The Farmers, Company Charitable Fund Charity number 258712 Accounts and Trustee's Report th for the year ended 30 September 2024 Wenn Townsend Abingdon Chartered Accountants The Farmers, Company Charitable Fund Contents Trustee's Report Rèport 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 Fami¢r¥' Company Charltable Fund Trustee's Report for the year ended 30 September 2024 The Worshipful Company of Farmers Trustee Company Limited presents its report and the audK(ed financial statements of The Farmers, Company Charitable Fund 1.the Charity'l for the year ended 30th September 2024. The Trustee has adopted the provisions of the Statement of Recommended Practice ISORPI °Accounting and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the Charity. Reference and Admlnlstrative Detail$ Trustee Until year ending September 2020, The Worshipful Company of Famiers I'the Company'l as a bcxjy corporate was the Trustee. Responsibility for adminislralion of the Charity was undertaken by the Master, Wardens and Members of Court of the Company for the time being I'the Court'l. From October 2020 the Governance changed to The Worshipful Company of Farmers Trustee Company Limited and their Directors are listed accordingly. DirLXtors of The Worshi ful Com an of Farmers Trustee an Limited J A Sayers DL- Chairman RJLJones TJRuss Mrs 8 J Littler G WAllen Charl No. 258712 Secreta and Princl al Offlc G E Bamford The Farmers, Company Charitable Fund, Fam)ers Fletchers Hall, 3 Cloth Street, London, EC1A Administrator and address for all corrgs ondence G E Bamford, Clerk, 24 Herons Place, Old Islewortl, M.;ddlesex, 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, EC1 M 6HR Investment Cu todlans The portfolio is in the custody of Cazenove Capital Management. a tradin9 name of Schfoder & Co Limited, 31 Gresham Street, London, EC2V 7QA. The Farni¢rs' Company Charitablg Fund Trustee's Rgport for the year ended 30th September 2024 Structure Governance and Mana ement The Charity is a registered charity, No. 258712 and is constituted under a Declaration of Trust dated 1 Otn 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 several 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 lo 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 and Fletchers Livery Hall is situated. In 2019, the Court look advice on the govemance ofthe Charity, initially from the Honorary Solicitor and subsequently from ils legal advisers, Stone King LLP. 11 established the Charity Advisory Group l°CAG°l. The CAG, with support from Stone King, produced a proposal for the re5trucluring of the Charity. Having obtained said legal advice in relation lo good governart￿. and in order to comply with Charity Commission guidance on connections be￿een charities and non-charilies, the Court reviewed and approved the reslrucluring proposal put forward by the CAG. The restructuring entailed a change In the trusteeship of the Charity from The Worshipful Company of Farmers Ithe Company'l, to a newly incorporated, bespoke Company Ithe Trustee Company") The Worshipful Company of Farmers Trustee Company Ltd was formed in 2020 to operate as follows". The Trustee Company is a non-charilable company limited by guarantee, established lo act as the sole corporate Iruslee of the Charity. The Court may nominate up to three directorsllruslees to be on the Board of the Trustee Company. These nominations will be considered for appointment by the Board. The purpose is to ensure there is a strong relationship between the Company and the Trustee Company while also maintaining an appropriate degree of independence, as Tequired by charity law. For this reason, al any one tsme a majority of the directorsltrustees of the Trustee Company must be individuals who are not also members of the Court These individuals will include Liverymen and those who are independent n￿rnbers. Initially there are five direclorsllrustees, but this number may be increased to seven. The first directorsllruslees were". Ju5ian Sayers Imember of Court and Past Master), Guy 8rogden Imember ol Courtl, Baroness Hazel Byford DBE DL (Liverymanl, Timothy Russ (Liverymanl and Rupert Jones lindependenl director - Past Master and Treasurer of the Worshipful Company of Solicitors). Guy Brogden stepped down in September 2022 and was replaced by MTS Belinda Young and by rolalion. Barone55 Hazel Byford stepped down in September 2023 and was succeeded by Mr William (Bill) Allen. As a matter of practice, il is anticipated that the Chair of the Trustee Company shall be a past Master of the Company. where this option