REGISTERED COMPANY NUMBER.. Q)819630 IEn8land and Wales) REGISTERED CHARITY NUMBER.. 237934 Report of the Trustees and Financial Statements for the Year Ended 31 July 2025 for The Farmington Trust Limited •AF108(1ffj• COMPANIES HOUSE ?pTr The Farmington Trust Limited Financial Staiements for the Year Ended 31 July 2025 Contents Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to the Financial Statements 2tolO Ilto14 15 16to17 18 19 20to33 Detailed Statement of Financial Activities 34to35 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Report of the Trustees ADMINISTRATIVE INFORMATION RegiSte￿d Company Number 819630 (England and Wales) Regisiered Office Harris Manchester College Mansfield Road Oxford OXI 3TD Registered Charity Number 237934 Trustees H M Henderson (Chairman) PNHGibbs D C Henderson R H Wills l L H Ormerod DrT R Hands Rt Hon A K Kakkar. Professor Lord R J Hickey MJHWills C H Blampied Finance & Investment Sub-committee Certain powers of the governor5 can be delegated to a Finance & Investment Sub-committee. This Committee shall consist of a minimum of three governors. Members PNHGhbbs H M Henderson R D C Henderson G WW Hudson Auditors A D Accounts Limited IReEistered Auditors) Rural Enterprise Cent Vincent Carey Road Rotherwas Hereford Hereford5hi HR2 6FE Solicitors Burges Salmon Narrow Quay House Narrow Quay Bristol 8514AH Bankers Couits and Co 440 The Strand London WC2R OQS Investment Advisors Cazenove Capital Management Ltd 12 Moorgate London EC2R 60A The Farmington Trust Limited Finèntial Statements for the Year Ended 31 July 2025 Report of the Trustees- continued The trustees who are also (Jirectors of the charity for the purposes of the Companies Act 2W6, present their report with the financial ststements of the charty for the year ended 31 Juty 2025. The trustees have adopted the provisions of Accounting and Reporting by Chari(ies= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Rep)rtH￿ Standard applicable in the UK and Republic of Ireland IFRS 1021 {effertive l January 20191. OBJECTIVES AND AcfiviTIES The Charity is established to promote, carryout or advance any chariiable objects, and in particular any branche5 or aspects of education especialty but not exclusively Christian Education, likely to promote morality and the atceptance of moral standards in human conduci including especialfy: 11 To promote and facilitate in any part of the world the study of the Ipies, writings and teachings of men and women of all reli8Kins. partKularly Christian li￿5, writirvds and teachings and of moral philosophers of all nationalities. 21 To organise residential orother courses of study and conferences and establish paid residential or other Fellowships and to provide attommodation. food. drink and other amenit￿$ (either free of charge or on such terms as may be thought frt) to persons attending such residential or other courses of study and Conferences. 31 To establish fellowships, scholarships and prizes. 41 To publish and publicise the results of any residential or other courses of study or conferences or other work of the Trust. 51 To purchase. lake on, lease or exchar8e. hire or olhenvise acquire any real or personal property and any rights or privileges and to construct. maintain, equip and alter any buildings or erect￿)n5 on any such property. These activities have been carrTred out for thirty years in the name of the Farrnington In5trrtute based at Harris Manchesler College in the University of Oxford. Co-operation with Harrrs Manchester College, where the main offices and facilities of the charity are based. continues and is supported by a mernorandum of understanding. From January 2024 the activities have been expanded to include the Famiin8ton Head Teachers Instr(ute alongside the Farmington Institute, the addition of three staff. including a new dirertor, and an association with. and facilities at, Jesus Colle8e, Cambridge. The Farmington Trust Limiied Financial Statements for the Year Ended 31 July 2025 Report of the Trustees- continued We summarise the activities of the Farmington Institute. To provide scholarships for teacheTS of RE in Secondary, Primary and Special Needs Schools. These Scholarships are lenable for up to one year and can be based either at a university or a school. The research should be of benefrt to the individual teacher, the wrder teaching community. and to school thildren. To support head teachers by offering scholarships tenable for up to one term. The scholarships are to Enèble head teachers to undertake research on values and standards, and to have time to familiariie themselves with recent educational thinkin& as well as to have the time and facilities for forward planning. To offer fellowships to Members of Her MajeslVs Arnied Forces. to undertake research on moral and Ethical leadership in the University of Oxford. To offer 5hort-term fellowships and trwrsaries to Cler￿ and ministers of ￿lIgIon and academies who are Involved in RE. To disseminate recent and interesting work in RE. To build up a network of sUPPOrt for those involved in RE teaching. 