OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Charity Number (England and Wales) 208858, Company Number RCO00441

0

Reference and Administrative Details

Patron

Her Late Majesty The Queen

President

HRH The Duke of Gloucester KG GCVO

Vice Presidents

The 9th Earl Bathurst Countess Bathurst The Lord Curry of Kirkharle CBE FRAgS H A C Densham CBE FRAgS R Nash FRAgS C P Riddle ARAgS J A Sayers FRICS FAAV FRAgS J D Wallis FRICS

Council of Trustees

Chair

J W Stanley FRAgS

J Dawson OBE

Committee Membership Honorary member of all Committees Appointed 8 June 2022

Retired 8 June 2022

Deputy Chair

J Turnbull

3, 4*

Treasurer

J Elliot

Retired 8 June 2022

Treasurer Designate

D Overton

1, 5 Co-opted 6 September 2022

Trustee Members

R Binning MRICS D A Davies D V D Harries M Herrod S J Hoskin J Lelliott OBE S Lister J Woolliscroft

1, 5

2 Resigned 8 June 2022

2

1, 5 2, 4 3 Co-opted 6 September 2022 3, 4 2, 4*

Trustee Committee Memberships

Reference and Administrative Details

Principal Office

Shaw House, 27 West Way, Oxford, OX2 0QH

Senior Management Team

Chief Executive A Chivers FCA DChA

Director of Services C Whaley Appointed 6 April 2022

Head of Governance K Band Retired 11 February 2022

Director of Finance and Operations

D Locke FCA

Head of Partnerships S Deeley

Director of Operations

D Whitbread Resigned 25 August 2022

Head of Volunteering E Shaw Resigned 24 October 2022 M Crosby Appointed 13 March 2023

Head of Fundraising

P Pirie Appointed 1 November 2022

Professional Advisors

Investment Managers Rathbone Brothers PLC 8 Finsbury Circus London, EC2M 7AZ

Investment Advisors

Lane Clarke & Peacock LLP 95 Wigmore Street London, W1U 1DQ

Bankers

NatWest Bank PLC 43 Cornmarket Street Oxford, OX1 3ES

Lloyds Bank PLC 1-5 High Street Carfax, Oxford, OX1 4AA

Legal Advisors

Russell-Cooke LLP 2 Putney Hill London, SW15 6AB

Freeths LLP 5000 Oxford Business Park South Oxford, OC4 2BH

Temple Bright LLP 81 Rivington Street London, EC2A 3AY

Independent Auditors

Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP

Tribute to Her Late Majesty Queen Elizabeth II

Her Late Majesty Queen Elizabeth II served as our Patron for the entirety of her 70-year reign and RABI is honoured and thankful for the keen interest she took in our work throughout her Patronage.

Her Late Majesty was a remarkable constant in all our lives. All at RABI, along with the entire farming community, for whom she was a passionate advocate, mourn her loss whilst celebrating and remembering her remarkable life.

Foreword from the Chair of Trustees

I was honoured to be appointed as the Chair of Trustees in June 2022 during what was a time of radical change for those working in farming. It has been a time of difficulties for us all with continued political upheaval, the ongoing war in Ukraine, rising economic pressures and the transition to farming without subsidies across England, but we never lose sight of the fact that there are many facing very personal challenges too.

Over the last twelve months, I have been proud to lead RABI as the charity introduced new mental health support, including in-person, online and text based professional counselling. Whilst perhaps a little saddened to note that the uptake of the new services exceeded our expectations ten-fold, I can rest a little easier knowing that we’re delivering a service that is clearly much needed by our people.

RABI’s recent cost of living campaigns have provided prompt, much needed immediate help, but have also been crucial in breaking down some of the barriers and forging longer-term, positive relationships. The unprecedented response to our return to school grant campaign this summer, in addition to the direct provision of £1.5million of funding, also connected RABI with many more farming people who had not previously accessed our services and support, with almost 90% of those supported having no prior contact with RABI.

We also completed the sales of Beaufort and Manson House. While the decision to part with the two sites was difficult and only taken after much careful consideration, monies released from the sales will now enable RABI to support more farming people at a local level.

RABI’s awards success helps us to highlight the value of our community on the national charity stage and begin to give farming people the voice they deserve. A particular highlight for me was attending the Charity Times Awards in September and I was delighted to be there to see the work of the team receive national recognition.

During this ongoing time of transition, I believe that old traditions can complement new ideas. Maintaining an open mind is key as we continue to work to reach our goal of supporting four times as many farming people by 2024.

J W Stanley FRAgS Chair of the Council of Trustees May 2023

Report by the Council of Trustees for the Year ended 31 December 2022

The Council of Trustees of the Royal Agricultural Benevolent Institution presents its Annual Report and Accounts for the year ending 31 December 2022.

The financial statements have been prepared in accordance with the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS102), effective 1 January 2019 and with the Companies Act 2006.

Objectives and Activities

Farming life can be tough. Whilst the majority of us have enjoyed returning to some form of normality in 2022, as COVID-19 restrictions were fully lifted, the agricultural community continued to face numerous complex and far-ranging challenges.

Throughout 2022, RABI remained committed to developing comprehensive, tailored services and support using the findings from our Big Farming Survey. Our help and services continue to place individuals at the core, seeking to empower and support them to identify and develop solutions. Ultimately, we hope and believe that our work helps to generate powerful, positive outcomes that will resonate across the farming community and beyond.

Our Vision

No member of the farming community should ever have to face adversity alone.

Our Mission

RABI exists to provide financial, practical and emotional support to those in need within the farming community.

5-Year Key Strategic Aims

Aims and Objectives

The object of RABI is defined as:

“ The prevention and relief of need, hardship or distress in such manner as the Trustees in their discretion think fit to such persons who are, or have been, employed or engaged in the farming industry, or the dependants of such persons.”

The object presents the Trustees with comprehensive powers, enabling them to provide wideranging charitable assistance to the agricultural community.

RABI continued during 2022 to deliver this support through the utilisation of financial grants. Direct financial support was supplemented during 2022 with the provision of professional services delivered by partner organisations.

Report by the Council of Trustees for the Year ended 31 December 2022

The provision of services and support delivered by partners will continue to develop as RABI recognise that we must ensure that farming people can access the support they deserve no matter where they live.

The significant strategic activities planned for 2022 to support the 2019-2024 strategic aim, to support four times as many farming people by the end of the strategic period, included:

• Develop and implement innovative new service delivery solutions

Working with partners continues to underpin the core of RABI’s strategic intent to ensure that consistent services and support are available to all farming people, no matter where they live across England and Wales.

During 2022, collaborating with specialist partners, RABI launched a suite of new, farmer-bespoke mental health services to complement existing support.

• Develop an integrated approach to supporting farming people

Farming people face a myriad of challenges and complex situations. RABI believe it is our duty to work with colleagues, within agriculture and beyond, to establish and coordinate comprehensive services that can assist farming people to meet challenges and move forward positively.

During 2022, RABI has continued to research how we can continue to best understand what is needed to empower farming people and use this evidence to prioritise options to achieve this aim.

• Expansion of collaborative working

To provide world-class, innovative services for farming people requires us to develop our existing network of partners and continue to identify new strategic partners. Focussing on ways to make support more accessible for farming people remains the core aim of our current collaborative development strategy.

The Big Farming Survey evidenced that financial, physical and mental health are all inextricably linked. During 2022 we have continued to review our understanding of what is actively affecting our community, so that we can develop really impactful whole-life responses.

• Invest in information systems and our people

Following the phased plan to replace RABI’s outdated systems, our focus in 2022 turned to developing the new systems required to support our service delivery, minimise unnecessary administration and ensure RABI can provide the best possible service to farming people.

• Developing our volunteers

Understanding why people volunteer for RABI and considering the roles that volunteers can play within RABI has remained at the centre of our volunteer planning work during 2022.

During 2022 the volunteer team began to reflect on the current experiences for existing volunteers and how these could be better supported and improved.

• Income Generation and development of sustainable investment income

To provide the ambitious extended programmes of support RABI believes our people deserve will significantly increase the charity’s cost profile over the coming years.

Report by the Council of Trustees for the Year ended 31 December 2022

Ensuring that the charity makes best use of all available resources, growing these where appropriate, to generate sustainable long-term income levels will continue across 2022 and 2023.

During 2022, the second phase of this strategic review of our fundraising capacity and resources commenced with the implementation of a total return approach to our investment portfolio and the recruitment of a new Head of Fundraising.

Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

The Trustees recognise the two principles of public benefit and believe that the objectives and activities of RABI formally meet these principles through the provision of fee-free support to the farming community.

During 2022, RABI continued to provide direct support to both those who were unable to continue working in farming due to injury, ill-health or age and to working farmers, farmworkers and their families. RABI further provided indirect support to farming people via the provision of professional services, such as mental health counselling, the provision of benefits and general guidance and emotional support to farming people.

