**John Longwill’s Agricultural Scheme**
**REGISTERED CHARITY No. 215278**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] December 2024**
**John Longwill’s Agricultural Scheme - Registered Charity No. 215278**
**1**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**_____________________________________________________________________________**
Trustees P C Osborne P A Abbott C A Clarke J W Stanley Registered office and principal address 1 Berridge Street Leicester LE1 5JT Bankers Lloyds Bank Ltd 7 High Street Leicester LE1 4FP Clerk and Administration Lisa Bacon FCILEx 1 Berridge Street Leicester LE1 5JT Investment Managers Quilter Cheviot 1[st] Floor 7 Dominus Way Leicester LE19 1RP Independent Examiner A J Munton 52 Westbury Road Nuneaton Warwickshire CV10 8HG
**John Longwill’s Agricultural Scheme**
**2**
## **ANNUAL REPORT YEAR ENDED 31[st] December 2024**
## **_____________________________________________________________________________**
The Trustees present their report and accounts for the year ended 31[st] December 2024 This report is prepared in accordance with the Charity Scheme and the Statement of Recommended Practice — Accounting and Reporting by Charities (SORP 2015 FRS 102) and complies with applicable law.
## **Objects**
The principal object of the Fund is the promotion of the agricultural industry in the county of Leicestershire through making grants to appropriate institutions and individuals the governing Instrument also permits financial assistance for young farmers clubs in the county of Leicestershire and for students attending agricultural colleges.
## **Structure, Governance and Management**
## **Governing Document**
The charity was originally established under a scheme of the Chancery Division of the high court of justice dated 19[th] October 1936 pursuant to the Will Trust of the Late Mr John Longwill. A deed dated 7[th] October 1982 established a scheme for the regulation of the charity. The charity is a trust governed by trustees. Details of the trustees who have served during the year and since the year-end can be found on page 1.
## **Public Benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Fund’s aims and objectives and in planning future activities.
## **Risk Management**
The Trustees continue to assess the major risks to which the Fund is exposed and are satisfied that systems are in place to mitigate exposure to these risks. The main risk to the Fund is considered to be fluctuations in investment performance. Investment Managers are appointed and report to the Trustees regularly.
## **Achievements and Performance**
The objective is principally achieved by the making of grants or loans either directly to farmers or for the purposes of funding or mitigating the costs of education at an agricultural college thereby ensuring the future of the agricultural industry.
The trustees are pleased to receive applications for grants and loans and during the last financial year approved grants amounting to £15,870 (2023 £28,920). The trustees consider that the objectives were met during the financial year.
The public benefit is served by ensuring as wide an audience as possible is reached with promotion. The grant making policy of the trustees serves to give as wide a definition as possible of agriculture. The trustees intend to apply to the charity Commission for the scheme to include horticulture if insufficient applications are received and may also obtain permission to widen the area of benefit in the future.
The trustees monitor the application of grant aid and where it is apparent that the grant has achieved success, the applicant may be considered for a further application.
## **Investments**
The Trustees have wide powers to invest money in the purchase of stocks, shares, funds, securities or other investments at their absolute discretion. The trustees are of the opinion that the objects of the trust are best served by maximising income to provide grant aid. Their attitude is risk is medium to low. The investments are reviewed in conjunction with the stockbrokers on a regular basis.
**John Longwill’s Agricultural Scheme**
**3**
## **ANNUAL REPORT YEAR ENDED 31[st] December 2024**
**_____________________________________________________________________________**
## **Financial Review**
The statement of financial activities on page 5 shows net incoming resources for the year before any investment gains or losses of £33,587 compared with incoming resources £9,653 for the previous year. Income increased from £69,348 in the prior year to £77,472. Total resources expended decreased from £59,695 to £43,885. There was a surplus during the year on the endowment (capital) fund of £59,001 comprising realised and unrealised gains on investments. At the end of the year, the endowment fund stood at £2,944,673 represented by listed investments at market value and a small amount of un-invested cash. Unrestricted funds, meanwhile, totalled £181,750 comprising the balance of net current assets.
