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-