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2023-09-30-accounts

The Farmers’ Company Charitable Fund Charity number 258712

Accounts and Trustee’s Report for the year ended 30[th] September 2023

Wenn Townsend Abingdon Chartered Accountants

The Farmers’ Company Charitable Fund

Contents

Trustee’s Report 1 – 8
Report of the Independent Auditor 9 – 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Accounts 14 – 23
Investment Summary Appendix 1
Funds Summary Appendix 2

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

The Worshipful Company of Farmers Trustee Company Limited presents its report and the audited financial statements of The Farmers’ Company Charitable Fund (“the Charity”) for the year ended 30[th] September 2023. The Trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

Reference and Administrative Details

Trustee

Until year ending September 2020, The Worshipful Company of Farmers (“the Company”) as a body corporate was the Trustee. Responsibility for administration of the Charity was undertaken by the Master, Wardens and Members of Court of the Company for the time being (“the Court”). From 1[st] October 2020 the Governance changed to The Worshipful Company of Farmers Trustee Company Limited and their Directors are listed accordingly.

Directors of The Worshipful Company of Farmers Trustee Company Limited

J A Sayers – Chairman Baroness H Byford DBE DL (Resigned September 2023) R J L Jones T J Russ B J Littler G W Allen (Appointed September 2023)

Charity No. 258712

Secretary and Principal Office

G E Bamford

The Farmers’ Company Charitable Fund, Farmers Fletchers Hall, 3 Cloth Street, London, EC1A

Administrator and address for all correspondence

G E Bamford, Clerk, 24 Herons Place, Old Isleworth, Middlesex, TW7 7BE

Auditors

Wenn Townsend, Victoria House, 10 Broad Street, Abingdon, Oxon, OX14 3LH

Bankers

National Westminster Bank plc, 1 Princes Street, London, EC2R 8PA

Solicitors

Stone King, Boundary House, 91 Charterhouse Street, London, EC1M 6HR

Investment Custodians

The portfolio is in the custody of Cazenove Capital Management, a trading name of Schroder & Co Limited, 31 Gresham Street, London, EC2V 7QA.

1

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Structure, Governance and Management

The Charity is a registered charity, No. 258712 and is constituted under a Declaration of Trust dated 10[th] March 1969. It was created by the Court of the Company in the furtherance of the charitable activities which are detailed later in this report. As discussed below, the Trustees changed with effect from 1 October 2020.

The Charity has benefited over the years from a number of generous individual benefactors and restricted funds set up by them are listed in the accounts. In addition, it benefited from the gift of freehold land in the City of London by Past Master W L Cardy in 1970 and the Charity continues to own the freehold of the land and adjoining properties through subscription which, subject to a 500 year lease held by various parties, is where the Farmers Fletchers Livery Hall is situated.

In 2019, the Court took advice on the governance of the Charity, initially from the Honorary Solicitor and subsequently from its legal advisers, Stone King LLP. It established the Charity Advisory Group (“CAG”). The CAG, with support from Stone King, produced a proposal for the restructuring of the Charity.

Having obtained said legal advice in relation to good governance, and in order to comply with Charity Commission guidance on connections between charities and non-charities, the Court reviewed and approved the restructuring proposal put forward by the CAG. The restructuring entailed a change in the trusteeship of the Charity from The Worshipful Company of Farmers (the “Company”), to a newly incorporated, bespoke company (the “Trustee Company”).

The Worshipful Company of Farmers Trustee Company Ltd was formed in 2020 to operate as follows:

2

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

As a result of this change, the Charity now has a modern, robust legal structure which reflects the requirements of charity law and the expectations of the Charity Commission. The change in structure also enables better management of conflicts of interest which may arise between the Company and the Charity.