21 31 41 51 61 Public Benefit The Trustees have complied with the duty in Section 4 of the Charities Acl 2W6. to have due regard to publi benefit guidan￿ published by the Charity Cornmission. STRATEGIC REPORT Achievement and performance The achievement and performance of the Institutes Below Is an extract from the report to trustees. including future plans. delivered by Rev. Dr Sir Ralph Waller and Professor Lesley Smith. Teocher-scholurs 2024-25- The 33 teacher-scholars this year ir￿lUded a group of 6 working on a project looking at racist and antisemitic language in the classroom. For the first time we have had joint sw)nsorship by the Temple Grove Schools Trust who support 6 Primary teachers in any subject. Additionally. St Lukes. Colle8e Foundation has contirbued 5UPPOrt of a scholar from the North West. 2025-26.. We have chosen 33 teacher-scholars forthe comingyear. In additKin to the 6 Temple Grove Farmington Scholars. this year we also have a St Luke's Farmrngton scholar and a Hockerill Foundation scholar (East LondonlEssexl- a new joint sponsorship. Induction Days were held for both groups. Headteocherscholorships The Farmington Headteachers Scholarships continue to be a welcome feature of the institutes. activities. Last year, the Institute awarded six scholarships to headteachers, and this year we have awarded eight scholarships to heads. A worthwhile induction day for thts group was held at Jesus College, Cambridge. Each headteather spoke about their proposed project and weFcomed ￿VICe and su88estions from other heads. The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Report of the Trustees- continued Conferences The Annual Conference in Oxford in June had 99 participants and was enjoyed by all. Michael Wiltockson pve the Saturday lectu￿, Harry Henderson the after-dinner address. Sir Ralph Waller preached at the Sunday service. We are grateful to Dr Myles Hartley and Dr Martin Kauffmann for their help. The first annual Headteachers confe￿nce was succe$5fvI￿ held in Cambridge in JU￿. We have plans to expand il considerably in 2026, wrth more intemalional partiapation. Young Offrnder Institute Choploins ondstoff Ft has proved difficult io get the YOI staff together in 2024-25, but we have plans for two events in October and November.. a talk and di5cus5ion led by HHJ Wendy Joseph, KC, and a lunch with the judBes of the Bailey, including a presentation of their No Knives initiative. Senior Members oAthe Amied Forces ondmilitary Chaploins We continue to offer fellowships to Senior Members of the Amied Forces to spend time researching topics relatine to ethical leadership and sypport the military chaplains With conferences, Stu(ty and publications. Covid Disodvontoged Schools Projert The fwe years of the Project came to an end in the summer of 2025. Reports from all the Schools we supported and the impact report we commissioned from Or rim Hands made the usefulness of the scheme very clear. Primory School Librories Following the end of the Covid Disadvantaged Schools Projert. we have planned an initiative to support primary school libraries. We wlll begun with 20 libraries in 5 hub5 around the country. Discuss￿n Forums RE Forums have run in Lincoln, Brecon. Lv4erpoDI, Belfast and Cambridge: in addttion, we are supporting a STARME online in kotknd to meet for a single day-long workshop. Four Headteachers forums have run: Secondary. Primary. Aspiring and North-Eastern Heads. The members of the lorums much appreciate the opportunity to meet toeether and another two forums are planned in the near future. one in Scotland and one in Ireland. Tutors We afe very aware of the debt we owe to the tut¢Ys WIK> supervise our scholars and forums and do much more to help publicise artd advise Farmington. We hekl a thank-you lunch and discussion al)out future pathways for c. 20 tuto￿ in the RAF Club in London. The Farm4ngton Trust Limited Financial Siatements for the Year Ended 31 ju￿ 2025 Report of the Trustees - continued Cothedrols We are svpportire outreach work at three cathedrals: Norwich.. their Benedicline Heritage project. in conjunction with The Sainsbury Cenlre, Norwich and The Courtauld Institute, London Peterborough.. outreach and inreach. especially based around music and sthools. Chichester- Artist Alice Carter is producing an installatK>n which reS￿ndS to thejohn Pipe Tapestry in Chichester. which will run, with outreach events. during Lent 2026. Jesus Colle9e. Combridge Jesus College provides a supportive ènd congenial home for the Farmington Heèdteachers Institute, and we continue to host meetings, dinners and conferences here for oursefves and for headteacher5 who wish to find somewhere away from school to meet with their senior management teams. In Orford, we conlinue to offer the use of our building5 to school groups. etc., free of d￿rge. Smith. Investment performance C02enove ￿pOrt￿or the 12 months to 31stJuly2025 The Cazenove portfolio returned 8.2% from tst August 2024 and 31st ju￿ 2025. marginally behind the Trust's benchmark of 