THE FARMERS CLUB CHARITABLE TRUST REPORT AND FIf4ANCIAL STATEMENTS FOR THE YEAR Ef4DED 30TH JUNE 2021 Clwity No. 282811 THE FARMERS CLUB CHARITABLE TRUST REPORT AND FINANCIAL STATEMEI%TS YEAR ENDED 30TH JUNE 2021 CONTENTS Pig¢ Reference and Administrative ddails Trustee$. report Audit(bts' report Siatement of finaocial activities Balance sheet Notes io the financial sta*tn¢nts 9-13 THE FARMERS CLUB CHARITABLE TRUST REFERFNCE AND ADMINISTiiATIVE DETAII YEAR ENDED 30TH JUNE 2021 Patro Mrs S K Mu(kliman - year of appointmcni 1997 Tru$tee5 J S Fletcher DL. FIUCS {Chaimwi) V Croxson DL,FRAgS IVi¢¢ Clumall) Meryl Ward MBE, FIL4gS. NSC Dcs Lambert OBE, FRAgS Nick Green FRAgS. FIAgM James Squiei FRICS Christine Tacon CBE FRA S. C.Env - year of appoinrmenr 20( - year of appoinrmertt 2009 - year of appOin￿ent 2017 - year of appoin¢ment 2017 year of appointsnent 2019 year of appoitblment 2020 earofa inimen(2021 Principal Offiee The Famiers Club Charitable Trwi 3 Whitchall Court tA)ndon SWIA 2EL Auditors HaysTnacintyre LLP Chartered Accountan Statutory Auditors 10 Queen s￿e1 Place tx)ndon EC4R IAG Banker5 CAFCASH Littlited Kings Hill Wesl Mallin8 Kent ME194TA THE FARMERS CLUB CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED30TH JUN'E 2021 The Tn￿leeS prtscnt ¢lL¢ir annual rewjrt and fknan¢ial siatements for the year ended 30th June 2021. The infom)aiion given on page I fortns part of this repThX. OBJECTIVLS The objective of ihe charity is 10 promote the science and iechnology of agriculture in all its aspects lor thc public benefit. The Truslees confimi ihat ihey have complied with the duty Iri seclion 17 of ihe Charities Act 2011 lo have dlle regard to Éhe public ￿nefit guidance published by the Commission in dderniining the aciivilies undertaken by the Charity. The Famiers Club declaration of Tnjst ofthe 9th June 1981 slales "This Tn￿1 i$ establish￿ to promotc the science and technology of Agriculture in all asptrts for public benefii" This accords precisely with aims sct out in a ststement by a foTm¢r Sccretary of Stste for the Environment F￿d and Rural affain ith July 2010 in which he ¢all¢d for UK Farniing ¢0 produce as much food Ls possible whilst protectin8 the enviromn￿l in a DEFRA publicaiion -Th¢ Future of ow. Fdtming" ACTIVITIES The income of Ihe Trust is applied iowards the stsdy of agriculture and support a¢¢ivitie5 considered to advance education and ¢rainin8 in agriculwre and the development ol industry leaders by the provision olbursaries and g￿lts lo individuals who themselves must meet certain conditions and diss¢minate the knowled8e 8ained. The availability of bursaries for "Agricultural Educaior Awards" Is published on The Famiers Club Websiie and the TTUSt Prepares and prints leaflels which are distribuied (o all known agricultural colleges, ins¢Trlutes and university dcpartments in the UK. A panel is aptK>iThtcd by the Tn]st, which wa5 chaired in 2020 by Profe550r Quintin MeKellar CBE. to interview applicants and award bursaries. Applicaiions are considered on their lerhnical mcTIt and relev2n¢e the TnJsL'S objetytives as exprtsscd in each eandidaie's wriltffl proposals and ihrough the inlervhew process. The objective of Ihe Trust IS lo a55iSt the teachers and allow that cxpeTitnce & knowledge io ¢ascade down io their stud¢nts and the widrr indu51ry. The availability of grants for "Developing txaders in Agncul1u￿- by participation in Windsor Leadership Trust prograynmes is also published on the Farniers Club wcbsiie and was promoled at an evcnirtg letiure held at Tlie Fariners Club when attendees were invited to Tbominate ￿tentIal candida*& In order to further promote and dev¢lop th¢ awareTKSS of the financial awards made by the Trusl nam¢ly its Agricultural Educator and L¢ad¢rship awards, th¢ Twstces have appointed an Awards Ambassador. Ms Lisa