REGISTERED COMPANI. NUhlBF.R: 020051112 (F.ngl&nd and lTrales} REGISTEREDCHARITY NLIWIBER.. 294139 Rert of the Tru$tees Audiied FIanCial Staternents for the l'ear Ended 29 Februarv 2024 for Oxford Fsrming Conferen¢elThv) The Hui¥hin9)Th Pannership Litr.ired trading as The Hulchin Partsiership Chart¢rrd Accountsn15 Jnd Staiulorv Auditor The Bull Pen Gro%L F PoTlway. BUh111 Hereford HR4 SNF
Oxford FArming Conftrert¢elTbe} Contents of the Flnanelxl Statemellts for the Year Indtd 29 Februury 2024 Page Report of the Trusttts Report of the Independent Auditors St4tement of Flnancfial Actlvltl 10 B41gnce Sheet NDte5 to the Financial Staletneut5 12 10 18
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 The trustee5 who are also director5 of Ihe charity for the purw)sts of IIK Companies Act £(M)6. pre5enl their report wilh Ihe fiiiancial tLmLnt% of thi iharjly foi thL yLr L TrdLd 29 FLbruary ryO?4. ThL ttubiLL htt%"L #duplLd IhL provisJon% vf AcLUUTrtin¥ Rcporting by Chariiies." Siatemeni of Recommende11 Prnciice appliiable 10 charities prepaTing iheir accounts in accordance wilh rhe Financial Reporting Standard applicable in the UK aDd Republii of Ireland (FRS 1021 (effective l January 2019). OBJECTII'ES AND ACTIVITIES Ubjectiw¢$ #nd #ims The conipan) s objectiN"es are to encourage and promote the iTnproved use of land for food prLKluction and other Purposes for the benefit of the ¢ommunit)' in the United Kingdom artd elseuhere. as itat=d in the (ToTreming duMentS. The company IM)Ids an aniiual farminiT conference and uses this as an opportuniry io >uppon studeJiLS alid i)ew enirants into the agri¢ultural industry. as well as supportinR Il)ose alread!. involNed in the 5eclor. The Irustees have referred io the Chariiy Commis)lOn's guidance on public ner11 wheth reviewing ihe actiwitits. -haniy's objectives and ACHIEVEMENT AND PERFOILIIANCE Thc O.xfDrd Famiittg LonfcrLnLC. held in Januarv ?0?4 was cntitlcd. Power of Divcrsity, with a POWLrful rangL tsf spcakcrs ajid activities which celebraied Diversity in its widest sense. The ?0?4 conference was available both as a physical eonterence and as a virtLthI experience for those who wished to participate but were unable to attend in tsort. The ¢onf¢Tence sirapline of.- include- challenge- inspire sets ihe backi1n)p io papers rhai rdnged from irade and politici supply chain SU51ainabilitv, sLict]cc. inspirin¥ franncrs, f]d innoi'ations. rlcruitnicnt al pcoplc nutlcrs. rbc cnvironmcnl and fanning as a blind Tnan to the dEbate with 115 protlI70n Ihal 'ih15 hous¢ belieTre5 Ihai farJnLng lor f(K)d 15 holding back. natUTE recoTretJ' proleLied landscapes,. The Tru5teEs have decided to change the OFC strdpline Lo 'lTLclude= Challenge= Illspi from Infortn.. Challenge-. Inspire,. This change is entirely consistent with the theme of the 2024 Conference 11)e Power of Diversity. and refleLts th¢ impor¢ance of inclusivity in the s¢cior. Agdin, Ihe conference twell SUPIKlrted and lde]Y covered by the media including bro#de&%L radio. bmadsheei Irdde pre%%, and excelleni I¢'elS of conference ¥ON'erage were achie%'ed. The Irustees again comrni55i0ned 3 repor1= The 2014 OFC RepoTt - Is th¢ UK supply thain brokeng Thi5 report can be found o OFC'S web811¢ (see below). The conference website MYw.ofc.org.uk is fully fiCtion1ng with a c(xJwrehensii'e colleciion of previous papers. prtsentations and ¢tsnt¢rence video footage, making refeienLe to the ¥onfetence through ihe }ear more aL¥es5ible. Both Ihe Scholar5 and Inspire (previously Emer8ill8 Leaders) programme5 coniiDue lo be actively supporf<d by The OxfoTd Fa]ynin8 ConferenLe and fL)r the ?0?4 conferenLe both the buw Proae and the reLeThtly lauh Breakin¥ initiative were built on. The Iru5tees continue to woik the theT8 and idea5 which have be¢T) r4i5ed in both iN¢eTnal and external strategic review and to respond io challenges wthich arise. British Grower5 A550ciation and Hawk Limited took over in the 5ecietariat atMI eveni nunagement role5 for the Oxford Farniing Conference for the ?OLi ionference and they ix)th u)ntinued in role lo.- the ?UTr4 conferellce year. Jane Ctaigie Marketing continues to d¢liv¢r the marketing, media strategy and r¢laied a¢tiviiie& and Clare fjreejier supporLs the Trustees &8 Head of Partnerships. Page I
