Registered Number 4787639
Charity Number 1098519
Nuffield Farming Scholarships Trust (a company limited by guarantee)
Report and financial statements
for the year ended 5 April 2013
Registered Number 4787639
Nuffield Farming Scholarships Trust
Report and financial statements
for the year ended 5 April 2013
Contents
Trustees’ and Advisers for the year ended 5 April 2013 ....................................................................... 1
Trustees’ report for the year ended 5 April 2013 .................................................................................. 3
Independent examiners’ report to the trustees on the unaudited accounts of Nuffield Farming
Scholarships Trust ................................................................................................................................ 6
Statement of financial activities (including summary income and expenditure account) for the year
ended 5 April 2013 ................................................................................................................................ 7
Balance sheet as at 5 April 2013 .......................................................................................................... 9
Accounting policies ............................................................................................................................. 11
Notes to the financial statements for the year ended 5 April 2013 ..................................................... 13
Detailed income and expenditure account for the year ended 5 April 2013 ....................................... 21
Notes to the detailed income and expenditure account for the year ended 5 April 2013 ................... 22
Nuffield Farming Scholarships Trust Registered Number 4787639
1
Trustees’ and Advisers
for the year ended 5 April 2013
Chairman
S Watkins
Vice Chairman
W Hendrie
Trustees
A Blackburn (retired on completion of term with effect from 23 November 2012)
N Chippindale
R Cooksley (with effect from 23 November 2012)
J Darling
T Evans (retired on completion of term with effect from 23 November 2012)
J Franklin
C Grote (with effect from 23 November 2012)
W Hendrie
P Hughes (retired on completion of term with effect from 23 November 2012)
J Martin (with effect from 23 November 2012)
R Parker
N Pulling
I Tremain
S Watkins
H Woolley
Chief Executive
M Vacher (appointed as at 1 January 2013)
J Stones (resigned with effect from 1 January 2013)
Trust address
Southill Farmhouse
Staple Fitzpaine
Taunton
Somerset
TA3 5SH
Registered office
Nuffield Farming Scholarships Trust
c/o 28 Bedford Square
London
WC1B 3JS
Bankers
CafCash Limited
King’s Hill
West Malling
Kent
ME19 4TA
Nuffield Farming Scholarships Trust Registered Number 4787639
2
Solicitors
FBC Manby Bowdler
Rowan House South
1 Sitka Drive
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Independent Examiners
David Turner & Co Limited
Church Farm
Elmdon
Saffron Walden
Essex
CB11 4LT
Nuffield Farming Scholarships Trust Registered Number 4787639
3
Trustees’ report for the year ended 5 April 2013
The Trustees present their annual report and financial statements for the year ending on 5 April
2013. The Trustees have adopted the provisions of the Statement of Recommended Practice
(SORP) “Accounting and Reporting by Charities” issued in 2005 in preparing the annual report and
financial statements of the charity.
Status
The organisation is a charitable company limited by guarantee, incorporated on 4 June 2003 and
registered as a charity on 11 July 2003 under the number 1098519.
The company was established under a Memorandum of Association which established the objects
and powers of the charitable company and is governed under its Articles of Association.
Organisational structure
The charity is controlled by its Board. Under the company’s Articles of Association, ordinary
members of the Board are elected to serve for a period not exceeding six years. External and
ordinary members representing the membership are elected at the AGM. Representatives of the
Nuffield groups are elected by the annual meeting of the groups, whilst representatives of the
returning scholars are elected by their peers. The day to day management of the Trust is delegated
to the Director of the Trust, Mike Vacher who took over from his predecessor, John Stones, with
effect from 1 January 2013.
Members of the Board, who are directors for the purpose of company law and trustees for the
purpose of charity law, who served during the year and up to the date of this report are set out on
page 1.
Members of the charitable company guarantee to contribute an amount not exceeding £1 to the
assets of the charitable company in the event of winding up. The total number of such guarantees at
5 April 2013 was 508.
The Trust’s objectives
The Trust will give study grants to suitable candidates to further the practice of agriculture,
horticulture, forestry and countryside management, to impart information gathered widely and to
provide leadership for rural industries.