Turner. Foll¢)wing an open competltion for the post, Ms Turner look up the role April 2019 and is engaged on a selfpulalion and io COOiinu¢ to offcr grants io ihose identified as having the potential io become le8der5 in agriculttwe. FINANCIAL REVIEW The Trust gcnerdt¢d incorne of £46,￿)8 in the year (2020.. £109.452> and utilised this fij[￿]ng lo award grants athd bursaries of £17,095 (2020- NIL). The net in¢rea5e ill fi￿dS of the Tnst after u[￿lised gains and fair value gains on investments w&$ £139.496 12020.. £816,663) which incre&Yd the Tnsi's funds to £2221214 (2020.. £2.081,7I8). STRUCTU￿ GOVERNANCE AND MANAGEMENT The Famiers Club Charitable TnLSt is a reg1￿Cred charity, ¢harÉty nunther 282811. and is g0Vem￿ by the Trust Deed dated hJune 1981. Appoinlmenl delails Following a review, ¢oth¢lud¢d in March 2021, TA￿¢¢$ are initially a]y*ithieAJ to 5er¥e for a perityj of up to five years. Trustees may be re-appointed forone filrther of up ￿ five ycars. The maxiTnum numbcr of years a Truslee may serve is normally limited io len years. Norn￿lly. a maxifflum of eight Tnwees are ap￿)in￿ unle&9 Truste¢5 decide additional Trustees aJE ffquired. The Chair is elected annually fora Peri￿1 nornully limiied to five years. That temi E¢ in addition to th¢ time ￿[Ved as Tn￿1¢¢ but would nom)ally exceed icn yearn in totsl, a majority OfT￿￿ vote in favour of an exlension for d iime-lin)iied period. The Board of Trustees re8ularly reviews the range of skills tt wuirtd and following this review, there was one new appointment made during the year {2020: one aptMTrintmenll. Training delaiLf New Trustees ar¢ made awarE ofthe WO￿1￿8$ of the Clwity atMI usually have exIC￿S1ve experiaK¢ of being a Trust¢e for other charities. RtSKS The Tn]5tees have reviewed all significant risks facing the charity and have ¢ontro15 in place to mitigate these risks. The most Sl8nificanl risk T¢lal¢s lo the perforniance of the Charity's inve$thien￿ which arc inves¢ed in the M & G Charifvnd. which the Tn￿le¢S believe is appropriate but Ei will be kept review. RESERVES AND IPIVESTMENT POLICY The Charity (kKs noi have any perTnanenl endowmeni and its ￿pital can be swi at any lim¢ ai the discretion of the TTUStees. It 14 however, the Trustee5' ￿)licY io mainlain the rea] value of the capilal with a view io generating sllfficienl income, after meeiiTrg adrnini51ralive expen￿, to erwble a number of but5ary awar4ts to be offered each year and to provide for such other a5 the Trustees may Msh ￿ make from timt lo (itne. To this cnd it is their investmenl policy lo relain land with Polential devel(ym¢Dt value and lo invest all other fimds in well sprtad ¢quilie$ thIou8h the tMIiLlln ora coillmon investmertt fund or filnds. THE FARMERS CLUB CHARITABLE TRUST TRUSTEES. REPORT (continued) YEAR ENDED 311TH JUN'E 2021 TRUSTEES, STATEMENT OF RESPONSIBILITIES Thc Trustees are ￿$[￿NSIble for preparing the T[￿$t￿s. Annual Rwrt and the financial ststements in aetordance with applicable law and United Kingdom Accounting StsJMlaryb (Unit&J Kingdom Generalty Acccpted Accountsng Practice). The law applicable to charities in England and Wales requires the Trustees of the ¢harity ro preparc financial statcments for ¢a¢h financial year which give a ime and fair view of ihe state of atrairs ofthe charity and of the incoming resources and application of resources of the ¢hariiy for thai peri(wJ. In prq>arin8 thos¢ finaocial statements. the tnJ$tees are requircd to.. selecL Suitable a¢¢ounting ￿lIcIeS and then apply them ¢onsiMently' observe the ￿ethodS and principles of the Charities SORP- make judgetnents and ¢5timaics thal are reasonable ptud¢nt: stale whether applicable aceountithg Stsndants and stalemeDts of recommended practicc have been followed, subjcct to any material d¢parnires disclosed and explained in the financial