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 FINANCIAL RE%'IEW FlnaDciY41 p05ltion Thl &itn ib tv brLak LYLn on ihc LvnfirLniL" huwL Y¥r thL dirLLtlTrlb pfLEpad to InvLst Ill llLThV idLts%, whiLh mccl th¢ clisLrithbl obje¢iives. In the year under rewiew the rted income (rom con(eren¥e fees was £169.165 1207.3= £160.342). Sponsorship and donalion income amOlted to £225.12(F l)o?l.. £?44.4451. O%erall conference expenditure increased to L433,863 12023.. L43?,7971. The conference overall showed a deticil of £45,15fi Ibefore unreali5ed gains on iestsentS) cornpared with a deficit ot'£2Q,698 last year. This in¢ludes In¢S[Men[ In¢om¢ of 113:5171-W)3.. £11.16?). The period coi'ered by thi5 review included some thTbuleni movements in the sl(Kk market values. however acr05S the year tliere was a tliial of i34.316 in uni"ealised gains on the COIF units held. The o%'ernll net Ikcrtrase in funds for tbe year was iherefoie £10,840 (2023.. d¢crease of £29.5831 The direeiors believe ihai the ¥onferenc¢ remains finan¢iaJly strong and is well placed to withstand econoLlliC pressures 10 many of its ke}. cosls. None of ihe COTF units were sold in ihe year 10 29 Febnry 2024 or in ihe prior year. A restiicted fund exists. with a balance at the year erKI of £12.74012023-. £Nil). These fund5 are not available for the general pu05¢ of ilie charity. Investment policv and objectii'e5 The vulue of the charitj s stock maiket wnfolio held thn)ugh the COIF fund continued to tluctuate througboul ?023124 bioadly in line with, but coiisi%iet)tly sliLFliily ahead ol., the wider mdrket_ The tnLStee% Continue io review performance and thai the ri%k protile is suitable for a chariiy-. oll a regular basis. Re5erve$ poli¢y The trustees eonsider that The Oxford Faming I'onferenee shollld retain reserves of ai least £425.IK>O. This substantially covers the co.st Df tunning a phy%ical annual conference wheit cost.% 11rise in advdnce of income being ieceik'ed i.e. thi% 1% a working capital cothtingency. The actual level of reserves held Tr'ary due lo the financial out-lurn of conference5 and change5 in the value of the Charity's invesimenis. Any ¥urplu%e4 will be used tor the following purposes over d period of time.. lQeep Iiikel priLes incre&ses lo a rninimum Protnote oth¢r educational act)vities Undertake a project Spvnsor SLhulars All of the aboye are Lonsisient with ihe chariiy's pritKipal objectives. The Iru5ttes will continue lo revitw ihe reserves lICY and the use of aTLy sU[uS assets on an aT]nual basis. Page 2
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 FUTURE PLANS The Council Th'ill conlinlie lo tnaitllain The Oxford FaTn]ing ConfereT]ce as the p<Tlent UK conference for iht broad a8riculturdl Indu%iry, p&rtiiulaily thobL Cn¥tt¥d in piactlLal fannin¥. and w4)rk lu'includL'. clthllLngL". JtLtypirL'. Once again, the tnlsiees will aim to furtherexiend the brand athd reach of the conl-erence in 20?4,125. The following activiiies will Continue. and where relevani be enhanced- Rei'iew option5 for th£ formal of the confknrence - Further developmenv'review of the Scholar programme Build or) the Inspire pro&Tramme - Enhance the package 10 htlp inCTease diversity- Breakin.g Barrier5 Utili%c thc %trctLuih of thL OFC Alumni ba - Use regular communicaiion ihroughout ihe year io maintsirt profile aNJ prowide I¢[¥hIp InLreast the availability of bursaries Rei'itw live slrearning options The Erusttcs will undcrtakc somt market rcscarelL ini'ol%'in(p both th0 aiiend thc LonfcrLnLX and th05¥ who currently doji't, with a view 10 gaining insighis lo support the tuture sirdtegic direciion ot'the conierencejcharity.. STRUCTURE, GoifERNANCE AND mAN.4GEMEr Governing do¢umeni Thc iharity is conlrollcd by its govLrnin8 dociimcllt. a dccd of ttust. aDd constiiutLs a limitcd cornpany, lil[ed b) guaTantLc, & delirrd by thE Companies Act 2W6. Charitv constitution The Compan}. is a registered charity {regislered nulnber 294139) at¥J is limited by guarantee. nurnber ?IM)5012. The maximum liability of eJLh member is limiied 10 11. The governing bodv is the Countyil of Trusi¢es, who are also the directors. The M¢MoTandum and Arti¢l¢s ot. Association adopted on incortKTrrdtion oli 27th March 1986 wer¢ updated on 7ih De¢¢nib¢r 2022. Th¢ trustees have unliiknited powers of ini'estmeni. Direetors Those serving the Ix)ard durill¥ the year ar¢ sel out on page 5 of this report. The Irustees are geneIlY appointed 10 the board to servt a IhTte-year t¢Tr. although it is nortnal foi Ihe TrtasuJEr to 5ervt for a longver peri(xJ of time. Page 3