is available. An application was made lo the Charity Commission lo appoint the Trustee Company as the Trustee of the Charity, thereby conferring Irust corporation status on the Trustee Company so that il can deal with the Charity's assets as necessary. The Charity Cornmission subsequently gave their approval. The Farmers, Company Charitsble Fund Trustee's Report for the year 8nded 301h September 2024 As a result of this change, the Charity now has a modem, robust legal structure whieh reflects the requirements of charity law and the expectslions of the Charity Commission. The change in structure also enables better management of conflicts of interest which may arise be￿een the Company and the Charty. Under this structure, the Company's relevant committees, for example the Education Committee, Henman Brooks and the Almonerfs 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 lo the Court. on￿ approved by Court, the Finance Committee applies lo the Charity for funding. The Trustee Company Board makes the final decision to approve, adjust or reject an application, bul will be informed in its decision by the continuous dialogue with the Court which will Inft)rm the strategy of the Charity. Third parties also submit funding applications directly to the Charity, which may or may not be linked lo or have the support of the Company Committees such as the Almoner's Committee Flnanclal Review AI 30th September 2024 the Charity's net assets stood at £5,007,769 (which included Heritsge assets valued al £265.9501. Details of the income and expenditure for the year are shown on page 12 of the accounts. The Charity's nel movement in funds for the year was a gain of £338,136. The Incoming Resources where ahead of the budget and expenditu￿ below giving rise to a nel income of £93,218 including a £20,000 legacy before the gain on the investments of £244,918 and revaluation of property of I£Nil). Rlsk Mana ement The Charity has developed systems lo monitor and control the risks it faces so lo mitigate the impact they may have on ils future. This includes reviewing the level of insurance cover provided by the Charity's insurers and wider risks considered by the variou5 committees that run the day-to-day affairs of the Charty including the Finance Committee who have a formal role to continually assess risks lo the Charity. The Charity continues lo mitigate risk lo its investments by holding the majority of its investments in managed funds lo secure income and capitsl growth. By minimising p.sk, •he Charity can fulfil ils crucial charitsble activities of supporting agricultural education, farmers in distress and assisting related charitable bcxyies. b"ectlves and A¢tlvltles The objectives for which the Chafity wa5 founded are: To encourage and foster agricultu￿ and ancillary occupations in the United Kingdom, through agricultural education and the provision of training, grants, bursafies and educational awards lo inspire. drive and recognise excellence. To accept any securrties or trusts for the above purposes. To assist any proceedings calculated to support the above objects and to oppose any act, proposal or other rnatter likely to harm the said occupations. To provide for necessrtous members of the Company and their dependants by pension or otherwise. The Farmers. Company Charitable Fund Trustee's Report for the year ended 30th September 2024 Educational Awards 1) The Charity, makes annual awards to a student in a number of agricultural Universities and Colleges, throughout the UK, who in the opinion of the educational establishment. has shown the greatest aplilude when salisfaclorily completing hisjher land based educational courses. The Advancement of A 21 ricullural Education The Advanced Course in A ricullural Business Mana ement is a Imo-week intensive residential course with other modules. 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 lo deliver improvements lo the management of UK agricultural businesses. The Challen e of Rural Leadershi is a two-week intensive residential course intended for agriculture and agri- business managers with at least five years, experience and the potential lo become industry leaders of the future. Through lectures, visits, discussions, case studies and presentations from a wide range of visiting lectu￿rS il aims lo develop the delegate's leadership, inter-personal, communication and media skills. The Cranfiekl Business Growth Pro ramme through ils support of this course the Company provides an opportunity for agricultural delegates lo be exposed to a much wider spectrum of industry managerial lalenl 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 al Cranfi'eld. Scholarships for all these courses are available from the Charity. 