stat¢M¢nts' prepare the fJnan¢ial ststement$ on the going concern basis unless 1¢ is inappropnate to presume that this basis applies. The trnstees ar¢ respon5iblt for keeping proper accounling records which disclose with reasottable accuracy at any lime the financial position of the Charity and io enable them to ensure ihat the financial stsiem¢nts comply with the Chaiities Act 2011, the applicable Charity (Accounts and Rq￿rts) Re8ulalÉons and wilh the Trust Deed dated 9th Ju]Tre 1981. They are also responsible for safeguarding the a&sets of ihe charity and hence for taking reasonable steps for the prevention and deie¢iion of frdud and otlKr irregulariti&5. Approved by the TnLSt¢es and signcd on their bd￿lf by.. J S Fletcher Chairnian Date.. 15 March 2022 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEFS OF THE FARMERS CLUB CHARITABLE TRUST Opinion We hav¢ audiled the financial stsiemthts of Thc Farniers Club Clwithble Trusi for the year end¢d 30 June 2021. which comprise the Stalemeni of Financial Activilie& the Balance Sh¢¢1 and the related notes. The financial reporting fraTnework that has been applied in their prepardlion Is applirable law and United Kingdom Accountkng Staiidar(ts (Uniled Kirkgdom Generally Accepted Accounting Pracli¢e). In our opinkon, the finartcial statements= giv¢ a true and fair view of th¢ $ta* of the Charity's affairs as ai 30th June 2021 and of the Charity'5 net movemcnl in funds for thc year then ended. have bcen proptrly prq)ared in accordance wilh UnLt¢d Kingdom Geiierally Accepied Arrounlijig Praclice; and have beeo prepared in acc4)nlanee with the requirefftents of the ChariLLes Aci 2011. BA$ls for oplnlon We have beetj appointed ￿ auditor utmkr Section 144 of th¢ Chariiies Act 2011 and report in 2c¢ordance with the Act and relevant regulations mad¢ or having effect thertunder. We ¢ollducted out audit in 3¢¢tsnlanc¢ with International Standards on Auditing IUK) IISAS IUKI) and applicable 13w. Our responsibilili¢s undet ihose slandards a￿ further described in the Auditor's responsibilities for the 3udi¢ of the financial staiements seclion of our report. We are indepetjdeni of the charity ID accordan¢¢ wilh the ethical requiremeThrs that arc r¢l¢vanl to our audit of ihe fjnancial slaternents in the UK. including the FRC'S Ethical Standard. and w¢ have fvifilld our other ethical r&sp)nsibilities in accordance with these requirements. We b¢li¢ve that ihe audii evtden¢e we have obtsiDed is suffJ¢i¢ni and appropriate to provide a basis for our opinion. Conclusions rel8ting to golng coneern In aL￿ilIng the fJnan¢ial statements, we have conclllded that the trustees, use of the going concern basis of accountiiig kn the preparation of the financial siatements is appropriale. Based on the work we have pcrfornirf we have not idcnlified any matuial un¢ertaintie5 relaiing 10 evenis or conditions that. individually or collectively. may rasl 5ignificani doubi on the chanty's ability lo continue as a gojng concern for a period of at l¢a5t twelve months from when ihe financial ststemertts arc auth0ri5ed for issue. Our responsibilities and the rtsponsibilities of the trustees with res￿ 10 going concem are described in Lh¢ r¢l¢vant sections of this rewrt. En]pha5is ol m•tttr WL draw attention io noie 6 on page 12 of the financial stst&nents which disclosts the premise upon whith the Charity's lathd inv¢stTnents have b¢¢n valued. opinion is not m￿lif1¢d in respect of thi5 Jnatter. Other informatlon The tn]sic¢s are res￿)rISible for the other inforniatitsn. The other inforniaiion ¢omptise5 the iDfornia(ion includ￿ in the Trustees, Report. Oui opinion on the financial statemrnts does not cover the (ther information and. exccpl lo Ihe exlenl otherwise explicitly Stat￿ in our report, we (lo not eXpr￿S any fonn ofassuTance conclusion thereon. In connection