Under this structure, the Company’s relevant committees, for example the Education Committee, Henman and the Almoner’s Committees, submit their proposals to the Company’s Finance Committee as was previously the practice. The Finance Committee considers, amends if required and then approves these proposals and makes recommendations to the Court. Once approved by Court, the Finance Committee applies to the Charity for funding. The Trustee Company board makes the final decision to approve, adjust or reject an application, but will be informed in its decision by the continuous dialogue with the Court, which will inform the strategy of the Charity. Third parties also submit funding applications directly to the Charity, which may or may not be linked to or have the support of the Company Committees such as the Almoner’s Committee

Financial Review

At 30[th] September 2023 the Charity’s net assets stood at £4,660,721 (which included Heritage assets valued at £265,950). Details of the income and expenditure for the year are shown on page 12 of the accounts. The Charity’s net movement in funds for the year was a gain of £61,610. The Incoming Resources where ahead of the budget and expenditure below giving rise to a net income of £59,888 before the gain on the investments of £106,722 and revaluation of property of (£105,000).

Risk Management

The Charity has developed systems to monitor and control the risks it faces so to mitigate the impact they may have on its future. This includes reviewing the level of insurance cover provided by the Charity’s insurers and wider risks considered by the various committees that run the day to day affairs of the charity including the Finance Committee who have a formal role to continually assess risks to the Charity.

The Charity continues to mitigate risk to its investments by holding the majority of its investments in managed funds to secure income and capital growth. By minimising risk, the Charity can fulfil its crucial charitable activities of supporting agricultural education, farmers in distress and assisting related charitable bodies.

Objectives and Activities

The objectives for which the Charity was founded are:

3

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Educational Awards

2) The Advancement of Agricultural Education

The Advanced Course in Agricultural Business Management is a two-week intensive residential course. The course is intended for managers of businesses in the agricultural and allied industries and through seminars, group discussions, case studies and lectures and aims to deliver improvements to the management of UK agricultural businesses.

The Challenge of Rural Leadership is a two-week intensive course intended for agriculture and agri-business managers with at least five years’ experience and the potential to become industry leaders of the future. Through lectures, visits, discussions, case studies and presentations from a wide range of visiting lecturers it aims to develop the delegate’s leadership, inter-personal, communication and media skills.

The Cranfield Business Growth Programme through its support of this course the Company provides an opportunity for agricultural delegates to be exposed to a much wider spectrum of industry managerial talent and thinking encouraging the adoption of new management practices to the industry.

Cranfield MBA – when candidates with appropriate qualifications and aptitude are found, the Company sponsors delegates for either the 1 year or 2 year MBA course at Cranfield.

Scholarships for all these courses are available from the Charity.

4) Apprentice and Overseas Travel Awards

Through generous donations, the Henman Awards have been granted since 1972 to assist young men and women to gain practical experience for their agricultural or horticultural careers and to provide grants to support younger students obtain qualification in agriculture related fields. The Awards also provide financial assistance to fund overseas travel through support of Nuffield.

The Attfield Brooks Apprentice Fund was set up in 1989 to assist Company Apprentices to “learn the art and science of agriculture”, to pursue a formal education in agriculture and to widen their experiences by overseas travel. During the year there were four Apprentices.

Almoners Committee

Charitable donations are made each year by this committee.

Public Benefit

Reference has been made to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aim and objectives and in planning our future activities.

The Charity seeks to:

4

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Thus, the educational objectives are directed not just at agricultural students in education and training at all levels but at the general public and general population. Through its support of the Surrey Docks Farm the Company supports community education for local people and children reflecting the London City Livery context of the Charity and its interest in the City of London and surrounding Boroughs.

The Charity has in place measures to assess the benefit of its activities including student feedback and reports on all courses, grants and travel programmes. We continually review the success of each activity and the benefits brought to those groups of people we have set up to help and modify delivery to ensure our educational activities remain relevant and appropriate to the prevailing conditions in agriculture.

Grant making Policy

Grant making guidelines are set out in the Ordinances of the Company. It is the responsibility of the committees and individuals making grants to assess the needs of the applicants for the assistance within these guidelines and, if necessary, seek guidance at the meetings of Court and then their recommendations passed to the Trustees.

Activities

The major regular activities of the Charity can be summarised as follows:

1) The Advanced Course in Agricultural Business Management (ACABM) The 71[st] Course took place in November 2022.

This course is funded through the Parsons Fund and by specific donations totalling £10,577

2) The Challenge of Rural Leadership Course (CRLC) The 26[th] Course took place in January 2023.

