that the charity is a going concern. Reserves The trustees have set a reseThes policy which requires that reserves be maintained at J level which ensures that the trust's core activities continue during a period of unfor5een 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 plannin& budgeting and forecasting cycle. It tskes into account the risks associated with each stream of income and expenditure varying frorn budget,. the planned ctivity 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 rnain 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 turrent reserves policy to be a minimum of £30,￿]. As at the 31st March 2025, the total of cash and realisable investments amounted to £71.17912024 £57.9561- The excess over the desired minimum will continue to be monitored but is considered prudent in the light of uncertainty over future funding levels. The trustees declare that they have approved the trustees. report above. Signed on behalf of the charity5 trustees Date 24th September 2025 CHARITY NUMBER . 1196(K)3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LANGAFORO FARM TRUST FOR THE YEAR ENDED 31ST MARCH 2025 I report to the trustees on my examination of the accounts of the above charity 1.the Trusv) for the year ended 31st March 2025 which are set out on pages 3 to 4 Res onslbllltles and basls of re 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 20111.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 8iven by the Charity Commission under section 1451511bl of the Act. Inde ndent examlner's ststement I have completed my examination. I confirm that no material matters have come to mv 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 concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a Pfoper understanding of the accounts to be reached. Miss Kimberley Bolt FCCA Bray Accountants Ltd 21 Angel Hill Tiverton Date 14th September 2025 Devon EX16 6PE Page 4 FOR ThE YEAR ENDED 31ST MARCH Z025 Prbor year funds R*tommendod caworles by artlvlty hmds Income fvnds Totsl fvnds Incom1￿ resources I￿orne and endowments from: Donations and le8acies Charitable artivities Other trading activities Investments Other Totol 28.643 9.243 28.643 9,243 19,624 8.757 22.743 22.743 23.911 60,629 60.629 52.292 Jlesources empended Ejtptndlture on: Raisin8 fund5 Charitable artivitie5 Governence Totol 5.101 42.975 1,140 49,216 5.101 42,975 1,140 49.216 6.676 42,271 1,980 50,927 Net In¢omellexpendSturel before In¥esb Insll10s5esl 11.413 11.413 1.365 Net 8ainslllossesl on InVe￿ments Net Incomellexpendlturel EXtraO￿ln?ry items Transfers between funds other recognlsed galnsl{105ses): Gains and losse5 on rwaluation of fixed a55ets for the charl￿S own use Other gainslllossesl Netmov•mentlnfvnds 1.141 12.554 1,141 12.554 li 1.376 12,554 12,554 1,376 Aecondlkntloft Olfv*￿S.' Total funds brought fonward Totolfvnds currledlorward 706.892 719.446 706,892 719.446 705.516 706,892 P4e5 CHARITY NUMBER: 1196003 LANGAFORO FARM TRUST BALANCE SHEEr FOR THE YEAR ENDED 31sr MARCH 2025 Restrlrted 7ptsl thls year Total last Notes funds funds vear Flxed a55ets Tanilble assets Investments 648.098 648,098 648,936 Totaljlxed a￿ets 648.098 648,098 648.936 Current assets Debtors Investments Cash at bank and In hand Tottsl cvffent ¢￿sets 450 37,423 33.471 71,344 450 37,423 33,471 71,344 35.340 22,631 57,971 io Credltors: amounts falllng due wlthln one vear li 15 Net tyrrent ossets/(Ilobllltlesl 71.348 71.348 57,956 Total assets less Cuffent Ilobllltles 719,446 719.446 706.892 Credltors: amounts falllng due after one year Provlslons ft*r Ilabllltles li Total net assets or Ilobllitles 719.446 719.446 706,892 Funds of the Charlty Restrirted in¢ome fvnds Unre5trlrted fvnds 12 719.446 719.446 719.446 719.446 706.892 706,892 Totolfvnds Signed by one trustees on behalf of all the trustees Signed on behalf of the charitrfs trustees Signature Print name FA vip Date of approval 14th Septembef 2025 Page 6 Notes to the •((ourts Note l Oasls of prÈp•r*lon 8asls of attountbng These accounts have been prepared under the hiMorical cost convent￿n with r(ems rtwnlsed at cost ortransattlon value nless othen¥ise ststed In ihe relevant notelsl to these account The Kcounts have been prepared in accordarKe with.. the Slatement of Recommended PrartKe.' Ac£ovntin8 and Reportin8 ty Charities preparin8 theiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republit of Ireland IFRS 1021 ￿sued on 16Juty 2014. the Financial Reporting Stsndard appl￿ble in the Unite(l Kin8&)m Republic of Ireland IFRS 1021. and with the Charrties 2011. The charity constitutes a public benefit enrity a5 defined by FR$ 102 Not• Z A(¢ountln8 polldes 2.1 R•CO￿lI10n of Snuwn¢ These are Included in the Statement of Financtal P£ll¥lt￿ ISOFAI when: the charfty become5 entitled to the rewurces: it 15 more likely than not that the IrL￿tee5 will recewe the resource5: and the rnonetary value can be measured with suifioent rejsabilitv. Granis and don•tlons Grants and donation5 are onty incI4￿ed in the ￿FA when the 8eneral or(￿7}e rtto8nition criteria are ryet15.lo to 5.12 FR5102 SORPI. In¢orn• frurn Interest. roy•ltles and thldends This 15 included In the accounts when receipt is prLthble and the amount re￿Nab￿ can be measured reliablv. 