2023-04-05-accounts

Charlty rnglstratlon number 271188 EAST SUSSEX FARMERS BENEVOLENT FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

EAST SUSSEX FARMERS BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustges J Robinson E G Fowlie MBE E Gribble Esq P Hook Esq F Langrish Esq PApplelon Esq (Appolnted 25 January 20231 Charlty number 271188 Prlnclpal addr 24 Wesl Gate Plumplon Green East Sussex BN7 3BQ Independent pxarnlner Mark Filsell FCA One Bell Lane Lewes East Sussex BN71JU Bankers Bardays Bank PIC The Old Bank High Street Lewes East Sussex BN7 2JP Sollcitors Mayo Wnne Baxter LLP 3 Bell Lane Lewes East Sussex BN7 1JU

EAST SUSSEX FARMERS BENEVOLENT FUND CONTENTS Page Trustees. report Independent examinerfs ￿port st*ement of financial activities Balance sheet Notes to the financial stalemenl$ 6-12

EAST SUSSEX FARMERS BENEVOLENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 The trustees present Ihwr annual report and financial statements for the year ended 5 April 2023. The accounts have been Prepa￿ in accordance with the accounting poliaes set out in note 110 a￿Unts and comply with the charity's trust deed, tt)e charib.es Act 2011 and 'Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to eharilies preparirrfJ their accounts in aCCordar￿e with the Fina)cial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191 Objectives and actlvllles The objects of the eharily are to provide finanual assistsnce to famiers, fami stsff and th08e involved in all of the wider land based industries and dependanls of these groups. Mainly In the county of Sussex but also in adjoinlng eounlies al the Trustèes discretson. Support can be short or long temi to cover, for example, illnes5. SUPPOrt in retlrement or financial difficulties and can also be for those entering land based ed￿tIOn. The trustees have paid due regafd to guldance 488ued by the Charity Commission in deciding whal activities the tharily should undertake. Achlevements and performanc Flnanclal revlew The major expendrture for the year was incurred In the provSsion of servtces to its bènefieiaries. ReseTh￿ pollcy Unrestricted funds amounted to £2,284,969, which are freely availabl?. The Iru$tee$ have tnvesled the majority of these reserves in Fixed Asset Investment Property and Investments which provide income to the ¢hanty. This income is then used to achieve the objects of the charity. The trustees recognisè that the Reserve Policy should reftect the ongoing and long-lerm nature of the charity. Consequently we aim to hold £20,000 of cash al the bank. The tfUStees' policy is lo maintain income whilst preserving Ihe ¥e81 value of investments. Rlsk Managemonl The trustees havo examined the major strategic, b￿sinesS and operational risks which the charity frdces and confirm that systems have been established lo enable regular reports to be produced 50 that the necessary steps can be taken lo lessen these risks. Structure. govemanco and managomènt The Charity is govemed by a trust deed dated 19 August 1935, most recently updated in 2023. The trustees who Served duftng the year and up lo the date of signature of the finanoal statements werg.. J Robinson Esq G Fowlie MBE E Gfibble Esq P Hook Esq F Langrish Esq PAppleton Esq (Appointed 25 January 20231 Trustees are appiynled by the board of trustees and meet half-yeady in January and July.

EAST SUSSEX FARMERS BENEVOLENT FUND TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 5APRIL 2023 The trustees. report approved by the Board of Trustees. J Robinson Trustge Dale.. 33

EAST SUSSEX FARMERS BENEVOLENT FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF EAST SUSSEX FARMERS BENEVOLENT FUND

I report to the trustees on my examination of the financial statements of East Sussex Farmers Benevolent Fund (the charity) for the year ended 5 April 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Filsell FCA

on behalf of Knill James LLP

One Bell Lane Lewes East Sussex BN7 1JU

Dated: 10 August 2023

• 3 -

EAST SUSSEX FARMERS BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 Unrestrlctsd Unr09trlcted funds funds 2023 2022 Notes Donations and legacies Inv8slmenls 743 78.893 5.294 77,896 Total Incomg 79,636 83,190 Raising funds 471 Charitable activities 60,459 66,489 Total expondlturfj 60,930 86,489 Net gainsl(lo$sesl on investments 10 176,4341 195,895 Npt movamgnt In funds (57,7281 212,596 Fund balances al 6 Aprll 2022 2,342,889 2,130,293 Fund balances at S Aprll 2023 2,285.161 2,342,889 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivib"es.