This course is funded through the Lonsdale Fund totalling £26,841

3) Cranfield Programmes

Cranfield fees amounting to £0 were paid during 2022-23.

4) Lectures

The charity supported the City Food Lecture, held virtually, which is funded through the General Fund, and the Company’s own Agricultural Lecture.

5)

Henman Travel Awards

The Education Committee allocate an annual donation to Surrey Docks Farm and a number of prizes for students at Agricultural Colleges. An award of £5,000 was granted to Surrey Docks Farm.

6) Agricultural Research

A donation of £5,000 was made towards research, which is included within Grants to institutions within note 5 to the accounts.

7) Charitable Donations through the Almoners Committee

The Almoners Committee allocated funds between the main sectors of Farmers in Distress, Education and City.

Generally, donations are funded through the General Fund, College prizes are funded through the Parsons Fund.

5

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Monitoring Achievement

Among the techniques used to monitor achievement are visits by the Master and senior members of the Court and Committees; reporting by course providers in writing and at annual presentations; reports, assessments and feedback from delegates and participants during and after their activities; appraisal of lecturers and formal performance indicators and informal measurements of satisfaction and continuous assessment.

Members of the Livery are encouraged to donate annually to the charity (£50,132 was given in this manner during the year).

The Property Fund represents the Charity’s ownership of the freehold interest and share of leasehold interests in 3 Cloth Street, London, EC1. The site was developed in the late 1980’s and the Fund receives a share of the rent payable by City Apartments.

Reserves Policy

The Charity has over the years accumulated undistributed reserves amounting to £4,660,721 which are detailed on the balance sheet. It aims to maintain sufficient reserves to be able to continue its programme of education, notwithstanding fluctuations in course income and expenditure. The Trustee considers the current level of reserves as consistent with this aim. Indeed, it is committed to growing the charity’s reserves such that they provide greater resilience to the charity to enable its investments to generate sufficient income to finance the core educational and other charitable programmes funded whilst exploring and developing new courses and causes – such as support for the City Farms and other charitable agricultural-based movements.

Investment Policy

Investment Objective: The investment objective is to maintain at least the real value of capital over the long term whilst generating an attractive, sustainable level of income to support ongoing charitable expenditure. Risk Tolerance: The Trustee wishes to minimise risk subject to achieving the above return requirement through diversification of assets.

Time Horizon: The assets have a long-term investment time horizon.

Liquidity: There is an ongoing requirement for income to support charitable expenditure. There is a potential liability for property refurbishment for which a reserve is held in cash.

Other Considerations: As a charity, the portfolio is tax exempt and the Trustee is cognisant of suitability of investment regulations set out by the Charity Commission. The direct property holding means it is unlikely that property will be considered as part of the investment portfolio.

Implementation: At the date of the accounts, the Trustee managed funds and held these in the name of the Charity. Management: In May 2020 the Finance Committee supported the results of a review by the Investment Sub Committee of investment management. The conclusion was that the members of the Investment sub-committee were all well experienced in matters of investment from their employment in City Investment Houses and as such might continue in this role but with the advent of electronic, computer, custody systems a professional Custodian should be employed provided a reasonable fee could be negotiated. As a result, a custody agreement has been reconfirmed with Schroders & Co Limited.

6

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Achievements and Performance

Our core Leadership and Management courses recommenced following a year when they were cancelled due to the pandemic. During the 2022/23 financial year, there were no Business Growth at Cranfield University candidates. The Charity has also been able to increase the number of Young Farmer awards and at the same time ensure that there are Liverymen who will support them and help develop their wider understanding of the industry.

Financial donations were given to a range of Charities that support agriculture – these included the Surrey Docks Farm, Farming and Countryside Education and Rural Support Initiatives.

Recognising that there are many within agriculture who are finding it difficult to cope with the day to day challenges of their business, the Health and Wellbeing Initiative continued. Greater awareness will be made of the need to educate all College and University graduates to cope better with both change and pressure and emphasise the importance of looking after their health.

The Charity awarded 12 prizes to individuals at universities and colleges in recognition of high achievement.