8.7% but ahead of the ARC Balanced peer group index which rose by an estimated 5.9% and the CPl+3% benchmark which rose 6.94%. Financial review Financial position For the year ended 31 July 2025. net income amounted to £1.078.47412024 - £1.168,6101. Net assets totalled £28.398,90412024 - £27,320,430). Details of the financial positk)n of the Charity are set in the folbwing accounts. Principal funding sources Income is generated from investments held in the Designated Fund and Endowrnent Fund, together with rental income received from propertie5 let by the Trust. In recent years, there has also been additional support from private donors, including a substantial anonymous commitment pied8ed for a number of future years. The Farmin8ton Trust Limited Financi31 Statements for the Year Ended 31 July 2025 Report of the Trustees - continued Reserves policy The Statement of Financial Actiwties 5ummarises the incoming resources and furKls expended and these are analysed between unrestrided funds. restricted funds and endowment funds. Restricted funds are fund5 subject to specific us38e declared by donors. Unrestricted funds a￿ expendable at the d￿cTe110n of the Trustees in furtherance of the objects of the Charity- Part of an unrestricted fuThJ may be designated as a separate fund. Free reserves available for day to day activrties amounted to £20,23512024 - £196.3641 (unrestricted current assets less unrestricted current liabilities). Funds held are adequate and available to meet the obligations of the trust. Future plans It is intended io continue all the initiatives undertaken during the current year as set out in the extract of the report to the trustees delivered by Rev. Dr Sir Ralph Waller and Professor Lesley Smith. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chartyls controlled by its governing docurnent. a deed of trust. and constttutes a limited company, limited by 8uarantee. as defined by the Companies Act 2(KJ6. Recruitment and appointment of new trustees The Trustees may from time to time appoint any persiH) as a Trustee to fill a vacancy or as an addition to the number of Trustees. Any person shall retain his office only until the next Annual General Meeting but will then be eligible for re*lertion. Most of the assets of the Charity have derived from effts and legacies from our Founder, the late Hon. Robert Wllls. These include a large amount of agricultural property in and around the town of Northleach in the Cotswolds. The original endowment has grown substantially throLtgh retained residential property development providing a rental income stream and growth via equity markets. The balance of the liquid asset5 is managed by Cazenove & Co. In the recruitment and appointment of new Trustees persons have been sou8ht who have expertise related to: the management of agricultural property, and in particular local knowledge of the property at Northleach,. the management of our liquid investment fund5: the management of charitable trusts- media; the purpose ot the Fam)inglon Trust as set out above under "oble￿r￿e$ and Activities.. in particular those ￿lating to education and research in relig￿n and morality. Iv) The Farmington Trust Limsted Fin3nci31 Statement5 for the Year Ended 31 July 2025 Report of the Trustees- continued Induction and training of new trustees After appointment all new Trustees fill in ￿levant fomis for the Charity Commissioners and Companies House, plus conflict of interest. skills audit and acknowledge their reswnsibilities. Related parties There a￿ no related parties other than the Trustees listed on Page 2. Declaration of Interests All the Trustees and the Director of the Fam)ington Inslitute are members of a sub-committee of the governing body of Harris manChesterC￿lege charged withoverseeingthe actP4ities of the Farmington Institute. In addition: Mr H M Henderson, OL. Chair of the TruMees. Is a member of the SenK)r Common Room of Harrls Manchester College and has formerty worked as a partner and Managing Director of Cazenove & Co, the Trust's stockbrokers. Mr H M Henderson stepped down as a member of the governing ix)(ty of Harris Manchester College upon the commencement of the new relationship on I. August 2023. The Rev. Dr. Sir Ralph Waller. KBE, Director of the Farmington Head Teachers Institute is an Emeritus Fellow and ihe lomier Principal of Harris Manchester College for 30 years. He is Chair of Westminster College Trust, Oxford. Mr R D C Hender50n, a Trustee. is a memberof the investment committee of Harris Manchester College. The Rt. Hon. Professor the Lord Ajay Kakkar KG KBE PC is an Honorary Fellow of Harris Manchester College. Mr Richard Wills is an adjoining landowner. Professor Lesley Smith. appointed as DI￿￿or of the Farmingion Institute from January 2024, is Fellow Emerita in Politics and fonnerty SenK)rTutor of Harri5 Manchester College Mr G W Hudson. a volunteer and a member of the Finance and Investment Sub-committee. is a non- stipendiary Official Fellow/charity trustee on the governing body of Harris Manchester College and is