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 STRUCTURE, GOVERNANCE AND M.4N.4GEMENT Organi5atioDal struclure aDd decisioD making ThLri gLfL uyuully tcn ItuslLL%. vl whom s1Th'L a th-'al ILrni. IhiiL thiLL joinin¥ thL C4>uncil ycar. Prospective irnstees can apply and are chosen (or iheir abilill, io bring different Skills and contscis io Council and so enable ihe ain of the conferthce lo be fllifilled. New trustees ststNJ for election bv ihe members ai the Arlla[ General Meeiing ill Janllarv. The second-year tru5tets dtride bel¢¢ thern5elTr"es h0 should be the following }'eat's Chai¥. In the event ot More than one waThting lo do li, the ¢l)oi¢e of Chair is pui io vole by the [nlee. The Dther INstee acts a5 FinaTbCe Director and prepares financial reports for each meeting. The Finance Director. who is als(Tr the Treaburer. is Lhosen for his or her financia] and ac¥ounting skills and may setve longer than the three years if deiided at the Annual General Nl¢etiiig. All truNt¢L'% arc a]w thc compan% directo during thcir tcrni a¥ a tr'tec. The board ensures thai the business of The Oxford Farming Conference is conducted in accordance with its- Lharitablt aims and is legally resporb5ible tor 115 goveinaace and fflanagement. ThLfL arc iisually tLn full mcLtings of thc Countil a Trear151W.'ts of which are now telCLOnfcnCe Slyl¢ to hLlp ieduLC limc and cxpcn$¢ in administrati(Trn of the conterencel with ad hoc committee meetings i(Tr w'ork- on specific issues. C4)uncil Membepi have an iinrA)rtdni role ith reprtsetiiing the conference in the bu%ines% ¥eo4rd]thicdl dre&% in which they 0rate. Over ihe yeaTS il is appareni thai their personal recommendations plav an imponani role In en¢ouraging allendance ai Oxford by boih dcli¥atcs speakers. as WLII as sccurin8 llcccssary sp)nsonhip and fi]iurc dircitor applications. Inductlon snd traiDlng of new trustees All [W ttu%tee% ieceiN'e un induction pack" settin¥ out the aLTII.% of The Oxford Fannin¥ C(ference. it% objectii'es and the action% tlial will be expected of them. They aTC iTlI'ited to atlelld a Council meeting. u5uallTr the ont in NO¢Mber. as observers so they Undetand the aims of the conlerence, its obje¢iiN'es and the aitions th 111 be exp¢¢t¢d of them. They are also inlled to altthd the Annual General Meeting wh¢re ih¢y sthnd tor ¢leaion by the ¢xisiiiigdirector>. Odi¢r IsIee training is provided as requir¢d. Rlsk The INsiees have ¢ondu¢ied Iheir own review of ihe major risks 10 which the chariry is extrfwd and syllems have been esthblished IL) minimise those risks. Internal risks are mininiis¢d b), the implementJiion of procedures for authorisation of all trarnsactions and project5 and to ensure Eonsislenl quality ot. delii'¢T)' for all operalional aspects of the chantable ColpanY. These procedure5 aTe CU¥1]11Y bting reviewed to ensur¢ ihat ihev are still meeting iht n¢¢ds of the ehariiable company. REFERENCE AIYD ADMUISTRATIVE DET.41LS Registered Company numbtr 02005012 IEniTrland and Wales) Registered Charitv nutnber 294139 Registered BGA Hoiige Noitingham Rod Louth Lincolnshire LNII OWB Page 4
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 Tru$¢¢es AM Capper N ParthLLba G San8ome JNI Lalio .TM hlccann AB Kay HorrtLr laI)puintLQ 5.1_24) DJ Hill {appointed 5.1.241 MJ Ca¢camo {L)ppointed 5.1.241 DRB Turner CF Price Iresi%ned 5.1.24} B Tuylur-DaN'Th {re%ignLd 5.1.241 JL Ross (resigned 1.5.231 WP Evans {rtsigned 5.1.24) Compgny Seeretarfies LA EaglLS P Suiion Auditors The Huichinson Pannership Limited trading as Thc Hurchinson PartnLrship CharlerEd Accountants and Statutory Audiior The Bull Pen Grove Farm PoTtway, Burghill Hereford HR4 8NF Invtrstmvnt man#Llers CCLA Invesimenr Managemeni Limiied One .4ng¢l Lane l.ondon F.C.4R IAB STATEMENT OF TRUSTEES. RESPOrySIBILITIES The irnbtees (who are also the direLiors of Oxford Farniing Conf¢rencelThe) for the purposes of Lompany lawl are responsible for pr¢paring the Rert of ihe Truste¢s and t finaii¢ial statements in ac¢ordance with applicable law and United KingdoTn A¢cOting Siandards (United Kin8dom Generdll). Accepted Accounling Prnclice). Company law requires (he [n[ce$ to prepare financial stsiemenis for each finatKial year which gIe a true and fair view of rhe stale of affairs of the charitable company and of the incoming resources and application of resources, inclLLding Ihe income and expenditure, ot the challtable conipany forthai periJ. In prryvrinu those financial slatemcnt5. the ttustee5 leqUlTed to eleLt suitable aLLuunlirtg pulici¥% and th¥n appls, Ihem Lonsi%tently" observe ihe methods ind principle5 in the Chariry SORP; make judgements and estimaieb that are reasonable and pruJent: prepare the financial siat¢m¢nts on the going ¢onc¢rn basis unless It is iiiappropriat¢ tQ PT¢Sunie that the charitable ¢ompany will it¢Iiue iii iTrusiii¢s5. Page 5