wilh our audit of the financial stsiements, our reSp￿]bility is to read the other inf0m￿tIOn and, in doing so. consider whether the othu infonnation is maierially inconsi51ent with (he fthanctal 5tat¢ments or our knowledge obtaincd in the audii or othcTWi5e appcars to be maietially misstated. If we identify such material inconsisten¢ie5 or appareni maierial mi&stalemcnls. we are required ro detertnkne Nthcther iher¢ is a rnaterial misstaicmeni in (he financkal statcmenis or a material misslatemenl of the other infoTmation. If. based on ihe work wc have wfomied, we conclude thai Iher¢ 15 a material misstaiemetjt of ihis other infom]ation, we are requiicd to rewrt thai fa¢L We have nothing io report in this regard. Matters on which we are required to report by exteptio We have nothing io ieport in respect of ihe following wnatters in relation to which the Charitie5 (Accourtts artd RetK>rtsl Regulations 2008 require us lo report to yw if. in our opinion= adequate accouniing records have not been kept by the ¢hority: or sufficienl arrowiting record5 have noi been kepl oi the charity financial 513tetn¢nt5 are not in a8reemenl with the accounlin8 records and retums.. or w¢ have nol received all the inforn￿li0rt and ¢xplanations we require for our aL￿]L INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE FARMERS CLUB CHARIT ABLE TRUST Re$pon$ibilitie5 of truslee5 for the financiAI $t*tements As Lxplained more fully In the Iru51¢¢5' r¢stK)nsibilities 51atcrneni sel oui in the T[￿￿¢¢5 Repori. the tnLsle¢s are re5ponsiblc for the preparaiion of ihe financial slalements and for being saiisfi¢d Ih3t they give a true and fair view, and for such internal conirol as tTUSte¢s dclcrniine is necessary io enable ihe pieparalion of finajieial statemcnls ¢hat are Iree from maierial missiai¢ment. whdher due to fra￿1 or ermr. In preparing the firtancial stalemcnts. Ihe trustees are rcsponsible for ossthsing the Charity's ability io coniirtue as a going concem, disclosing. as applicable, matters related to going ronrern and using the going concern basis of accoullting unless the trustees either intend 10 liquidzi¢ the ¢haTJty or to cease orKrniions, or have no realisti¢ aliernative bul to do so. Audltor's re5ponslbilltles for the Audlt of the flll4nel*l sl#iernents Our objeciives arc 10 ubtain r¢asonabl¢ assurance about whcther the financial siaiem¢nts as a vthol¢ are free from rnatcrial mi&stalement, whethu due to fraud or error. and lo issue an au(Iilor's i¢port that includes our opinion. Reasonable assurdn¢e is a high level of a&surdnce, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always de￿¢t a material misstatement when li exists. Mi5ststements can arise from fraud or error aiid considered material if. individually or in the aggregate. ¢hey could reasonably be expecied ¢0 influence the economie de¢ision5 of users thken on the b&%is of these fsnan¢ial ststetnents. ITregularitie5. including fraud, ar¢ iNstsn¢es of non-compliance with laws and regula¢ion& We design procedures in line with our responsibilities, ouilined aboye. to detect material missiatcments itj rtspec¢ of 1￿c8U1aTjtieS, including fraud. The extent to which our procedures aTe Capable of deiecthng irrcgulariiies. including fraud is detailcd bclow.. Based on OUT underslanding of ihe Charity and the environment in which il operdies. we identified that the principal risks of non-tomplianc¢ wilh laws and regulations re121ed io Chatjty commi￿10￿ rcgulations. athd we considered the cxtcnt io which non-compliance mighi have a material eif¢¢t on the financial stalemenL%. We also considcred those laws and regulatlOll5 that have a dinxi impacl on the prq)aration of thc financial Stsiements suth a5 the Charili¢s Act 2011. We evaluated manag¢m¢ni's irtcethiives and op￿rtUnItieS for fraudulerti manipulation of thc