The Charity has encouraged an alumni organisation of former course members which is now financially independent but supported by the Charity's infrastructure

The Charity continued to raise its profile through extensive coverage in the media publicising its research and enhancing the reputation of the courses it runs.

Plans for future periods

The 71[st] ACABM course held at the Royal Agricultural University in November 2023 was fully subscribed and the 25[th] Challenge of Rural Leadership course is fully subscribed for January 2024.

The programme of Awards to both individuals and educational establishments will continue.

The strength and fellowship of the Livery continues to flourish with participation in all aspects of our work which provides financial support to our educational programmes.

7

The Farmers’ Company Charitable Fund

Trustee’s Report for the year ended 30[th] September 2023

Responsibilities of the Trustee

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Wenn Townsend were the Charity’s auditors during the year and have expressed their willingness to continue in that capacity.

Approved on behalf of the Trustee on 19[th] February 2024

……………………………………………........

J A Sayers

Chairman of The Worshipful Company of Farmers Trustee Company Ltd

8

The Farmers’ Company Charitable Fund

Report of the Independent Auditor

Independent Auditor’s Report to the Trustee of the Farmers’ Company Charitable Fund

Opinion

We have audited the financial statements of The Farmers’ Company Charitable Fund (the ‘charity’) for the year ended 30[th] September 2023 which comprise Statement of Financial Activities, the Balance Sheet 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 Financial Reporting Standard 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 trustee is responsible for the other information. The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. 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. 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.

9

The Farmers’ Company Charitable Fund

Report of the Independent Auditor

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustee

As explained more fully in the trustee’s responsibilities statement set out on page 8, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustee 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 trustee is 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 trustee 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

We considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to completeness of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

10

The Farmers’ Company Charitable Fund

Report of the Independent Auditor

Our procedures to respond to risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 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.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend Statutory Auditor 10 Broad Street Abingdon Oxon OX14 3LH

27 March 2024

11

The Farmers’ Company Charitable Fund

Statement of Financial Activities for the year ended 30[th] September 2023

Note
INCOMING RESOURCES
Income & endowments from:
Donations & legacies
2
Investments
3
Other
4
Total Income
RESOURCES EXPENDED
Expenditure on:
Charitable activities
5
Other
6
Total Expenditure
Net Income before
investments gains
Net (losses)/gains on
investments
9
Net Income after
investment gains
Transfers between funds
Revaluation of property
NET MOVEMENT IN
FUNDS
Total funds brought
forward
Total funds carried
forward		 Unrestricted
Funds
£
Restricted
Funds
£
Endowment
Funds
£
Total
2023
£
Total
2022
£
116,231
18,015
-
134,246
132,322
82,358
32,850
-
115,208
104,698
-
-
-
-
1,625
198,589
50,865
-
249,454
238,645
89,274
71,805
-
161,079
165,746
16,086
3,489
-
19,575
17,524
105,360
75,294
-
180,654
183,270
93,229
(24,429)
-
68,800
55,375
59,116
29,585
18,021
106,722
(114,354)
152,345
5,156
18,021
175,522
(58,979)
-
(1,358)
1,358
-
-
(105,000)
-
-
(105,000)
(140,000)
47,345
3,798
19,379
70,522
(198,979)
3,680,647
578,330
340,134
4,599,111
4,798,090
3,727,992
582,128
359,513
4,669,633
4,599,111

12

The Farmers’ Company Charitable Fund

Balance Sheet as at 30[th] September 2023

Not
e
FIXED ASSETS
Tangible Assets
10
Heritage Assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank & in hand
CREDITORS
Amounts due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted
16
Restricted
17
Endowment
18		 Unrestricted
Funds
£
Restricted
Funds
£
Endowment
Funds
£
Total
2023
£
Total
2022
£
2,100,000
-
-
2,100,000 2,205,000
265,950
-
-
265,950
265,950
1,267,415
526,668
316,945
2,111,028
1,979,235
3,633,365
526,668
316,945
4,476,978
4,450,185
30,207
5,025
-
35,232
23,118
95,292
53,762
42,568
191,622
160,444
125,499
58,787
42,568
226,854
183,562
30,872
3,327
-
34,199
34,636
94,087
55,460
42,568
192,655
148,926
3,727,992
582,128
359,513
4,669,633
4,599,111
3,727,992
582,128
359,513
4,669,633
4,599,111
3,727,992
-
-
3,727,992
3,680,647
-
582,128
-
586,507
578,330
-
-
359,513
359,513
340,134
3,727,992
582,128
359,513
4,669,633
4,599,111