Activities
In 1946, the Nuffield Foundation decided to sponsor travelling scholarships for established farmers
and horticulturalists, with the object of advancing standards in the UK, and for the first ten years the
Foundation not only organised but financed the scheme in its entirety. In 1956 the agricultural
industry was called upon to raise the funds necessary to finance the travel and incidental expenses
of scholars, the Foundation continuing to bear all other charges and to employ staff at Nuffield Lodge
in order to administer the scheme. In 1970 it was decided to form an independent registered charity
to take over all of these activities and Nuffield Farming Scholarships Trust was the result of this
decision. On 8 November 2002, a resolution was passed to authorise the original Trust to transfer all
of that charity’s assets to a newly incorporated entity limited by guarantee which was enacted on
5 April 2004.
Nuffield Farming Scholarships Trust Registered Number 4787639
4
The Trust carries on certain other activities in addition to fundraising and administering the annual
scholarships. These include: hosting visiting scholars from overseas, arranging conferences,
briefings and training programmes for Scholars, (including the Annual Conference and the Annual
Meeting of the Trust), supporting study groups for existing scholars and continually liaising with
overseas Nuffield Farming Scholarships organisations.
During the period the Trustees have implemented the changes to the annual timetable and taken
forward other strategic initiatives. In addition they have recruited a new Director.
The charity trustees have referred to the Charity Commission guidance on public benefit when
reviewing the objectives and in planning future activities.
Financial summary
The gross resources arising in the year amounted to £361,186 (2012 £304,107).
During the year 22 awards were made at a cost of £304,342 (2012 20 awards at a cost of £248,670).
Other costs borne by the Trust amounted to £92,356 (2012 £76,802).
Related parties
On 5 April 2004, assets and liabilities were transferred from the original charity of the same name at
their net book value using the merger method of accounting for incorporations in accordance with the
Deed of Incorporation with the exception of donations and subscriptions receivable were received
under gift aid, the associated tax refund due from H M Revenue & Customs and the Barclays bank
account in which subscriptions and donations are deposited by the donors. These assets were held
on trust by the original charity. The original charity annually gifted its net incoming resources to the
incorporated charity.
On the 7 February 2008 the trustees of the original charity decided to dissolve the charity and to
transfer all remaining assets and activities to the incorporated charity. Following the transfer the
original charity was dissolved under the charity merger provisions of Section 74C of the Charities Act
1993. Thus entitlement to potential future legacies and other income will transfer to this charity.
Reserves and investment policy
Total funds of the Trust as at 5 April 2013 amounted to £813,619 (2012 £771,639) whilst free
reserves (which include surplus funds held as unrestricted investments in order to generate income)
stand at £686,210 (2012 £633,274). The funds have arisen from prudent investment of surpluses
when these occurred. The reserves are held to smooth the flow of monies from one year to another
and as a means of financing the cost of administration of the Trust. The Trustees feel that it is
prudent to retain reserves that will ensure the Trust can meet the cost of administration for a
minimum of two years.
The Memorandum of Association gives the charity powers to make and hold investments. The
trustees have considered the most appropriate policy for investing funds and decided that
specialised unit trusts, designed for the charity sector and acting as tracker funds, together with high
interest accounts, fulfils their requirements to generate income and protect the capital contained
therein.
Nuffield Farming Scholarships Trust Registered Number 4787639
5
The market value of the Trust’s investments at 5 April 2013 was £801,920 (2012 £735,306) against
their historical cost of £724,429 (2012 £613,953). The Trustees retain in the General Reserve any
growth in value of their invested funds and any surplus from the operating of the Trust while seeking
to fulfil its objectives; particularly where this arises from Scholars’ donations which it is generally
understood are made to assist in the administration of the Trust.
The Trustees are prepared to expend up to 5% of the General Reserve in any one year if they feel
that a good case has been made for doing so. The Trustees will review the policy annually.
Risk
The Board regularly review the risks to which the charity may be exposed and can confirm that
systems have been established to mitigate those risks. Scholars are required to arrange travel
insurance and sign contracts which include a disclaimer. This remains under constant review.
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Annual Report and Financial Statements in
accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under
that law the trustees have elected to prepare financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law). The financial statements are required by law to give a true and fair view of the state
of affairs of the charitable company at the balance sheet date and of its incoming resources and
application of resources, including income and expenditure, for the financial year.
In preparing those financial statements, the trustees are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The trustees confirm that they have complied with the above requirements in preparing the financial
statements.
