Charlty reglstration number 258459 SAMUEL WILLIAM FARMER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SAMUEL WILLIAM FARMER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Peter Fox-Andrews Mr Charles Brockis Mrs Jennifer Liddiard Mr Bruce Waight Mrs Elaine Dewey Secretary Mrs Melanie Linden&Femor Charlty numb•r 258459 Principal address 71 High Street Market Lavington Itshi SN104AG Ind•p•nd•nt examlnor David Owen & Co 17 The Market Place Devizes ltshire SN10 1BA Solkltors Wansbroughs Solicitors Northgale House Devize5 Wltshire SN10 1JX Investm¢nt advisors Ev&lyn Partners Investrnent Management LLP 45 Gresham Street London EC2V 78G
SAMUEL WILLIAM FARMER TRUST CONTENTS Page Truslé8s' report Independent examinerfs report Statement of finanei81 activities Balanc8 sheet Notes lo the financial statements 7-14
SAMUEL WILLIAM FARMER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees wesent their annual report and financial statements for the y&ar ended 31 December 2023. The fin8ncial stalemerrts have been prepare(l in a¢cordan¢e vlilh the accounting policies sel out In note 1 to Ihf ftnancial staternenls and comply with the Trust trust deed, the Chanles Act 2011 and"Accounting and Reporting by Chanlies.. Ststemenl of Recommended Practice applicable to ¢harities preparing Iheir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectlves and actlvltles ObJecllv88 and actlvltl•s The Charity was established in 1928 for the benefit of poor persons who through ill health or old age are unable lo eam a livelihood, for educational purposes and for the benefft of hospitals. nursing and convales1 home or similar obJ'odiv8s. Th8 Trustees vthile acknovledging the aims and objectives laid down in 1928. have applied a modern InterPreL1tsn of suth aims and objectives, In addition to application5 for grants made by various individuals and organisations directly lo the secretary, Trustees bring suggeslh)ns and applications for grants to their haff yeaify meetings. Grants must be formally approved Ore they are made. There must be at least three Trustees present al 8 meeting for deci$Dn5 to be made and agreement18 by majoTty wlh the chairman having the casting vote. Ststsmgnt on publle b•nèfrt The trustees are awa of the Public Benefit provisions of the Charities Ad 2011 and of the guidance on thern published by the Charrty Commission. They are Satisfied that the objects of the Charity 8nd the activities of the Charity are within the definitions of Charitable Purposes as sel down in the Act. The Trustees are not aware of any public delrimenl caused by the Charity's objects 01 activities, and nor are they aware of anyone reoiving èny private benefit from the Charity's activities. Achlevements and perfom)ance Revlew of actlvllles DurirKJ the year the Charity has fulfilled it objectives by providing support for the advancement of edu¢ation and the relief of povfrty and SLrfering. These have been primarily locat WlIn the Wllshire area. A summary of the grants made is found in note 4 and note 5 to the financial ststements. Flnanclal revlew Golng concem After makin9 appropriate enqrieS, the trustees have a rOnable expectalicm that the Charity has adequate resources to continue in operational existence for the fmseeable fuluTe. For this reason they continue to adopt the going concern basis in prepanng the finanual ststements. Further detsils regarding the adoption of the going conc8rn basis ean be found In the Accounting Pdicie5.