Approved on behalf of the Trustee on 19[th] February 2024 and signed on its behalf by:

J A Sayers

Chairman of The Worshipful Company of Farmers Trustee Company Ltd

13

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

1. ACCOUNTING POLICIES

Basis of Accounting

The 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 to these financial statements, and 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) published in October 2019, the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The Farmers’ Company Charitable Fund has not prepared consolidated accounts as there is no requirement to do so under the Charities Act 2011.

Fixed Assets

Significant fixed assets are capitalised and depreciated over their estimated useful lives; small items are charged to the Statement of Financial Activities as incurred.

No depreciation is provided on the investment property as this represents the Charity’s ownership of the freehold land and share of leasehold property situated at 3 Cloth Street, London. The property was revalued by the Trustees with the guidance of a professional at the end of the September 2021 accounting year.

Heritage Assets

Heritage assets are stated at their insurance valuation.

No depreciation is charged on these assets as, in the opinion of the trustee, the assets have an indefinite useful life and a high residual value resulting in any depreciation charge being immaterial.

Listed Investments

Listed investments are valued initially at cost and subsequently at fair value (market value) at the year end. Any unrealised profits or losses at the year-end are brought into the Funds shown in the Statement of Financial Activities.

Unlisted Investments

Unlisted investments are stated at the cost of the share capital held at the year-end.

Stock

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

Fund Accounting

Funds held by the charity consist of:

Unrestricted General Funds, which can be used in accordance with the charitable objects at the discretion of the trustee.

Restricted Funds, which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the financial statements.

14

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

ACCOUNTING POLICIES (Continued)

Donations and Legacies

Donations and gifts are recognised on receipt by the charity. Legacies are recognised when there is reasonable assurance of their receipt, and the amount is known. Amounts received for activities restricted by the wishes of the donor are held in restricted funds.

Grants

Grants receivable and payable are included when these are received or paid.

Expenditure

Certain expenditure is apportioned between cost categories based on the estimated amount attributable to that activity in the year on a time basis.

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Restricted Endowment Total Restricted Endowment Total Restricted Endowment Total Total
Funds Funds Funds 2023 2022
£ £ £ £ £
Donation from members of the Company
17,044		 -
 - 17,044 43,930
Hall Licence Fees (members & corporate) 42,000 - - 42,000 -
Tax reclaim 4,973 - - 4,973 11,695
Corporate Partners 32,500 - - 32,500 31,500
Other donations 19,714 18,015 - 37,729 45,197
116,231 18,015
 - 134,246 132,322

Income from donations and legacies was £134,246 (2022 - £132,322) of which £116,231 (2022 - £110,892) was attributable to unrestricted funds, £18,015 (2022 - £21,430) was attributable to restricted funds and £Nil (2022 - £Nil) was attributable to endowment funds.

3. INCOME FROM INVESTMENTS

Unrestricted Restricted Endowment Total Restricted Endowment Total Total
Funds
Funds Funds		 2023 2022
£ £ £ £ £
Dividends 36,015 32,850
-		 68,865 65,433
Investment Interest 4,005 -
-		 4,005
403
Rental Income 42,338
-
-		 42,338 38,862
82,358 32,850
-		 115,208 104,698

Income from investments was £115,208 (2022 - £104,698) of which £82,358 (2022 - £73,065) was attributable to unrestricted funds, £32,850 (2022 - £31,633) was attributable to restricted funds and £Nil (2022 - £Nil) was attributable to endowment funds.

4. OTHER INCOME

Other income was £Nil (2022 - £1,625) of which £Nil (2022 - £1,625) was attributable to unrestricted funds.