financial stateTnents (including the risk of override of controls). and deterniined that the principal risks were relaied io posting inappropriatc journal cnlrics to income and management bias in accouttlin8 ¢Stimaics. Audit pTh>cedures perforned by the ertgagement t¢am in¢ludcd'. - Inspecting corresp)ndence with regula10￿. - Discu85ion5 wirh management ithcluding con5idcration of known or suspe¢￿d in51ances ofnon-compliance with laws and rcglllaiion and fraud. - Evaluaiing management'5 controls designed to prevent and detea irregularities. Id¢niifying and testing journals- and - Challetlging assumptions a￿1 judgements made by managemtnt in their uiiical attouniing estimates. A filrther des¢ripiion of our responsibilities for the audit of th¢ financial siattments is localed on the Finart¢ial Reportin8 CounLiI's website at.. www.frc.or .uklauditorsres iliiies. This d￿criptIOn fomis part of our auditor'5 re￿rt. Use of our report This report is made solely to the Chority'5 t￿￿1¢¢5. a5 a Erfjdy, in accordanre with Kction 144 of the Charities Art 2011 and regulations made under section 154 of that Act. Our audii WO￿ has been undertaken so thai we might stale to the chariry's trnsiees those tnattets we are required (o state io them in an Audilo¢s report and for oiher purpose. To the fullest extent p¢miitled by law. we do not accepi or assume resw)nsibility to anyone other than the Charity's trustees as a body foi our audit work, for this repon, or for the opinions we have fonned. Haysmacintyre LLP Chartered Account#llts .￿tat￿tOry Auditor5 Daic.. 18 March 2022 10 QueeD Street Place London EC4R IAG Haysmacintyre is eligibl¢ io aci as an auditor in Icrrns of section 1212 of thc Cornpanies Act 2(Kl6. THE FARMERS CLUB CHARITABLE TRUST ST ATEMEiYT OF FINANCIAL AcfivITtES FOR THE YEAR ENDED 30TH JUNK 2021 Unreslricted Funds 2021 2020 Note Income Voluntary iThcom¢ Investment income ALtiviiies fur g¢neraiing funds 765 35,441 10,702 575 98,505 10,372 Total In¢oming resources £46,908 £109,452 Resources expended Expenditure= Charitable a¢tivilies'. Awarding bursarie5 Governance Costs 37,409 3,240 31,538 3,000 Tot#] resources expended £40,fA9 £34.538 Net intoming resources 6,259 74,913 CaiDS 011 IDV¢Stment *$sels Unrealised105s on itLv¢slments Fair value gain on investmenls (163,250) 905.0(M) 133,237 Net movernent ID fuDds 139,496 816,663 Fund balances broughi forward at Is( July 2020 2.081.718 1,265,055 Fund balances e*rried forward at 30th June 2021 £2,221,214 £2.081.718 All Iian5aclions derived from conlinuing activities. All recognised gains and losses awr illrluded in the Statement of Financial A¢liviiics. THE FARMERS CLUB CHARITABLE TRUST BALANCE SHEET AT 30TH JUNE 2021 2021 2020 Nott INVESTMEIYTS 2,050,258 1.917,021 CURREIYT ASSETS Other debtor5 Jncome tax rccovcrable Cash at bank- on dcposit accouni 3,319 238 190.479 1.957 163 175,051 194,036 177.171 CURRENT LIABILITIES Creditors (23,080) (12.474) NKT CURRENT ASSETS 170,956 164,697 TOTAL ASSETS £2.221,214 £2,081,718 UNRESTRICTED FUNDS £2.221.214 £2,081.718 The fjnancial statements were approved and authorised for i&%ue by the p￿rd of the Trt￿e¢S and were 518ned bclow on its behaifby.. J S FletLher Chaimia Date= 15 March 2022 THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30TH JUNE 2021 ACCOUNTING POLICIES BA$1$ of prepxratiort The financial statements have been ptepared to give a '￿e and fair. wew and havc departed from (he C.haritics (Accounts and Reports) Regulation5 2008 to the exieni required to provide a 'true and fair view. This departurc has involved preparing ihe financial staiemenis in at¢ordance with Ac£ouniin8 and Reporting by Charilies.. Staiement of Rttommendcd Practice applicable to charities preparin8 ihcir accounts in accoTdance with the Financial Rewrting Stand￿d applicable in ihe UK and Rcpublic of Ireland