## **Reserves Policy**
It is the policy of the Trustees to maintain unrestricted funds, which include the free reserves of the Fund, at a level that, in the event of a significant fall in income, would provide sufficient funds to meet the ongoing operating expenditure for approximately 12 months. The Trustees considered the free reserves held at the year-end to be ample.
## **Statement of Trustees’ Responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Fund and of the incoming resources and application of resources for the Fund for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities’ SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the financial statements comply with applicable law, regulations and the Charity Scheme. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of Trustees
**P G Osborne** Trustee 23 September 2025
**John Longwill’s Agricultural Scheme**
**4**
## **INDEPENDENT EXAMINERS REPORT YEAR ENDED 31[st] December 2024**
**_____________________________________________________________________________**
## **Independent Examiner’s Report to the Trustees of John Longwill’s Agricultural Scheme**
I report on the accounts of the charity for the year ended 31[st] December 2024, which are set out on pages 5 to 13.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- 1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr J Munton 52 Westbury Road Nuneaton Warwickshire CV10 8HG
23 September 2025
**5**
## **JOHN LONGWILL'S AGRICULTURAL SCHEME STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Investments
Bank interest
Rental income
**Total income**
**EXPENDITURE ON:**
**Cost of generating funds:**
Investment management fees
**Charitable activities:**
Grants in furtherance of the objects
3
Support costs
4
**Total expenditure**
**Net income/(expenditure) before**
**investment gains/(losses):**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at 1st January 2024
**Total funds carried forward at 31st December 2024**|**Unrestricted**
**Endowment**
**Total Funds**
**Total Funds**
**Fund**
**Fund**
**2024**
**2023**
**£**
**£**
**£**
**£**
51,821
-
51,821
48,771
6,136
-
6,136
1,302
19,515
-
19,515
19,275|
|---|---|
||77,472
-
77,472
69,348|
||-
11,579
11,579
10,460
15,870
-
15,870
28,920
16,436
-
16,436
20,315|
||32,306
11,579
43,885
59,695|
||45,166
(11,579)
33,587
9,653
-
70,580
70,580
76,608|
||45,166
59,001
104,167
86,261
136,584
2,885,672
3,022,256
2,935,995|
||181,750
2,944,673
3,126,423
3,022,256|
**6**
## **JOHN LONGWILL'S AGRICULTURAL SCHEME STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024**
|**Previous financial year**
**Notes**
**INCOME AND ENDOWMENTS FROM:**
Investments
Bank interest
Rental Income
**Total income**
**EXPENDITURE ON:**
**Cost of generating funds:**
Investment management fees
**Charitable activities:**
Grants in furtherance of the objects
3
Support costs
4
**Total expenditure**
**Net income/(expenditure) before**
**investment gains/(losses):**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at 1st January 2023
**Total funds carried forward at 31st December 2023**|**Unrestricted**
**Endowment**
**Total Funds**
**Fund**
**Fund**
**2023**
**£**
**£**
**£**
48,771
-
48,771
1,302
-
1,302
19,275
-
19,275|
|---|---|
||69,348
-
69,348|
||-
28,920
28,920
30,775
30,775|
||59,695
-
59,695|
||9,653
-
9,653
-
76,608
76,608|
||9,653
76,608
86,261
126,931
2,809,064
2,935,995|
||136,584
2,885,672
3,022,256|
**JOHN LONGWILL'S AGRICULTURAL SCHEME**
**7**
## **BALANCE SHEET AS AT 31ST DECEMBER 2024**
|**Notes**
**FIXED ASSETS:**
Investments
Investment Property
5
**CURRENT ASSETS:**
Cash at bank and in hand
6
Debtors and prepayments
7
**CURRENT LIABILITIES:**
Creditors: amounts falling due within one year
8
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL NET ASSETS**
**FUNDS:**
9
Endowment - capital fund
Unrestricted fund
**TOTAL CHARITY FUNDS**|**Total Funds**
**Total Funds**
**2024**
**2023**
**£**
**£**
1,609,898
1,543,964
1,290,000
1,290,000|
|---|---|
||2,899,898
2,833,964
243,656
209,987
4,747
3,824|
||248,403
213,811
21,878
25,519|
||226,525
188,292|
||3,126,423
3,022,256|
||2,944,673
2,885,672
181,750
136,584|
||3,126,423
3,022,256|
Approved by the Trustees on 23 September 2025 and signed on their behalf by
P C Osborne Trustee
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**8**
## **1. BASIS OF PREPARATION**
## **1.1 Basis of accounting**
These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements are presented in sterling, which is the functional currency of the charity.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Updated Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The charity constitutes a public benefit entity as defined by FRS 102.
