## **Dartington Cattle Breeding Trust** 

**Report and Financial Statements Year ended 31 March 2025 Registered Charitable Trust No. 201135** 



## **Dartington Cattle Breeding Trust** 

## Accounts 

## Year ended 31 March 2025 

|**Contents**|**Page**|
|---|---|
|Reference and administrative details|1|
|Trustees’ report|2|
|Independent examiners’ report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes and accounting policies|8|





## **Dartington Cattle Breeding Trust** 

## Reference and Administrative Details 

Year ended 31 March 2025 

## **Legal Status** 

The Charitable Trust is held and administered by the Trustees in accordance with the Trust Deed dated 6 September 2000.  It is registered with the Charity Commission under reference number 201135. 

## **Trustees** 

D J Anning (Chairman) 

R J Sibley BVSc, Hon FRCVS (Vice-Chairman) P C Smerdon R H Knowles E Priest A N Cottey M P Roberts 

## **Trust Manager** 

Mrs E J Luckes 

**Principal Address** Hazard Farm Totnes Devon TQ9 7LN 

## **Independent Examiner** 

Martin Hobbs BSc ACA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF 

## **Bankers** 

Lloyds Bank 31 Fore Street Totnes TQ9 5HH 

## **Solicitors** 

Wollens 15-21 Market Street Newton Abbot Devon TQ12 2RN 

## **Investment Managers** 

Evelyn Partners M&G Investments 

1 



## **Dartington Cattle Breeding Trust** 

Trustees’ Report 

## Year ended 31 March 2025 

## **Trustees' Report** 

The Trustees present their report together with the financial statements of the charity for the year ended 31 March 2025.  The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law. 

## **Constitution and Objectives** 

The charity operates under the provisions of a Deed of Variation implemented on 6[th] September 2000.  The objects of the charity (Trust No. 201135), which Trustees review each year, include improving the quality and health of livestock in Great Britain for the benefit of the public by further research, disseminating the useful results of research and otherwise furthering education in livestock breeding, animal husbandry and related subjects.  During the year 2009/10 in order to increase the level of public benefit, the objects were extended to include grant making to support new entrants to livestock farming and others developing their livestock enterprises. 

## **Organisation** 

The names of the Trustees who served during the year and since the year end are set out on page 1.  The Board of Trustees who meet regularly during the year appoints trustees.  Trustees have complied with their duty to have regard to guidance published by the Charity Commission on public benefit. 

## **Grant Making Policy** 

Grant funding applications are invited from universities, agricultural colleges, trusts and researchers into cattle breeding, animal health and associated topics.  Publicity of this continues to be achieved by long-established awareness within the cattle breeding academic and veterinary sectors and through the Trust’s involvement with the Agri-Food Charities Partnership, as well as publicly available information from the Charity Commission and through the Trust’s website and social media.  Trustees consider each application on its merits, the costs and availability of uncommitted grant funds at the time. 

Educational bursaries are advertised on the Trust’s website and other websites, including Mole Valley Farmers, Devon Young Farmers, Cornwall Young Farmers and the National Farmers Union, together with correspondence directly with the leading agricultural universities and colleges and local Young Farmers Clubs.  Educational grants for both diploma and degree level are awarded to suitable students following recommendations by a sub-committee of Trustees. 

Two capital grant awards were made during the year. Additional grant funding is allocated through a Community Fund which supports the education of school children about farming and where their food comes from.  In addition, grant funding was provided to support the purchase of a community trailer in Cornwall, suitable for farm visits which can be shared in the locality. 

The Vocational Training scheme, which aims to support and encourage the update of skills training for farmers of any age, has gone from strength to strength in Devon & Cornwall. 

2 



## **Risk Management** 

Trustees have satisfied themselves that systems or procedures are established to manage risks.  Major risks to which the charity is exposed are reviewed by the Trustees each year and systems in place to manage those risks.  Areas of risk are mainly confined to those relating to letting of property, actions associated with determining to whom or what organisations grants should be made, and investments managed by reputable professional firms. 