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) Rtp(krt of the Trustets for the Year Indtd 29 Februsry 2024 STATEIENT OF TRUSTEES, RESPON.%IBILITIES- continued The trustees are r¢spon5ible for keepins proper acctMJnting record5 hIch disc105e wilh reasonable accuracy al any time the financial position sjf thu LharitublL CUTnpanv iu thitn Iu LnbufL th1 IhL financial 5ItJlLtninl% iomplv iih thL Comp#JLIL% Aut ?006. They are also resp)nsible for safegu&rding Ihe asseis ol Ihe charitable company and hence lor iakj.ng reasonable sieps for the prevention and detectloll of fraud and other irregularities. STATEIENT AS TO DISCLOSURE OF INFOR TrIATION TO AI'DITORS S4) a% thL IruNILC% atL awAfL. thLli is no [Lliv( Inlomidlion dclinid by S.Lliurt 41 % ol IhL LvmpaniL% ALI ?0() uf whiih thL charitsble company's audiior5 are unaware. and each tnjsiee tras thk.en all the steps thai they oll4)hi lo have taken as a Iruslee in order to make them aware of any audil Lnfornmtion and io &*tablish Ihat the Charitable company's auditors are aware of that infom)atioTh. AUDITORS The auditor%. ThL Hutchin50n Partncr%hip LitDitcrt will bc prowd forrc-appointmcnt at thc forthwmin¥ Annual Gcrtral Mcct]n. This report has betn prepared in accordance with the sial provisions of Part 15 of the Companies Aci 2(K)6 relating to small companies. Approvcd by tsrd¢r ot th¢ board of trustLCS on 21 Novcmkr 2U?4 atld signcd on its bchalf by_. DRB Tumer- Tntte Page 6
Report of the Independent Auditors to the illembers or Oxford Farming Confer¢nce(Th¢l IRegi5teTed Dumber: 021M)5012) OpiDion We have audited the fjnancial statements of Oxford Famiing CtsnferetLcoThel (the '¢hariiable Company'l for the year ended 29 February 20?4 which comprise the Siaiement of- Financial Acliijii. rhe Balance Sheet and n(Tries to the tinan¢ial siatern¢nts, includin8 a 5UtnTnary of si8nificani accounliTi8 poliiies. The financial teportinE ..rame.0 Ihai ha5 been applied in iheir preparnlion 1% tJppliLablL l&w tjnd unj¢L Kin¥dvm ALLJ)untin8 Standants" (UnilL Kin¥thTrm Gcncrally AcccptLd ALcvunling Pr&LticLI. It] our opinion the fjnancial statements.. give a Irue and lair view ol. Ihe slate of rhe charitable companv's affairs a5 at ?9 FebTuary 2n24 and of its incorningF re50urce5 and atvli¢aiion of resources. inLluding ils income and expenditllre. for ihe trear then ¢nded: hdfvL bLLn prOrI¥ prLpafLd In aLcunknnLL "1th LrtllL Kir.g(lom lithLrall> AilLPtLd ALLounting VraLtILL", and ha'c been wepared in accordance with Ihe requirtments of the Conipanies Act ?IMI6. Bgsis for opinion I'e conducted our audit in accordance with Inlemational SiaDdard5 on Auditing (Ukl (ISA5 (UKI) and applicable law. Our rL.%PLbnsibilitic% undLI thu4L Standdrds arc furthLr dcscribcd in thc Audito, rc5trf)n%ibilitiES fur thc audit ot thc finLia1 .%lUtClilLtIt4 section of our report. We are independeni of the ¢haniable Company ir accordance lih (he eihical requirements (hai are relevani i our audit of tht financial staltrntnts in iht UK, including the FRC'S Eihical SLir.danL and ihe profvisions available for small entities, iii the circumblances set out in note 17 to the financial 5tattrntnls. and we have fijifilled our other ethical reèponsibilititb in accordance wilh ihe8e requiremenis. We telieve thai ihe audit ei'idence e have obtained is Su1¢Ient and appropriaie 10 proN'ide a basis tor our opinion. Coneluslons relltlng to golllg eonttr In auditin&i the financidl %idrement%, we hdwe concluded that the inLsiee%' use of the gL)ing concem b&si4 of acci)uniinLi in the prepararion of ihe financial siarernenis is appropriate_ Based the work we have rf0mtd, %ve have not Idenlified amv maienal uncerfainiies relating to events or Conditions tha( individually or collectivelv, ma). casi signiticant doubt on the chariiablt compan% s abilit) to continue as a going concern for a riOd ot'at least twelve tnonth5 from when the financial srdtemenL% auth0ri5ed for issue. our responsibilities and ihe reswTrnsibilities of the ¢nJs¢ees with respe¢1 to going con¢ern are L1esLribed in the relevant seLtions of this r¢port. Other Informtlvn The Iwsiees are responsible for the orher inforniaiion. The other inforn]aiion comprises the inforn]aiion included in the Annual Repart, other than the fiJMncial statements our Rewrt of the I[Klepdent Auditors thereon. Our opinion on th¢ financial statements does noi cover the oiher inforniation aThL excepi io the exleni oih¢n¥ise ¢xplicitly staled in our report, we do not expres% any fonn OfranLe Conclusion therwn. In connection with our audit of the filn¢1)I stai¢ments. oiir resw>nsibilit}' LS to tead the other infomiation and. in doing so, Lonsider wh¢Ther the oiher information is materially inconsient '1th the financial statejneiits or our kiiowledge obtained In the audit or otherwise appears lo be malerially missialed. Ifw'e identif% such inaterial inconsi3lencies or appaTrnl Inalerial misslaleInen15. The are r¥quiied to determine whethei Ihi5 ¥iV¢.% Ti,%e to a tnaleiial nii5¥tateTneni in th¢ financial %tat¢nient% Iliem%elve5. If, based on the work we have perfom)ed. we conclude that there is a maierial misitaiemeni ofthig oiher inf0mll0. we are required to report that fact. We have nothing 10 report jD this regard. OpiDlons on other mtters prescrlbed bv the Compxnies Act 21J116 In uur opinion, based on the undertaken In the LUUt%¥ 4Tr1-the audil." the informaiion given in the RerM)n of the frusttts for the fjnancial year for which the financial statements are prepared is ¢{sisteI with the financial statements- and the Report of th¢ TJust¢es has been prepared in aLrordan¢¢ with applicabl¢ legal requiremenis. Page 7