Without healthy, resilient farming people, there can be no healthy food produced to feed the nation. In addition to the direct benefits to farming people supported, our work therefore also benefits the wider public by helping to ensure a healthier, more resilient agricultural population endures to continue generating food for the nation.

Achievements and Performance

Grant Making Programmes

As RABI continues to evolve and develop future service delivery programmes and partnerships, the charity principally continued to fulfil its charitable objects during 2022 as a grant making charity.

RABI provides a range of grant support programmes to individuals. Grants are additionally awarded to other not-for-profit organisations where the award is assessed as an effective mechanism to fund activities that further the objects of RABI, providing preventative or reactive support to farming people.

Applications for organisational grant awards must be submitted prospectively in writing. Organisational grant awards in excess of £30,000 are recommended by the Service Delivery Committee to the next full Council of Trustee Meeting for consideration.

Farming people are encouraged to contact RABI via the charity’s Freephone 24/7 helpline number (0800 188 4444). RABI considers financial awards for individuals who are both currently working in agriculture or are no longer able to work due to ill-health, injury or age. All applicants receive a visit, either in person or remotely if preferred, from one of RABI’s regional support managers, to consider how the applicant can be best supported. Applications for direct financial support are submitted by the manager on behalf of an applicant and assessed by the central team. Complex cases or significant grant awards are recommended to the Service Delivery Committee for consideration.

Report by the Council of Trustees for the Year ended 31 December 2022

All enduring grant awards are subject to an annual review of the circumstances to ensure the grant award remains appropriate. These reviews are generally accompanied by a visit from a RABI regional support manager.

RABI also offers financial grant support to assist those from the farming community requiring care support, either at home or in a residential setting, who wish to remain close to family and friends.

In addition to direct financial assistance, RABI’s regional support managers provide advice and support to the farming community: both directly to support claims for state benefits and subsidies; arranging debt advice and free business appraisals; and working to refer to other support organisations.

During 2022 RABI approved 2,160 direct financial grant applications.

Service Delivery

2022 has been a landmark year for RABI in terms of services delivered to farming people. Not only have we used the evidence gained from the Big Farming Survey to develop new services that meet the growing wellbeing needs of our community, but we also provided support to over two and a half times as many farming people during the year than during 2021.

RABI’s team of regional support managers, who live and work across England and Wales, also support applicants to access benefits and are able to act as appointees for an applicant with the Department for Works and Pension where required. During 2022, the team helped applicants secure over £367,000 of benefits entitlements, which would otherwise have been lost.

Face-to-face mental health counselling

Following the 2020 launch of the online wellbeing platform, we soft launched the new in-person mental health counselling service in late 2021 in response to the impacts of the pig crisis. The full service, with all counselling provided by a specialist professional partner, launched on 1 January 2022.

The new service is available to farming people across England and Wales, with all of the professional counsellors understanding the complex landscape that farming people work in. Counselling is available face-to-face, by phone or via video conferencing and the service can be accessed via the 24/7 helpline without a GP referral.

During 2022 the level of uptake for the new service has been twelve times that predicted, with those accessing counselling spanning all ages and types of farming:

----- Start of picture text -----
Farming Type - 2022
50%
40%
30%
20%
10%
0%
%of Beneficiaries
----- End of picture text -----

Figure 1 – Farming background of farming people accessing counselling

Report by the Council of Trustees for the Year ended 31 December 2022

The split of female to male users of the new service was almost 50:50 during 2022, however the level of females accessing the service during and after the return to school campaign increased significantly. With women in farming having been identified in the Big Farming Survey as a demographic evidencing some of the worst mental wellbeing scores within the farming community, the secondary impact of the return to school campaign, encouraging more farming women to consider counselling, was promising.

Figure 2 – Presenting issues

The enormous benefit of the service is best evidenced by one of the many positive beneficiary comments:

“I feel like a different person. I do not feel as negative and feel there is light at the end of the tunnel. I have realised that life is worth living…The first step is so wobbly but if you can just take that first, difficult wobbly step well…amazing.”

Figure 3 – Age range of farming people accessing counselling

Report by the Council of Trustees for the Year ended 31 December 2022

Return to School Campaign

The return to school campaign was the most successful standalone campaign that RABI has ever run, supporting almost 4,000 farming people in 2022.

Applications were received from across England and Wales with over 99% of applications coming from working farming families. Importantly, almost 90% of applicants had not previously had a relationship with RABI. Around 5% of the total applicants receiving the grant continued to maintain an ongoing relationship with RABI after the campaign.

The demographic supported by these grants aligned with one of the most ‘at risk’ age groups identified from Big Farming Survey, with over 80% of applicants being females aged between 25 – 44.

----- Start of picture text -----
Figure 4 – RTS Applicant by age range
----- End of picture text -----

Figure 4 – RTS applications

The number of applicants for mental health counselling increased four-fold during and immediately after the return to school campaign, with 83% of applicants for counselling during this period being received from females.

For almost 90% of applicants who received support through the campaign, this was the first time they had contact with RABI. Taking the initial step to reach out for support is vital if we are to continue to break down the barriers that stop many from asking for help.

The campaign was a critical step in beginning to help our community feel more comfortable to view reaching out for help as a strength.

As a member of our regional support team commented: “I have had lots of tears of relief and thanks for the support for the community. Also had some calls where this is a definite “icebreaker” and we may be able to help with other areas of need.”

Figure 5 – RTS applications

Report by the Council of Trustees for the Year ended 31 December 2022

Partnerships

RABI’s partnerships team saw significant growth in 2022, both in developing services with professional providers and strengthening as a team within the charity.

To complement the mental health counselling services, mental health training was fully piloted during 2022, requiring a great deal of cross-department working with both the service delivery and volunteering teams to ensure effective delivery. The ongoing collaboration developed strong internal relationships that will help us to deliver better integrated support for farming people.

Speaker opportunities, attendance at forums and events and networking continue to remain a key focus for the partnerships team, with the team inputting into over 300 events, forums, shows and meetings during 2022.

Mental Health Training

The Big Farming Survey highlighted the worrying low levels of mental health and wellbeing experienced by the farming community. In response, to complement the launch of the mental health counselling service, RABI began piloting bespoke mental health training in January 2022.

The mental health training is fully accredited, farming-bespoke and delivered by our professional mental health counselling partners. Offering half, one and two-day courses, which can be delivered in-person or remotely, all trainees have access to professional aftercare for two years following completion of any course.

Not only did the Big Farming Survey identify that much more needs to be done to ‘normalise’ the conversations around mental health, but our experience working with colleagues across agriculture confirmed that those working with farming people are increasingly concerned about the wellbeing of their farming peers and clients, but are unsure about what to do to help.

Too often we were aware from those who still visit farmers, such as vets, feed merchants and insurance agents, that their staff are carrying the burden of worrying about the mental wellbeing of those farming, without the confidence to engage.

To help provide the confidence to start the conversation, but with the assurance that support from a professional counsellor is only a call away, RABI have made our training available not only to individuals across and connected to the farming community, but also to the staff teams of agricultural support organisations.

With RABI-funded places available where individuals or organisations are unable to self-fund, but there is a clear benefit to the farming community, we believe that the service will play a key role in encouraging early intervention and better long-term mental wellbeing for farming people as the service launches fully in 2023.

Community Pillars

Work continued during 2022 to develop the Community Pillars pilot schemes. Community Pillars projects typically mature across a 25-to-30-year timeframe, so planning work to ensure we launch a scheme with long-term impact is crucial.

The preliminary pilots will seek to engage and upskill, as “Community Pillars”, some of those groups identified in the Big Farming Survey as most impacted with poor mental, physical or financial health. Working with the volunteering and service delivery teams, the partnership team conducted a comprehensive mapping from the survey findings to local knowledge during 2022, to ensure the pilots work to maximise initial value into the farming community.

Report by the Council of Trustees for the Year ended 31 December 2022

Following engagement with potential pilot delivery partners and the completion of the mapping exercise, RABI will pilot the scheme in 2023 in the southwest and northwest of England, working in both areas with local farmer networks to develop and implement the programmes.

Volunteering

2022 saw a semblance of normality restored for our volunteers as COVID-19 restrictions finally lifted in full. The majority of our volunteers have a strong farming or agricultural backgrounds and connections and assist the charity in raising funds and an awareness of our work within their local communities.

The majority of RABI’s volunteers currently volunteer via one of the charity’s networks of County Committee Branches. During 2022, these volunteer committees held over 170 events and supported a further 88 shows nationally. Over the year our volunteers contributed an estimated equivalent of 12,149 hours to RABI.

We would like to thank the 42 volunteers who completed their volunteering time with RABI during 2022 and welcome the 44 new volunteers who started their volunteering journeys with RABI in the year.