## **Reserves** 

It remains the policy of the charity to maintain unrestricted funds to meet approved grant fund applications. Grant amounts have varied in past years between £500 - £100,000 per project.  The total reserve is held at a level that Trustees believe will enable the charity to fund potentially important future research work for which they would not wish to refuse support on the grounds of insufficient funds in reserve.  Also, the total reserves are used to generate the level of distributable income required to fund the current grant making policies. 

## **Financial Review and Investment Policy** 

At the beginning of the financial year, the Trustees confirmed in writing with their Investment Manager Evelyn Partners, the investment objective of the charity, which is the continuance of a discretionary power in making investments of medium risk to provide a balanced growth with exposure to gilts, equities, hedge funds, property and investment trusts. Income from investments was used by the charity to further its objects. Trustees retain substantial investment in the M&G Charifund.  The intention of this holding is to increase dividend income alongside continued capital growth in line with the market. 

The Trustees’ investment property at West Yarner is let on a 5-year full insuring and repairing lease which was renewed on 5 December 2024 at a rent of £22,500 per annum. 

## **Grants made within the year were:** 

|Bursaries to agricultural/veterinary students in higher education<br>Nuffield Farming Scholarship Trust<br>Research Project – RVC Bovine Corkscrew Claw<br>Vocational Training in Devon & Cornwall<br>AFCP/AUC Summer School<br>Capital Grants<br>DFYFC Travel scholarships<br>NFYFC Travel scholarships (Devon & Cornwall)<br>Agricultural Schools Event - Cornwall<br>Farmwise Devon<br>Somerset Field to Food Event<br>Farmlink – Devon & Cornwall<br>Cornhill Farm – Community Trailer<br>Kingfisher Award – Cornwall 2023/2024|£<br>44,700<br>16,000<br>15,000<br>15,500<br>780<br>6,000<br>1,950<br>7,150<br>2,000<br>2,000<br>2,000<br>7,000<br>3,000<br>1,000<br>124,080|
|---|---|



3 



## **Trustees’ Responsibilities** 

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of year.  In preparing those financial statements the Trustees are required to: 

- Select suitable accounting policies and then apply them consistently 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements 

- Prepare financial accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business 

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011.  They are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities. 

Approved by the Trustees and signed on their behalf by: 

D J Anning Chairman 

Dated: 18 December 2025 

4 



## **Dartington Cattle Breeding Trust** 

## Independent Examiners’ Report 

## Year ended 31 March 2025 

I report to the Trustees on my examination of the account of the Dartington Cattle Breeding Trust for the year ended 31 March 2024. 

## **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 Act and in carrying out my examination I have followed all 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 giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 

3. the accounts 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 is not a matter considered as part of an independent examination; or 

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts  in  accordance  with  the  Financial  Reporting  Standard  applicable  in  the  UK  and Republic  of Ireland (FRS 102). 

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 accounts to be reached. 

Martin Hobbs BSc ACA Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF 

Date: 23 December 2025 

5 



## **Dartington Cattle Breeding Trust** 

## Statement of Financial Activities 

## Year ended 31 March 2025 

|||**2025**|2024|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Income**||||
|Investment income|2|**249,771**|217,771|
|||**––––––––**|––––––––|
|**Total Income**||**249,771**|217,771|
|||**––––––––**|––––––––|
|**Expenditure**||||
|Raising funds|3|**30,114**|29,783|
|Charitable activities|3|**172,520**|149,756|
|||**––––––––**|––––––––|
|**Total Expenditure**||**202,634**|179,539|
|||**––––––––**|––––––––|
|**Net income**||**47,137**|38,232|
|Gains on investments|6|**133,221**|115,111|
|||**––––––––**|––––––––|
|**Net movement in funds**||**180,358**|153,343|
|**Reconciliation of Funds:**||||
|Total funds brought forward||**5,173,135**|5,019,792|
|||**––––––––**|––––––––|
|**Total funds carried forward**||**5,353,493**|5,173,135|
|||**═══════**|═══════|
|All funds are unrestricted.||||



The notes on pages 8 to 12 form part of these accounts. 