Report of the Independent Auditors to the illembers or Oxford Farming Confer¢nce(Th¢l IRegi5teTed Dumber: 021M)5012) Matter5 on which we are required to report b). exteptioTh In the lighi ol the knowled¥Fe and undetSthndiTrts tsf the Charitable company and its envirotunent obtained in the Course of the audit. we have not identified material misstatem¢nts in th¢ Report ot th¢ Trysieei. WL havl nothin¥ t(p rLpurt In ILSPLXt of thL followin¥ matict5 whLYL iIK- CompaniL? Aet 2(K16 rc4UilC% U¥ ti) lu yuu If. vur opinion: adeqLLate accounting records hawe noi kept relurns adequatr lor our awLit have not been received from branches not visited by us; or th¢ financial siaiemenis are noi in agreemeni with ihe ac¢ouniit)g records and ruums- or LtirIn di%Llu4urL% u[trUtLL, fLmunLraii4)n %PLLl.-1L by drL nul inddL- 4Trr we have not rectived all ihe intormation and explanations we require for our audit- or the trustees were not entiiled 10 take aJ&aThtsge of the small compaJJies exemption fn)m ihe requirement to prepare a Strategic Report or iii preparing the Rewrt of ihe Tn]s1. Responsibilit$ of trustees As eKplained more full). In the SleMen1 of Trus1, ReSnSibili[l¢s. Ihe uwstees (who are also ihe directors of the chariiable compaiiy for Ihe poseS of company laivl are resph)nsible l-or iht preparation of ihe finaniial statemtnts and for bting satisfied that thty grive a true lair view. and for such inTeral conliol as the IllLStee5 (ktennine is necessary to enable the preparatioii ol fInala[ sialeen(S thai are free fn)m material misstsierneni. whether due io fraud or error. In preparing Ihe financial statements. the trustees are reswnsible tor assessing the charitable companv's ability to coniinue as a gtTring CLiTrcem, dibcloiing. as applicable, mattetg relate41 to going concetn and usin? the going LOllLern basig of accounting unlebs the tru4tee% either intend io liquiddte the charitable company or to ce&%e operdiion%, or have no ruli%ti¢ aliemaiive but to do %0. Our responsibilitie& for the audit of the ffiThancial $taterneThis Our objtLlives art lo vbiain rfJsun(Ibl¢ assurance about whether the financial statements as a whole are free from material Inisgiaiement, whether due to frdud or error. and io issue a Rcp)rt of the lndeper.dtnt Audiiors that includes our opiiiion. Reasonable aKsUrtce 1% a high level ot &%surance. bul is not a ouardntet Ihal an audil conducted in accordallce with ISA5 (UK) will alway% detect a malerial misstatement when it exisl5. Mi55talement5 can arise from fraud or error aiid aTe considered material if, individually OT in the aggreg&te. they bould reasonably be eApe¢ied ¢0 inf]uence the economic decisions of u>ers taken on the basis tsf ihese flnancial staiem¢nts. The extent to which our procedures are earmble ol'deteeiing irtEgulariiits. including frdud Is detailed below". We determined ih&t the following laws and requlaiions %4'ere most SInIficant including Charities SORP (FRS IU21, Coinp&nie5 Act 2006. Chantle5 Acl 2011 and taxation laws. Wt Lsse55ed ilr exlenl of compliance with rh¢5e law5 and regulations 35 part ol. our procedur¢s on th¢ related financial siatemeni iiems. DisLLl%Sions with niJndgemetJt.Iru%iees itiiluding ionsiderdlion of known or su8peLted insianLQ% of non-LomplianLe with Idwi 2nd reUlatIo[l5 and fraiid. and reN'iew of re)rtS made b} Manaeten1. We assessed the susieptibility of the entity's finanrial statements to mateti#l misstament, including how fraud might ¢Ur. Audit procedures p¢rtormed in¢lud¢'. - identifying and a5sessins the design eirectivene of conth)lfi manage[TnI has in place to peI atm] delecl fraud. und¢r.Niunding huw those chatued wilh gotrnanCe CO41der&I and addre*Ned the p(Trteiitiiil for oveiride vr uthei inappropriate influence over ihe finaniial reponing pr(K¢ss. idelltifying and iesting journal entries, in particularany journal entries with unusual account combinations. review'in(F releyant meeting tninutes. - pertomed alwical wocedures 10 ideniify any unusual or unexFcied relaiionships. A further description of our reSnsIbIlItieS for the audit of the financial StatetS is located on the Financial Reporting Council's website ai www.frc.org.uklauditorsreswinsibilities. This description forn)s part of our Rewirt of the Independent Auditots. Page 8