15

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

5 . EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted Restricted Endowment Total Restricted Endowment Total Restricted Endowment Total Total
Funds
Funds Funds		 2023 2022
Grants Payable £ £ £ £ £
Advanced Course in Agricultural Business
-		 10,577 - 10,577 15,650
Challenge of Rural Leadership Course - 26,841 - 26,841 21,300
Nuffield Scholarships - 13,000
 - 13,000 13,000
Cranfield fees -
-		 - - 8,000
Grants to Institutions 38,243 7,990
 - 46,233 51,465
Grants to individuals - 17,350 - 4,350 2,100
38,243 62,758 - 101,001 111,515
Wages and salaries(administering charity) 34,380 8,531 - 42,911 40,111
Employer’s National Insurance 1,335 332 - 1,667 1,517
Employer’s Pension 741 184 - 925 925
Consultancy fees 14,575 - - 14,575 11,678
89,274 71,805 - 161,079 165,746

Expenditure on charitable activities was £161,079 (2022 - £165,746) of which £89,274 (2022 - £95,724) of the above was attributable to unrestricted funds, £71,805 (2022 - £70,022) of the above costs were attributable to restricted and £Nil (2022 - £Nil) of the above costs was attributable to endowment funds.

6. OTHER COSTS (Including Auditors’ Remuneration)

Audit fees
Services provided by auditors in respect of non-audit work
Professional fees
Other expenses		 Total
Total
2023
2022
£
£
5,472
3,324
6,795
4,710
83
2,133
12,350
10,167
7,225
7,357
19,575
17,524

Professional fees of £83 (2022: £2,133).

Other costs expenditure was £19,575 (2022 - £17,524) of which £16,086 (2022 - £14,726) of the above costs were attributable to unrestricted funds, £3,489 (2022 - £2,798) of the above costs were attributable to restricted funds and £Nil (2022 - £Nil) of the above costs were attributable to endowment funds.

7. EMPLOYEES AND TRUSTEE

The charity had one employee during the year (2022 – 1), whose salary is shown in note 6.

No employee received remuneration in excess of £60,000.

No Trustee (or any person connected with them) received any remuneration from the Charity or had any expenses reimbursed.

8. DEFINED CONTRIBUTION PENSION SCHEME

The charity operates a defined contribution pension scheme for its employee. Employer’s contributions of £925 (2022: £925) were payable to this scheme for the year. At the year-end £Nil (2022 - £Nil) was accrued in respect of contributions to this scheme.

16

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

9. NET GAINS ON INVESTMENTS

Net gains/(loss) on investments of £106,722, (2022 – (£114,354)) of which £59,116 (2022 – (£36,982)) was attributable to unrestricted funds, £29,585, (2022 - (£46,930)) was attributable to restricted funds and £18,021, (2022 - (£30,442)) was attributable to endowment funds.

10. TANGIBLE FIXED ASSETS

10. TANGIBLE FIXED ASSETS
Investment
Property
£
Valuation
At 1stOctober 2022 2,205,000
Additions -
Revaluation (105,000)
At 30thSeptember 2023 2,100,000
Net book value
At 30thSeptember 2023 2,100,000
At 30thSeptember 2022 2,205,000

Investment property represents the freehold interest and share of leasehold interest in the land and buildings at 3 Cloth Street, London.

The Trustee was advised by the charity’s honorary surveyor that the value of the charity’s property interest had fallen by £105,000 at 30[th] September 2023.

Tangible fixed assets with a net book value of £2,100,000 (2022 - £2,205,000) are assets which have unrestricted title.

The historical cost of the property is £1,090,307.

11. HERITAGE ASSETS

Heritage Assets
£
Carrying value at 1stOctober 2022 265,950
Addition -
Carrying value at 30thSeptember 2023 265,950

The Charity holds a collection of antiques and ceremonial items. The collection includes chains and badges of office, silver plate and antiques connected with agriculture.

The collection has been acquired since the establishment of the Worshipful Company of Farmers, the 80[th] Livery Company of the City of London, and is therefore of historical significance. Much of the collection is also in regular use during meetings of the company.