31 Other courses are considered from time to time as appropriate. rentice and Overseas Travel Awards 41 Through generous donations, the Henman Awards have been granted since 1972 to assist young men and women lo 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 lo fvnd overseas travel through support of Nuffield. The Atffield Brooks Apprentice Fund was set up in 1989 to assist Company Apprentices lo 'leam the art and science of agriculture. lo pursue a formal education in agriculture and to widen their experiences by overseas travel. During the year there were four Apprentices. Alm ners Committee Charilable donations are made each year by this committee. Publi Benefit Reference has been made lo the gumlance contained in the Charity Commissions general guidance on publi¢ benefit when reviewing our aim and objectives and in planning our fvture activities. The Charlty seeks to.. Stimulate the development of agricuttural education and resea￿ h Provide financial assistance for overseas visits by agricultural students, and Promote a better undersl8nding of the importance of farming in the economi¢ life of the nation. The Famievs, Company Charltable Fund Trustee's Report for the year ended 30 September 2024 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 ils support of the Surrey Docks Farm the Company supports community education for local people and children Teflecling the London City Livery context of the Charity and its interest in the City of London and surrounéing Boroughs. The Charity has in place measures lo 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 aclwity and the benefits brought to those groups of people we have set up to help and rnodify delivery lo ensure our educational a¢livittes remain relevant and appropriate to the prevailing conditions in agriculture. Grant makin Poli Grant making guidelines are set out in the Ordinances of the Company. 11 is the responsibility of the committees and individuals making grants lo assess the needs of the applicants for the assistsnce 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.. The Advanced Course in A ricullur l Business Mana The 72nd Course look p5ace in November 2023. ement ACABM This wurse is funded through the Parsons Fund and by Specif￿ donations totalling £3,000 2} The Challen e of Rural Leadershi Course The 271h Course look place in January 2024. This course is funded through the Henman Fund tolalling £18,938 3) Cranfield Pro rammes Cranfield fees amounting to £8,000 were paid during 2023-24. 4) Lectures The charity supported the City Food Lecture, held virtualty, which is fvnded through the General Fund, and the Company's own Agricultural Lecture. 5) Henman Travel Awards A Nuffield Scholarship was awarded for 2023-24 wth Charity support of £15,000, in association with Savills IUKI Ltd. This award is now funded through the Nuffield Award from the Henman Fund. The Education Commrttee allocate an annual donation to Surrey Oocks Fami and several prizes for students at Agricultural Colleges. Donats"ons tolalling £18,410 were granted to Surrey Docks Farm. 61 ricultural Research No donations were made towards research in 2023-24 71 Charitable Donations throu h the Almoners Committee The Almoners Committee allocated funds be￿een the main sectors of Farmers in Distress, Education and City. Other awards and donations are fvnded through the General Fund, College pryzes are funded through the Parsons Fund. The Famiers, Company Chailtable Fund Trustee's Report for the year ended 30th Sgptgmber 2024 Monitorin Achieveme Among the techniques used lo monitor achievement are visits by the Master and senior mernbers of the Court and Committees,. reporting by course providers in writing and al annual presentations., reports, assessments and feedback from delegates and participants during and after their 2clivilies,' appraisal of lecturers and formal performan￿ Indicators and informal measurements of satisfaction and continuous assessment. Members of the Livery are encouraged lo donate annually to the charity1£20,750 wa5 given In this manner during the yearl. The Propety 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 re￿iVeS a share of the rent payable by City Apartments. Reserves Poli The Charity has over the years accumulated undislributed resetves amounting lo £5,007,769 which are detailed on the balance sheet. It aims lo maintsin sufficient reserves to be able lo continue