presently its Chair for the purpose of searching and apwinting a new Principal from the next academic year. He has been invofved in the property development work carried out in Northleach. Policy decision5 of the charity are made by theTrustees with the inVo￿ement of Gwrge Hudson, a volunteer and former Company Secretary, the Rev. Dr Sir Ralph Waller KBE. who serves as Director of the Famiington Head Teachers Institute, and Professor Lesley Smith. Director of the Farrnin8ton Instriute. On a day.tothy basis invoices are approved by either Rev. Dr Sir Ralph Waller, Professor Lesley Smith, or George Hudson, lunless an Invol￿ 15 more than an agreed limit in which case approval of two of those persons is required) with the oversight of our accountants, who have full ac￿$5 to the bank account and subject to within the budget. All"payments are made via online bankin8. The pr(Kedures allow ourauditor live access to the supporting papers of all invoices. The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Report of the Trustees - continued The budget forthe year, forwhich incomeand expenditure is forecast. i5created within the Finènte& Investment Sub-committee. A major element of the budget 15 the amount detemiined for the funding of the two Institutes based on the average of the twefve last quarterty valuations of the endowment together with the Net Rental Income drawn from the most ￿centlY available audited financial statements. Thi5 is then further approved at the Trustees meeting. The Finance & Investment Sub6￿14 124.889 Chafftable actl¥ftles: Institute at Oxfoid Head Teathers Institute 589.508 20S,067 40.726 214,627 630234 419.694 443,126 324.474 Total expenditsfe 897.290 255.353 33.799 1.186.442 892,489 INCOMEIIEXPENOITUREI BEFORE INVESTMENT GAINSI ILOSSESI 1427.5681 125.999 {3013691 17,933 Net investment eansl I105sesl li 937.996 442.047 13&).043 1.150,677 NET INCOMEIIEXPENDITUREI 510.428 568.046 1I178N74 1.168,610 RfCONCILIAnON OF FUPIDS 18 Total fvnds tyr0￿ht forward 18.871.232 9.636 8.439.562 27320.430 26,151,820 Net In¢omelle¥pendlture) Transfers between funds Net rnovement in funds 510.428 286.988 797.416 568.046 1286.9881 281,058 Im.474 1,168,610 1.078.474 1,168.610 TOTAL FUNDS CARRIED FORWARD 19.668.648 9.636 8,720,620 28.398.904 27,320,430 15 The Farmington Trijst Limited Financial Statements for the Year Ended 31 July 2025 Balance Sheet 2025 TOLII 2024 Total funds Notes Unrestricted funds Restrirted funds Endcr•4ment funds FIXED ASSErs Tan8ible assets 118.636 118.636 119,749 In¥estments Investments Investment property 9.027.862 10,611.190 8.374.810 345,810 17.402ffi72 10.957I1(Kl 16,001.637 11.119.810 14 19.757.688 8.720.620 478.308 27,241.196 CURREpif ASSETS Oebtors Cash at bank 17.425 31,402 17,425 41.038 190.179 48,016 9,636 48.827 9.636 58A63 238.195 CREDITORS Arnounts fallin8 due wiihin one year 16 128,592} 128.592) 132,1951 NETCURRENT ASSETS 20.235 9.636 29A71 206,000 TOTALA55EIS IESS CURRENT UA8IUTIES 19.777.923 9.636 8.720.620 28.508.179 27.447.196 CREDITORS Amounts fallin8 due after more than one year 17 IIiVJ,2751 1109.2751 1126,7661 NEfASSETS 19.668.648 9.636 8.720.620 28.398.904 27.320.430 FUNDS ilnrestrirted fund> Genefal fund Designated fund 2.386,757 17.281A91 1,642.533 17,228.699 TOTAL FUNDS CARRIED FORWAAD 19.668,648 18,871.232 Restrirtetl funds Endowment funds 9￿36 8.720.620 9.636 8,439.562 28.398.904 27.320,430 16 The Famiington Trust Limited Financièl Statements for the Year Ended 31 july 2025 Balance Sheet - continued The charitable company is entitled to eXeMpt￿n from audit under Seciion 477 of the Companies Act 2006 for the year ended 31 Juty 2025. The members have not de￿Sited notKe, pursuant to Sert#?n 476 of the Compan￿$ Act 2(K16 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for.. lal Ensuring that the charitable company keeps accounting records that cornp￿ with Sertions 386 and 387 of the Companies Act 2L)J6 and Ibl Preparhng financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of itssurplus ordefKit foreach financial year in accordance with the requirements of Sections 394 and 395 and which othenvi5e tomply with the requirements of the Companie5 Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepa￿ in accordance with the provisions appI￿able to charitable companies subject to the small companies regime. 4.1.iJlJ.r The finantialstatementswere approved bythe Board of Trustees and authori5ed for issue on...