Charity Registration No. 1123751
EAST SUSSEX FARMERS BENEVOLENT FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
EAST SUSSEX FARMERS BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J H Robinson Esq Mr G J Fowlie MBE Mr E J Gribble Esq Mr P Hook Esq MT F Langrish Esq Charlty number 271188 Prln¢ipal address 24 West Gate Plumpton Green East Sussex BN7 3BQ Indepondont gxaminer Knill James LLP One Bell Lane Lewes East Sussex BN7 1JU Bankgrs Barelays Bank PIC The Old Bank High Street Lewes East Sussex BN7 2JP Sollcltorn Mayo Wnne Baxter LLP 3 Bell Lane Lewes East Sussex BN71JU
EAST SUSSEX FARMERS BENEVOLENT FUND CONTENTS Page Trustees. report Independent examin8rf$ report Statement of financial activities Balance sheet Notes to the financial statements 5-11
EAST SUSSEX FARMERS BENEVOLENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2022 The truslegs present their annual report and financial statements for the year ended S April 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts ar¥d Comply with the charity's trust deed, the Charities Ael 2011 and 'AOuntIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 2019). Oblectlves and actlvltl•s The objacts of the charity are lo provide benefits foT necessilous Famers, FarmwoTkers or their dependanls in the Counties of East and West Sussex and adjoining Counties. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity shoukl undertake. Achievements and perfomian¢e Financial Teview The major expenditure for the year was incurred in the provision of services to ils benefieiarie8. Reserves policy Unrestricted funds amounted to £2.342,889. which are freely available. The trustees have invested the majority of these reseryes in Fixed Asset Investment Property and Investsmenls which Provide income lo the thafity. This income is then used to achieve the objects of the charity- The tTUStees recognise that the Reserve Policy should reflect the ongoing and long-term nature of the Charity- Consequently we have decided lo sel aside a minimum of £20,000 of free reserves representing approximately four years expected net costs before investment gains and losses. The trustees, policy is to maintain income whilst presenrin9 the real value of investments. Rl8k Management The trustees hav¢ examined the major strategic, business and opeTalional risks which the charity faces and confirm that systems have been established to enable Tegular reports to be prodUd so that the necessary steps can be tsken lo lessen these risks. Structur•* governance and management The Charty is govemed by a trust deed dated 19 August 1935, most rntlY updated in 2017. The trustees who served during the year and up to the date of signature of the financial ststements were.. Mr J H Robinson Esq MrG J Fowlie MBE Mr E J Gribble Esq Mr P Hook Esq Mr F L8ngrish Esq Trustees are appointed by the board of trustees and meet half-yearly in January and Juty- The trustse$' rgpo approved by the Board of Trustees. Mr J H Robinson Esq Trustee Dated".
EAST SUSSEX FARMERS BENEVOLENT FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST SUSSEX FARMERS BENEVOLENT FUND We report lo the trustees on our examination of the financial statements of East Sussex Famiers Benevolent Fund Ithe charity) for the year anded S April 2022. Ro$pon¥iblliti•s and ba$1$ of report As the Iruslees of the charity you are responsible for the preparation of the financial statements in aOrdanCe with the requirements of the ChariliesAct 2011 {Ihe 2011 A¢ll. We report in respect of our examination of the charity's financial ststements carried out under section 145 of the 2011 Ad. In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145{5}Ibl of the 2011 Act. Ind•pendent oxaminerfs $tst•ment Your attention is drawn lo the fact that the charity has prepared financi81 ststements in accordance with Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferonce to the Accounting and Reportirig by Charities.. Ststemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has now been withdrawn. Vve understand that this has been done in order for financial ststements lo provide a true and fair wew in accordance with Generally Accepted A¢¢ounting Practice effe¢tive for reporting periods beginning on or after I January 2015. We have completed our examination. We confimi that no matters have come lo our attention in connection with the examination giving us cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the tinancial statements do not accord w1th those records,. or the financial slaternenls do not comply with the applicable reqU1mentS conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulation$ 2008 other than any roquiremenl that the accounts give 8 true and fair view which is not a Matter considered as part of an independent examination. We have no ¢oncems and have come across no other matters in Connection with Ihe examination to which attention should be drawn in this report in order lo enable a proper understanding of the fin8n¢ial statements to be reac Knlll Ja Os LLP One Bell Lane Lewes East Sussex BN7 1JU
EAST SUSSEX FARMERS BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted funds 2022 Total 2021 Notes Inco Donations and legacies Investments 5,294 77,896 1.144 71,868 Total incomo 83,190 73,012 Raising funds 499 Charitable activities 66,489 43,509 Totsl rgsource8 expondod 66,489 44,008 Nel gainsl{losse$l on investments 10 195,89S 332,480 Net movgment in funds 212,596 361,484 Fund balances at 6 April 2021 2,130,293 1,768,809 Fund balances at S Aprll 2022 2,342,889 2,130,293 The statement of financial activities inclijdes all gains and losses reCognid in the year. All income and expenditure derive from continuing activities.