Report of the Independent Auditors to the illembers or Oxford Farming Confer¢nce(Th¢l IRegi5teTed Dumber: 021M)5012) Use of our report Thib report is Inade solel) to the Charitable ¥ompan)'s members. as a IKKIY. in accordance 14.ith Chapter 3 01 Part 16 of the C.omEMnies A¢r •006. Our audit work has been undertaken so thal we mieht sraie to the diaritable coinpan5 S inembers tlioqe matters are required lo stale to Ihetn in an audiloT5' rert and for no oihknr putTK>5e. To the fullest exlent pertnilied by law, we do not accepi or tL¥bUtnL rLbpun%ibility 10 oihlr th thL Lhaiiiablc cotnparty and Ihc chaniabli LpanY'S mcm1'r4 t)b & bud>, for our audit work, for ihis report. or for ihe opinions we have fomied. Simon Bennett Bsc FCA (Senior Statutory Auditor} for #nd on behalf of The Hutchinson Partnership Limi*d tradin&T The Hut¢hinwn Partnership Cliarlered Accouniants and Statutory Auditor ThL Bull PLn Grove Fami Portway, BUrlI] Heretord HR4 8NF 26 November 9024 Page 9
Oxford FArming Conftrert¢elTbe} Statement of Flnanclal Actfii'ltles for the l'ear Indtd 29 Februury 2024 2024 Total futid5 ?023 Total fund5 Unresiri¢ted fund Resiri¢ted rund Nol INCOMEAND ENI)OII'MENTS FRO[ Charitable artivities Conference 365.938 35.IM)O 41KI,9.38 413.895 In.¢tment income Total 13.517 37Y 4)5 13.517 414,455 11.302 425.257 J5.IM)O EXPENDITLIRE ON Chariiable aL*ivit1¥5 Confrrence 412.961 20.902 432.797 Other TotAI ?4.390 437.3)] 1,358 445,955 NLt gain{]¥) on invcstmcTrL% 34.316 8.8851 NET INCOMElffXPENDITURE) 23.580 12,740 (10,840) (29J83 RECONCILIATION OF FUNDS Toial funds brought fonvard 453.131 453,1.13 482.716 TOTAL FLINDS CARIUED FORWARD 419 f 51 1?_740 45A I_IR The notes foTh part of these financial statements Paee 10
Oxford FArming Conftrert¢elTbe} (Registered Umber. 0200i012) BalaDee Shtei 29 Februxry 2024 2024 Total futid5 2023 Total fund5 Unresiri¢ted fund Resiri¢ted rund Nol FIXED ASSETS It]vesiment5 41_1.301 413.301 -178.985 CURREiYT ASSETS LILblJr% Investments Cash at bank 12 i5.61)0 55,t>gU 18£ 554 .863 329.107 72.443 22,057 164.155 258.6)5 316J67 12.740 C.REDITORS Amounts falling due within one year 14 13(Kl.1151 1300.1151 1184J07} NET CURRENT ASSETS TOT.4L ASSETS LESS CURREf*T LIABILITIES 4Tr9.553 12.740 453,133 NET ASSETS FLLYDS 4Tr9 553 12.740 453 133 15 Unie%iri¢ieJ fund Rests'icted funds TOT.AL FUNDS 429,553 453,133 453 133 ThL%L fJnanLièI %tatLmLMt% havL bcLn prLiTraTLQ itt accurddncL wilh thc pn)vi%iuns appliLdblL tu Lltsritablc LDmpthiLI NubjLLI to thL small companies giMe. The financial siat¢menis were approved by ihe Board of Trusiees ond authorised for issue on 2$ November 2024 and were sigmed on il.% bLhalf by.. G Sansom¢- Tnte¢ The notes foTh part of these financial statements Paee I I
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Statements for the Year Indtd 29 Februury 2024 ACCOUNTING POLICIES Basis of preporing the finonci#I ¥tements The finan¢ial staienienis of ihe Lhjritable company, which is a public ller1[ eniity under FRS 102. have been prepared in accordaiice with the ChIll¢S SORP (FRS 10?) 'Accoulliing and Reporting by Charities= Siatement of Reconunended Praciice applicable to charilies preparing their ac£ount5 in 3rcoidJnce 'Ith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS In21 leffe¥iike l January 0191.. Financial Reponing Siandard 102 'The Financial KLpuning Sldndaid applicabli In thL kLpublii ul Aiildnd. dnd thL L(}mPiL5 Act 2UUh. I'hL finanLJdl %lalLmLnl4 have been prepared under the hislorical cost coni"eniion. with the exception of inN'e5tments which are included at market value. as modified by the rei'aluation of certain assets. The Oxford Fannin.g C.onferellce meets the definilion of a public beuefit entity under FRS 102. The direcr$ have Considered the financial TequiTemethis ofthe comtrany and cortsider ihat il will be able io operdie within its agreed finance faciliiits for iht next l? monihs. The directors lherefo consider il appropriate lo prepart Lhe accollnts on tht going concern Es95iS. lrtcorne All income is recognised in the Statement of Financial Activiiies when (he conditions for receipi have been mei and ihere is reasonable assurallie of receipt. Some don(Ks specifb the year of the ¢otLferen¢e that their donati()n should relate to. This is recog1>ed in the yedr that Ihe condition% are mei dnd caleoorised &5 deferred in¢ome unlil thi% lime. 1nvcStcnl Inc¢ 15 inLludcd when rcccivablc. Investment gairn8 and losses are included revaluing investments to market value al the end of the year. The Tnain activity of the charity is that of running a conferenie. Swin50r5hip atKI Efdnt5 are receiied toward5 the njnning costb of ihe ionlerence, therefore thege are dis¢lose(l as pan ol-inioming 1¢sour¢es fmm uharitable a¢tiviiies in the Statement ot Finan¢ial Aciivities. Where gifts in kind hay¢ been r¢cei%ed Ihen S$0T$h1P in¢i>rne is re¢ognised wh¢re it is possible io reasonably estimare its value. The value of sertri¢es proKided