The trustees are responsible for maintaining proper accounting records which disclose with
reasonable accuracy the financial position of the charitable company and which enable them to
ensure that the financial statements comply with Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Small company exemption
This report has been prepared in accordance with the Statement of Recommended Practice –
Accounting Reporting Charities and in accordance with the special provisions of Part VII of the
Companies Act 2006 relating to small entities.
Approved by the trustees on and signed on its behalf by:
S Watkins W Hendrie
Chairman Vice-Chairman
Nuffield Farming Scholarships Trust Registered Number 4787639
6
Independent examiners’ report to the trustees on the
unaudited accounts of Nuffield Farming Scholarships Trust
I report on the accounts of the charity for the year ended 5 April 2013, which are set out on pages 7 to 20.
Respective responsibilities of trustees and examiner The trustees (who are the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of The Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
• examine the accounts under Section 145 of the 2011 Act;
• follow procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
• state whether particular matters have come to my attention.
Basis of independent examiner’s report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the requirements:
• to keep accounting records in accordance with Section 386 of the Companies Act 2006; and
• to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
David Turner Chartered Accountant David Turner & Co Limited Church Farm Elmdon Saffron Walden Essex CB11 4LT
Nuffield Farming Scholarships Trust Registered Number 4787639
7
Statement of financial activities (including summary income and expenditure account)
for the year ended 5 April 2013
Note Unrestricted fund
Restricted fund
Endowment fund
Total funds 2013
Total funds 2012
£ £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary income 1
- Donations 18,255 - - 18,255 12,450
- Scholars donations (including gift aid) 55,698 - - 55,698 51,676
Activities for generating funds 2,813 - - 2,813 3,251
Investment income 25,541 284 - 25,825 26,820
Incoming resources from charitable activities 2
Sponsored scholarships 60,000 170,350 - 230,350 187,275
Income from other activities 28,245 - - 28,245 22,635
Total incoming resources 190,552 170,634 - 361,186 304,107
Resources expended
Costs of generating funds
Costs of generating voluntary income 3 6,252 - - 6,252 7,029
Cost of goods sold 4 2,656 - - 2,656 476
Cost of charitable activities
Scholarships 5 144,342 160,000 - 304,342 248,670
Cost of other activities 6 59,474 - - 59,474 43,702
Governance costs 7 23,974 - - 23,974 25,595
Total resources expended 236,698 160,000 - 396,698 325,472
Nuffield Farming Scholarships Trust Registered Number 4787639
8
Note Unrestricted fund
Restricted fund
Endowment fund
Total funds 2013
Total funds 2012
£ £ £ £ £
Net incoming/(outgoing) resources before
other recognised gains and losses
(46,146) 10,634 - (35,512) (21,365)
Other recognised gains and losses
Unrealised gains/(losses) on investments 77,492 - - 77,492 (14,303)
Net movement in funds, page 21 31,346 10,634 - 41,980 (35,668)
Balances brought forward at 6 April 2012 674,140 32,564 64,935 771,639 807,307
Balances carried forward at 5 April 2013 705,486 43,198 64,935 813,619 771,639
All activities derive from continuing operations.
Nuffield Farming Scholarships Trust Registered Number 4787639
9
Balance sheet
as at 5 April 2013
Note Unrestricted funds
Restricted funds
Endowment funds
Total funds 2013
Total funds 2012
£ £ £ £ £
Fixed assets
Investments 9 674,511 62,474 64,935 801,920 735,306
Current assets
Stock 4,363 - - 4,363 5,092
Debtors 10 64,452 - - 64,452 152,881
Cash at bank 161,521 - - 161,521 85,609
230,336 - - 230,336 243,582
Creditors: amounts falling due within one
year
11 (218,637) - - (218,637) (207,249)
Net current assets 11,699 - - 11,699 36,333
Total net assets 686,210 62,474 64,935 813,619 771,639
Restricted funds 12&13 - 62,474 64,935 127,409 138,367
Unrestricted funds
General 686,210 - - 686,210 633,272
686,210 62,474 64,935 813,619 771,639
Nuffield Farming Scholarships Trust Registered Number 4787639
10
The directors are satisfied that the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 and that members have
not required an audit in accordance with Section 476.
The directors acknowledge their responsibilities for:
i ensuring that the company keeps accounting records which comply with Section 386; and
ii preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its profit
or loss for the financial year in accordance with the requirements of Section 396 and which otherwise comply with the requirements of this Act
relating to accounts, so far as applicable to the charitable company.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the
Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective January 2007).