ils programme of educats'on, nO￿lthStandIng fluctuations in course income and expenditure. The Trustee considers the current level DI reserves as consistent with this aim. Indeed. il is commilled to growing the charity's reserves such that they provide greater resilience lo the charity to enable its investments to generate sufficient Income to finance the core educational and other charitable prograrnmes fvnded whilst exploring and deVelOp￿ng new courses and causes- such as support for the City Farms and other charitable agricullural-besed movements. Investment Polic Investment Ob'eclive.. The investment objective is to maintain at least the real value of capital over the long term whilst generating an allraclive, sustainable level of incorne lo support ongoing charitable expenditure. Risk Tolerance". The Trustee wishes lo minimise risk subject lo achieving the above return requirement through diversification of assets. Time Horizon.. The assets have a long-lerm investment time horyzon. .' There is an ongoing requirement for income lo support charitable expenditure. The￿ is a potential liability for property refurbishment lor which a reserve is held in cash. Other Considerations.. As a charity, the portfolio Is lax exempt and the Trustee is cognisanl of suitability of investment regulations set out by the Charity Commission. The direct propeTty holding means rt is unlikely that propety will be considered as part of the investment F)Qrtfolio. lemenlation." At the date of the accounts, the Trustee managed funds and held these in the name of the Charity. Mana emenl.. 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 su&committee weo 811 well experienced In matters of investment from their employment in City Investment Houses and as such might continue in this role bul with the advent of electronic, computer, custody systems a professional Custodian should be employed provided a reasonable fee could be negolialed. As 2 result, a custody agreefflenl has been reconfirmed with Schroders & Co Limited, The Famiers. Company Charltable Fund Trustee's Report for the year onded 30th Septgmber 2024 Achlevements and Performance The core WFC Leadership and Management courses continued to be fvnded. In addition, during the 2023124 financial year, there were two MBA at Cranfield University candidates. The Charity has also been able lo increase the number of Young Farmer awards and al 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 5UPPOrt inilialives. Recognlsing that there are many within agficullure who are finding rt difficult to cope with the day-to4ay challenges of their business, the Health and Wellbeing Initiative continued. Greater awareness will be made of the need lo educate all College and University graduates lo cope better with both change and pressure and emphasise the importance of looking after their health. The Charity awarded 12 prizes to individuals al Universities and Colleges in recognition of high achievement. The Charity has encouraged an alumni organisation of former course members which is now ffinancially 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 il runs. Plans for future ¢riods The 72nd ACABM course held at the Royal Agricultural University in November 2024 was fvIIy subscribed and the 26th Challenge of Rural Leadership course is fully subscribed for January 2025 The programme of Awards lo both indwiduals and educational establishments will continue. The strength and fellowship of the Livery continues to flourish with parb¢ipation in all aspects of otjr work which provides financial support to our educational progr8mmes. The FaM￿rg, Company Charitable Fund Trustee's Report for the year ended 30 September 2024 Res onslbllltie8 of the Trustee The Trustee is responsible for preparing the Trustee'5 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 lo charities in England and Wales requires the Trustee lo prepare financial statements for each financial year which give 8 true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial slalemenls, the Trustee is required to.. select suitable accounting policies 2nd then apply them consistently., obseNe the methods and PTinciples in the Charities SORP IFRS 102)., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial 5talement5', prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustee is responsible for keeping accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable it to ensure that the financial slalements comply with the Charities Act 2011. the Charity IAccounls and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularits'es. uditors