WEST COUNTRY DAIRY AWARDS ANNUAL REPORT For the year ended 31 March 2024 Charity Number 306598 WEST COUNTRY DAIRY AWARDS CONTENTS PAGE Trustees and Professional Advisers Trustees, Annual Report Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Notes to the Accounts WEST COUNTRY DAIRY AWARDS Reference and Administrative Detsi18 For the Year Ended 31 March 2024 Trustees R M Kallaway (Chairman) P Winstone S Banfi'eld B Clarke Register8d Charity Name Working Name Previous Name West Country Dairy Awards The Dairy Crest and National Farmers, Union Fund The Dairy Crest and National Farmers, Union Scholarship Fund The Unigate Scholarship Fund Registered Charity Number 306598 Principal Office clo NFU South West Region Agriculture House Pynes Hill Rydon Lane Exeter Devon, EX2 5ST Admlnlstrator Lucy Brooke Trewithen Dairy LOS￿1th1el Cornwall PL22 OLW Independent Examlner Sarah Twlst FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Sornerset TA12PX Banko CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent, ME19 4JQ Stockbroker Charles Stanley & Co Ltd Broadwalk House Southemhay West Exeter Devon, EX11TS WEST COUNTRY DAIRY AWARDS Trusteas, Annual Report For the Yaar Ended 31 March 2024 The Trustees present their report tO9ether with financial statements for the year ended 31 March 2024. Legal Statu8 West Country Dairy Awards (previously known as the Dairy Crest and NFU Scholarship Fund) is constituted under a Trust Deed dated 1 August 1925 as varied by Scheme dated 4 June 1973, an Order dated 8 October 2003 and 30 November 2016. It is a charity registered with the Charity Commission registered no. 306598. Governance and Managament The Trustees who served the Charity during the period are shown on page 2. The Trust Deed calls for three trustees. The Executlve Committee Is appointed under the terms of the Trust Deed. The Executive Committee conslst of appropriately qualified and or experienced individuals, including the Trustees, and meets on a quarter basis. The County InteNiew Committee consists of eight members, Including the Trustees, and meets on an annual basis to assess grant applications. Objectlves and Actlvitle8 The objective cf the Charity is the promotion and encouragement of practical and scientific education in dairying and dairy farming among the children of farmers. ex-farmers, smallholders and ex-smallholder5 in the beneficial areal by providing scholarships at institutions providing agricultural education in Great Britain or travelling or research scholarships. The Charity meets its objectives by provlding scholarships for individuals at institutlons providing agricultural education in Great Britain or travelling or research scholarships. During the year the Charity provided grants totalling £17,000 (2023.. £17,310> to qualifying individuals. The Trustees have complied with the duty In section 17(5) of the 2011 Charities Act to have due regard to Public Benefit guidance published by the Charity Commission. Inv•stment Pollcy The Trustees investment objective is to achieve growth by investment in a portfolio which may include equities, fixed income investments, alternative investments and cash. In order to meet these objectives, the Trustees have appointed Charles Stanley 8S their agent to manage a diversified portfolio of suitable investments on a discretionary basis. In the context of the Charles Stanley Business Terms we have selected a growth investment objective with medium high risk. The proportions invested in the different asset classes shall be reviewed with Charles Stanley from time to time to provide guidan￿ on the ongoing suitability of that element of investment policy. The Trustees will regularly consider whether there is a need to revise this policy statement and keep under review the arrangements under which Charles Stanley acts as our agent. WEST COUNTRY DAIRY AWARDS Trustees, Annual Report For the Year Ended 31 March 2024 Financlal Revlew Donatlons of £27,338 (2023.. £18,400) were r8ceived which, together with income frorn the Charity's investments and undistributed income brought forward was applied in the funding of grants and sponsorship totalling £17,000 (2023.. £17,310). Reserve Pollcy It is the strict policy (reviewed annually