-...... and were signed on its behalf by.. H M Henderson- Chairnian and Trustee 17 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Cash Flow Statement 2025 2024 Notes Cash ftows from operatlngatti¥rties Cash generated from operations 616 502,416 Net cash used in operatin8 activities 1616WII 1502.4161 Cash flows from In¥estSng adlvlt*s Purchase of quoted investments Purchase of investment property Sale of quoted investments Sale of investment property Movement on cash held at CaienLwe Accrued income on quoted investments Interest received thviden(Is receNed {S.Wl.0801 160291} 6513212 763,498 11.535,1791 4.659 49.993 I92￿51 15.358.857) 196,2661 5,228,252 1220.1631 12,0501 44.545 299.OS8 Net cash provided by investing attivilies 483 1105.4811 Cash I1￿$ from fknandn¢ actiTAIIès Income attributable to endowment Expenditure èttributabie to endowment 159.798 33.7991 168.473 133.1601 Net cash provided byfinanci￿ activities 125,999 135,313 Chan8e In cash aTrd cash e4ui¥alents in th* reportlnB perlod Cash and cash equl¥alents atthe be8lnnln801 the reports￿ perlod 16.9781 1472,5841 48x116 520,600 Cash and ¢J5h equTrVa￿rts at the end ofthe reportlrrf perlod 41.038 48.016 18 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Cash Flow Statement A. Reconciliation of Net Income/lExpenditure} to Net Cash Flow from Operating Activities 20Z5 2024 Net Incomellexpendlture) ftythe reportlr¥ perknl (as per the Statèment ol Flnanciat Arth1￿$) Adjustments for. Depreciation charges IG3inl/losses on investments Interest received Dividends received Income attributable to end￿￿MeTrt Expenditurt attributable to endowment Ilncreaselldetrease in debtors Inuea5e/ldecr*asel in creditors 1.078,474 1,168,610 1.1 11380.0431 149.9931 {292.0521 1159,7981 33,79 172.754 121.0951 1.116 11.150,6771 144.5451 1299,0581 1168.4731 33,160 16,0151 136,5341 Net cash used ih operatws {6168411 1502.4161 B. Analysis of Changes in Net Funds At 1.8.24 Cash flow At 31.7.25 Cash at bank 48.016 16.978 41,038 19 The Farmington Trust Limited Financial Statement5 for the Year Ended 31 Juty 2025 Notes to the Financial Statements I. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, whith 15 a public benefit entity under FRS 102, have been prepared in accordance wtih the Charities SORP IFRS 1021 'Accounting and Reporting by Charf(ies- Statemenl of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettive l January 2019}', Frnancial Reporting Standard 102 'The Financial Reporting Stsndartl applicable in the UK and Republic of I￿land. and ihe Companies Act 2CIJ6. The financial statement5 have been prepared under the historical cost tonvention, wtth the exception of invesiments which are included at market value, as modified by the revaluatKJn of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be ￿CerVed and the amount can be measured reliably. Gifts in kind are shown on the Statement of Financial Activities as donat￿nS and on the Balance Sheet as assets at their market values. Grants are ￿cOgnised once all condit*)ns fortheir receipt have been met. Investment income is attounted for ¢>n the date payable and includes attributèble tax ￿Coverable. Rental Income is recognised when receviable. Rental premiums are recognised overthe temi of the lease for which they have been ￿ceiVed. Expenditure Liabilities are recognised as expenditure as soon as there s a legal or construclNe obligation committing the charity to that expenditure, it is probab￿ that a transfer of economK benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruab basis and has been classrfied under headings that aggregate all cost relatedto thecategory. Where costs cannot be directly attributed to particular headings they have been alknated to actr¥ities on a basis consistent with the use of resources. Grants offered subjee( to conditions which have not been met at the year-end date are noted as a commf(ment but not accrued as expenditure. 20 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued Raising funds Costs of generating funds comprise investment management costs and the costs assoclated with the maintenance and upkeep of rental properties. Investment management costs are split between the endowment fund and the designated fund in proportion to the opening fund values. Support costs Support Costs are general and overhead costs which are not specific to Governance arrangements, but enable the chariiable activities to be undertaken. These costs are allocated on a dirett basis to each activity and disclosed in note 6. Governance costs Included within support costs are Governance costs. These are a￿ocIated with the Governance arrangements of the Charity which relate to the general running of the charity as opposed to those costs associated with the charitable attivities. The cost5 include external audit. Tangible fixed a55etS Depreciation is provided at the followin8 annual rates in order to write off each asset over its estimated useful Leasehold property Improvements to property Library In ￿cOrdanCe with the lease temi 2%on cost IO% on reducin8 balance Assets costing more than £1￿ are capitalised at cost. On disposal of assets in the ordinary course of busine55 adjustments are made to the depreciation tharge io reflect drffe￿nce between, the actual and estimated aggregate depreciation. Investment property Investment properties are slated at ihe Trustees. best estimate of the market value. Any aggregate surplus or deficit arising from changes in market value are recognised ihrough the Statement of Financial ActNities. Taxation The Charity is exempt from corporation tax on its charitable activities. 