EAST SUSSEX FARMERS BENEVOLENT FUND BALANCE SHEET ASAT 5APRIL 2023 2023 2022 Notes Fixed assets Investment propety Investments 12 13 258,000 1,967,058 240,000 2.004,857 2,225.058 2.244,857 Currgnt assets Debtors Cash at bank and in hand 14 4.671 57,304 592 99,312 61,975 99,904 Credltr>rs: amounts falllng due wlthln one year 15 11.872) 11,872) Net current assels 60,103 98,032 Total assets less currnnt IlabllStle$ 2,285,161 2,342.889 Income funds Unrestllcted funds 2,285,161 2,342,889 2,285,161 2.342.889 The nanci sla s were approved by the Trustees on .... J Robinson Esq Trustee

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accountlng pollcle8 Charity Informatlon East Sussex Farmers Benevolent Flsnd is an unincorporated charity govemed by a trust deed dated 19 August 1935. 1.1 Accountlng convention The a￿OUnts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Chafib"es'. Ststernenl of Recon7mended Practice applicable lo charilios preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021. {effective 1 January 20191. The charity is a Public Benefit Entity a5 defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charitie$ applying FRS 102 Updak Bulletin 1 not lo prepare a Slalement of Cash Flows. The financial ststements have departed Irom the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provido a true and fair view. This departure has involved following the Statement of Recommended Practice lor charities applying FRS 102 rathe¥ than the version of the Stslement of Re￿mmended Practi￿ which 1$ referred to in the Regulations but which has since been wlhdrawn. The financial statements are prepared in sterting, which is the functional currency of the tharity. Monetary amounts in these finanaal statements are rounded to the nearest £. The financ¢al slalements have been prepared under the historical cost ￿nvention, modified to include investment properties and certain frnancial instruments al fair value. The principal accounting polries adopted are set out below. 1.2 Golng concem At the lime of approving the financial $talements. the trustees have a reasonable expectation that the thartty has adequate resources lo continue in operational existen￿ for the fofeseeable future. Thus the tr￿teeS contsnue to adopt the going conGeTn basis of a¢counts'ng in preparing tho financial slat¢n70nls. 1.3 Charltable funds Unreslrict¢d fvnds are available foi use at the d¢S￿et10￿ of the Iruslees In furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted lunds are sel out in the notes lo the financial stalemenls. 1.4 Income Income is recognised when the charity is legally entitled lo il after any perf0mlan￿ condit*ons have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are r¢eognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in lalion to donations received under GIftAid or deeds of covenant is recognised al the tsme of the donat￿n. Interest on funds held on deposit is ineluded upon notificatton of the Interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Accountlng pollcles IContInu￿> 1.5 Expènditure All expenditure is induded on an accruals basis and is recognised when there 1$ a legal or ¢onstNctive obligation lo pay for expenditure. All costs have been directly attributed lo one of thè functional ealegories of resources expended in the Slalement of Financial Activities. The charity is not registered for VAT and accordingly expenditure 1$ shown gross of VAT. GovemanrE costs comprise all costs involving the public accountsbility of the chartty and its complianee with regulation and good wactice. These costs include costs related lo the examination of the accounts and all the osts of complying with constrtutional and stslulory requirements. 1.6 Investment property Investment property, which is property held to eam rentsls andlor for capital appreciation, is initially reeognised at ￿$t, which indudes the puichase cost and any directly 8ttribulable èxpendrture. SubSequen￿Y it is measured at fair value al the reporting end date. The surplus or deficrt on revaluation is ree¢gnised in profrt or108S. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transaction price ex¢ludin9 transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net incomell8xpendilurel for the year. TransaGtion costs are expensed as incurred. 1.8 Cash and cash eqtslvalonts Cash and cash equivalents include cash in hand, deposrts helll al call with banks, other short-lem) liquid investments with original maturf(ies of three months or less. and bank overdrafts. Bank overdrafts are sho thin bo￿¢)wIngS in ￿ffen1 liabilibes. 1.9 Flnanclal Instruments The charity ha$ ¢l￿te*j to apply the provisions of Secbon 11 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all ol its finanaal inslrumenls. Financial instruments are recognised in the charitys balance sheet when the charity becomes paty lo the conlraclual provisions of the instrument. Financial asset$ and liabilities are offset, with the nel amounts presented in the financial stalemenls. when there 1$ a legally erforceable right lo sel off the recognised amounts and there Is an intentlon to settle on a nel basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic finanoal assets. vthich include debtors and c8sh and bank balances, are Inilialty meaSU￿d transaction price including transactson costs and are subsequentty carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction, where the Iransacbon is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets lassified as receivable within one year are not amortised.