Fundraising

As previously noted, RABI’s longer-term ambition is to significantly expand the range of consistently available services and support for farming people across England and Wales. Preliminary forecasts indicate that the charity will seek to double the level of expenditure supporting service delivery by 2030. Therefore, developing the fundraising team to substantially increase RABI’s ability to fundraise into the future was a key objective for 2022.

Following the successful appointment of an experienced new Trusts and Fundraising Officer in early 2022, the charity appointed our new Head of Fundraising in November 2022. This growth enables the team to begin to strengthen existing relationships and develop new methods of engagement with new and existing supporters.

Report by the Council of Trustees for the Year ended 31 December 2022

Trusts and Foundations Income

Closer links between fundraising and service delivery were established over the year, including the increased use of case studies to write compelling cases to secure funding.

Income raised from Trusts and Foundations

----- Start of picture text -----
£600k
£500k
£400k
£300k
£200k
£100k
£k
2020 2021 2022
----- End of picture text -----

Figure 5 – Income raised from Trusts and Foundations 2022

As figure 5 demonstrates, this helped increase income from trusts and foundations, exceeding previous years by a considerable margin.

Legacy Income

Income from legacies is by its nature sporadic, however this is an important source of funding for RABI and we are grateful to those who remember the charity and the farming people we support in their wills.

Christmas Appeal 2022

The Christmas Appeal 2022 had an ambitious initial target of £20,000 which was reached by 1 December. Following a doubling of the preliminary target, a total of £43,000 was raised through the collaborative efforts of the fundraising and volunteering teams.

Communications

RABI engaged with more farming people than ever before in 2022. As well as print and broadcast press, our work and services received great exposure in the digital press, podcasts, industry newsletters and social media.

Awards and other highlights

RABI received significant national recognition in 2022 at several major charity awards including: the Association of Charitable Organisations named us their Charity of the Year 2022; the Charity Times awarded RABI the Charity of the Year Commendation of the Year 2022; and our groundbreaking Big Farming Survey won the Charity Times Change Project of the Year Award 2022.

Report by the Council of Trustees for the Year ended 31 December 2022

These awards not only provided the team with national recognition of their commitment and hard work, but also importantly showcase the value of the farming community and contribute to giving farming people the voice they deserve beyond the agricultural sector.

Return to School Communications

----- Start of picture text -----
2% 1%
5%
Word of mouth
8%
Social Media
45% News / Press
Website
39% Other
Referral from other organisation
----- End of picture text -----

Figure 6 – Return to Schools – Where did you hear about the campaign?

The return to school campaign represented a standout communications campaign for the charity for 2022. Digital media posts about the campaign went viral across social media, making up three of the top five posts of the year for engagement.

As demonstrated in figure 6, social media accounted for over a third of applications for the grant, highlighting the effectiveness of the campaign’s communications. Traffic to RABI’s website increased significantly during the campaign, with average sessions lasing twice as long and leading to greatly enhanced click-through to other webpages.

Plans for Future Periods

Farming can be tough and the foreseeable future for many across agriculture is likely to continue to feel somewhat uncertain. Continuing concerns regarding the loss of subsidies, the cost of living, soaring input costs and ongoing political uncertainty around the globe indicate that the financial health of many farming people will remain challenging.

Our Big Farming Survey evidenced for the first time that levels of physical and mental health for farming people are inextricably linked to their financial health and the health of their farm business. Understanding this critical link, RABI will continue to research, develop and support services that seek to ensure that the mental and physical wellbeing of our farming community is maintained. Crucially, we will seek to ensure every service is available to our community no matter where they live and farm in England and Wales.

The survey also evidenced that the majority of farming people remain optimistic about the future and it is vital that we help our community to understand there is always hope.

As we begin to look ahead to the post agricultural transition era, we are clear that RABI has an integral role to play as a key collaborator and facilitator with colleagues across and beyond agriculture, to develop new services and support programmes that will generate powerful, positive outcomes for farming people.

There is still work we need to do within RABI to ensure we have the effective processes and systems needed to meet the current and future needs of our community.

Report by the Council of Trustees for the Year ended 31 December 2022

We will continue to progress our information systems upgrades over the next couple of years and develop new performance and impact measurement tools, which we hope will ultimately underpin reporting across the agricultural charity sector.

Farming people matter and we will continue to work tirelessly to ensure that they are provided with the tools and services they deserve in order to meet the challenges they face with hope.

Normalise the conversation

We believe that many within our community still have invisible barriers that make reaching out for support feel like a weakness, rather than a strength. Too many farming people have the perception that they must be, or be seen to be, robust and almost indestructible. In reality, we all have the capacity to be affected by difficulties and challenges and none of us have all the answers.

One of our goals at RABI is to try to help everyone feel more comfortable to take that courageous and positive first step to access help. To help us achieve this goal, developing and implementing preventative and integrated services that are more accessible to all, some of the actions we are focussing on include:

We will continue to replace our outdated legacy systems, futureproofing wherever possible to ensure we can continue to help farming people effectively for many more years to come.

Report by the Council of Trustees for the Year ended 31 December 2022

Where possible, we will also look to develop our systems and reporting processes in a manner that can be shared with partner organisations across agriculture.

Continuing to increase awareness of our work lies at the heart of the volunteering team. RABI is committed to enhancing the existing volunteer offer to provide a wider variety of opportunities for all who would like to support our work as a RABI volunteer.

2023 will also be a time to draw together resources to help in the development of a long-term fundraising strategy that, with effective and efficient execution, will enable RABI to increase our support significantly by 2030, aiming to reach 5% of the farming community.

Financial Review

Income

Total income for 2022 was £5.83 million. This compared to total income in 2021 of £6.32 million.

Voluntary income from donations, volunteers, corporate donations, individual supporters, charitable trusts and people leaving gifts in wills equated to £3.16 million in 2022. Voluntary income was up 10% on last year’s total of £2.86 million as fundraising activities resumed following the COVID-19 hiatus.

The impact of the COVID-19 pandemic resulted in many of the volunteer-led and other external fundraising events being cancelled in the prior year. The restoration of these events was largely responsible for the increase in community donation income from £771k in 2021 to £1,019k in 2022. This represents a 32% increase.

Following the decision to lock-down the two homes during the pandemic, income from fees remained depressed at the two sites until the sale completed in the autumn of 2022. Income from fees, which is noted as discontinued activities in the Statement of Financial Activities, reduced from £1.89 million in 2021 to £1.04 million in 2022.

RABI moved to a total return approach during 2022, however prior to the approval, volatility of the market due to macroeconomic events continued to impact income receipts. Investment income received in 2022 totalled £1.59 million (2021: £1.55 million).

Further detailed income information is shown in notes 2-4 of the financial statements for income.

Expenditure

Total expenditure for 2022 was £9.94 million, a significant increase from 2021 (£7.91 million). This increase of just over £2 million was due to increased charitable expenditure on grants and support services, most notably the additional £1.5 million spend to support the return to school campaign.

Report by the Council of Trustees for the Year ended 31 December 2022

Expenditure on grants and support services in 2022 was £5.5 million. This is a significant increase from expenditure of £3.38 million in 2021. Of this, £3.78 million (2021: £2.04 million) was expended as direct financial support through our grants programme.

Additional expenditure to support the visits to beneficiaries and wellbeing services, such as the mental health counselling, was incurred in 2022. Trustees remain committed to the allocation of funding to support grants and service support beyond the level of voluntary income generated from fundraising.

The costs of running the two residential homes decreased by 23% to £2.23 million in 2022 in line with the sale of the sites in the autumn. In 2021 for comparison the costs totalled £2.92 million.

Following the sale of the two residential homes in 2022, the Director of Operations role was reviewed and the responsibilities remaining following the sale were amalgamated into the role of the Director of Finance. Total salary costs for the year include the associated cost of the redundancy payment made to the Director of Operations.

Expenditure on publicity and marketing for 2022 was £0.55 million, comparable to £0.42m in 2021.

Further expenditure details are provided in notes 5 to 12 of the Financial Statements.

Net movement in funds

Following recognition of unrealised market losses on investments of £5.7 million, the charity recognised a total deficit for the year of £9.84 million.

Having completed a realignment of RABI’s functional property valuations in 2018, full RICS valuations were completed for all the charity’s investment properties during 2019. The values of the residential homes and a barn at Moles Farm were amended to reflect offer prices in 2021. Further information is shown in note 17.

Reserves

RABI’s financial reserves strategy seeks to ensure that funds are maintained at a level that enables the charity to manage financial risk and short-term income volatility whilst maintaining optimal levels of support over the long-term. The holding of reserves is additionally important to allow RABI to implement new strategic priorities to allow the charity to evolve to meet the changing needs of the farming community.

The nature of the support provided by RABI requires an enduring commitment to many beneficiaries in the medium to longer-term (over ten years plus). As a fundraising charity, RABI recognises that there is an exposure to short-term volatility in income levels and therefore hold funds in reserve to ensure the charity can continue to meet the core welfare support programmes in the face of income fluctuations.