The financial statements were approved by the Trustees on and signed on their behalf by:
S Watkins W Hendrie
Chairman Vice Chairman
Nuffield Farming Scholarships Trust Registered Number 4787639
11
Accounting policies
Accounting convention
The financial statements are prepared under the historical cost convention, with the exception of
investments which are included at market value, and in accordance with the Financial Reporting
Standard for Smaller Entities (effective 2007), the Companies Act 2006 and follow the
recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice
issued in March 2005.
Donations, legacies and similar incoming resources
Donations, legacies and similar incoming resources are recorded in the statement of financial
activities as they become due. The value of services provided by volunteers has not been included.
Annual subscriptions are recognised in the period to which they relate.
Sponsorship receivable and payable
Sponsorship receivable is recorded in the statement of financial activities as soon as the charity has
entitlement to the income, there is certainty of receipt and the amount is quantifiable. Amounts
payable are recorded at the same time. Monies are agreed to be due when the scholars for the
relevant year are selected unless sponsorship has not been agreed in advance. Any amounts
received or due for sponsorship which have not been paid to the agreed recipient at the end of the
accounting period are carried forward in other creditors and amounts received in advance.
Investment income
Dividends are included in the statement of financial activities on receipt. Bank and other interest is
received gross of tax and included in the statement of financial activities on receipt.
Resources expended
Scholarships awarded are recognised in the year in which the award is agreed together with the
associated selection, briefing and award advertising costs incurred in the year, to the extent that the
conditions for payment have been satisfied.
Costs of other activities are recognised in the year in which they are incurred.
Governance costs are those incurred in connection with the management of the Trust’s assets,
organisational administration and compliance with constitutional and statutory requirements.
Overheads and directors’ fees and expenses are allocated between expense headings on the basis
of time spent.
Fixed asset investments
Investments held as fixed assets are stated at market value. Any loss or gain on revaluation is taken
to the Statement of Financial Activities. Profits and losses arising on the disposal of investments are
included in the Statement of Financial Activities as they arise, based on the brought forward value (or
cost for additions disposed of during the same year) of the investments sold.
Stocks
Stock consists of purchased goods for resale. Stocks of merchandise are stated at the lower of cost
and net realisable value.
Nuffield Farming Scholarships Trust Registered Number 4787639
12
Funds
The charity maintains various types of fund as follows:
• Unrestricted funds represent unrestricted income which is expendable at the discretion of the
trustees in furtherance of the objectives of the charity.
• Restricted funds represent donations, contributions and sponsored scholarships received
which are allocated by the donor for a specific purpose.
• Endowment funds represent donations received where the donor has stipulated that the
income may be used for general purpose, but the capital must be retained.
Nuffield Farming Scholarships Trust Registered Number 4787639
13
Notes to the financial statements
for the year ended 5 April 2013
1 Incoming resources from generated funds
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Voluntary income
Donations 18,255 - - 18,255 12,450
Scholars’ donations 47,630 - - 47,630 37,600
Gift aid 8,068 - - 8,068 14,076
Activities for generating funds
Sales of merchandise 207 - - 207 51
Valuation movement (729) - - (729) -
Other fundraising activities 3,335 - - 3,335 3,200
Investment income
Dividends and interest 25,541 284 - 25,825 26,820
102,307 284 - 102,591 94,197
Nuffield Farming Scholarships Trust Registered Number 4787639
14
2 Incoming resources from charitable activities
Unrestricted funds
Restricted funds
Endowment funds
Total funds 2013
Total funds 2012
£ £ £ £ £
Sponsorship scholarships
Funds received - 170,350 - 170,350 117,275
Contributions to scholars selection and briefing 60,000 - - 60,000 70,000
60,000 170,350 - 230,350 187,275
Income and other activities
Conference income
- Winter conference 27,772 - - 27,772 21,316
Income from study groups 320 - - 320 1,275
Sale of reports 153 - - 153 44
Income and other activities 28,245 - - 28,245 22,635
88,245 170,350 - 258,595 209,910
Nuffield Farming Scholarships Trust Registered Number 4787639
15
3 Cost of generating voluntary income
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Director’s fees and expenses 5,743 - - 5,743 6,045
Website design and maintenance 129 - - 129 543
Other costs 380 - - 380 441
6,252 - - 6,252 7,029
4 Cost of goods sold
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Cost of merchandise 2,656 - - 2,656 476
Nuffield Farming Scholarships Trust Registered Number 4787639
16
5 Scholarships
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Scholarships awarded to individuals - 160,000 - 160,000 131,000
Scholarships withdrawn - - - - (5,000)
Selection and briefing expenses 69,266 - - 69,266 48,616
Scholars’ reports 12,603 - - 12,603 10,369
Costs of advertising scholarships 15,713 - - 15,713 14,414
Administration of scholarships 46,760 - - 46,760 49,271
144,342 160,000 - 304,342 248,670
22 scholarships (2012 – 20) were awarded during the year.