Wenn Townsend were the Charity's auditors during the year and have expressed their willingness lo conb'nue in that capacity. Approved on behalf of the Trustee on 17th February 2025 J A Sayer5 DL Chairman of The Worshipful Company of Farmers Trustee Company Ltd Thg Fami¢r6' Company Charltable Fund Report of the Indepgndent Auditor Inde endent Audltorfs Re ort to the T tee of the Farmors, Com an Charilable Fund Opinion We have audited the financial statements of The Farmers, Company Charitable Fund Ithe'charity'l ft)r the year ended 30th September 2024 which comprise Statement of Financial Activities, the Balance Sheet and notes lo the financi81 statements, including a summary of significant accounting policies. The financial repoth'ng 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 A¢¢ounting Practice). In our opinion the financial statements". gThie a true and fair view of the stale of the charity's affairs as at 30th September 2024, and of its incorning resources and application of resources. for the year then ended., have been properly prepared in accordance with Unile(J Kingdom GeneTally AC￿pIed Accounting Practice-, and have been prepared in accordance wrth the requirements of the Charities Act 2011. Basls for opinion We conducted our audrt in accordance with International Stsndards on Auditing IUKI (ISAS IUKII 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 tharity in accordance with the ethical reqLsiremenls that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fuSfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi'cient and appropriate to Provide a basis for our opinion. Conclusions rglating to going concern In auditing the financial statements. we have concluded that the trLtstees' use of the going concern basis of accounting in the prepar2b.on of the financial statements is appropriate. Based on the work we have FerfoTmed, we have not identified any maleTial un¢ertainlies relab'ng to events or condrtions that, individually or collectively. may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the resp)nsibililies of the tfustees wllh respect to going concern are described in the relevant sections of this report. Other infomiation 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 stslemenls and our auditor's report Ihereon. Our opinion on the financial slalements does not cover the other information and. except to the extent otherwise expliciuy stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststemenls. 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 obtsined in the audit or otherwise appears lo be materially mi55taled. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether there is a material misstalemenl in the financial statements or a maleiial misstatement of the other infom)alion. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. The Famiers. Company Charltable Fund Report of the Independent Audltor Matters on which we are required to Teport by exceptlon We have nothing lo report if7 respect ofthe following matters in relatson to which the Charities IAccounls and Reports) Regulations 2008 require us lo report lo you If, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustee's report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records". or we have not received all the information and explanations we require for our audit. Responslbilitios of trustee As explained more fully in the trustee's responsibilities statement sel 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 Iruslee determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stslements, the trustee is responsible for assessing the charity's ability to continue as a 90ing concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslee either intend lo liquidate the charity or lo cease operations, or have no realistic allernalive but to do so. Auditor's responsibilitigs for the audlt of the finan¢ial ststgrngnts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under seckn.on 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due lo fraud or error, and lo 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 IUKI will athays detect a malefial misslatemenl when il exists. Misstatements can arise from fraud or error and are considefftd material if, Individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis 0¢ these financial statements. Irregularities, including fraud, are Instances of non was attributable to restricted funds and £Nil12023 - £Nil) was attributable lo endowment funds. INCOME FROM INVESTMENTS Unrestricted Restricted Endowment Total Funds Funds Funds 2024 Total 2023 Dividends Investment Inlerest Rental Income 42,407 8,320 41 032 32,566 74,973 8,320 41 032 124 325 68.865 4,005 32 566 115208 Income frorn investments wa5 £124,325 12023 £11 S,2081 of which £91,759 12023 £82,358) was attributsble to unreslricled funds, £32,566 12023 - £32,850) was attributable to reslri¢led funds and £Nil 12023 £Nill was attributable to endowment funds. 