To ensure RABI remains able to fund core charitable commitments over a rolling three-year cycle, the charity needs to hold a minimum level of cash equivalent resources, consisting of the investment portfolio and cash balances. The cash and liquid reserve threshold is the most crucial element of RABI’s reserve strategy and is reviewed at least every three years against forecast requirement and income yields.

Trustees have agreed that, to meet these core commitments, RABI should maintain cash equivalent resources of at least £50 million. At 31 December 2022 cash and liquid reserves stood at £47,410k (2021: £49,664k).

Report by the Council of Trustees for the Year ended 31 December 2022

Trustees are content that there are adequate resources as at 31 December 2022 to meet foreseeable commitments. Trustees note that cash and liquid reserves are marginally below target and are content that current investment strategies will see this target being met.

Following recognition of unrealised revaluation movements on the investment properties, RABI held total reserves at the year-end of £76,272k, including cash and liquid funds of £47,410k and £27,007k of investment and functional properties. These property resources are illiquid in nature, subject to valuation volatility and held on a long-term basis to support the delivery of RABI’s aims. Free reserves as at 31 December 2022, representing unrestricted fund balances excluding investments and property fixed assets, were £1,887k (2021: £1,579k).

The charity designated funds in year, following receipt of monies from the sale of the residential homes, to be used to support independent living.

RABI holds several restricted funds which have been donated to the charity with specific conditions attached to their use. At 31 December 2022 these totalled £6,970k (2021: £7,783k). The charity additionally holds three endowed funds that have been donated subject to the condition that the capital must remain unspent in perpetuity. The balance of the endowed funds at the year-end totalled £807k (2021: £900k). Further fund details are provided at note 21.

Investments

To meet the need for an enduring source of annual income increasing with inflation, whilst protecting capital value, RABI’s investment strategy is to hold a diversified portfolio across established markets with a bias towards assets that offer growth and yield. RABI has a neutral ethical investment strategy.

The main objectives of the investment strategy are:

RABI has been extremely fortunate to be gifted several farms and estates, which are held following receipt to generate income and act as a further diversifier to the investment portfolio. The performance of the investment properties is considered in conjunction with the portfolio within the overarching aim to protect the value of investments whilst seeking an appropriate return.

The investment strategy is subject to ongoing review and recommendations to Trustees by the Finance and Estates Committee, who hold a minimum of biannual investment portfolio review meetings with RABI’s investment managers and advisors.

In 2022 the Council of Trustees implemented a total return approach to the investment portfolio returns and instructed the Investment Managers to amalgamate fund holdings and to update the “Statement of Investment Principles” in accordance with Charity Commission best practice guidance.

Report by the Council of Trustees for the Year ended 31 December 2022

Following stock-market movement during 2022, the value of the investment portfolio at the yearend decreased to £41,594k (2021: £48,356k). As noted above, the investment properties were subject to a full revaluation during 2019.

Further information regarding investment performance is included in the section above and in note 17.

Risk Management

The Compliance and Risk Committee review the major risks facing RABI and provide assurance that operational risks are appropriately identified, mitigated and monitored by management. The Compliance and Risk Committee provide the Trustees with reports and recommendations at all Council meetings.

The Committee and Trustees continually seek to identify significant strategic risks to RABI and work with the Senior Leadership Team to implement procedures to both mitigate risk where possible and minimise potential impact should risks materialise.

Trustees continued to monitor and manage the following significant strategic risks during 2022:

The Trustees are satisfied that the arrangements for identifying and managing potentially significant and key risks are adequate, mitigate the risks noted to an appropriate level and are subject to sufficiently rigorous monitoring and control. RABI employs professional specialist advisors to provide support, where deemed appropriate, including: legal; accountancy and taxation; health and safety; investment and estate management; and other matters of regulation and compliance as they arise.

Diversity and Inclusion

RABI is committed to being a diverse and inclusive charity that delivers equality of access to care to diverse communities. During 2022 we continued to work to ensure that our charity policies and practice reflect our commitment to these values.

Responsible Fundraising

RABI is reliant on raising voluntary income to support the work of the charity and utilise all voluntary income within the provision of charitable grants and support services. Fundraising policies and controls are maintained to ensure monies are raised responsibly.

RABI has not employed any third party or professional fundraising agencies during 2022.

Report by the Council of Trustees for the Year ended 31 December 2022

RABI is registered with the Fundraising Regulator and follows the fundraising code of practice which means:

Structure, Governance and Management

Constitution

RABI is governed by its Council of Trustees (the Trustees) as established within the Royal Charter and By-laws dated 1953 (as amended 2020). Trustees are delegated authority from the Members to manage the affairs of RABI in accordance with the Royal Charter and By-laws.

With farming people facing increasingly diverse and complex challenges the Royal Charter was amended during 2020 to ensure the objects better reflect the nature of the preventative and reactive support provided by RABI.

The Membership of RABI is determined by the Royal Charter. Members of RABI are: the Council of Trustees; former members of the Council of Trustees for a period of five years following their tenure; the Chair of RABI County Committee Branches; and the President and Vice Presidents as appointed by the Council of Trustees.

The By-laws determine the Trustees shall consist of not less than nine and no more than twelve trustees. Trustees are elected by members of RABI at the AGM for a term of four years and can serve no more than two consecutive terms. Office holders, currently being the Chairman, up to two Deputy Chairmen and the Treasurer are appointed for a term of three years at the discretion of the Trustees.

The Trustees must hold at least four meetings a year with a quorum of at least seven trustees being required to conduct the business of the charity.

Trustee Recruitment

Trustee recruitment is agreed at Council, with advertising undertaken across a number of media to ensure maximum exposure. A recruitment panel is convened with Trustee membership decided by the Chair, with the panel overseeing both a shortlisting meeting and interviews. The panel then makes a recommendation to the Council and if confirmed, the new trustee is coopted to Council immediately and then formally recommended to Members at the next AGM.

Report by the Council of Trustees for the Year ended 31 December 2022

Trustee Induction

All new trustees receive a personalised induction programme designed to cover: the key strategic aims of RABI; the operational framework; regulatory responsibilities; finance; and future plans. The initial induction includes a briefing from RABI’s charity law advisors regarding the rights and responsibilities of trusteeship.

All new Trustees are expected to observe a Committee meeting for each of the Committees noted below within the first year of tenure and are encouraged to attend an annual visit to one of RABI’s investment properties.

Trustees are additionally invited to training courses to ensure an appropriate and ongoing understanding is maintained within the Council with regards to significant issues such as: governance; the role and responsibilities of trustees; understanding charity finance and investments; safeguarding; and identifying and managing risks.

Organisational Structure

The Trustees are responsible for setting the strategic direction of RABI and monitoring the activities of the Senior Leadership Team. The Trustees receive reports from all Committee meetings and are responsible for approving the annual budget plans. Trustees met as a Council four times in 2022.

The Chief Executive is responsible for the effective and efficient day-to-day management of RABI and for implementing the strategies and policies agreed by the Trustees. The Chief Executive has delegated authority to determine operating policies, manage operational planning, budgets, property and staffing resources to support the strategic and policy framework set by the Trustees.

Trustees delegate authority to the Chief Executive to authorise budgeted expenditure to a limit of £35k and to approve items of un-budgeted expenditure, subject to an individual item maximum of £25k where this does not represent more than a 10% variance from approved financial forecasts. Details of any unbudgeted expenditure approvals are presented to the Trustees at the next meeting.

In accordance with the By-laws, the Trustees have constituted a number of Committees, all of which must contain a minimum of two trustee members. Each committee has clear terms of reference and delegation. All Committee Chairs report to Council colleagues at Council meetings and make recommendations as agreed by the committee. All Trustees receive a copy of the minutes of every committee meeting. The following three Committees provide support to the Trustees:

The Finance and Estates Committee

Trustees delegate supervision of the implementation of the financial strategy to the Finance and Estates Committee with a remit to provide the best possible return at an appropriate level of risk. The Committee is responsible for ensuring RABI’s short and long-term financial viability though oversight of the management, investment and disbursement of the charity’s resources.

Report by the Council of Trustees for the Year ended 31 December 2022

The Committee reviews the performance of RABI’s Investment Managers and considers investment strategy and performance for all the charity’s investment funds and investment properties to provide recommendations to the Trustees. The Committee is additionally responsible for oversight of the external audit process and for providing recommendations to the Trustees with regards to employee and senior management remuneration.

To provide additional assurance and support to the Committee and Trustees that the charity’s investment strategy and fund management continue to remain appropriate, it was agreed in 2020 to appoint independent professional investment advisers.

Trustees delegate authority to the Finance and Estates Committee to authorise more significant items of expenditure, subject to presentation of approvals at the next trustee meeting.