21 The Farmington Trust Limited Financial Statemenis for ihe Year Ended 31 ju￿ 2025 Notes to the Financial Statements- continued Funcl accounting Unrestricted funds can be used in acCOrda￿e with the charitable obiectNes at ihÈ discretion of the trustees. Oesignated funds have been set aside by the Trustees from assets and investments transferred from Broadfield Tnjst and the estate of the Honourable E R H Will5. Restricted funds can only be vsedfor particularrestricted purposes within the objects of the charity. Restrictions arise when specrfted by the donor or when funds are raised for particular restricted purwses. En(Jowment funds have been donated to the Charty. A transfer is rnade from the Endowment Fund to the Unrestricted General Income Fund reflecting the difference between the income received on investment5 and the total retum basis. The total retum is calculated based on 3.5% of the average value of the investments overthe pr￿TrouS twelve quarters. Hire purchase and leasing commitments. Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basi5 over the perio(i of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension Scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial ActNfties in the period to which they relate. Listed investments Listed investments are stated at their market value. Any aEgTe8ate surplus or Ileficit art5ing from changes in market value is recognised through the Statement of Financ471 A￿vIlle5. 2. DONATIONS AND LEGACIES 202$ 2024 Donations We5tminsterCollege Oxford Shawn Chin8 Temple Grove St Luke5 Inthcape 216x137 ioo.ocrf) 49316 273353 22 The Farmington Trust Limited Finantial Siaiements for the Ye3r Ended 31 July 2025 Notes to the Financial Statements - continued 3. INVESTMENT INCOME 2025 2024 Rent receNed Divtdends and interest Interest- cash depoyts Interest-deferred premium and loans 269,475 292.052 49290 703 258.819 299.058 53.843 L702 611,520 602.422 4. RAISING FUNDS In¥estmenl fflanagernent c¢sts 2025 2024 Investment mana8ement costs- brokers fees Cost of rental properties 64201 72313 61.490 63.399 13&514 124,889 5. CHARITABLE AcfiviTIES COSTS Support costs 15eÈ note 61 t*recicosts Tota15 Institute at Oxlord Head Teacher5 Institute 618,660 408.122 11.574 11.572 630,234 419.694 1.026.782 23.146 1,049.928 23 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 6. SUPPORT COSTS M￿Jgerne￿t Finance G(wernance costs Tota15 Institute at Oxford Head Teachers Institute 7.727 7.726 457 4S6 3,390 3,390 11.574 11.572 15.453 913 6.780 23.146 Support costs. included in the above are as follows." 202S Instbtute at ford 2025 Head Teachers Institute 2024 Total activities Pensions paid for past servi Insurante 2.661 $43 6.385 513 543 2.340 1.626 557 456 3.390 Legal and professional costs Depreciation of tanwble and herita8e assets Bank charge5 Auditors'remuneratlon 1,627 5S6 457 3,390 1,668 1,116 797 6.912 11.574 11.572 21,297 7. NET INCOME/IEXPENDITURE} Net incomellexpenditurel is stated afterehanw.￿{(redltin8l: 2025 2024 Auditors. remuneration Oepreciation- owned assets 6.912 1,116 1.1 7m3 8,028 24 The Farmington Trvst Limiied Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 8. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Juty 2025 nor for the year ended 31 Juty 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 Jufy 2025 nor for the year ended 31 ju￿ 2024. 9. STAFF COSTS 2025 2024 Wages and salaries Other pension tosts 4)3.850 5321 15L937 409.171 158,322 The average monthly number of employees dvring year was as follows: 2025 2024 Workin8 on charitable actNities io The number of ern￿oYeeS whose employee benefrts (excluding ernployer pension costs) exceeded £60,C was- 2025 2024 £60.001- £70.(￿0 10. MATERIAL TRANSFERS The investments are managed on a "total return" basi5. based on 3.5% of the average value of the investments over the previous twefve quarters. A transfer is made from the Endowrnent Fund to the Unrestrided General Income Fund refiecting the difference between the income received on investments and the total return basis. During the year, the investment return relating to the pemianent endowment fund was £281,05812024 - £287.7111. The unapplied total return allocated to income in the rep)rting period was £286,98812024 - £479,900). 25 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 11. NET GAINS/(LOSSES} ON INVESTMENT 2025 2024 Investment portfolio Investment propertie5 839.647 540.396 1,172,588 121.9101 1,150,678 12.TANGIBLE FIXED ASSETS leasehold woperty Impro￿rnents to property Library Totsls C05T At l August 2024 and 31 Juty 2025 4.095 15,391 169,486 DEPRECIATION At I Au8USt 2024 Charge for year 32.1 2,656 82 15.081 31 49.737 1,113 At 31 July 2025 33.(￿) 2,738 15.112 50.850 NET B(K)K VAWE At 31 July 2025 117.(1 1.357 279 118,636 At 31 July 2024 118,C 1.439 310 119,749 13. FIXED ASSET INVESTMENTS 2025 2024 Listed investment portfolio 17.402,672 16,CQl.636 Included within investments held on Stock Exchange are Trnvestment assels outside the UK of £9,711,826 12024- £9.442.7481. All other investment assets are investment a55ets in the UK The historical cost of the listed investments. excluding tash. held at 31 Juty 2025 was £13,041,73912024- £13,876.3471. 