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 A￿oUntIng pollclgs Icontinugd) Baslc flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unle88 the arrangement conslitules a financing tfansacts'on, ￿ere the debt instrument is measured 81 the present value of the fLFture payments discounted at a market rale of interest. Financial liabilit4.es classified as payable within one year are not amortised. Debt instruments are subsequgnlly carried at amortised cost, using the effective interest rale method. Trade creditors are obligation$ lo pay for goods or services that have been acquired in the ordin¥y course ol operations from suppliers. Amounts payable are dassrfied as current liabilibes rf payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade eredilors are recognised lnits￿lY al transaction price and subsequently measured al am0￿"Sed cost Ltsing the effeelive interest method. Dere¢ognitlon of flnancialliabiliti•s Financial liabilities are derecognised when the d)arity's contractual obligations expire or are discharged or Can￿lIett. Donatlon$ and legacles Unmtrlcted Unrestrlcted funds funds 2023 2022 Donations and gifts 743 5.294 Invostmonts Unrestrlcted Unrestrlcted funds funds 2023 2022 Rental Income Income from listed investments Interest receivable 22,655 56,177 61 14.090 63,800 78,893 77,896

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Ralslng fvnds Unrestrlcted fvnds Totsl 2023 2022 Advertising 471 471 Charltablg a¢tlvltles 2023 2022 Insurance Repair$ and maintenance 1,312 162 1,376 2,602 1,474 3,978 Grant frjnding of activities Isee note 61 Share of governance Costs Isee note 71 31,682 27.303 35.324 27,187 60,459 66,489 In both years, all expenditure on ch8rrtable actovities was from unrestricted fUr￿s. Grants payable 2023 2022 Grants lo individuals Hampers 25,980 5,702 29,974 5,350 31,682 35.324

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2023 Support costs Support Governance costs costs 2023 - 2022 Audrt fees Legal and professional Company se¢￿tar￿al fee8 1.872 20,164 5.267 1,872 20.164 5.267 1,836 20,073 5,278 27.303 27,303 27,187 Analysed between Charitable activities 27,303 27,303 27,187 In both years, all the expenditure on support and govemance costs was ffom unrestricted funds. Trustees The trustees represent the key management personnel of the charity. None of the trustees lor any persons connected with them) received any remuneration from the charity during the year. During the year, no trustees wère reimbursed for expenses incurred on behalf of Ihe charity. Employeos The average monthly number of employees during the year was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £60,000. 10 Net galnglllossesl on Investments Unrestrlcted Unr08trlcted fvnd$ funds 2023 2022 Revaluation of investments Gainlllossl on sale ol investments Revaluation of investment properties (74,1151 120,319 18,000 182,481 13,414 {76,4341 195,895 io-

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 11 Taxatlon The charity is exempl from lax on income and gain5 falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationol Chargeable Gains Act 1992 to the extent that these are applied lo ￿ eharilable objects. 12 Investment propèrty 2023 Falr viluo At 6 April 2022 Nel gains or losses through fair value adjustments 240,000 18,000 At 5 April 2023 258,000 Investrnent property ￿mPriseS freehc4d land and property. The fair value of the investment propety has been arrived al by the Iruslees at the balance sheet date on an open market value bass by reference lo market evidence of transaction prices for simi18r properties. If investment properties were staled on an historical cost basis rather than a falr value basis. amounts would have been induded a5 follows.. 2023 2022 Cost A￿UmUlated depreciation 5,413 5,413 Carrying amount 5.413 5,413 The trustee who held title to the propety belonging lo the ch8rity. and who seNed as a tnjstee n holding title to the property during the y¢ar was Mr G J Fowlie MBE. 13 Fixod oset In¥estm•nts Lisled Investments Cost or valuatlon At 6 April 2022 Additions Valuation changes Disposals 2,004,857 249.254 194.434} 1192,6191 At 5April 2023 1,967,058 Carrying amount At 05 April 2023 1.￿7.058 At 05 April 2022 2.004,857 11

EAST SUSSEX FARMERS BENEVOLENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 13 Flxed asset Investments Icontlnued All investments are carried al thwr market value. Investment In equities and fixed interest securities are all Iraded in quoted public rnarket5, primarily the London Stock Exchange. Asset sales and purchases are recogniged al the date of trade al ¢osl (that is their transaction value). 14 0gbtoYs 2023 2022 Amounts falling due wlthln ong year: Prepayments and accrued income 671 592 2023 2022 Amounts falllng due aftof mor¢ than one year: Other debtors 4,000 Total debtors 4,671 592 15 Credltors: amounts falllng due vAthln one year 2023 2022 Accruals and deferred inwme 1,872 1,872 16 Related party transa¢tlons There were no disclosable related party transactions during the year12022 - none). 12-