by volunteeT5 has not been included. lthctsme frtsi Patrons LS recognised when the agieement is signed. because the chdrily can lise the ineome li sees til over the period ot. their paironage. ExpEnditure Liabiliiic% are recognised as expeThliiure as swn as there is a kgal or consrrncliye obligaiion commiiting the Charity io thal expendiillre, li i) prubable iliai a transfer of eionoiJ)IL benefi[8 will be reqllired in seiilemeni and the amount of ihe obligdiion can be rneasured reliably. Expenditure is xcounLed for on an accrua15 basis and ha5 been classified under lieadings tjial ag¥Fregat¢ all ¢osts' related to the caieori. Il'here cann(A be directly attributed to partiuular headings they have been alloealed io tivitieS on a i)asis consisieni with the us¢ of ro8ow¢es. Chorit&bltr activities incl1¢% all LXlt% &K%(riared with runnitvd the annual Lnference. Governance costs include those incurred in ihe governance of its assets and are associated with constiluiional and statLLtory requir¢Tnent5. Alkjcatlon apport1Ment of¢o$ts Support costs have betD alloiaitd between governance costs and finance costs. Governance costs comprise all costs involving the public ac¢ouniabilily ot'the iharit%' and its compliance wilh regulation and good praLtice. Finance costs include bank ¢har¥es aNI commission fe¢s on eredit card r¢ttipts. TAx&tio The chariiy is exempi from corporaiion rax on its chaniable adivilies. Page 12 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 ACCOUNTING POLICIES- ¢oitinM Fund at¢ounti*g All unrestri¢ied funds are expendable ai the th"scretion of the directors in ihe fih¢rance of Ihe objecllves of ihe charity. Such funds may bt held order to fund working capital and capitsi investmenL R¢stricied fun(ts are funds which are w be used in accordance with specific resiriciions imposed by ihe donor. There is a siThglL rL%lriLtcd fund, thi BursaTr VI01MML Fund. whiLh providL% lunds" fur IhosL wurking in thc ld, farming dnd agricultural secior who otherwise would be unable to atttnd. Basic financTg1 instrurnents The chariiable iornpany only has financjal setS and financial liabililies of a kind that qualify as basic financial instruments. Basic financial instruments. arc inilially rccogniscd ar iransaction valuc atKI subsequcntly nTrtrd%urcd at thLir %cttlLment value. Inveslments Ini'e.stments held a5 fixed arc staled ar Tnarket I71ue ai the balance sheet date. Realiscd and unreali5ed gyain5 and 105ses are Combined in ihe appropriaie s&rion of Ihe Sthiemenr of Financial Aaivilies. lttvesiments are held primaril!. to provide ai) iDvcstmLnt rclurn. Investments held as current assets are stated at cost aNI ate repteseAttrJ by cash held in the COIF De]x)sit Fund. IPJVESTMENT ILYCOME 2024 2023 Interest received Income from unit trust5 2.408 253 INCOME FROM CHARITABLE ACTII'"ITIES 2024 2023 AciiNity Conference Conference Conf¢i¢Tr¢e Conference Cont¢renc¢ Conference fees SponiDrship A¢Lommodation Catering and other income C'harirabl¢ granr in¢om¢ 169.165 185.120 654 169,342 234,44£ 108 4Q.OtM) 400 938 io.tN) 413 895 Inclu&d ith1th iht sponsorship fjgure aFM)ve is E3-,0(X) (2023.. £Nil} of restricted IrMe which relates io the Bursary Progranimc Fiijid. All otlTh inLomi rLLcivcd is unttstTiLtcd. Page 13 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 CIL4RITABLE A1VITIEs COSTS Dirrtl note 51 Conference 433 $63 DIRECT COSTS OF CHARITABLE AlI"lTIEs 2024 2023 Tnsurartce Accommodation and calcring Speaker ¢o%L Conference organisiTrg and secretarial Swnboi3hip costs Council meetillg% and expens¢s Mtsrketin¥ Lnd publicity Equiptnent hire Indusiry research Bursaries and siholarships iosts 3,S74 143.582 2,923 67.7.fj0 23,(109 20,984 49.598 75.7!9 20,250 ?6,164 433 X63 5,356 169.545 2,999 67.688 19.847 28,821 41,152 67,593 12,6.15 17,161 432 797 £?0,9(J2 12023.. £Nill ot the costs atrmive relates lo expenditure on r¢srri¢ied a¢tiipiiies. Th¢ remaiiiing expenditur¢ is unrestricted. Conference organising and secretarial cost) of £67.750 1?0*3.. £(77.6881 represent rhe fee paid to Briti£h Cirowers Association for orgaiiising and rllnning the conlerence and for secTtLqrial su?pon proi ided 10 the direitors ihroughout the ytar. SUPPORT COSTS Govcrnancc costs Finance Totals other rewurces expended £1.358 12023= £Nil) of thc custs abovL rLlatcs- to expcndiiurc on rLqtrictcd dLtivitiL& Thc rctnaiiiin¥ cxpcnditurL i% unrestricted. Page 14 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 NET INCOlE1(EXPENDITLRE) Nil InLutnLI{LxpLndJluiLI Ib SlJ)tcd aftlr chat81n(Creditl)= 2024 202_1 Audiiors, remuner41ion TRUSTEES, REMUP4ERATIOPI AIYD BENEFITS 2024 2023 Trustees, fe£s 3.000 The position of Treasurer is a pemjanent role and not subjeii to ihe usual ihrtt-year terni rnles applicable lo the Diher diicctur%. It dcLidLd in Ihc ycar thar the TrLlife[ 5huuld paid dn honorarium tu rLtILcI the (ununitment inwolwLd the on-ended term of the appointment. Consequethilv. a pavmeni of ,000 12023.. £Nill was paid to David Turner & Co Liinited for ser*i¥es provided b), Dal'id Turner lo th¢ COpanY. No oilier direciots were paid or compensated for their sernices in ihe year or previous year. Trustees expenses Duiing the LlirertQT5' expetLS¢% were paid. coirnng travel. sub%i.steDce accTrrnJtK)dation. lTrtalling £23,195 {?n23.. £23:2871. 