SAMUEL WILLIAM FARMER TRUST CONTENTS Page Trustees, report Independenl examiners report Stalém8nl ot finanaal aclovities Balance Sheet Notes to the finanual statements 7-14
SAMUEL WILLIAM FARMER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees tyesenl their annual report and finanaal ststements for the year ended 31 DeKemb¢r 2023. Tre financlal statements have been prepared In accordance wth the aecounting policies sel out in note 1 to the financial ststements and comrAy with the Trust trust deed, the Charities Act 2011 and"Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities Preparing thèir accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019}. ObJ8ctlv6s and actmlles Objoctlves and actlvltlgs The Charity was established in 1928 for the benefft of poor Pern8 who through ill health or old age are unable to earn a Iiv81ihood, for edatIOnal purposes and for the benefft of hospitsls, nursing and convaleswt home or similar objedives. The Trustees while aCkno%edgIng the aims and objectives laid down in 1928, have applied a modem inlerpretalion of such alms and objectives. In addition to applications for grants made by various individuals and organisations drectly to the secretsry, Trustees bring suggeslions and applications for grants to their half yearly meetings. Grants must be fomially approved before they are made. There musl be at least three Truslee$ present al a meeting for decisi)ns to be made and agreement is by majority wth the chairnian having the casts'ng vole. Statgment on publ1¢ beneflt The trustee5 are aware of the Public Benefit prowsions of the Charities Acl 2011 and of the guidanee on them published by the Charity Commission. They are sa115fied that the objects of thè Charity and the aetivities of the Charty are wthin the definitions of Chafitable Purpose5 as set down in the Act. The Trugtses ar8 not aware of any public detriment caused by the Charity's obj'ects or 8clivities, and nor are they aware of anyone rl¥Ing any private beneffl frc*n the Charty's aGtivities. Achievemonts and p•rfom)anc• Revlew of actlvftles Dunng the year the Chwly has fulfilled il objectives by providing 5UPPOrt for the advancement of education and the relief of F<Jvety and suffering. These have been primarity lsxoled within the Wltshire area. A summary of th8 grants made is found in note 4 and note 5 to the finanaal stslements. Financial revlew Golng concern After making appropriate enqubries, the trustees have a reasonable expe¢XatKJn that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the finala1 statement$. Further detsils regarding the adopb'on of the going concern basis can be found in theAccounting Policies.
SAMUEL WILLIAM FARMER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investment and r8sgrv8 policy The Charity dislribules ils ineome to worthy causes durfng eath year and there Is no F<)Ilcy for dIng in¢0 serves. Evelyn Partners have the conduct of thè Trust's portfolio. The C8pitsI Fund is invested in various incom¢ units. stocks and shar8s with income from dividends deposrted lo the Incomè Fund. It is the Trustees, poliw to retain the Capital Fund to generate income for distribution and the inveslments are in suitably man4e(I furKls for this purpose. The Trustèes ¢onlinue lo review the profile of the investments a regular basis and receive quarterly reports, Information from the Charity's inve$lment manoger$ Evelyn Patt)ers and when required ask lor their attondance to the Trustees, biannual meetings. The Charlty has fijnds. Income and Capltsl. Grants are mad8 from the Income FuTrJ. If the Irthm6 Fund Is In deficit then the Trustees have power to transfer sufficient funds from the Capitsl Fund lo the InGome Fund to dear the deficit. The Income Fund at the year end was in surplus by £4.04312022.' £Nill- Strncthre. govemance and management Con$tJtullon The Samuel Wlliam FarmerTrusl 18 constituted by Deed of Trust. The Trustees normally meet half yearly and must meet al least hvice a year in accordance with their goveming document. The maximurn number ofTrusl8es the Charity can hava is fiv8 and there musl be at least three. thod of appolntmonl or eloction of Trustses Vacancies are filled by the agreement of the remaining Trustees. ststement of trustees. respon$lbllltle$ The trustees are responsible for preparing the Trustee$. Report arKI the finanGial statements in accordance with applicabl? law and United Kingdom Attounting Stsndards (Unrted Kingdom Generaliy Accepted Accounting Practice}. The law applicable lo charities in England and Wales qUIreS the trustees lo prepare financial statements for each financial year which give a true and fail wew of the slate of affairs of the Trust and of the incorning rex)urees and application of resourees of the Trust for that year. In preparing these financial ststements, the trustees are required to.. select suitable accounting policies and Ihen apply them consistendy,. - observe the methods and prinaples in the Charities SORP., - make judg8menls and estimates that are reasonable and prudent., state wheth8r applicable accounting standards have been followed, subject to any Mat81 departwes disclosed and explained in the finanual st*ements; and prepare the financial statements on the going concem basis unless It Is inappropri8le to presume that the ¢harlty 11 tonlinue in operaitsn. The trustees arè resFonsible for keepin9 sufficlenl accounts'ng records that disclose with reasonable auracY at any lime the financial position Of the Trust and enable them lo ensure that the financial statemonls wmply with the Ch8rities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the prowsions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the preventlon and detection of fraud and other Irregularities.