6 



## **Dartington Cattle Breeding Trust** 

## Balance Sheet 

## Year ended 31 March 2025 

|||||**2025**||2024|
|---|---|---|---|---|---|---|
||**Note**||**£**|**£**|**£**|**£**|
|**Fixed assets**|||||||
|Investments|7|||**5,307,704**||5,092,845|
|||||**––––––––**||––––––––|
|**Current assets**|||||||
|Debtors|8|**3,074**|||424||
|Cash at bank and in hand|9|**51,348**|||91,006||
|||**––––––––**|||––––––––||
|||**54,422**|||91,430||
|**Liabilities**|||||||
|Creditors – amounts falling due|||||||
|within one year|10|**(8,633)**|||(11,140)||
|||**––––––––**|||––––––––||
|**Net current assets**||||**45,789**||80,29**0**|
|||||**––––––––**||––––––––|
|**Total net assets**||||**5,353,493**||5,173,135|
|||||**══════**||══════|
|**The funds of the charity:**|||||||
|Unrestricted funds||||**5,353,493**||5,173,135|
|||||**––––––––**||––––––––|
|**Total charity funds**||||**5,353,493**||5,173,135|
|||||**══════**||══════|
|Signed on behalf of the Trustees|on 18 December 2025||||||
|D J Anning||R J Sibley|||||



The notes on pages 8 to 12 form part of these accounts. 

7 



## **Dartington Cattle Breeding Trust** 

## Notes and Accounting Policies 

Year ended 31 March 2025 

## **1 Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the going concern basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements 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) (effective 1 January 2015) and the Charities Act 2011. 

The charity constitutes a public benefit entity as defined by FRS102. 

The functional and presentational currency of these financial statements is sterling. 

## **Income** 

All income is recognised once the charity has entitlement to the income, it is probable the income will be received and the amount can be measured reliably. 

## **Investments** 

Quoted investments are valued by the managers at market value. 

Investment property is carried at fair value, a valuation made by the trustees following an independent valuation in the year ended 31 March 2019. Changes in fair value are recognised in the Statement of Financial Activities. 

## **Expenditure** 

Expenditure is included on an accruals basis and includes any irrecoverable VAT. 

Costs of raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income. 

Grants are charged in the year when the offer is conveyed to the recipient. Conditional grants are recognised as expenditure when the conditions are fulfilled. 

Charitable activities and governance costs comprise costs for processing grants and applications, including support to actual and potential applicants and of running of the charity itself as an organisation. 

8 



## **Dartington Cattle Breeding Trust** 

## Notes and Accounting Policies 

## Year ended 31 March 2025 

## **1 Accounting policies (continued)** 

## **Financial Instruments** 

Financial instruments are classified and accounted for, according to the substance of the  contractual arrangement, as financial assets, financial liabilities or equity instruments.  An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which are considered to be basic: 

- Short term debtors and creditors 

- Cash at bank and in hand 

## **2 Investment Income** 

|**Investment Income**||||
|---|---|---|---|
|||**2025**|**2024**|
||**Note**|**£**|**£**|
|Rent receivable||**20,755**|20,000|
|Dividends and interest from investments|4|**229,013**|197,768|
|Sundry income||**3**|3|
|||**––––––––**|––––––––|
|**Total continuing operations**||**249,771**|217,771|
|||**––––––––**|––––––––|
|**Expenditure**||||
|||**2025**|**2024**|
||**Note**|**£**|**£**|
|**Raising funds**||||
|Investment management and professional fees||**30,114**|29,783|
|||**––––––––**|––––––––|
|**Charitable activities**||||
|Grants payable in furtherance of the charity’s objectives||**124,080**|99,000|
|(see Trustees’ Report for further details)||||
|Charitable activities and governance costs|5|**48,440**|50,756|
|||**––––––––**|––––––––|
|||**172,520**|149,756|
|||**––––––––**|––––––––|
|**Total expenditure**||**202,634**|179,539|
|||**––––––––**|––––––––|