The assets have been included in the financial statements at their insured value. This follows a formal revaluation by Edward Fraser Limited of the Silver and Regalia, and revision of the certified value for insurance purposes.

In October 2019 the Senior Past Master donated a pewter bull (the “Redman Bull”) which has been included at its insurance value.

Heritage assets with a net book value of £265,950 (2022 - £265,950) are assets which have unrestricted title.

17 The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

12. INVESTMENTS

Carrying value at 1stOctober 2022
Disposals at carrying value
Acquisitions at cost
Gain on revaluation
Carrying value at 30thSeptember 2023
Historical cost at 30thSeptember 2023		 Listed
(Appendix 1)
£
Unlisted
£
Total
2023
£
1,979,235
-
1,979,235
(71,800)
(71,800)
100,327
-
100,327
103,266
103,266
2,111,028
-
2,111,028
1,343,735
-
1,343,735

The listed investments are spread across various holdings in unit trusts and individual companies.

Investments of £2,111,028 (2022 - £1,979,235) of which £1,267,415 (2022 - £1,107,972) was allocated to unrestricted funds, £526,668 (2022 - £540,696) was allocated to restricted funds and £316,945 (2022 - £330,567) was allocated to endowment funds.

13. DEBTORS

Due from Worshipful Company of Farmers
Loans due from Cloth Street Landlords
Other debtors
14. CREDITORS
Amounts falling due within one year
Other creditors
Deposit held
Loans due from Cloth Street Landlords
Accruals		 2023
£
34,186
-
1,046
35,232
2023
£
1,361
-
9,339
23,499
34,199		 2022
£
10,434
11,661
1,023
23,118
2022
£
1,260
2,094
-
31,282
34,636

18

The Farmers Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

15. TRANSACTIONS WITH RELATED PARTIES

The Worshipful Company of Farmers

The Farmers’ Company Charitable Fund was effectively controlled by the Trustee (a corporate body), The Worshipful Company of Farmers. On 29[th] July 2020 The Worshipful Company of Farmers Trustee Company Limited (company number 12778973) was incorporated, which has taken over a the sole Trustee of The Farmers Company Charitable Fund with effect from 1[st] October 2020.

The Worshipful Company of Farmers paid £1,690 (2022: £1,364) on behalf of the charity during the year. The Worshipful Company of Farmers also received £36,995 (2022: £31,873) on behalf of the Charity during the year under review.

At 30[th] September 2023 the Fund was owed £25,274 by The Worshipful Company of Farmers (2022: £10,434) in respect of payments made by the Charity on behalf of The Worshipful Company of Farmers.

Cloth Street Landlords

Cloth Street Landlords is the name given to the joint venture between the Charity and The Worshipful Company of Fletchers, which jointly owns and lets the property at 3 Cloth Street, London.

At the year-end Cloth Street Landlords owed the Charity (£9,339) (2022: £11,661).

19

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

16. UNRESTRICTED FUNDS

General Fund
Property Fund
Property Reserve Fund		 Opening
Balance
Incoming
Funds
Outgoing
Funds
Gains/
(Losses)
Transfers
Closing
balance
£
£
£
£
£
£
1,265,647
198,589
105,360
59,116
(30,000)
1,387,992
2,205,000
-
-
(105,000)
-
2,100,000
210,000
-
-
-
30,000
240,000
3,680,647
198,589
105,360
(45,884)
-
3,727,992

The Jubilee Fund was a designated scholarship fund set up in 2002 to celebrate the 50[th] Anniversary of the Company and the Queen’s Golden Jubilee. It is a currently held within the general fund.

The Property Fund represents the Charity’s ownership of the freehold interest in the property at 3 Cloth Street, London.

The Property Reserve Fund was set up to ameliorate any expenses arising from the ownership of 3 Cloth Street, with a sum being transferred into it on an annual basis from rentals received.