The Committee is required to meet at least three times during the year and must include members holding relevant specialist financial and property experience. This committee met four times during 2022.

The Remuneration Committee

The Remuneration Committee are a subcommittee of the Finance and Estates Committee with responsibility to review and recommend to Trustees cost of living or charity wide remuneration increases and the Chief Executive remuneration.

The Service Delivery Committee

The Trustees delegate oversight for the development, implementation and review of the service delivery strategy and supervision of the associated operational performance to the Service Delivery Strategy (previously titled the Service Provisions (Welfare) Committee).

The Committee is responsible for ensuring the Trustees’ strategic objectives are continually subject to assessment and improvement.

The Committee is additionally responsible for supervision of the disbursements of grant awards. The Committee is delegated authority to award more significant single grants on an individual or cumulative basis of up to £15,000.

The Committee is required to meet at least biannually and met on four occasions during 2022.

The Compliance and Risk Committee

The Compliance & Risk Committee was constituted in 2018 to provide an oversight, review and advisory role to the Trustees with regards to the identification and management of key risks for RABI.

The Committee reviews emerging risk profiles and the management of operational risks to provide Trustees with assurance and recommendations for action. The Committee is required to meet at least biannually and met three times during 2022.

The Homes Committee

Following the sale of RABI’s two residential homes, the Committee was deemed to have performed all its responsibilities and activities and the Committee was duly dissolved following the final meeting of the Committee held on 16 November 2022.

Report by the Council of Trustees for the Year ended 31 December 2022

County Committees

RABI is proud to have an extensive network of volunteers across England and Wales who assist the charity to raise funds and increase awareness of the charity’s work. Most volunteers provide support via membership of one of the wholly volunteer-based County Committees, with most of these committees conducting fundraising and support work as local branches of RABI.

Collaborations

Developing and evolving RABI’s partnerships and collaborations underpins the charity’s strategic ambitions. Building on the charity’s already strong networks of partnerships at local, regional and national levels, RABI is seeking to continue expanding where and how we work with other service providers and support organisations to extend and enhance the availability of services and choice for farming people across England and Wales.

Employee Remuneration Policy

RABI is committed to recruiting the correct high-calibre people and rewarding them fairly for the jobs they do. It is extremely important that RABI use the resources available for the remuneration of our employees effectively and to recruit, retain and develop people with the necessary skills and knowledge to deliver positive contributions that support the charity’s objectives.

Making effective decisions in relation to remuneration and reward is considered both central and crucial to the continued success of RABI’s overall aims.

Salary levels are based on an assessment of each specific role requirement and are subject to a voluntary sector benchmarking process. Salary levels are subject to an annual review by the Senior Leadership Team, using external market information, following which recommendations are reviewed by the Remuneration Committee before approval by the Council of Trustees. RABI does not apply any form of performance-related pay or bonus schemes.

The salary of the Chief Executive and other members of the Senior Leadership Team are reviewed by the Council of Trustees on the recommendation of the Remunerations Committee. Recommendations are based on benchmarking against similar roles in charities of a similar nature and size, with particular reference to other large benevolent charities. The same benefits, including pensions, apply to the Chief Executive and members of the Senior Leadership Team as for all other employees.

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Charity law in England and Wales and the Royal Charter require the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its net income or expenditure for that period.

Report by the Council of Trustees for the Year ended 31 December 2022

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 19 April 2023 and signed on their behalf:

J W Stanley FRAgS Chair of the Council of Trustees

Independent Auditor’s Report to the Trustees of the Royal Agricultural Benevolent Institution

Opinion

We have audited the financial statements of The Royal Agricultural Benevolent Institution for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Independent Auditor’s Report to the Trustees of the Royal Agricultural Benevolent Institution

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 22, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Independent Auditor’s Report to the Trustees of the Royal Agricultural Benevolent Institution

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

Independent Auditor’s Report to the Trustees of the Royal Agricultural Benevolent Institution

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory auditor 9 Appold Street London EC2A 2AP

Date: 19.04.23

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Statement of Financial Activities for the year ended 31 December 2022

Notes Unrestricted Designated Discontinued Restricted Endowment Total Total
Funds Funds Operations Funds Funds 2022 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Income
Donations, legacies &
grants 2 2,814 - - 345 - 3,159 2,861
Charitable activities
-
Fees for residential
care - - 551 - - 551 905
Other trading activities
-
Fees for residential
care - - 490 - - 490 983
-
Trading sales		 3 38 - - - - 38 21
Investment income 4 1,328 - 264 - 1,592 1,552
Income 4,180 - 1,041 609 - 5,830 6,322
Raising funds
-
Donations and legacies		 5 1,246 - - - - 1,246 885
-
Residential homes		 8 - 1,114 - - 1,114 1,108
-
Other trading activities		 3 28 - - - - 28 17
-Generating
investment income 7 359 - - - - 359 281
Cost of charitable
activities
-
Grants and support		 -
services 9 5,120 - - 377 5,497 3,379
-
Residential homes		 8 - - 1,112 31 - 1,143 1,812
-
Publicity and marketing		 6 552 - - - - 552 427
Expenditure 7,305 - 2,226 408 - 9,939 7,909
(Losses)/Gain on
investment assets (4,621) - - (1,014) (93) (5,728) 6,699
Net (Expenditure)/ Income (7,746) - (1,185) (813) (93) (9,837) 5,112
Other recognised
gains/(losses)
(Losses) on revaluation of
tangible fixed assets - - - - - - (1,896)
Transfer between funds 21 (5,025) 5,025 - - - - -
Movement in funds (12,771) 5,025 (1,185) (813) (93) (9,837) 3,216
Reconciliation of funds:
Funds brought forward 1
January 72,379 - 5,047 7,783 900 86,109 82,893
Total Funds carried
forward 31 December 59,608 5,025 3,862 6,970 807 76,272 86,109

The charity has no recognised gains or losses for the year other than as detailed above.

[28 ]

Balance Sheet as at 31 December 2022

Notes
Fixed Assets
Tangible Assets
14
Intangible Assets
15
Investments
17
Total Fixed Assets
Current Assets
Trading Stock
Debtors
18
Cash at Bank and in Hand
19
Total Current Assets
Creditors:
Amounts Falling due within one year
20
Net Current Assets
Total Net Assets
The Funds of the charity
21
Designated Funds
Endowed Funds
Restricted funds
Unrestricted funds
Total Charity Funds		 TOTAL
TOTAL
2022
2021
£’000
£’000
1,274
6,368
8
19
68,601
77,835
69,883
84,222
7-
1,017
1,216
5,816
1,309
6,840
2,525
(451)
(638)
6,389
1,887
76,272
86,109
5,025
-
807
900
6,970
7,783
63,470
77,426
76,272
86,109

The financial statements on pages 28 to 47 were approved by the Trustees on 19 April 2023 and signed on their behalf by:

J Stanley Chair of the Council of Trustees

D Overton Honorary Treasurer

Statement of Cash Flows for the year ended 31 December 2022

Cash flow from Operating Activities
Net cash outflow from operating activities
Cash flow from Investing Activities
Dividend receipts
Investment Property rentals
Proceeds from Sale of Investment Property
Capital purchases investment property
Net proceeds from sale of investments
Sale of tangible fixed assets
Change in cash and cash equivalents during the year
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 31 December
Notes to the cash flow statement
Reconciliation of Net Income to Net Cash Flows from
Operating Activities
Net income / (expenditure) for the year
Adjustment For:
Depreciation charges
(Gains)/losses on investments and tangible fixed assets
Investment Income
Decrease/(Increase) in Stocks
(Increase)/Decrease in Debtors
Increase/(Decrease) in Creditors
Net Cash used in operating activities		 2022
2021
£'000
£'000
(5,651)
(3,947)
1,319
1,273
273
279
2,403
-
(158)
(129)
1,239
1,660
5,082
(27)
10,158
3,056
4,507
(891)
1,309
2,200
5,816
1,309
2022
2021
£’000
£’000
(9,837)
3,216
22
34
5,751
(4,803)
(1,592)
(1,552)
(7)
20
199
(969)
(187)
107
(5,651)
(3,947)
Analysis of Cash and cash
equivalent and net debts
Cash at bank and in hand
Short-term deposits		 31 December
2022
£’000
1,905
3,911
5,816		 31 December
2021
£’000
405
904
1,309		 Cashflow
£’000
1,500
3,007
4,507

[30 ]

Principle Accounting Policies 2022

Basis of Preparation

The Royal Agricultural Benevolent Institution (RABI) meets the definition of a public benefit entity under FRS102. The financial statements have therefore been prepared in accordance with the applicable accounting standards in the United Kingdom, the Accounting Regulations issued under the Charities Act 2011 and the Statement of Recommended Practice ‘Accounting and Reporting by Charities (FRS102)’.

The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and tangible land and buildings to market value and are in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities (FRS102)’.