26 rhe Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 13.FIXED ASSET INVESTMENTS- continued The following investments were herd at 31 July 2025 with a value in excess of 5% of the market value of listed investments: Vanguard S&P 5Crf) ETF JP Morgan Amerlca Equity Fund Movement in fixed asset investments 2025 2024 Marketvalue ai i August leXdudi￿ cash held) Addition5 at C05t Disposal proceeds GainsllLossesl on investment assets AccNed interest Irrthementl 15.325.188 5.544.080 16.5132121 839.647 I4￿59) 14,019,947 5.358.857 15.228.2541 1,172,588 2,050 Marketvalue at 31 July 1exdudl￿ cash held) Cash held at 31 July 15.191.045 2.211.627 15.325.188 676,448 Market Wa￿e of In¥eStM￿ 31 ￿1¥ 17M2.672 I6,￿1,636 14. INVESTMENT PROPERTY FAIRVALUE At I Au8USt 2024 Additions Disposals Revaluation 11.119AIO 60.291 1795JlOOI 571A99 At 31 July 2025 10.957.IKIO NET BOOK VAWE At 31 July 2025 10.957.O)0 At 31 July 2024 11.119%10 A formal red book valuation has been undertaken as at 31 july 2025 by Property Formula Limited indicating a market value of £10,957.(¥J). which the Governors have adopted in these accounts. The historical cost of the property investments. held at 31 July 2025 was £4,543.75812024- £5.282,6321. 27 The Farmington Trust Limited Financial Siatements for the Year Ended 31 July 2025 Notes to the Financial Statements - continued 14.INVESTMENT PROPERTY - continued Fair value at 31 July 2025 is represented by: Cost Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 4.543.758 3.133220 834,148 1.774,164 166,289 74357 431.064 10.957.000 15. DEBTORS 2025 2024 Amounts fallin8 due within c￿e year: Loans Prepayments and acuued income 3.726 13.699 16,656 1.630 17A15 18.286 Amounts falling due after mwe than one year. Deferred premium 171.893 17A25 190.179 Within loans are amounts totaling £1.014 {2024- É1.9351 which may not be repayable wrihin one year. Deferred premiums at the year-end of £NIL12024- £171,893) ￿tste to premiurn5 due from ètenant. The sum has been paid from the proceeds of the tenanys house which was on the market and sale completed during the year. 28 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Lease premiums Atcrued expenses 17A91 ii.ioi 20,791 11,404 28,592 32.195 17. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Lease prenNums Security premiums 106,407 123,898 2.868 109275 126,766 18. MOVEMENTS IN FUNDS Net mtr4tment in funds Transfers between funds At 1.&24 At 31.7.25 un￿1￿¢¢ed lunds General fund Designated fund 1.620.623 17.250.609 1540.8981 L051,326 1,307.032 11.020.044) 2,386.757 17.281.891 18,871.232 510.428 286,988 19.668,648 Restrl¢ted fvTrds Restritted 9.636 9.636 EndowrneTht f￿d$ Endowment fund 8,439.562 568.046 1286.9881 8.720.620 TOTAL FUNDS 27.320.430 1.078.474 28.398,904 29 The Farmington Tnjst Limtted Financial Statements for the Year Ertded 31 ju￿ 2025 Notes to the Financial Statements- continued 18.MOVEMENTS IN FUNDS- continued Net movement in funds, induded in the above are as follows- IncomiTh8 restyJr Resources expended Gains and losse5 Movement in funds Unrestricted lunds General fund Designated fund 325.991 143,731 1866.8891 130,4011 1540.8981 1,051.326 937.996 469.722 1897.2901 937.996 510,428 Restrlrted tunds St Lukes Colle8e Temple Grove Schdars Westminster Research Fellows 15.OCQI 149.3161 1201.0371 49,316 201,037 255.353 1255.3531 Endwmerf lunds Endowment fund 159.798 133.7991 442,047 568,046 TOTALFUNDS 884,873 11.1868421 1.380,043 1.078.474 Comparatives for movement in funds Net m¢xernÈnt in funds Transfers between funtls At 1.8.23 At 31.7.24 Unreslrirted funds General fund Designated fund 1.340.504 16.649.829 1254.9171 655.918 S35,036 155.1381 1.620.623 17,250.609 17.990,333 401,001 479.898 18.871.232 Restrirttd lunds Restrirted 9.636 9,636 Endown*nt fvnds Endowment 8.15L851 767.609 1479,8981 8.439,562 TOTAL FUNDS 26.151,820 1.168,610 27.320.430 30 The Farmington Trust Limiled Finantial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements - continued 18. MOVEMENTS IN FUNDS- continued Comparatbve net movement in funds, included in the above are as follow5: Incomirtrd resourtes Resources expended Gatns and losses Movernent in funds Unreslrirted fvnds General fund Oe5i8nated fund 597.988 143.961 1830.9951 28.3341 121.9101 540,291 1254,9171 655,918 741,949 1859.3291 518.381 401.Q)i Endty•4rnefit f￿d$ Endowment fund 168.473 {33.1601 632,296 767,609 TOTAL FUNDS 910.422 1892.4891 1.150.677 1,168,610 A current year 12 months and prior year 12 months combined position is as follows: Net Transfers mtr4ement in between fvnds funds At 1.