15 The Farmers, Company Charitable Fund Notes to the accounts for the year ended 30th September 2024 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Endowment Total Total Funds Funds Funds 2024 2023 Grants Payable Advanced Course in Agricultural Business Challenge of Rural Leadership Course Nuffield Scholarships Cranfield fees Grants lo Inslilulions Grants lo individuals 3,000 18,938 15.000 8,000 33,042 3,000 1Q,577 18,938 26,841 15,000 13,000 8,000 62,237 46.233 29,195 29,195 86,737 115,932 101,001 Wages and salariesladminislering charity) Employer's National Insurance Employer's Pension Consultancy fees 36,010 1,351 740 9,047 338 185 45,057 42,911 1.689 1,667 925 925 16 168 14575 179 771 161079 83 464 96 307 ExpendiluTe on charitable activities was £179,771 12023- £161,079) of which £83,46412023 - £89,274) of the above was attributable lo unreslricled funds, £96,307 12023 £71,805) of the above costs were attributable to restricted and £Nil12023 - £Nil} of the above costs was attributable lo endowment ftjnds. S. OTHER COSTS Ilncluding Audltots, R¢muneratlon) Total Total 2024 2023 Audit fees Services provided by auditors in respect of non-audil work Professional fees 5,760 5,472 5,700 6,795 671 83 12,131 12,350 Other expenses 22 305 19575 Professional fees of £67112023.. £831. Other eosls expenditure was £22,30512023 £19,575) of which £18,883 (2023 - £16,086) of the above costs were attributsble to unrestricted funds, £3.42212023 - £3,489) of the above costs were attributable lo restricted funds and £Nil12023 - £Nill of the above costs were attributable lo endowment funds. EMPLOYEES AND TRUSTEE The charity had one employee during the year12023- 11, whose salary is shown in note 6. No employee receThied remuneration in excess of £60,000. No Trustee {or any person connected with them) received any remuneration from the Charity or had any expenses imbursed. DEFINED CONTRIBUTION PENSION SCHEME The chaTty operates a delined contributK*n pension scheme for rts employee. Employer's contributions of £925 12023. £9251 were payable to this scheme for the year. Al the year-end £Nil12023 £Nill was accrued in respect of contn'buts'ons tr) this scheme. The Farmers. Company Charltable Fund Notes to the accounts lor the year ended 30th September 2024 NET GAINS ON INVESTMENTS Net gainslllossl on investments of £244,918, {2023- £106,722) ofwhich £166,27812023- £59,116) was attributable to unrestricted fund5, £48,756, {2023 £29.5851 was attributable to restricted funds and £29,884,12023 - £18.0211 was attributable lo endowment funds. 9. TANGIBLE FIXED ASSETS Investment Property Offlce Equlpment Valuation At 1st October 2023 Additions Revaluation At 30th September 2024 2,100,000 7,200 2.100,000 7,200 Depreciation At 1st October 2023 Charge in year Released In year Al 30th September 2024 1,800 1,800 Net l>ook value At 30th September 2024 2,100,000 5,400 At 301h September 2023 100 000 Investment property ￿preSentS the freehold interest and share of leasehold interest In the land and buildings al 3 Cloth Street, London. The Trustee was advlsed by the charity's honorary sutveyor that the value of the charity's propety interest had remained unchanged at 301h September 2024. Tangible ffxed assets with a net book value of £2,105,40012023 - £2,100,000) are assets which have unrestricted The historical cost of Ihe propety is £1.090,307. 10. HERITAGE ASSETS Heritage Assets Carrying value al 11t October 2023 Addition Carrying value at 30th September 2024 The Charity holds a collection of antiques and ceremonial items. The collection includes chains and badges of office, silver plate arsd antiques connected with agriculture. The collection has been acquired since the establishment of the Worshipfvl CoTnpany of Farmers. the 801h Lwery 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. 265,950 265,950 The assets have been In¢luded in the financial statements at their insured value. This follows a fomial revaluation by Edward Fraser Llmrted of the Silver arsd Regalia, and revision of the certified value for insurance purposes. 