IFRS 102) {effcclive l January 2015) - IChari¢i¢s SORP IFRS 1021). the Finan¢ial Reporting SLqndard appli¢abl¢ in ihe UK and Rcpublic of Treland (FRS 102) and the Charities Art 2011 rather than the AeLounting and R¢porting by Charitics.. Stat¢ment of Recommcnded Pra¢ti¢¢ 21K)5, which has shncc bcen withdrnwn. The Chatbty rntets the definition of a publi¢ ￿nefIt cnlity under FRS 102. Assets and liabilitics are Initially recogllised at historical cost or li￿saCtIO￿ value unless otheNise staicd in the televant accounting policy notels). Th¢ Charity is not required to prepare a cash flow ststemcnt becau￿ of its si2e. Golng coneern The Trustees. having considertd ihe Ch3Tity's range of invesknents, liquidity and ctsntrol of costs. as well as the impact of Covid-19, are satisfied that Ihcre are no malerial uthceT(ainlies iegarding the Chariry's ability lo continue as a going ¢on¢em. CriticAI gCCOUntlng Judgement5 and e5tim*tes In prepaTing ih¢se ftnancial sthtements, the Trustees haye made Judgemen￿ estimaies and assumptions that affecl the application of thc Charity's accounting rK>licies and the reported assets. liabilities. incom¢ and expenditurc and the discloswes madc in the financial staiements. EstiThal&% and judgfflncnts are ¢orttinually evaluated and are based on historical experience and other fa¢LoTS, SJ)cluding expectations of hjturc evenl% tliat are believed io be reawnabl¢ under thc circumsian¢es. In prq)aring thcsc financial stsi¢m¢nts the crhiical aLLOUtllJng judgetn¢nl and ￿timate is as follows. Valuotion Ofagneul￿roI lénd The valuation of the agricuIn￿￿] land is ¢stitn¥ted by the Tnjsiees base4] on the Tnost recent formal valuation5 obtained by extem21 valuets 3nd tTUStee5' expertise and kthowledgc of Cu￿ent markct conditions. The prilliary source of evi(Jell¢e for the Yaluations is rec¢ni, Compa￿1¢ tnarkel transacLi¢)ns on an arnjs-lengih basis. An adjustment to any of these as5umption$ Could lead to a malerial change in the valuation of the agriculiurdl land. There is significant judgement as to the indicator5 of the valuaiion of the invc51ment property a5 they are based upon valuer a5SUtnptions which may wove to be inaccurdte. THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINAP4CIAL STATEMEPI'TS (continued) YEAR ENDED 30TH JUNE 2021 ACCOUNTING POLICIES leontinutd) Fund aceountlng Un¥e5trict¢d funds comprise accumulated Surp1￿ and deficits on genernl fijnds. Thty are available for us¢ at th¢ discretion of the TnLSte&s in furtheratK¢ of the genual charitable objective& Income Incoining resources repffsents the ￿tal incorne receivable during the year comwising dtsna¢ions. covenants athd irtv¢sim¢ni inWTlle. Expetsditure Expenditure is all￿ated io the w1i¢ular adivity where the cost relates direedy to that aaiviry. However, the cost oloverdll thinistralion of the ¢han"ty is ap￿￿rtiOned b&sed on the Wdlue of awards 8iv¢n in each a¢iivity. Grants payèbl¢ are ¢htyrg￿ in the yc4r whcn the offer is conveyed io the r#ipi¢nL Gov¢rnantt costs comprise direct rel￿1ng io th¢ sthwtory and govern￿ rquirements of the Tnw. Investments Invesirnent in M&G Charifund Income Unils are Iiicluded at market value at the balance sheet date. Reali5ed and unrealised gains and losses on investsnents are included in the Statement of Finat)cial A¢iivittes. Investments in agricUl￿ra1 land are included ai fair value ai the balan¢¢ sheei d*e. Fair value gains aThd losses on invr5tments in agricultural land arc included in the SL?L•￿t￿l of FIna￿CIal Aclivitits. Cash #t bank And in hand Cash at bank and cash in hand includes cash short ierm highly liquid investments with a short maiuTity of three months or less from th¢ date of acqui5ilion or opening ofthe deJKJsii or simhlar 2ccounl. Fln&nclg1 Instrnment$ The Charity only has financial assets and financial liabilities of a kind that qualify as b&sic financial instrnments. Bassc financial instruments, including tJ>de and oth¢r deb￿15 and creditors are initially recognis¢d ai tr8nsactio value and subsequenily measured at Ihcir settlement Yalue. Creditors ond provisions Creditors and provisions are recogDised where the charity has a prcsent obligation resuliing from a pasi event that will probably result in the transfer of funds to a third party atKI the amoun( due to s¢til¢ the obligation Can be measured or eslimaied reliably. 