## **3 Expenditure** 

9 



## **Dartington Cattle Breeding Trust** 

## Notes and Accounting Policies 

## Year ended 31 March 2025 

|**4**|**Dividends and interest from investments**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Equities and unit trusts|**217,197**|197,575|
||Equalisation proceeds|**11,816**|196|
|||**––––––––**|––––––––|
|||**229,013**|197,771|
|||**––––––––**|––––––––|
|**5**|**Charitable activities and governance costs**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Trust managerial fees|**26,100**|23,610|
||Travelling expenses|**1,088**|1,248|
||Insurances|**2,317**|2,281|
||Office expenses|**1,457**|1,008|
||Property costs|**1,299**|8,040|
||Independent examiners fees|**2,650**|2,890|
||Professional fees|**11,960**|8,851|
||Sundries|**1,569**|2,828|
|||**––––––––**|––––––––|
|||**48,440**|50,756|
|||**––––––––**|––––––––|
|**6**|**Gains on investments**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Unrealised gain on listed investments|**47,647**|60,129|
||Realised gain on disposal of listed investments|**85,574**|54,982|
|||**––––––––**|––––––––|
|||**133,221**|115,111|
|||**––––––––**|––––––––|



10 



## **Dartington Cattle Breeding Trust** 

## Notes and Accounting Policies 

## Year ended 31 March 2025 

|**7**|**Investments**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||Investment property|**400,000**|400,000|
||Quoted investments at market value|**4,877,652**|4,662,107|
||Cash held as part of the investment portfolio|**30,052**|30,738|
|||**––––––––**|––––––––|
|||**5,307,704**|5,092,845|
|||**––––––––**|––––––––|
||**Quoted investments**|**2025**||
|||**£**||
||Market value at 1 April 2024|**4,662,107**||
||Acquisitions at cost|**299,944**||
||Proceeds from disposals|**(217,620)**||
||Realised gains|**47,647**||
||Unrealised gains|**85,574**||
|||**––––––––**||
|||**4,877,652**||
||Market value at 31 March 2025|**––––––––**||



||The cost of these investments at 31 March 2025 was £4,409,235 (2024 £4,279,604).|The cost of these investments at 31 March 2025 was £4,409,235 (2024 £4,279,604).||
|---|---|---|---|
||**Investment property**|**2025**|**2024**|
|||**£**|**£**|
||Freehold property:|||
||Yarner, Dartington|**329,000**|329,000|
||Land|**71,000**|71,000|
|||**––––——**|––––——|
|||**400,000**|400,000|
|||**––––——**|––––——|
|**8**|**Debtors**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Prepayments|**3,074**|424|
|||**–––––––**|–––––––|
|**9**|**Cash at bank**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Lloyds bank|**51,348**|91,006|
|||**–––––––**|–––––––|
|**10**|**Creditors: amounts falling due within one year**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Accruals and receipts in advance|**8,633**|11,140|
|||**–––––––**|–––––––|



11 



## **Dartington Cattle Breeding Trust** 

Notes and Accounting Policies 

## Year ended 31 March 2025 

## **11 Staff costs** 

No employee received remuneration amounting to more than £60,000 in either year. 

## **12 Summary of Trustees’ remuneration and expenses** 

No remuneration is paid to the trustees. 

During the year, travel expenses totalling £1,088 (2024 £1,248) were paid to four (2024: four) trustees, as permitted by the Trust Deed. The cost of the trustees’ indemnity insurance to the charity for the year was £1,086 (2024: £1,144). 

## **13    Related party transactions** 

Other than those shown in note 12 above, no related party transactions took place during the year (2024: none). 

12