SAMUEL WILLIAM FARMER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ttte trustses, report was approved ty the Board ofTwst8es. Mr er Fox-Andrew$ Trusteo 11 April 2024
SAMUEL WILLIAM FARMER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAMUELWILLIAM FARMER TRUST I report to the trustees on my examination of the financial slalements of Samuel Willi8m Famier Trust {the Trust) for the year ended 31 December 2023. Rosponslbllltles and basls of roport As the trustees of the Trust you are responsible for the preparation of the financial statements In accordance with the requirements of Charitie5 Ad 2011 (the 2011 Acti. I report in respect of my 8xaminab.on of the Trust's financial statements carried out urKler seclKJn 145 of the 2011 Act. In carrying oul my exeminalion I have followed all th8 applicable Dir8dions given by the Charity Commission under section 145(5){bl of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the charity has prepared financial statements in accordarte wlh Accounting and Reporting by Charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK arKI Republic of Ireland IFRS 1021 in preference to the AUntIng and Reporting by chares." Slalement of Recommended Praclice issued on 1 April 2005 whi¢h 1$ referred to in thè extant regul8llons bul has now been withdrawn. l understand tha this has been done in order for finaneial stslements to provide a true and fair view in accordance with Generally AcceptedAccounting Practice efflIve for reporting periods beginning on or after 1 January 201 S. I have cc¥npleled my examination. I confirm that no matters have come lo my attention in eonnection wlh the examination giving me cause to b81iev6 that in any material respect= aOUntIng records were not kept in re5ped of the Trust as Tequired by 5e¢tion 130 of the 2011 Act.. or the financial statements do not ace£Jrd wth those records; or the financial statements do nol comply wlh the applicable requirements conceming the form and ¢ontenl of eccounls set out in the Charities (Accounts an¢J Reports) Regulations 2008 other than any requirèment that the accounts give a Irue and fair view which is not a matter considered as part of an independent examination. I have no ¢oncems and have Come across no other matters in connectlon th the examination to whi¢h attention should be drawn in thi5 report in order lo enable a proper understanding of the fin8wal slalements to be rea¢h¢d. Julian Poc(xk FCA CTA Davld Owen & Co 17 The Market Place Devizes hshire SN10 1BA Dated..
SAMUEL WILLIAM FARMER TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Income fund 2023 Capitsl fund 2023 Totsl Incom• fund 2022 ¢apltsl fund 2022 Total 2023 2022 Notes Investment income 70,533 70,533 61,192 61,192 ndlturn on: Inveslment management costs 23,611 23,611 25,152 25,152 Charilable activitie5 66.490 66,490 64,365 64.365 Total axpendfturn 66,490 23,611 90.101 25,152 89,517 Net gainslllossesl on investments 97.750 97.750 (313.915) 1313,91 s) GrtyJ8 transfers betsveen funds Net movement in funds 3,173 13.1731 1342.2401 1342,240) 4.043 74,139 78,182 Fund balances al 1 January 2023 2.869.337 2,869,337 3,211.577 3,211,577 Fund balances at 31 December 2023 4.043 2.943.476 2,947,519 2,669.337 2,869,337 The statement of finala1 activities includes all gains and losses COgnIsed In the year. The statement of financial ath'viti'es includes all galns and losses recognised in the year. All irtome 8nd expendilu derive from continuing 8Ctivibes.