10 THE FARMERS CLUB CHARITABLE TRUST IYOTES TO THE FINANCIAL STATEMENTS (Colltl￿ued) YEAR ENDED30TII JUNE 2011 INCOME 2021 2020 Donations {8rossl £765 £575 Inve$tm¢ni income £35.441 £98,505 A¢iivi¢ies for generating funds.. Rents CAP Income 8.623 2.079 8,305 2.067 £10.702 £10,372 EXPENDITURE Dirttt Costs BuTS•ries & Crants payable Support Costs To(*1 2021 Charitable A¢¢ivities AW￿ding Bur5atie5 Retutn¢d BuT5an¢s Grant Giving Administration Costs Governance Costs 17.095 17,095 20,314 20,314 3,240 3.240 £3240 £17,095 £20.314 £40.649 Dirttt Costs B￿r$•r1￿ & Gr•nt$ pay#ble Support Costs Total 20211 Charitable Activitie5 Awarding Bursaries RetUTned Bursaries Grant Giving Adminisiralion Costs GoveTnanre Costs (1,552) 11.552) 33.090 33,090 £3.(MJ) £(1.5221 £33,090 £34,538 Adminisiralion costs ¢ompnse- 2021 2020 Agency & Professional fees Othtr 4.924 15,390 20,078 13.012 £20.314 £33,090 GovemaDC¢ Costs foTllPri￿. Audit fees £3,240 £3.000 THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30TH JUNE 2021 TRUSTEES, REMUNERATION AND REIMBURSED EXPENSES None of ihe lrnstees received any remunernion for their servites (202tr. £NIL) and Thvo tr￿￿e£s (2020: fowl received imlxjrsed travel and subsisL¢nce ¢XP¢JLses of £491 (2020.. £584). STAFF The T[￿$t d￿5 not employ any stsff and so there are no staff cos INVESTMENTS M&G Charifund Income Units Agricultural Land Total Market Value ai 1st July 2020 Fair value gain 1,240.0(M) 677,021 133237 1,917.021 133.237 Market valuc at 30th June 2021 £1,240,¢NI) £810258 £2,050,258 Historical Cost at 30th June 2¢Y21 £276.089 £276.089 A valuation of the two area5 of agrirulturdl land held at 30th Junc 2020 w&5 TKrfOrnI￿ on 17th D￿ember 2020 by Bidwells. wth land ￿lu￿ at £8￿.{mm>. and on 8 January 2021 by Symorbds & Sampsoll. With land valucd at £440.IK)O. The v21ualion by Bidwells was perfornied in accordance witji ihe RICS Global Stsndards 2020 and ihe Symtsnds & Sampson valuati(MX was perfomjed In actordance with the RICS Glvbai Valuation Stsndatd5 Red Buoks. The basis of Ix)th valuations Is O￿n Market Value. In light of there being no ¢hang¢s in either the leasing aTTwgements or planning ststus of the agricultufdl land and their knowledge of CUTrent maTkel conditions. Ihe Trusttts have a&sessed thai there has been no Tnalerial change in the value of the a8riculturdl land held as at 30 June 2021 sinec the previo￿$ external professional valuations fetred lo above. This assessment was based on the opinion of a tnLSt¢e, Mr J Squi¢r, FRICS on I SepleTnb¢r 2021. The valuation of the agriculDJral land is ittherently subjectiv& as it is based upon valuer a&sumptions and the trustees, assessment of marke¢ conditions. which may prove to be inaccurate. AI 30th JLEt)e 2(Y21, 52,896 units were held in the M&G Charifimd (2020: 52,896 units). DEBTORS 2021 2020 Trade debtors Prepayments and accrued income 3.319 1,957 £3.319 £1,957 12 THE FARMERS CLUB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (eontinued) YEAR ENDED30TH JUNE 2021 CREDITORS 2021 2020 Accrnals and deferred incorn 23.080 12,474 Accruals and defetTed income includes deferred income of £1216 {2020: £2.526). which relates to renral income received in relation lo the 2021122 fmancial year_ RELATED PARTY TRANSACTIONS There were no related party traT￿lonS thLrin8 th¢ year (2020: £NILI. 13