17 The Famiers, Company Charltable Fund Notes to the accounts for the year ended 30th September 2024 In October 2019 the Senior Past Master donated a pewter bull (the "Redman Bull") which has been included al its insurance value. Heritage assets with a net book value of £265,95012023 - £265.9501 are assets which have unrestricted tslle. 11. INVESTMENTS Listed (Appendix 11 Total 2024 Unlisted Carrying value al 1* October 2023 Disposals at earrying value Acquisitions at cost Gain on revaluation 2,111,028 1131,0961 149,901 220,336 2,111,028 {131,096} 149,901 220,336 Carrying value at 301h September 2024 2,350,169 2,350.169 Historical cost al 30tTh September 2024 1463,471 1,463,471 The listed investrnents are sp￿ad across various holdings in unil trusts and Individual companies Investments of £2,350,169 12023 £2,111,028) of which £1,410,579 12023 £1,267,415) was allocated lo unrestricted funds, £583,90212023 - £526,668) was allocated to restricted funds and £355,688 12023 £316,945) was allocated lo endowment funds. 12. DEBTORS 2024 2023 Due from Worshipful Company of Farmers Loans due from Cloth Sireel Landlords Other debtors 28,328 34.186 26 1,046 35,232 13. CREDITORS Amounts falllng due within one year Other creditors Deposit held Loans due from Cloth Sireel Landlords Accrua15 2024 2023 1,361 1,361 8,264 41,632 51.257 9,339 23,499 18 Tho Famiers Company Charitable Fund Notes to the accounts for thg year ended 30th September 2024 14. TRANSACTIONS WITH RELATED PARTIES The Wors ful Com an of Famiers The Farmers, Company Chawitable Fund was effectively controlled by the TTUStee la corporate body). The Worshipful Company of Farmers. On 29VI July 2020 The Vvorshipful Company of Farmers Trustee Company Limited (company rsumber 127789731 was incorporated. which has taken over as the sole Trustee of The Farmers Company Charitabl& Fund with effect from 1st October 2020. The Woishipful Company of Farmers paid £1,S49 12023.. £1,690) on behalf of the charity during the year. The Worshipful Company of Farmers also received £34,449 12023.. £36,995) on behalf of the Charity during the year under Teview. At 3¢yh September 2024 the Fund was owed £28,328 by The Worshipful Company of Farmers 12023,. £25,274) ir¢ respect of payments made by the Charity on behaw of The Worshipful Company of Famiers. th reel Landlords Ckjth Street Landlords is the name given to the joint venture between the Charity and The Worshipfvl Company of Fletchers. which joinlty owns and lets the propety at 3 Cloth Street, London. Al the year-end Cloth Street Landlords owed the Charity £8,26412023. 1£9,339}1. 19 The Farmgrs. Company Charitable Fund Notes to the accounts for the year ended 30th September 2024 15. UNRESTRICTED FUNDS Opening Incorning Outgoing Balancé Funds Funds Galnsl Transfers ILo8seg1 Closlng balance General Fund 1,387,992 221,757 102,347 166.278 130,253) 1,643,427 Property Fund 2,100,000 2,100,000 Property Reserve Fund 240.000 30,000 270,000 3,727,992 221.757 102,347 166,278 253 4,013,427 The Jubilee Fund was a designated scholarship fund sel up in 2002 to celebrate the 501h Anniversary of the Company and the Queen's Golden Jubilee It is a currently held within the general fund. The Propety Fund represents the Charity's ownership of the Ireehold interest in the propety at 3 Cloth Street, London. The Property Reserve Fund was set up lo ameliorate any expenses arising from the ownership of 3 Cloth Street, with a sum being transfeTred into it on an annual basis from rentals received. 16. RESTRICTED FUNDS Openlng Incoming Outgoing Gainsl Balance Funds Funds (Losses) Transfers Closing Balance Henman Fund 116.60S 10,069 43,400 11.962 11,007} 94,229 Lonsdale Fund 330,172 19,129 17,640 30,478 362,139 Parsons Fund 91,912 19,094 1S,134 4,814 100,686 London City Farms Fund 22.369 22,622 253 Brooks Apprentice Fund 43,439 2.876 933 1,502 12881 46.596 603 650 20 The Farmer8, Company Charltable Fund Notes to the accounts for the year ended 30th Septembgr 2024 17. ENDOWMENT FUNDS Opening Incomlng Outgoing Galnsl Balance Funds Funds (Losses) Transfers Closing Balance Henman Fund 137,905 12,499 1,007 151,411 Lonsdale Fund 148,414 13,312 161.726 Parsons Fund 44,282 2,800 47,082 Brooks Apprentice Fund 23.857 1,273 288 25,418 Suffolk Endowment Fund 5.055 5,055 513 390 692 The income generated by the above funds is allocated to each matching reslTicted fund. 18. DESCRIPTION OF RESTRICTED FUNDS Henman Fund The late Mr Philip Henman gave this fund to the Charity, to enable applicants lo travel lo gain p￿clical experience to assist them with their agricultural or horticultural careers, the object being to assist those who would be precluded from travelling Dy lack of