in the spring of each year) of the Trust to authorise student grant payments only when all that year's income from investments and sponsorship cheques have been cleared by the bank. Total payments are decided by the Executive Committee and minuted and the Executive Committee May leave any balance unspent that it considers prudent to meet likely forward administration expenses and conts'ngent grants in the following year. The reserves policy was last reviewed on 3 September 2020, when it was decided to leave the reserves at approximately £2,000. As at 31 March 2024 unrestricted reserve8 of £117,022 {2023: £98,559) were held of which £102,904 (2023.. £94,766) were held as investments leaving free reserves of £14,118 (2023.. £3,793). Surplus funds at the year end were greater than normal due to difficulties when the reglstered office and administrator changed. The policy of holding a minimum of £2,000 cash remains unchanged for future years. Rl8k Management The Trustees have examined the major risks which the Charity faces and monitor these risks on a regular basis to mitigate any impact that they may have on the fvture of the Charity. This report W8s approved by the Trustees on ￿ htr 2024 and is signed on their behalf by: R M Kallaway Trustee WEST COUNTRY DAIRY AWARDS Independent Examiner's Report to the Trustees of The West Country Dairy Awards I report to the trustees on my examination of the accounts of West Country Dairy Awards for the year ended 31 March 2024, which are set out on pages 6 to 8. Responsibilities and basls of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'}. I report in respect of my examlnation of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under secb'on 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by sectlon 130 of the Act: or 2. the accounts do not accord with those records. I have no concems and have come across no other matters in connects'on with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sarah Twist FCA DChA Chartered Accountant A C Mole LLP Stafford House Blackbrook Park Avenue TAUNTON TA12PX .2024 WEST COUNTRY DAIRY AWARDS RECEIPTS AND PAYMENTS ACCOUNT for the Year Ended 31 March 2024 Unrestricted Fund Restricted Fund Endowment Fund 2024 Total 2023 Total Receipts Donations & Legacies Dividend Incom8 Gift Aid 27,000 1,640 338 27,338 1,640 18,400 1,445 28,640 338 28,978 19,847 Asset and Investment Sales Sale of investments 760 760 300 Total Ro¢elpts 28,640 338 760 29,738 20,147 Payments Awards to individuals Admin charges Stockbrokers fees and commission Bank charges Independent Examiners fees Printing and Stationery 17,000 17,000 17,310 129 104 351 480 104 487 73 756 217 212 212 17,445 351 17,796 18,843 A88et and Investment Purchases Purchase of investments Total Payments 17,445 351 17.796 18,843 Total Receipts Less Payments 11,195 338 409 11,942 1,304 Cash Balances Brought Fo￿ard 14,440 13,136 Cash Balances Carried Forward 26,382 14,440 WEST COUNTRY DAIRY AWARDS STATEMENT OF ASSETS AND LIABILITIES As at 31 March 2024 Unrestricted Fund Restricted Fund Endowment Fund Total Funds 2023 Totsl Cash Funds CAF Bank Account 15,534 Charles Stanley - Trust Income Account 205 Charles Stanley - Principal Account 59 9,938 25,472 205 705 13,808 335 297 646 15,798 9,938 646 26,382 14,440 Investment Assets Investments at cost 23,899 64,827 88,726 89,440 Total Assets 39,697 9,938 65,473 115,108 103,880 Liabllltle8 Accruals 1,680 1.680 810 As at 31 March 2024 the investment assets shown above had a market value of £102,904 (2023.. £94,766). These Accounts were approved by the Trustees at a meeting held on . Trustee Trustee WEST COUNTRY DAIRY AWARDS Notes to the Accounts for the Year Ended 31 March 2024 1. The accounts have been prep8red on the receipts and payments basis and in accordance with Charity Commission's guidance. 2. Neither the Trustees, nor any pèrson connected with them, have received any remuneratlon or expenses during the year (2023.. NIL). 3. The endowment fund was formed in 1925 with a donation of £30,000 to be used in perpetuity for the main charitable objects. 4. The restricted fund is the WE, KW & BWPocock Memorial Fund. From time to time funds are available for postgraduate scholarships in Dairy Science.