EAST SUSSEX FARMERS BENEVOLENT FUND BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Notos Fixed a$$ots Investment properties Investments 11 12 240,000 2,004,857 240,000 1,827.622 2,244,857 2,067,622 Currènt assets Debtors Cash al bank and in hand 14 592 99.312 7.100 57,311 99.9Q4 64,411 Crnditors: amounts falling du• within ono year 15 11,872) {1.740} Net current assets 98,032 62.671 Total assgts less current Ilabllltle8 2,342,889 2,130,293 Income funds Unreslricled funds 2,342,889 2,130,293 2,342.889 2,130,293 The financial s te ents were approved by the Trustees on ... .... son Esq Trustge
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accounting policiès Charity Énfomiation Ea51 Sussex Farmers Benevolent Fund is an unincorporated charlty governed by a trust deed dated 19 AugU511935. 1.1 Aecountlng convention The accounts have been prepared in accordan with the charity's trust deed. the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. Th¢ charity is a Public Benefit Entsty as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for chorities applying FRS 102 Updatè Bulletin 1 not lo prepare a Slalement of Cash Flows. The financial slalemenls have departed from the Charil¢es (Accounts and Reports) Regulats'on$ 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 ¥ather than the version of the Statement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial statements arg prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial ststements have been prepared under the historical cost convention, modified to includg investment properties and certain financial instruments al fair value. The principal accounting policies ad¢)pted are set out below. 1.2 Golng concern Al the time of approving the financial ststements, the Iruslees have a reasonable expectation that the charity has adequate resources lo continu¢ in operational existence for the foreseeable future. Thus the Iruslees continue lo adopt the going concem basis of accounting in preparing the financial st*ements. 1.3 Charitable funds Unreslricled funds are avaiEable for use at the discretion of the tru51eos in fvrth¢rance of theif charitable objectives. Restricted fLtnds are subject lo specific conditions by donors as lo how they may be used. The purposes and usès of the restTi¢ted funds are set out in the notes to the financral statements. 1.4 Incom Income is recognised when the charity is legally entitled lo il after any performance conditions have been mel, the amounts can be measured reliabty, and il Is Probable that income will be reived. Cash donats'ons are recognised on receipt. Other donations are recognised once the ehaTity has been nolÈtied of the donation, unless perfomance conditions rsquire deferral of the amount. Income tax recoverable in relation lo donations recoived under Gift Aid or deeds of covgnanl is recognised al the lime of the donation. Interest on funds held on deposit is included upon nots"fication of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notrficalion has been Teceived of the dividend due.
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Accounting policl•s (Continued) 1.$ Expenditvro All expenditure is included on an 8c¢ruals basis and is recognised when there is a legal or wnstNctive obligation lo pay for expendrture. All costs have been directly attributed to one of the ftjnclional categories of fesources expended in the Ststement of Financial Activities. The charity is not gIStered for VAT and accordingly expenditure is shown gross of VAT. Governance costs comprise all c051s invofving the public aecountability of the charity and rt$ compliance with regulation and good practice. These costs include eosls related to the examination of the accounts and all the costs of comptying with constitutional and stalLttory requirements. 1.6 Inv•$tment proportlos Investment propety, which is propety held to earn rentals andlor for eapilal appreciatson, is initial recognised at cost, whi¢h includes the purchase cost and any directly attnbulable expenditure. Subsequentty it is measured at fair value al the reporting end dale. The surplus or deficit on revaluation 1$ recognised in profil or loss. 1.7 Fixèd asset invostments Fixed asset investments are inttially rneasud al transaction price excluding transaction costs, and are subsequently measured at lair value at each reporting dale. Changes in fair value are Tecognised in nel incomellexpenditurel for the year. Transaction eosls are expensed as IncUe. 1.8 Cash and cash oqulvalonts Cash and cash equivalents include cash hand, deposits held al call with banks, other short-term liquid investments with original matur¢ties of three months or less, and bank overdrafts. Bank overdrafts are shown within borri)wings in current liabilities. 1.9 Flnanclal instrum8nt8 The charity has elected lo appty the provisions of Sect*on 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instrument8. Financial instruments are recognised in the charity's balance sheet when the ¢hanty becomes paty lo the conlraclual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the finaneial statements, when there is a legally enforceable right lo sel off the Cognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability Simultaneously. 84$ic financlal assets Basic financial assets, which include debtors and cash and bank b81ances, are initially measured at transaction Price including Iransadion costs and are subsequently carried at amortised cost using the effe¢tive interest method unless the arrangement consblule$ a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as feceivable within one year are not amortised.