&23 At 31.7.25 Unrertrirted fvnds General lund Desi8nated fund 1,340.504 16.649.829 1795.8151 L707.244 1.842.068 11.075.182) 2,386.757 17.281.891 17.99).333 911.429 766.886 19.668.648 Rèstiicted funds Restrirted 9.636 9.636 Endowment f￿d5 Endowment fund 8.151.851 1335,655 1766.8861 8,720,620 TOTAL FUNDS 26,151,820 2,247.084 28.398.904 31 The Farmington Trust Limlted Financial Statements for the Year Ended 31 Jufy 2025 Notes to the Financial Statements - continued 18. MOVEMENTS IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in fund5, included in the above are as follows.. Incomi Resource5 expended Gains and 105ses Movement in fund5 resources UnTèStrfcted fimds General fund Desi8nated fund 923.979 287.692 11.697.884) 158,7351 121.9101 1.478,287 1795.8151 1,707,244 1,211.671 11,756,619) 1.456,377 911,429 Rèstiirted funds St Lukes College Temple Grove scholars Wexminster Researth Fellows 15.cthl 149.3161 12010371. 49.316 201.037 255,353 1255,3531 Endowment fwKIs Endowment fund 328.271 166.9591 1,074.343 1,33S.655 TOTAL FUNDS 1.795.295 12,0789311 2.530,720 2.247.084 The Endowrnent Fund represents funds donated to the Charity. A transfer is made from the Endowment Fund to the UnrestrKted General Income Fund reflecting the difference between the income received on investments and the total return basts. The total return is calculated based on 3.5% of the average value of ihe Investments over the previous tWe￿e quarters. The Designated Fund has been set aside by the governo￿ from assets and in¥e5tments transferred from Broadfiefd Trust and the Honourable E R H Wills. The Income generated from investments held in the Designated is included in the Unrestricted General Income Fund for the use in Charitabte ActV4fties. Investment Management costs and net gains andlosses on investments are split between the Endowrnent and Designated Fund in proportion to the openiTrd fvnd values. The restricted fund represents amounts donated to fund fellowships as specified by the donor. 32 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Notes to the Financial Statements- continued 18. MOVEMENTS IN FUNDS- continued Total return Endowment Unapplied Total Retum Total Endowrnent Al the be￿nnIng of the reportkng perlod: Gift component of the permanent end¢)wment Unapplied total retum 5.538.795 5,538,795 2.554.957 2.554.957 5.538.795 2,554,957 8,093,752 Movement lft the reptyting peviod: Investment reium= dividentls antj interest Investment retum= realised and unrealised gains Le5s.' investment management Costs 159.798 442.047 133.8001 159.798 442.047 133,8Q)I 568,046 1286,9881 568,046 1286.9881 UnappI￿d total return all¢xatefl to income in the reporting period Net mo¥*m*nts in rèporfint pèriod 281.058 281,058 At end of the report1￿ period Gift component of the permanent endowment Unappl¢td total retum 5.538.795 5.538.795 2.836,015 2.836.015 To 5,538,795 2,836,015 8,374,810 19. RELATED PARTY DISCLOSURES There are no related parties other than the Trustees listed on Pa8e 2. There were no related party transactions for the year ended 31 Juty 2025. 20. GUARANTEE Every member of the Twrt undertakes to contribute to the assets of the Trust. in the event of the same bein8 wound up while he is a member, or within one year after he ceased to be a member, for payment of the debts and liabilities of the Trust contracted before he ceases to be a w￿rnber, and of the costs, charges and expen5e5 of winding up, and forthe adjustment of the rights orthe contributions among themselves such amounts as may be required not exceedin8 £1. 33 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Detailed Statement of Financial Activities 2025 Total lunds 2024 Total funds Unrestricted fvnd5 Restrirted funds Endowrnent funds INCOME AND ENOOWMENTS Dona￿0￿5 and le8acles Donations 255.353 273.353 308,000 Investmerrt intomÈ Rent ￿te1Ve￿ Dividends and interest Interest- cash depoyts Interest- deferred premium loans 269.475 138.296 43,248 703 269.475 292.052 49.290 703 258.819 299.058 42.843 1,702 153.756 6.042 451.722 159,798 61L520 602.422 Total intoming resovrfes 469.722 255.353 159.798 ¥84￿?3 910,422 EXPENDITURE Investment management costs Investment management costs Cost of rental properties 30.402 72.313 33.799 64201 71313 61.490 63.399 102.715 33.799 136.514 124.889 Charltsble ac¢i¥llles Scholarship costs Employeè tosts Office costs 506.707 202.813 61.9Yg 54,316 201.037 561,023 403￿50 61.909 530.708 151,937 63.658 771.429 255.353 IA126.782 746,303 Suppgrt ttists Manatrment Pensions paid for past services Insuran Accountancy Legal and professional costs Depreciation of tanÈitAe assets 5.321 5,321 1.086 6.385 513 3,9C 1.668 1.116 3.253 1,113 3253 1.113 15.453 13.588 This page does fomi part of the statut¢Yy fin￿0a1 ststements 34 The Farmington Trust Limited Financial Statements for the Year Ended 31 July 2025 Detailed Statement of Financial Activities - continued 2025 Total funds 2024 Total funds Unrestricted funds Restritted funds Endowment fund5 Hnance Bank charges Governance costs Auditors. remuneration 913 913 797 6,780 6.780 6,912 Total re50urce5 expended 897.2SYI 255.353 33.799 1.186.442 892.489 Net lexpendlturelllncon before ylns and losses 1427,5681 125,999 {301.569) 17,933 Realised and unrealis re¢o8nlied 8alns and I￿se5 Fixed asset investments Investment property 397.6C 540.396 442.047 839.647 540.396 1,172.587 121.9101 14el IhKome/lexperKlitsfel 510,428 568,C46 1.078.474 1,168,610 This pa8e does not form part ofthe statutory financial statements 35