financial resources or access lo the same. 11 was not intended to be used in the realms of general education. The late Mr Henman. when he donated the fvnd, stated that he wished rt to be invested in high income securities. Mr Henman also stated that he would wish the Trustee to set aside 10°/o of the restricted income each year. Lonsdale Fund The late Lord Lonsdale, in donating this fund, in a Deelaralion dated 161h September 1985, staled that il was to be held on trust to use the incorne 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 di$¢retion of the Court of the Company of Famiers In the event of the winding up of the Charity. Suffolk Endowment Fund A donation of £5,000 was re¢eived from the Suffolk Agricultural Association in 1993 to be pla￿d in an Endowment nd lo be known as the 'Suffolk Endowment Fund,. Accrued interest from the fund was designated lo assist candidates from the county on the educational courses. London Clty Famis The London Cty Farms Fund represents restricted ineome received for the purposes of London City Far￿. 21 Thg Farmetsy Company Charitable Fund Notes to the a¢count$ for the yeaT ended 30th September 2024 19. DESCRIPTION OF RESTRICTED AND ENDOWMENT FUNDS Icontinued) Parsons Fund In a document dated 31sI July 1987 Geoffrey and Isla Parsons agreed to provide £30,000 payable under Iwo Deeds of Covenant. The document states that the income derived from the fund is to be used annually for the following purposes.. To provide funds for the Advanced Course in Business Management run by the Worshipful Company of Farmers. To develop agricultural and fami business management education and research in the form of either course, conferences, seminars, discussion bursaries or scholarships. To award bursaries or scholarships lo any approved persons who wish to attend business management courses to further their agricultural ca￿r or be of benefit lo the agricultLiral industry. To award Scholarships OT bursaries to any person or persons wishing to undertake agricultural business research and any other such agricultural or farm business development that in the view of the Trustee is likely to enhance the business management in the agficultural industry. To award any beneficiary of the A.G Parsons Discretionary Trust any bursary or scholarship for the purpose of agriculluial or farm business education or research which the Trustee feels will be of benefit and value to the beneficiary. Failing all the above objects then the Trustee can use the income for any purposes falling within their own Trust Deed. The document of 31*1 July 1987 also stales that the capitsl of the Fund together with the income accruing on the loan is to be invested by the Trustee to provide a balance of capital gTOWth and income. Brooks Apprentice Fund This fund was given lo the Company's Charitable Fund by Past Master C A Brooks, who wished it to be invested in high Income investments, IOT 100kn 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 benelit of education of the bound apprentices of the Worshipfvl Company of Farmers. The fund can accordingly be used to finance assistance for apprentices inter alia as follows.. Overseas travel lo widen their education in agriculture, horticulture and allied trades Appropriate courses as part of their education in agricullufe, horticulture and allied trades. Opportunities to attend Company functions free of charge OF at subsidised rates. Help in the event that any of them Suffer financial hardship. 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 Famiers. Cornpany Charltable Fund Notes to the accounts for the year ended 30 Soptember 2024 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds Rostrict Funds Endowment Funds Totsl 2024 Fixed assets Cash and current investments Other current assets Creditors within one year Totsl 3.781,929 247,928 22,687 583,902 26.221 5,667 355,688 35,004 4,721,519 309,153 28,354 603 650 390 692 5 007 769 Unrestricted Funds Restricted Funds Endowment Funds Total 2023 Fixed assets Cash and current investments Other current assets Creditors within one year Total 3,633,365 95,292 30,207 526,668 53,762 5,025 3327 582 128 316,945 42,568 4,476,978 191,622 35,232 3 727 992 359 513 4 669 633 23 th)* Oro e)tyOO ¢y ry tOtr- ts￿￿> ryTr ¢1> a> v> ts ¢Tr ¢0 * I ro p) m I O IN a> (o O ¢ p) v) O th O L* vi ) r*0 r4 v> co 8N8-82 888. cc*o Oa)0 OJ (Q ¢FJ <¢ Ov0 mo¢0 oooccts oc> - to 40 U>tsO C> O vi ¥> * iti NO￿- <( E O > ￿ Li > w 47 ¥J li & (L l (O Li iLa>￿>LL OU>*v c4 * r CJ c aj ¢C*ac4f￿ Or)rkn¢D￿￿) Il!11 ! I I Illi! i Jkli 11 I IkiLIOa ￿ U(i) VL) Z