SAMUEL WILLIAM FARMER TRUST BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Notss Fixed assets Investrnents 11 2,891,772 2,653.423 Cufrent assets Debtors Investments Cash at bank and in hand 12 13 159 30,117 27.703 1,022 194,285 22,707 57,979 218,014 Credltors.. amounts falllng duo wlthln one year 14 12.232} {2.100) Net current assets 55.747 215.914 Total assets I5 current Ilabllltles 2.947,519 2,869,337 Charlty Funds Capital fLFnd Income lund 16 15 2,943,476 4,043 2,869.337 2.947.519 2,869,337 The financial statsmenls were approv by the Trustees on 11 April 2024 Mr Peter Fox-Andrews Chalrn)an Mr Charfe$ Brod(Is Trustee Mrs Jennrfer Liddiard Tru¥tee Mr Bruce Waigh Trustse Mrs Elaine Dewey Trnstee
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng policies Charity inforniatlon Samuel Wlliam Famier Trust is a publie benefft entity registered with and regulated by the Charty Commtssion under Charity No. 1124955 and 1$ g¢)verned ty its Trust Deed. 1.1 Accounting convontlon The financial statements have been prepared in accordance with the Trusvs governing document. the Charities Act 2011, FRS 102 "The Finanual Reporting Standard applicable in th8 UK and RepllIe ot Ireland. fFRS 102.} and the Charities SORP Accounting and Reporting by Charitles.. Stslement of Recommended Practice applicable to charities preparing their 8ccounts in aCCordare with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021" (effective 1 January 20191. The Trust Is a PL*)lic Benefit Enlty 88 defined by FRS 102. The TTUSI has taken advantage of the provisions in the SORP for charrties not to prepare a Statement of Cash Flows. The financral statements have departed from the Charities (Accounts and Reports) Regulations 2[8 onty to the ext8nt r8quir8d lo provide a true and fair view. This departure has involved follong the Statement of Recommended Practice fof charities applying FRS 102 rather th8n the version of the Statement of Recommended practi which is referred to in the Regulations bul which has since béen vhlhdrawn. The finanual statements are prepared In sterfing, which 1$ the functional currgncy of the Trust. Monetary amounts in these finanryal statements are roundad to the nearest £. The financial statements have been prepared under the historul cost ¢))nvenlion, m¢xlified lo include the revaluation ot certain financial instrumen18 at fair volue. Th¢ princ6pal accounling polKie$ adop1 are set out below. 1.2 Going concern Thefe are no material uncortainlies Ihal may cast $ignifi¢ant doubt about the Twsl's ability to (vntinue as a going concern, thus the trwqtees continue to adopt the gng concern b8sis of a¢countlng in preparing the financial stal8m8nts. 1.3 Charitable funds Income lund is availabla for use at the discretion of the trustees in furtherance of their charitable obieclwe5. Cakjtal ftjnd is invested lo generate income for di51ribubon. The Trustees have the power to transfer slrfrient funds from the Capital fijnd to the Income fLtnd to dear any deficit. 1A Income All income is recognised On the Trust has ents'llemenl to the irthme. it is probabk that the income %¥lll be received the amount of income receivat4e can be mèasured reliably.