## **1.2 Going concern**
The financial statements are prepared on a going concern basis.
## **1.3 Accounting policies**
The significant accounting policies applied in the preparation of these financial statements are set out in Note 2 below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.4 Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
## **1.5 Material prior years errors**
No material prior year errors have been identified in the reporting period (3.47 FRS 102 SORP).
## **2. ACCOUNTING POLICIES**
## **2.1 Income**
## **Recognition of income**
Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources, and the monetary value can be measured with sufficient reliability.
## **Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## **Income from interest, investments and dividends**
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**9**
## **Investment gains and losses**
The investment gains and losses shown on the SoFA include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Realised gains and losses are included in the accounts on the date at which a contractual obligation is entered into.
Unrealised gains and losses are calculated by reference to the market value of the investments at the balance sheet date, compared to the brought forward cost or valuation. Gains and losses arising on similar categories of investments are netted off.
## **Grants and donations**
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
## **2.2 Expenditure and liabilities**
## **Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **Governance and support costs**
Support costs have been allocated between governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and its compliance with statutory regulation, constitutional requirements and good practice, such as trustee meetings, accounts and legal advice.
Support costs are those that assist the work of the charity but do not represent direct charitable acitivity. They include central functions such as office costs, organisation and administration, and management of the charity's assets. They are incurred directly in support of expenditure on the objects of the charity. Where possible, support costs are allocated to activity cost categories on a basis consistent with the use of resources.
## **Creditors**
The charity has creditors, which are measured at settlement amounts less any trade discounts.
## **Grants payable**
Grants payable to third parties are within the charitable objectives. Grants to agriculture are charged in the year in which the grant is made. See note 3 for a detailed breakdown of grants made during the year.
## **Provisions for liabilities**
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
## **Taxation**
As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. VAT is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **Basic financial instruments**
The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**10**
## **2.3 Assets**
## **Investments**
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
## **Current asset investments**
The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. They are valued at fair value except where they qualify as basic financial instruments.
## **Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**11**
## **3. GRANTS PAID/PAYABLE**
The charity makes occasional grants to institutions, as permitted by its governing document. The purpose of all such grants is to support projects, services and activities that fall within the charitable objects and area of benefit of the charity.