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Accountlng policies {Contlnuod) 8a$i¢ flnancial Ilabllities Basic financial liabilities, including cleditors ar5d bank loans are initialty recognised al transaction price unlèss the arrangement conslitules a financing transaction, where the debt instrument is rneasud at the present value of the future payments discounted al a market rale of interest. Financial liabilities classrfied as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary courso of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year OT less. If not, they S presented as non-currenl liabilitie5. Trade credilois are recognised initially at transaction price and subsequently measured al amortis¢d cost using the effective interest method. Derecognitlon of financial Ilablllties Financial liabilities are derecognised when the charity's wntractual obligations expire or are discharged or cancelled. Donations and 1oga¢lg$ Unrestrlct funds Total 2022 2021 Donations and gifts 5,294 1,144 In 2021, all donation8 were attributablé to unrestricted income. Invg$tmènts Unrèstricted fund$ Total 2022 2021 Rental income Income from listed investments Interest receivable 14,090 63,800 21,S30 50.298 40 77,896 71.868 In 2021, all investrnenl income was attributable to unrestricted income.
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2022 Ralslng funds Unrestricted fund8 Total 2022 2021 ndraisin Advertising an 499 499 In 2021, all fvndraising exp8ndilure was from unreslrieted funds. Charltablg activitl•s 2022 2021 InsuTance Repairs and maintenance 1,376 2,602 1,639 3,441 3,978 5.080 Grant funding of adNilies {see note 61 Share of governance costs (see note 7} 35,324 27,187 13.809 24,620 66,489 43,509 In both 2022 and 2021, all expendiluTe on charitsble activities was from unrestricted funds. Grant8 payablg 2022 2021 Grants to individual$ Harnpers 29.974 5,350 8,609 5,200 35,324 13,809
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Support costs Support Govemance costs costs 2022 2021 8a819 of allo¢ation Independent examination fees Legal and professional Company secretarial fee 1,836 20,073 1,838 20,073 1,740 Governanee 17,518 Governance 5.278 5,278 5,362 Governance 27,187 27,187 24,620 Analysed beeen Charitable activities 27,187 27,187 24,620 In 2021, all the expenditure on support and govemance eosts was from unrestricted funds. Trusteès The ITUStee$ represent the key management personnel of the chanty. None of the Iruslees {or any persons conneded with them} received any remuneration from the charity during the year. During the year, no trustees were reimbursed for expenses incurred on behalf of the charity- Employeos The average monthly number of employees during the yearwas.. 2022 Numbor 2021 Numbor Total There were no employees whose annual remuneration was more than £60,000. 10 Net gainslllossv} on investments Unrostricted fund$ Total 2022 2021 Revaluation of investments Gain on sale of investment$ 182,481 13,414 328,007 4,473 195,895 332,480
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 11 Investment property 2022 Fair value Al 6 April 2021 and 5 April 2022 240,000 Investment property comprises freehold land and propety. The fair value of the investment propety has b98n arrived at by the trustees at the balanee sheet date on an open mart<el value basis by reference to mafket evidence of transaction price5 lor similar properties. If investment properties were stated on an historical cost basis rather than a fair value basis. the amounts would have been included as follows." 2022 2021 Cost Accumulated depreciation 5,413 5,413 Carrying amount 5,413 5,413 The trustees who hold tiue to the property belonging lo the charity, and who seNed as Iruslees in holding tille to the propety during the year, are as follows.. irtr J H Robinson Esq MrG J Fowlie MBE Mr E J Gribble Esq Mr P Hook Esq Mr F Langrish Esq 12 Fixed assot investments Llsted investments Cost or Yaluatlon At 6 April 2021 Additions Valuation changes Disposals 1.827.622 102.787 195,895 1121,4471 At 5 April 2022 2,004,857 Carrylng amount Al S April 2022 2,004,857 At 5 April 2021 1,827,622 10-
EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 12 Fixed assot inv•$tm•nts Icontinuedl All investments are Carried al their market value. Investment in equities and fixod interest secLtrilies are all traded in quoted public markets, primarity the London Stock Exchange. Asset sales and purchases are re¢ogni$ed at the dale of trade al cost Ilhat is their transaction value). 13 Financlal Instrumonts 2022 2021 CaTrylng amount of flnancial assets Debt instruments measured at amortised cost Equity ir*struments measured al fair value 6.315 1,827,622 2,004,857 Carying amount of flnanelal Ilabillties Measured at amortised cost 1,872 1,740 14 Debtors 2022 2021 Amounts falling due vAthln one year: Other debtors Prepayments and aecwed income 6,315 785 592 5g2 7,100 15 Creditors: amounts talllng due wtthin one year 2022 2021 Accruals and deferred income 1,872 1,740 16 Related party transactlons There were no disclosable Telated paTty transactions durlng the ye8r12021- nonal.