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng poliei•s {Contlnued) 1.6 Expendfture Expenditure is wognised once there is a legal or constructive obligation to Iran¥fer econcxnic benefit lo third paty. it is probable that a transfer of econ1¢ beneffts will te required in Settlement. and the amount of the obligalitjn can be measured reliably. Expenditure is classified by activrty. The costs of each activity are made up of the totsl of dIrt costs ar shared costs, induding support costs involved in undertaking ea¢h adivty. Direct costs attribLrtatAe lo a single aclivty are allocated directly to that activity. Sh8red costs which contribute lo more than one aclivity and support C051s which are not attributable to a single aclivity are apporboned betsyeèn those aclivitKgs on a basis conslstenl wllh the use of resources. Support costs are those costs iKurred diredy in support of expendrture on the objects of the Twst Governance costs are those incurred in connedion with administration of the Tru8t and compliance th constitutional arKI statutory requirements. All expenditure is I$ve of irrei8[abl8 VAT. 1.6 Flxed asset Investments Fixed asset invg$lmenl$ are in"allY measured al transaclion price 8xduding transactlon costs, 8fKJ are subsequently measured al fair value al each reporting date. Changes in fair value are reco9nised in net incomellexpenditurel for the year. Transaction costs 8re expensed as irKurred. 1.7 Catsh and cash èquivalènts Cash at bank and in hand indudes cash. 1.8 Financial instrum•nts The Trust only has financial assets and financial liabililles of a kind that qualify as basic financial instruments and therefofe the Trust ha5 elected to apply the promsions of Section 11 'easic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of ils finan081 in8trumenl$. Flnancial instruments are recogni¥ed in the Trusl'g balance 8heet vthen the Trust becom¢$ party lo the ccffltractual provIsnS of Ihg itrumenL 1.9 Taxatlon The Samuel Wlllian Farmor Trus( as a registered charity. obtsins exemption from taxation uThJer part 10, ITA 2007 and $.256 TCGA 1992. Investment Income ID¢ome fund Income account 2023 2022 Evelyn Partners.. Investment inccffle COIF deposit interest 70,373 160 81.149 43 70,533 61.192
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Invg8tment management Costs Capltsl funds general 2023 Capital funds general 2022 Evelyn Partners.. Investment management fee5 23,611 25.152 23,611 25,152 Expendlture on charltable actlvltl•s 2023 2022 DiT9Ct costs Grant funding of activities (see note 5) 58,762 57,200 Share of support and govornanGe Gosts (see note 6) Support Goveman 3,633 4,095 3,605 3.560 66,490 64,365 Analysis by fund Unrestricted fijnds fj6.490 64,365
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants YbIg 2Q23 2022 Grants to institutions: Annual Grants Royal Agricultural B6n8volent Institution IndependentAge 10,000 10,000 10,000 10,000 20.000 20,000 Alexander Dewne Children's CancerTrusl Alzheimers Support Aspiro Bolth Trust Bredoncare Clubs Caenhill Countyside Centre Canal & River Trust Communlly Safety Education Dorothy House Hospice Charty Faming and Wildlife Advisory Group SW Great Weslem Hospital NHS Foundation Trust Brighter Futures Guide Dogs for the Blind Hope For Tomorrovrf Pennyhooks Farm Trust People Against Povoty Prospect Hospice R&Engage Tall Ships Youth Trust Thames & Kennel Narrow Boat Trust The Amber Foundation The Inspire Foundation The Livin9 Paintings Tiusl The Magdalen Enwronmentsl TrLssI The Stsrs Appeal.. Salisbury Hospital thire rAmbulance lishire Bcbby Van Trust Iitthire Omithological Souety Fhshire Rural Music S¢hool ire Sight (Wiltshire Blind) Inslon's Wsh Youth Adventurg TTUSt 4y(th {South Westi 1.000 2,000 2,000 2.000 2.000 2,632 2,000 1,100 2,500 1,000 3,000 1,830 2,000 2,000 1,500 2,000 2,000 2,500 2,000 2,000 2,000 1,500 1.000 2,000 5,000 1,000 1,000 5,000 2,000 2,000 2,000 1,000 2.000 2.000 37.562 36,000 Grants to IndNldual$ Infirm. Old Age and Long Service Worker 1,200 1,200 Total 58,762 57.200 10-