The financial statements are presented in RABI’s functional currency of Sterling (GBP) and are shown rounded to the nearest thousand (£000).

A summary of the significant accounting policies is set out below.

Going Concern

The Trustees, having a particular regard to the impacts of the Covid-19 restrictions on the activities of RABI, consider it appropriate to prepare the financial statements on a going concern basis.

As noted in the Trustees Annual Report, financial forecasts have been completed to consider the likely impact of reduced income resulting from a significant reduction in fundraising events during the period of Covid-19 restrictions, coupled with global investment uncertainties. The Trustees are satisfied that the financial forecasts support the assessment that the charity can continue to operate in a robust manner and to continue to deliver essential charitable services.

Whilst markets remain uncertain, the potential lower returns have been considered in the revised forecasts and are not expected to materially affect the charity’s ability to continue to operate for the next twelve months.

Trustees consider the level of liquid assets held directly and within the investment portfolio provide adequate assurance that existing welfare and central commitments can continue to be financed during the period of existing uncertainty even if fundraising income remains at depressed levels. The Trustees are assured that there are adequate resources to allow RABI to continue the charity’s activities for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Income

Donations and legacies are received by way of grants, donations, legacies and gifts and are included in full in the Statement of Financial Activities when receivable. Voluntary income, restricted in use by the wishes of the donor, is taken to restricted funds. Income is only deferred when the donor specifies that the donation must only be used in future accounting periods. Legacies are accounted for when received, or when it becomes probable that the legacy will be received, and the value can be measured with sufficient reliability.

Investment income is accounted for in the period in which the charity is entitled to receipt and comprises dividend income, interest on cash deposits and rental income from investment properties.

Residential fees are accounted for in the period in which the service has been provided.

Principle Accounting Policies 2022

Expenditure

All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation for the charity to make payment. All costs have been directly attributed to one of the functional categories of expenditure in the Statement of Financial Activities.

Any irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset where appropriate.

Costs of raising funds include investment managers’ fees, costs to provide residential care support to non-beneficiaries at the two RABI residential homes and expenditure incurred to attract voluntary income, grants and legacies. Residential home costs are charged to the Statement of Financial Activities in the period in which the service has been provided.

Expenditure on charitable activities includes the payment of grants to beneficiaries and the indirect costs of providing the casework support. Grants are recognised in the financial statements in the year in which the grant offer is conveyed to the recipient. Conditional grants to beneficiaries are not recognised where the conditions of receipt have not been met and are noted as financial commitments.

Support costs consist of salary and other expenditure incurred to facilitate the administration and governance of the charity. Support costs are directly attributed to activities where it is possible to allocate to the activity on a basis of use of resource. Where it is not possible to directly attribute support costs, these are apportioned by the estimated percentage of time utilised by employees on each activity.

Tangible and Intangible Fixed Assets and Depreciation

The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition. Freehold land and buildings are measured at market value less impairment and are not depreciated as Trustees consider recognition on a market value basis renders any depreciation charge as immaterial. Freehold land and buildings are subject to a full professional review on a rolling minimum five-year basis in accordance with RICS “Red Book.”

An impairment is recognised for the difference between the carrying amount and the revalued recoverable amount. Impairment movements are charged to the Statement of Financial Activities in the period incurred.

The fair market value of the two RABI owned residential homes is deemed to be the market value of the freehold investment in the residential home and the net income for the retirement flats.

It is RABI’s policy to capitalise all assets with a combined purchase value in excess of £1,000. Depreciation is calculated on a straight-line basis across the expected useful life of the asset class:

Motor vehicles three years Equipment three to ten years Software three years

Investments

Quoted investments are stated at market value at the balance sheet date.

Principle Accounting Policies 2022

RABI additionally owns a number of farms and estates which are held to generate a rental income. Investment properties are recognised at market value, with all properties being subject to a full professional valuation in accordance with RICS “Red Book” valuation requirements for the December 2019 year-end. Full professional valuations will be carried out on a minimum basis of every five years. Trustees perform an annual desktop review of the market values of investment properties in the interim of full revaluation reports.

Gains and Losses on Investment Assets

Gains and losses arising on investment assets, both through sale and changes in valuations, are taken to the Statement of Financial Activities in the year they occur.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Stock

Stock is stated at the lower of cost and net realisable value.

Funds

RABI currently holds three permanently endowed funds with no discretion to expend the capital. Income from two of the permanently endowed funds is restricted, with the third generating unrestricted income for general charitable purposes.

Restricted funds are subject to specific restricted conditions imposed by the donors as indicated below at note 20. Designated funds comprise unrestricted funds that are set aside by the Trustees for a particular purpose.

Employee Benefits

RABI provides benefits to employees including paid holiday, group life assurance and a defined contribution pension scheme. The short-term benefits of holiday pay and group life assurance are charged to the Statement of Financial Activities during the period incurred.

The charity operates a defined contribution pension scheme for the benefit of all eligible employees. The assets of the scheme are administered by an independent pension provider. Once RABI has paid contributions to the scheme provider, the charity has no further payment obligations. The employer contributions are charged to the Statement of Financial Activities during the year of payment. Any unpaid employer contributions at the year-end are recognised within creditors.

Branches and Volunteers

RABI has an extensive network of volunteers across England and Wales who assist the charity to raise funds and increase awareness of the charity’s work. An estimate of the contribution provided by the volunteers is included at note 13.

The majority of volunteers provide support to RABI through membership of one of the wholly volunteer based County Committees, with most of these Committees conducting fundraising and support work as local branches of the charity.

Principle Accounting Policies 2022

The transactions undertaken by those County Committees operating as branches are recognised in the Statement of Financial Activities and assets and liabilities in the Balance Sheet in accordance with the charity’s other income and expenditure policies as noted above. Income raised by the branches is typically to support the general purposes of RABI and will be accounted for as unrestricted funds. On occasion of a branch raising funds for a specific purpose, the income raised will be accounted for as restricted funds.

Critical Accounting Estimates and Areas of Judgement

In preparing financial statements the Trustees are required to make certain judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other known factors that are considered relevant. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis, with revisions to accounting estimates being recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both periods.

The Trustees consider the key area of judgement deemed to have the most significant effect on values recognised in the financial statements relates to the valuation of investment properties. These valuations are subject to a number of key assumptions and the Trustees are satisfied that the assumptions used are reasonable and result in a materially accurate estimate of the property’s fair value at 31 December 2022.

Note 17 provides further details regarding the valuation methods used assumptions upon which the valuation is base

Notes to the Financial Statements for the

Year ended 31 December 2022

1. Statement of Financial Activities analysis for the year ended 31 December 2021

Income
Donations, legacies & grants
Charitable activities
-
Fees for residential care
Other trading activities
-
Fees for residential care
-
Trading sales
Investment income
Other income
Total Income
Expenditure
Raising funds
-
Donations and legacies
-
Residential homes
-
Other trading activities
-
Generating investment income
Cost of charitable activities
-
Grants and support services
-
Residential homes
-
Publicity and marketing
Total Expenditure
Total gains/(losses) on investment
assets
Net income/(expenditure)
(Losses) on revaluation of tangible
fixed assets
Transfer between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward 1 January
Total funds carried forward 31
December		 Unrestricted
Funds
Restricted
fund
Endowment
Funds
Total
2021
£’000
£’000
£’000
£’000
2,744
117
-
2,861
905
-
-
905
983
-
-
983
21
-
-
21
1,389
163
-
1,552
-
-
-
6,042
280
-
6,322
885
-
-
885
1,108
-
-
1,108
17
-
-
17
281
-
-
281
3,233
146
-
3,379
1,764
48
-
1,812
427
-
-
427
7,715
194
-
7,909
5,679
923
97
6,699
4,006
1,009
97
5,112
(1,896)
(1,896)
-
-
-
-
2,110
1,009
97
3,216
75,316
6,774
803
82,893
77,426
7,783
900
86,109

Notes to the Financial Statements for the

year ended 31 December 2022

2. Voluntary Income

Regular Giving
Donations
Voluntary Income from Trusts
Income tax recovered under Gift Aid
Grants
Legacies
3. Trading Sales
Sales
Less cost of sales
Less operating costs
Net Profit
4. Investment Income
Income from estates and development
Listed securities general fund
Interest on loans and deposits
Trust funds
-
Manson House Special Fund
-
RABI Emergency Fund
-
Barnes Trust
-
Ken & Ann Woodward Fund
-
David Beale Charitable Trust
5. Costs of raising donations and legacies
Centralised staff & fundraising costs
Fundraising costs – Regional/Branches
Regional staff shared costs
Legacies
Allocation of support costs (see note 10)		 2022
£’000
33
964
529
22
-
1,611
3,159
2022
£’000
38
(28)
(1)
9
2022
£’000
273
1,045
10
4
228
25
6
1
1,592
2022
£’000
570
88
195
3
390
1,246		 2021
£’000
38
700
376
33
3
1,711
2,861
2021
£’000
21
(16)
(1)
4
2021
£’000
279
1,100
10
4
137
17
4
1
1,552
2021
£’000
338
79
179
3
286
885

Notes to the Financial Statements for the

Year ended 31 December 2022

6. Publicity and marketing

. Publicity and marketing
2022 2021
£’000 £’000
Central staff, marketing & publicity costs 268 257
Publications and advertising 71 14
Regional staff shared costs 198 156
Allocation of support costs (see note 10) 15 -
552 427

Included in the costs to publicise and communicate the work of the charity are costs incurred on general publications, the website and digital media, shows exhibitions and events.