17. RESTRICTED FUNDS

Opening Incoming Outgoing Gains/ Closing
Balance Funds Funds (Losses) Transfers Balance
£
 £ £ £ £ £
____________
Henman Fund 146,648 10,748 46,412 6,696 (1,075) 116,605
Lonsdale Fund 311,263 18,182 16,781 17,508 - 330,172
Parsons Fund 79,598 19,107 11,228 4,435 - 91,912
Brooks Apprentice Fund
 40,821
 2,828 873 946 (283) 43,439
578,330 50,865 75,294 29,585 (1,358) 582,128

20

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

18. ENDOWMENT FUNDS

Opening Incoming Outgoing Gains/ Closing
Balance Funds Funds (Losses) Transfers Balance
£
 £ £ £ £ £
____________
Henman Fund 129,834 - - 6,996 1,075 137,905
Lonsdale Fund 140,766 - - 7,648 - 148,414
Parsons Fund 41,704 - - 2,578 - 44,282
Brooks Apprentice Fund 22,775 - - 799 283 23,857
Suffolk Endowment Fund
5,055		 - - - - 5,055
_________
340,134 - - 18,021 1,358 359,513

The income generated by the above funds is allocated to each matching restricted fund.

19. DESCRIPTION OF RESTRICTED FUNDS

Henman Fund

The late Mr Philip Henman gave this fund to the Charity, to enable applicants to travel to gain practical experience to assist them with their agricultural or horticultural careers, the object being to assist those who would be precluded from travelling by lack of financial resources or access to the same. It was not intended to be used in the realms of general education.

The late Mr Henman, when he donated the fund, stated that he wished it to be invested in high income securities.

Mr Henman also stated that he would wish the Trustee to set aside 10% of the restricted income each year.

Lonsdale Fund

The late Lord Lonsdale, in donating this fund, in a Declaration dated 16[th] September 1985, stated that it was to be held on trust to use the income thereof for adult educational purposes in connection with agriculture or failing that for other charitable purposes of the Charity. The capital may only be distributed at the discretion of the Court of the Company of Farmers in the event of the winding up of the Charity.

Suffolk Endowment Fund

A donation of £5,000 was received from the Suffolk Agricultural Association in 1993 to be placed in an Endowment fund to be known as the ‘Suffolk Endowment Fund’. Accrued interest from the fund was designated to assist candidates from the county on the educational courses.

Research Fund

The Research Fund represents restricted income received for the purposes of agricultural research.

21

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

20. DESCRIPTION OF RESTRICTED AND ENDOWMENT FUNDS (Continued)

Parsons Fund

In a document dated 31[st] July 1987 Geoffrey and Isla Parsons agreed to provide £30,000 payable under two Deeds of Covenant. The document states that the income derived from the fund is to be used annually for the following purposes:

The document of 31[st] July 1987 also states that the capital of the Fund together with the income accruing on the loan is to be invested by the Trustee to provide a balance of capital growth and income.

Brooks Apprentice Fund

This fund was given to the Company’s Charitable Fund by Past Master C A Brooks, who wished it to be invested in high income investments, for 10% of the restricted income to be reinvested each year to compensate for inflation, and for the balance of the income to be used for the benefit of education of the bound apprentices of the Worshipful Company of Farmers.

The fund can accordingly be used to finance assistance for apprentices inter alia as follows:

The Court has subsequently agreed that the fund should also provide the Bible which is given to each apprentice when he is bound, and a copy of the History of the Company whilst they are available.

22

The Farmers’ Company Charitable Fund

Notes to the accounts for the year ended 30[th] September 2023

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Endowment Total
Funds Funds Funds 2023
£ £ £ £
Fixed assets 3,633,365 526,668 316,945 4,476,978
Cash and current investments 95,292 53,762 42,568 191,622
Other current assets 30,207 5,025 - 35,232
Creditors within one year (30,872) (3,327) - (34,199)
Total 3,727,992 582,128 359,513 4669,633
Unrestricted Restricted Endowment Total
Funds Funds Funds 2022
£ £ £ £
Fixed assets 3,578,922 540,696 330,567 4,450,185
Cash and current investments 116,809 34,068 9,567 160,444
Other current assets 18,460 4,658 - 23,118
Creditors within one year
(33,544)		 (1,092) - (34,636)
Total 3,680,647 578,330 340,134 4,599,111

23