11 {2023= 13} dire¢iors or fornier dire¢ioTS were Teimbuts¢d had payments m¢ direcily on their behalf during the year. During the year ihe Lompany paid an insu[Ce premium of £1.95712023.. £1.9441 to indemnify direciors and officers of the C1)mpnY againit liabiliry. The otliLers of the comtkiny M'¢re noi required to pay ftsr physical attendance at the conftrertLt. The valut io each otficer {in¢lusivc ot'VATI was approxim•tclY £49212013= £486). The ctimpany received Irorn the directors a Ivlal of £162 {2023.- £Nil) furlhe sale of branded clothing. STAFF NUMBEILS A.YD COSTS There were no employee% in ihe curreni or preceding vear. There were no employee costb oremployee benefiis. TAL4TIOPI The ¢onipanv is exeinpi Irom ¢orpx)ration tax under ihe pro%isi(>ns ot'Se¢iion 50511 M¢} of Ilie Income and Corporation Taxes Act 1988 011 the condiLlO(I that ils income is applicable to and applied for charitable putposes only. Page 15 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 FIXED A&SET INI'ESTNIENTS Listed MARKET VALUE Ai l Nlarch ti023 Revaluations At ?9 FebruaTr 2024 ET B(X)K V.4LUE Al February 2024 At 28 Febnlary 2023 378,5 413,301 41.13(Jl There were no invcsttnenl assets outside the UK. The above InvesteI is held in a COIF Charilies Inveslment Fund. This illvestment 15 in equitie5 which are Iraded in quoted publiL iiiaiketS. The investments originalty cost £211.362 (?023= £21 l J6?). 12. DEBTORS: AMOUNTS FALLING DUE W'ITHIIY ONE YEAR 2024 2023 Trade debiors OthLI' dLbtor VAT 19,488 6,118 15.657 35,843 13. CURRE.YT ASSET INI'"ESTMENTS 21124 2023 COIF Dep11 Fund 185 554 Page 16 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 14. CREDITORS: AMOUYTS FALLING DUE II'ITHI.% ONE IEAR 2024 2023 Trade crediiors Accruals and dcferred uiiorne 259,662 40,451 300 115 147.7.16 36.771 Accrual% and deferred in¥ome include% £ln,OtK) 12073- £25,IMIO} of spo%(r%hip ¥rant income received thi&1 relte.% to conferences in forthcoming }'ears. J5. MOVEMENT IN FUNDS Net movement in funds At 29.2.24 At 1.3.21 UThre5tricted funds Gcncral fund 453.133 {2.1.5801 429,553 Restricted funds Bur>ary' Piogramme 12.740 12,74 TOTAL FUNDS 44_1.133 IUS401 Net movement in funds, illcliided in the above ate as follows: Incaming Re4ttyurces cxpcndcd Cpainq and MoveTntnt in full. Uiirestricted funds General lund 379.455 (437,3511 34.316 {23.58Ql Restricted funds Bllrsary Pr(Igramme 35,(MK> 122,2601 12,740 TOTAL FUNDS 414.4£5 4596111 -14.316 10 84(11 Comparatlves for mtsvemet In futtd$ Net movcnicnt In funds At 2S.2.23 At 1.3.22 Unrestricted funds Generdl lund 482.710 (29.5831 453.133 TOTAL FUNDS 482 716 451 113 Page 17 continued...
Oxford FArming Conftrert¢elTbe} Note5 to the FID#nelal Si%tements- eontlllued for the Year Indtd 29 Februury 2024 15. mOvEIENT IN FUTrIDS- continued Compat8tivc tnovLmcnt In fund%, ItJLludcJ In thL 8bDVL arc ab follvws-. Incoming re50urc Rtsouries exttnded Gaills and los¢5 Movement in funds unrencted funds Geiieral fund 4252£7 {445,9551 18.8851 (29.58.11 TOTAL FUNDS 4?5 Tl)ere is a single restricied fund. IlTe Bursary Pro(tranTme Fund: *hich proi.idts fund5 for those working the food, farming and agniulturdl sector .110 Othen¥ise OUld be unable to attend. A lully-fullded tliket to auend the conference is proviLkd as well as accomm(Mldtion and co%ts towards trdwel if reqllired_ J6. RELATED PARTY DISCLOSiIRES Proyision of serviLes by directors or companies thev are involi'ed in. received on the same ternis as they received by other 4upplitis. Please See TtuNlee Rernuneration and Benefir5 riote fordttail% ot paymenL% to director%. J7. FRC ETHICAL.STAND.4RD- PROVISION.S AVAILABLE FOR SMALL ENTITI&S In common with many other businesses of our size and naiure we use our audiiors io prepare and submit reiums ILI the lax aiitlioritie4 (when neLe%s2ryl and 8ts%181 with the prepapaiitsn of the findnLial %tsiement%. LIABILITY OF MEi¥IBERS The company, iyhich is 8 regisleral charity. is lirntted by guarantee and does not have sllare capital The maxtmum tOUnt that each wnember rnay be called upon to C(tTIbUte IN £1. At :.8 Febniary 20?4 the cornpany liad ten membeT8, Ivho are the present directors of the CoMrnY. Paee 18
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