2.2 fwpendlture and LIabl1￿leS Expenditure is recognised on an accrual basis when a liability IS irturred. Ll•billty ye￿￿1t50￿ Liabilr(les a￿ ￿08￿1$ed where it 15 rnore likely than rKJt that the￿ ts a le8al Of constructive obligation commtttin£ the chatity to pay out resources and the amount of the obliwion can be measured with reasonable certainty. Pa6e 7 Notes to the xcounts Note 3 Amlysls of IrKom• Restrlrt Unre5tr1ct•d Income funds fvnds Total lunds Prloryear Ana Donatlon5 and Donations and Gift Aid acies Gener& gfants provided by govemmenvother chèfTlie5 Other 374 27.761 27.761 19.250 28.643 28.643 19.624 Charbtsble activitiès: Farming income 8.168 1.075 8.168 1.075 8,577 180 Events and workshops Other Total 9.243 9.243 8.757 Othertradlng •rtlvltles- Other Total Intomè from Imiesthients: Interest income Dividend income Rental income Other 219 1,174 21,3SO 219 1.174 21.350 165 896 22.850 Totsl 22,743 22.743 23.911 TOTAL INCOME 60.629 60,629 52.292 Pa8e 8 Nffje4 An•W of expenthure Thlsye•r Restricted Unrtstritted In¢•me fund5 fvn05 Total fimds Lost year Trestrkted Unrestrlrted In¢ome fvnds lunts Total lunds An4￿$1$ Expendlture on raI￿n tundL' Incurred seekin rants Advertisin marketin and ublici Investment management costs Rental insurance Rent management fees Pro repairs and maintenarfe 219 276 1,418 1.955 1.233 219 276 1.418 1,955 1.233 3W 1.280 1,850 3,246 3C4) 1,280 1,850 3.246 Total expendlture on Tr15inK funds s.ioi 5.101 6.676 6,676 Expendtture on chaTltable artSvltl Wages Note 6 22,412 22.412 22.358 22,358 Rates and water Heat and li ht Property repairs and maintenance Cleanin 1,09S 1.095 1.025 1.433 220 io 1.025 1.433 220 io 4.8SI 4.851 Runnin Costs event5 1.146 1.554 6,318 838 1.146 1,554 6.318 838 940 Equipment repasrs and renewa15 Contracting Depreciation 3,209 5.642 3,209 5.642 986 Posta e staiione Telephone Insurance Subscriptions Staff Entertainment Other expenses Legal Tustee ex Donations Accountancv and oifice expenses 326 902 1,736 530 260 17 55 52 326 902 1.736 530 260 17 55 52 370 947 1.720 564 192 369 i(K) 136 2,050 1,980 370 947 1.720 564 192 369 nses 136 2,050 1,980 1.14 1.140 Total expertdltur• on d￿fft*ts1• •rtlvltlts 44.115 44.115 44.251 44.251 TOTAL EXPfNDrrvRE 49,216 49.216 50,927 50.927 Note5 to the accoufits Note 5 Details of certain items of expendilure Fees for examination of the accounts This year Last ye•r Independent examinerfs fees Assurance services other than audit or independent Tax advisory fees Other fees 1.14 1,980 55 100 Note 6 Paid employees 6.1 Staff Costs Thls year Last year Salaries and wages Soclal security Costs Pension costs (defined contribution scheme) Other employee benefits 22,412 22,358 Totsl staff costs 22,412 22.358 No employee5 received empl¢)yee benefrts (excluding employer pension costs) forthe reporting period of more than £60.C 6.2 A￿vale head count in the year Thls year Number Last year Number The parts of the charity in which the employees work Charltable Activitles Total Pa8e 10 N¢)tes to the accounts Not• 7 7.1 Cost or ¥aluatson T￿n￿ble fixed assets Freehdd land & buildln8S Plant. machln¢ry and motor Ve￿(leS Totsl At the beginning of the year Additions Revaluations Disposals Tran5feYs ' At end of the year 7.2 D•predatSon and ImpSrn)ents 643.350 7.732 651,082 643.350 7,732 651.082 Bès55 ReducTrng Balance Is% Rate At b4inning of the year Disposals Depreciation Impairment Transfers" At end of the yèar 2.146 2.146 838 838 2.984 2,984 7.3 Net book ￿lut Net book valuè at the beglnnin8 of the year Net book value at the end of the year 643.350 643.350 5.586 4,748 648,936 648.098 Page 11 Nott 8 8.1 Anatys15 of debto Thlsyear Last year Trade debiors Prepayments and accrued income - Other debtors 450 450 T*x4 Note 9 9.1 Current assets Irwertments Cash & cash •qui¥•knts Lbted Investments 35,340 942 Other Total C4rryin8 Ifairl value at be8innlneof pernd Add: additions to investments durin8 period* Less.. disposals at carrying value Less.. Impalm￿nts Add: Reversal of lrnpa5rments Addlldeductl: transfer in/loutl in the period Addlldedurtl: gainlllossl on revaluation C8rryin8 Ifabrl value at end of year 35,340 942 1.141 1.141 37,423 37,423 Not• 10 C•sh •t bwk •nd In h•bNI Thlsye•r Last year Short term cash Investments Ilw than 3 morrths maturity datel Short terni deposits Cash at bank Cash on hand Total 15,252 18,092 127 33.471 5,077 17,605 51 22.631 Note 11 11.1 Anatysls dtredltur5ed Th15ye•r L•M year Travel Subsistence Accommodatlon 52 136 YOTAL 52 136 Pl••x prty4kkthe nurnber of trustee5 relmbursed Pa￿ 13