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs and governan costs Support Governanc• costs Costs 2023 Support Govgrnance 2022 staff cosls Inrance Mlscellaneous e>penses Travel, postage. stationery, meeting expenses etc.. includes reimbursed to all Trustees arKI se¢xetary 3,000 223 82 225 3,225 223 82 3,000 354 40 225 3,225 354 328 836 1,164 211 761 972 Independent examination foe 792 1,860 382 792 1,860 382 750 1,530 750 1,530 294 otjntancy Cost of trustee meetings 3,633 4,095 7.728 3,605 3,580 7,185 Trustee8 2023 2022 Remuneration 225 225 Reimbunsed expenses 1.120 1,040 Under the terms of the Trust Deed eaL* Twslee Feceives a payment of £45 during the year. Twslees have been reimbursed for the biannual Trustee5' meeting meal and travelling expense$. Employaes Thè average monthly nLmber of employees during the yearwas". 2023 Numbor 2022 Number Seuelary Employment Costs 2023 2022 W8ges salaries 3,000 3,000 There were no employees whose annual remuneration was more than £60,OQO. 11
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net galnslllossesl on Investments Cap6tal funds 2023 Capital fiJnd8 2022 Revaluation of investments Realised gainllloss) on sale of investmen18 97,872 11221 1322,334) 8,419 97,750 1313,915) 10 Taxatlon The charity is exempt from taxation on its actItS because all its income 15 applied for charitable purposes. 11 Flxed asset Investments Llsted Investrn8nts Cost or valuatlon At 1 January 2023 Additn$ Valuation changes Disposals (Proceeds £957,146) 2.653,423 1,097,745 97,872 1957.2681 At 31 December 2023 2,891,772 Carrylng amount At 31 December 2023 2.891,772 At 31 December 2022 2.653.423 All Inveslments are carried at their fair value. Investments in equilies and fixed intsresl securities are traded in quoted public maTketS, Primarily the London Sto¢k Markets. The basis of fair value for the listed investrn&nls is equivalent lo the market value, using bid price. The r¢valualion was perfomed by Evetyn Partners. 12 Debto 2023 2022 Amounts falllng due wlthln on8 ygar: other debl¢YS Prepayments and accrLred income 74 85 109 913 159 1,022 12-
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Current asset Investments 2023 2022 Cash held by Evelyn Partner8 30,117 194,285 14 Credltorn: amounts falllng dug wlthln on$ y•ar 2023 2022 Acuuals and deferred income 2.232 2.100 15 Ststerne of funds ststement of funds- current year Movement In funds Resour¢e• Tr•n$forn exponded Balance al 1 January 2023 Incoming our¢es Galn$ and Balance at ltssse• 31 Docembor 2023 Capitsl fund In¢XJme fund 2,869,337 (23.611) (66,490) 97,750 2,943,476 4,043 70,533 2,869,337 70,533 190,101) 97,750 2,947,519 Statement of funds- pyevlous year Movement In funds R•sourG Trdnsfe oxponded Balance at 1 jaary 2022 Incomlng resourcoB GalM and B•lonc8 at h)5505 31 December 2022 Capital fund Income fund 3,211,57T 125,152) 164.365) (3,1731 1313.915) 2,869,337 3,173 61,192 3,211.577 61.192 189,517} 1313,915} 2,869,337 The Trust has ljvo fiJnds. Income and C8Pftal. Grants are made from Ihe Income Fund. If the Inme Fund 1$ in defiert then the Trustees have the power to transfer sufficient fund5 from the Capital FLtnd lo the Income Fund to dear the defial. 13-
SAMUEL WILLIAM FARMER TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Anatysls of net a$sets bètween fund8 Incomè fund Capital fund 2023 2023 Total Income fund Capital fund 2023 2022 2022 Total 2022 Fund balances at 31 December 2023 are repre8ented by.. Investments GUent assetsl{liabilitiesl 2.891,772 2,891,772 51,704 55,747 2,653,423 2,653,423 215,g14 215,914 4.043 4,043 2,943,476 2,947,519 2,869,337 2,869,337 17 R•latad party transactlons There were no disclosable related paty transactions during the year {2022 - £Nill- 14-