|Grants to institutions:
Leicestershire & Rutland YFC
Grants to individuals
T Jackson Blacksmithing
Katrina Cass - Farm building
SMB College Mary Stoate
Harper Adams University
Total grants paid/payable
**4. SUPPORT COSTS**
Governance and support costs:
Administration fees
Audit and accountancy fees
Agents fees
Portfolio Management charges
Office costs, banking charges and other expenses
**5. FIXED ASSET INVESTMENTS**
**Investments at market value**
At 1st January 2024
Additions
Disposals
Unrealised gains/(losses)
**At 31st December 2024**
**Investment Property**
Fair Value
At 1st January 2024 and 31st December 2024
Net Book Value
At 31st December 2023
At 31st December 2024
Investment land above includes:
58.5 acres situated at Owston, Leicestershire
9.9 acres situated at Owston, Leicestershire
68.34 acres at Owston known as Oundle Farm
2 garden lands|**2024**
**2023**
**£**
**£**
7,870
7,000|**2024**
**2023**
**£**
**£**
7,870
7,000|
|---|---|---|
||7,870
7,000||
||**£**
**£**
1,000
-
7,000
-
420
-
21,500||
||8,000
21,920||
||||
||15,870
28,920||
||**2024**
**2023**
**£**
**£**
11,967
11,561
2,658
6,600
1,721
1,721
11,579
10,460
90
433||
||28,015
30,775||
||**2024**
**2023**
**£**
**£**
1,543,964
1,353,005
221,710
349,366
(226,486)
(235,015)
70,710
76,608||
||1,609,898|1,543,964|
||**£**
1,290,000
1,290,000
1,290,000
**2024**
**2023**
**£**
**£**
534,774
534,774
90,500
90,500
624,726
624,726
40,000
40,000|**£**
1,290,000|
|||1,290,000|
|||1,290,000|
||1,290,000
1,290,000||
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**12**
## **5. FIXED ASSET INVESTMENTS (Continued)**
The investment land was valued by Murray Independent Chartered Surveyors, RICS Registered valuers as at 31st December 2023
The cost value of the land at Owston was £320,000
The land acreage has been taken as per Andrew Granger & Co, RICS registered valuers in 2021. The acreage has been digitally verified using Promaps for a more accurate measurement and the amended acreage has been disclosed as noted above.
## **LISTED INVESTMENT SCHEDULE**
|**As at 31st December 2024**
Bond and Fixed Interest UK
Bond and Fixed Interest Overseas
Equities:
- UK
- Europe
- North America
- Emerging Markets
- Global
- Japan
- Asia Pacific
- Alternative Investments
COIF Special Range
**6. CASH AT BANK AND IN HAND**
Lloyds
COIF Charities Deposit Fund
Quilter Cheviot Capital
Quilter Cheviot income
**7. DEBTORS**
Other Debtors
**8. CREDITORS**
Accruals and deferred income|**Market**
**Market**
**value 2024**
**value 2023**
**£**
**£**
385,427
305,692
86,177
86,585
337,924
369,538
64,874
64,043
359,537
284,879
56,926
52,215
73,059
90,908
27,120
27,020
35,724
32,309
151,209
199,559
31,921
31,216|
|---|---|
||1,609,898
1,543,964|
||**2024**
**2023**
**£**
**£**
122,410
81,765
85,853
81,302
35,393
41,836
-
5,084|
||243,656
209,987|
||**2024**
**2023**
**£**
**£**
4,747
3,824|
||4,747
3,824|
||**2024**
**2023**
**£**
**£**
21,878
25,519|
||21,878
25,519|
**JOHN LONGWILL'S AGRICULTURAL SCHEME NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024**
**13**
## **9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**9. ANALYSIS OF NET ASSETS BETWEEN FUNDS**||
|---|---|
|The constitution of the funds at 31st December 2024 was as follows:
Fixed asset investments
Current assets
Current liabilities
At 31st December 2024|**Total**
**Unrestricted**
**Endowment**
**2024**
**funds**
**funds**
**Total 2023**
**£**
**£**
**£**
**£**
2,899,898
-
2,899,898
2,833,964
248,403
203,628
44,775
213,811
(21,740)
(21,740)
-
(25,519)|
||3,126,561
181,888
2,944,673
3,022,256|
**Endowment fund -** This is the permanent endowment of the charity. It is the income generated from the investment of this endowment that provides the charity with its main source of expendable income.
**Unrestricted fund -** These are the unrestricted (free) reserves of the charity available for expenditure on the charity's objects and for general administration. The Unrestricted Fund comprises income received that has not yet been expended.
**Restricted funds** - The charity held no restricted funds (funds held for a specified purpose) during the reporting period or during the prior period. Restricted funds have therefore been omitted from the financial statements.
## **10. TRUSTEES' REMUNERATION**
The trustees neither received nor waived any emoluments during the year (2023: £nil). None were reimbursed any out of pocket travel expenses (2023: £nil).
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023 and 31 December 2024.