7. Costs of generating Investment Income

Investment management fees
Estates expenditure
Allocation of Support costs (see note 10)
. Residential homes
Costs of running residential homes
Expenditure from Homes Special Funds (Restricted Funds)
Allocation of support costs (see note 10)		 2022
£’000
170
144
45
359
2022
£’000
1,870
31
356
2,257		 2021
£’000
164
70
47
281
2021
£’000
2,454
48
418
2,920

8. Residential homes

9. Grants and support services

Grants
Home fees paid
Home helps
Emergency Relief
One Off Grants
Regional Support
Central Support
Allocation of support costs (see note 10)		 2022
£’000
3,349
176
94
125
32
717
500
504
5,497		 2021
£’000
1,711
181
100
19
34
624
341
369
3,379

Notes to the Financial Statements for the year ended 31 December 2022

10. Support costs

0. Support costs
2022 2021
£’000 £’000
Printing, stationery, books, postage, telephone 14 9
Staff costs 847 609
Establishment expenses 97 99
Legal, health & safety, audit and bank charges 70 156
Governance & trustees 67 42
Office machinery, IT equipment and maintenance 184 181
Staff training 25 19
Sundry expenses 6 5
1,310 1,120
Printing, stationery
postage, telephone
Staff costs
Office IT, equipment,
and maintenance
Establishment
expenses
Governance & trustees
Legal, H&S, audit and
bank charges
Staff training
Sundry
Total		 Raising
Donations
&
Legacies
Generating
Investment
Income
Publicity
&
Marketing
Grants
&
Support
Services
Residential
Homes
Total
£'000
£'000
£'000
£'000
£’000 £'000
3
2
-
4
5
14
224
36
8
288
291
847
79
-
3
102
-
184
41
-
2
54
-
97
21
3
1
27
15
67
15
4
1
20
30
70
6
-
-
7
12
25
1
-
2
3
6
390
45
15
504
356
1,310

11. Audit Fees

1. Audit Fees
2022 2021
£’000 £’000
Fees for audit of financial statements 24 22
2. Trustees and Employees
Fundraising
Residential Service & Management & 2022 2021
Homes Delivery Marketing Administration £’000 £’000
Wages & salaries 1,214 783 629 542 3,168 3,365
Employer’s NI
costs 93 63 67 71 294 266
Employer’s
pension costs 28 34 27 37 126 134
Total 1,335 880 723 650 3,588 3,765

12. Trustees and Employees

Notes to the Financial Statements for the Year ended 31 December 2022

Note 12 (Continued)

Three employees earned between £60,000 and £70,000 during the year (2021: one).

Two employees earned between £70,001 and £80,000 during the year (2021: one).

One employee earned between £100,001 and £110,000 during the year (2021: one).

The charity made termination payments of £14,896 (2021: £75,422).

The charity made payment to its key management personnel, deemed to be the Chief Executive Officer and nine (2021: nine) members of the Senior Management Team of £579,815 during 2022 (2021: £577,108). Included within the payment noted are employer pension contributions of £40,071 (2021: £34,980).

Average
Headcount
Full Time
Part-time
Total		 Residential
Homes
Welfare &
Casework
Fundraising
& Marketing
Management &
Administration
2022
Total
2021
Total
6
9
15
10
40
31
60
9
2
1
72
102
66
18
17
11
112
133

Full time is calculated as an average of 35 hours per week equivalent.

Trustees received no remuneration during 2022. Expenses totalling £5,244 (2021: £3,133) were paid to 13 trustees (2021: 13) for reasonable travel, trustee training, accommodation and meals expenditure whilst conducting charity business.

13. Recognition of volunteers

RABI is fortunate to attract the support from committed volunteers across the country. These volunteers participate in supporting the generation of income and assisting in the delivery of the charity’s services. The table below provides an estimate of the number of volunteers and equivalent hours they have committed to helping RABI during 2022.

**Fundraising ** & Marketing Publicity Total
Volunteers
Hours		 Volunteers Hours Volunteers Hours
506
10,755		 83 1,394 589 12,149

Notes to the Financial Statements for the year ended 31 December 2022

14. Tangible fixed assets

4. Tangible fixed assets
Cost
As at 1 Jan 2022
Additions
Disposals
As at 31 Dec 2022
Depreciation
1st Jan 2022
Provision for year
Disposals
As at 31 Dec 2022
Net book values
Brought forward 1 Jan 2022
Carried forward 31 Dec 2022		 Freehold Land
& Buildings
Motor
Vehicles
Equipment
IT Hardware
Total
£'000
£'000
£'000
£’000
£'000
6,331
47
80
18
6,476
-
-
7
5
12
(5,081)
(47)
(14)
-
(5,142)
1,250
-
73
23
1,346
-
47
57
5
109
-
-
4
7
11
-
(47)
(1)
-
(48)
-
-
60
12
72
6,331
-
23
13
6,367
1,250
-
13
11
1,274

Freehold land and buildings consist of three properties the charity utilise to support its operational activities. These properties are professionally valued on a rolling basis every five years with a desktop review every year. Additions to freehold land and buildings are recognised at cost.

The freehold properties are recognised at the reporting date at fair value. Fair value for the charity’s two residential homes is deemed to be the current market value of the freehold investment in the residential home and the net income for the retirement flats. Fair value of the freehold office is deemed to be revalued market value.

RABI’s principal office is Shaw House in Oxford, which was subject to a full RICS “Red Book” valuation in August 2018. The charity additionally owned two residential care homes based in Somerset and Suffolk; these were disposed in year with the sale net of fees price reflected in the disposals. Fair value of the freehold office is deemed to be revalued market value. Trustees are content that the recognised carrying value of the three properties are not materially different at the reporting date to those noted in the revaluation reports.

RABI additionally owns a number of farms and estates that are held to generate a rental income for the charity. In accordance with FRS102 these assets have been classified as investments (see note 17 below).

Notes to the Financial Statements for the Year ended 31 December 2022

15. Intangible Fixed Assets

5. Intangible Fixed Assets
Software
£’000
Cost
As at 1 Jan 2022 34
Additions -
Disposals -
As at 31 Dec 2022 34
Depreciation
1st Jan 2022 15
Provision for year 11
As at 31 Dec 2022 26
Net book values
Brought forward 1 Jan 2022 19
Carried forward 31 Dec 2022 8
6. Capital Commitments
2022 2021
£’000 £’000
Authorised but not contracted for 356 411
356 411

16. Capital Commitments

Items noted as authorised but not contracted for as at 31 December 2022 include investment in IT, including a new Case Management System, and refurbishment of the Estate.

17. Investments

Fixed Asset Investments
Market Value at 1 Jan 2022
Additions
Disposals
Cash Movement in Year
Realised (Losses)/Gains in the Year
Unrealised (Losses)/Gains in the Year
Market Value at 31 Dec 2022
Historical cost at 31 Dec 2022		 2022
£’000
48,356
10,030
(10,409)
(860)
(1,575)
(3,948)
41,594
33,095		 2021
£’000
44,028
6,742
(7,991)
(411)
357
5,631
48,356
25,768

Notes to the Financial Statements for the

year ended 31 December 2022

17. Investments (Continued)

Property Investments
Market Value at 1 Jan 2022
Additions
Disposal
(Losses) on disposals
Unrealised revaluation movement
Market value at 31 Dec 2022
Historical cost at 31 Dec 2022		 2022
2021
£’000
£’000
29,479
28,644
158
129
(2,403)
(5)
(69)
-
(158)
711
27,007
29,479
2,413
2,542

Investment properties are recognised at market value and are subject to a full professional valuation on a rolling basis at least every five years. Valuations are completed in accordance with RICS “Red Book.” Additions to investment properties in the interim of full professional valuation updates are recognised at cost. Fair value of the investment properties is deemed to be the revalued market value. Trustees are content that, as at 31 December 2022, the recognised carrying value of the investment properties is not materially different to those noted in the revaluation reports.

Full RICS “Red Book” valuations were completed on behalf of RABI by members and fellows of the Royal Institution of Chartered Surveyors:

Whirledge & Nott, Great Dunmow, Essex

Peter Skinner & Associates

Boarscroft Farm – December 2019 Mountstephen Estate – November 2019 Caustons Hall Estate – December 2019 Furzehill Farm – November 2019 Landwick Farm – December 2019 Moles Farm – December 2019

Halls Holdings Ltd

Brook Farm – March 2020

Armistead Barnett LLP, Garstang, Preston Kit Brow – December 2019

Notes to the Financial Statements for the Year ended 31 December 2022

17. Investments (continued)

Analysis of Investments
Quoted Investments - UK
Quoted Investments –
Overseas
Cash held within Investment
Portfolio
Investment Properties		 Market Value
31 Dec
Market Value
31 Dec
Income from
Investments
Income from
Investments
2022
2021
2022
2021
£’000
£’000
£’000
£’000
28,081
31,484
728
967
13,122
15,621
591
306
391
1,251
-
-
27,007
29,479
273
279
68,601
77,835
1,592
1,552

18. Debtors

Taxation recoverable
Other debtors
Legacies
Prepayments
9. Cash as bank and in hand
Cash and current account balances
Short-term deposits
0. Creditors
Trade Creditors
Fees and commissions
Taxation and social security
Other creditors		 2022
£’000
15
146
800
56
1,017
2022
£’000
1,905
3,911
5,816
2022
£’000
96
67
92
196
451		 2021
£’000
11
79
1,103
23
1,216
2021
£’000
405
904
1,309
2021
£’000
241
75
71
251
638

19. Cash as bank and in hand

20. Creditors

Notes to the Financial Statements for the year ended 31 December 2022

21. Funds Statement of funds 2022

Fund Incoming Outgoing Investment Tangible Transfer Fund
balance resources resources (losses) fixed asset between balance
brought gains funds carried
forward forward
£'000 £'000 £'000 £'000 £’000 £’000 £'000
Unrestricted funds 77,426 5,221
(9,531)		 (4,621)
-		 (5,025) 63,470
Designated fund
Support for Independent Living - - - - - 5,025 5,025
Restricted funds
Manson House Special Fund 105 4
(31)		 (11)
-		 -
67
RABI Emergency Fund 7,678 228 - (1,003)
-
-		 6,903
The Barnes Trust - 25
(25)		 -
-		 - -
Ken and Ann Woodward Trust - 6
(6)		 - - - -
David Beale Charitable Trust - 1
(1)		 - - - -
Restricted Voluntary Income
(Various) - 345
(345)		 - - - -
7,783 609
(408)		 (1,014)
-
-
6,970
Endowment funds
The Barnes Trust 698 - - (72)
-		 -
626
Ken and Ann Woodward Trust 180 - - (19)
-		 -
161
David Beale Charitable Trust 22 - - (2)
-		 -
20
900 - (93)
-		 -
807
86,109 5,830
(9,939)		 (5,728) - -
76,272

Analysis of Net Funds 2022

Analysis of Net Funds 2022
Designated Fund
Support for Independent Living
Restricted funds
Manson House Special Fund
RABI. Emergency Fund
Restricted Voluntary Income
(Various)
Endowment funds
The Barnes Trust
Ken and Ann Woodward Trust
David Beale Charitable Trust
Unrestricted funds
Total Funds		 Intangible
fixed assets
Tangible
fixed assets
Fixed asset
Investments
Current
assets
Current
liabilities
Total funds
£'000
£'000
£'000
£'000
£’000
£'000
-
-
4,020
1,005
5,025
-
-
67
-
-
67
-
-
6,366
537
-
6,903
-
-
-
-
-
-
-
-
6,433
537
-
6,970
-
-
626
-
-
626
-
-
161
-
-
161
-
-
20
-
-
20
-
807
-
-
807
8
1,274
57,341
5,298
(451)
63,470
8
1,274
68,601
6,840
(451)
76,272

Notes to the Financial Statements for the Year ended 31 December 2022

21. Funds (continued)

Statement of funds 2021

Unrestricted funds
Restricted funds
Manson House Special Fund
Beaufort House Special Fund
RABI. Emergency Fund
The Barnes Trust
Ken and Ann Woodward
Trust
David Beale Charitable Trust
Restricted Voluntary Income
(Various)
Endowment funds
The Barnes Trust
Ken and Ann Woodward
Trust
David Beale Charitable Trust		 Fund
balance
brought
forward
Incoming
resources
Outgoing
resources
Investment
gains
Tangible
fixed asset
gains
Transfer
between
funds
Fund
balance
carried
forward
£'000
£'000
£'000
£'000
£’000
£’000
£'000
75,316
6,042
(7,715)
5,679
(1,896)
-
77,426
133
4
(48)
16 - -
105
7
-
(7)
- - --
6,634
137
-
907 -
-
7,678
-
17
(17) - - --
-
4
(4)
-
-
--
-
1
(1)
-
-
--
-
117
(117)
-
-
-
-
6,774
280
(194)
923 -
-
7,783
623
-
-
75 - -
698
160
-
-
20 - -
180
20
-
-
2 - -
22
803
-
97 - -
900
82,893
6,322
(7,909)
6,699
(1,896) -
86,109

Analysis of net funds 2021

nalysis of net funds 2021
Restricted funds
Manson House Special Fund
Beaufort House Special Fund
RABI. Emergency Fund
Restricted Voluntary Income
(Various)
Endowment funds
The Barnes Trust
Ken and Ann Woodward Trust
David Beale Charitable Trust
Unrestricted funds
Total Funds		 Tangible
fixed assets
Fixed asset
Investments
Current assets
Current
liabilities
Total funds
£'000
£'000
£'000
£’000
£'000
-
105
- -
105
-
-
- -
-
-
7,370
308 -
7,678
-
-
- -
-
-
7,475
308 -
7,783
-
698
- -
698
-
180
-
-
180
-
22
- -
22
-
900
- -
900
6,387
69,460
2,217
(638)
77,426
6,387
77,835
2,525
(638)
86,109

Notes to the Financial Statements for the year ended 31 December 2022

21. Funds (continued)

Funds Held Fund Purpose and Restrictions
Classification
The Barnes Trust Permanent Monies transferred via Charity Commission scheme
Endowment dated 28 March 1994 into the RABI upon the closure of
the John Iles Barnes Charity for Farmers and their
Widows.
Income is restricted for the relief need, hardship or
distress of persons who are, or have been, engaged in
agriculture being resident in the counties of Dorset,
Hampshire or Somerset.
Ken & Ann Woodward Permanent Income generated by the endowment is restricted for
Fund Endowment the benefit of RABI beneficiaries situated in Suffolk.
David Beale Charitable Permanent Monies transferred by the Trust following the winding-
Trust Endowment up of the Trust in 2009. Income generated by the
endowment is restricted to beneficiary support.
Manson House Special Restricted The Fund was originally founded via donations from
Fund three Trusts: the Eleanor Stevens Trust; the J W
Watmough Trust; and the Nowton Almshouse Trust
and has been supplemented via fundraising and
donations. The Fund is restricted to providing benefits
for the residents of Manson House, the RABI
residential home in Suffolk.
RABI Emergency Fund Restricted The RABI Emergency Fund represents the balance of
donations received during the 2001 Foot & Mouth
epidemic. The Fund is restricted to providing support
to working farmers, farm workers and their families
affected by death, disaster or disease
Support for Independent Designated The fund represents net proceeds from the sale of the
Living Care Homes to be used to support costs for
Independent Living for beneficiaries.

Notes to the Financial Statements for the Year ended 31 December 2022

21. Funds (Continued)

Funds Held Fund Purpose and Restrictions
Classification
Restricted Voluntary Restricted RABI received the following restricted donations
Income Fund during 2022 (income in excess of £5k shown
separately):
£'000
Christmas Hampers 8
Essex 5
Cheshire 6
Dorset 11
Hampshire 8
Kent 11
Oxfordshire 10
North Yorkshire 74
Northumberland 5
Surrey 5
Wiltshire 21
Wales 20
Lincolnshire 6
National 117
Other Counties 34
Total 341

22. Operating Lease Income

Total future minimum lease receipts under non-cancellable operating leases for each of the following periods.

ollowing periods.
2022 2021
£000 £000
Within 1 year 201 184
After 1 year but before 5 years 67 76
After 5 years 13 31

23. Transactions with Related Parties

Following a competitive tendering process, the charity engaged the services of Savills (UK) Ltd for engagement and consultancy services. A Trustee of the charity is a Director of Savills (UK) Ltd. The Trustee took no part in the decision to engage Savills (UK) Ltd. Total commission fees of £119,572 were paid in 2022 (2021: £6,902).

Find out more about our impact and our work at rabi.org.uk

The Royal Agricultural Benevolent

Institution

Shaw House

27 West Way

Oxford

OX2 0QH 01865 724 931 info@rabi.org.uk

The Royal Agricultural Benevolent Institution is a charity registered in England and Wales (208858) Company Number RCO00441