6 Cost of other activities
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Conferences
- Winter conference 32,103 - - 32,103 22,347
- Arden conference 6,432 - - 6,432 1,007
Arden award payments 12,555 - - 12,555 10,000
Study groups - - - - 1,082
Dissemination of information 8,384 - - 8,384 9,266
59,474 - - 59,474 43,702
Nuffield Farming Scholarships Trust Registered Number 4787639
17
7 Governance
Unrestricted funds
£
Restricted funds
£
Endowment funds
£
Total funds 2013
£
Total funds 2012
£
Director’s fees and expenses 11,486 - - 11,486 12,092
Insurance - - - - 831
Bank charges 715 - - 715 697
Meeting costs 5,875 - - 5,875 3,130
Legal and professional costs 1,800 - - 1,800 4,134
Independent examiners’ fees 1,960 - - 1,960 2,320
Bookkeeping costs 1,125 - - 1,125 484
Website design and maintenance 257 257 1,027
Other administration costs 756 - - 756 880
23,974 - - 23,974 25,595
Nuffield Farming Scholarships Trust Registered Number 4787639
18
8 Staff emoluments
The trust has no employees.
The Trustees did not receive any remuneration.
Trustees participating in the Award Selections received travelling expenses. If any Trustee is
required to attend an international meeting then travel and accommodation expenses will be
refunded.
9 Investments
2013
£
2012
£
Market value at 6 April 2012 735,306 748,913
Acquisitions at cost 25,706 25,375
Sale proceeds from disposal (36,584) (24,679)
Unrealised gains/(losses) in the year 77,492 (14,303)
Market value at 5 April 2013 801,920 735,306
Investments at market value comprise
Deposit accounts 81,594 92,471
Unit trusts 720,326 642,835
801,920 735,306
Investments at historical cost as at 5 April 2013 comprise
Deposit accounts 81,594 92,471
Unit trusts 642,835 521,482
724,429 613,953
Investments are revalued annually using published market values at the year end date.
10 Debtors
2013
£
2012
£
Tax recoverable on deeds of covenant and investment income 8,068 14,076
Donations and subscriptions receivable 2,395 1,785
Prepayments 1,877 2,500
Other debtors 52,112 134,520
64,452 152,881
Nuffield Farming Scholarships Trust Registered Number 4787639
19
11 Creditors – Amounts falling due within one year
2013
£
2012
£
Scholarships payable 196,500 164,395
Other creditors - 35,554
Accruals 22,137 7,300
218,637 207,249
12 Endowment funds
Endowment funds comprise the following resources which have been made available and which the
trustees are legally required to invest or retain for the charity’s purposes. As the trustees have no
power to convert these funds into income and apply them as such, the funds are shown as
permanent endowment.
Arden fund
£
Balance at 6 April 2012 and 5 April 2013 64,935
The Arden Fund has been established to finance a scholarship in memory of Frank Arden. Interest
arising on the permanent endowment is to be applied by the trustees for this purpose and is credited
to restricted funds.
13 Restricted funds
Zimbabwe Fund
£
British Potato
Council
£
Arden fund
£
Sarasin Alpha CIF
Income and
Reserves
£
Total
£
Balance at 6 April 2012 953 11,163 5,834 55,482 73,432
Movement in resources
- Incoming 48 86 157 - 291
- Outgoing - (11,249) - - (11,249)
Balance at 5 April 2013 1,001 - 5,991 55,482 62,474
The £55,482 held in the Sarasin Alpha CIF Income and Reserves account represents restricted
funds, previously held in the reinvested Nuffield Russia Trust. This action was agreed by the
trustees on 22 September 1999.
Where scholarship funds are received from organisations for restricted purposes, until the funds are
distributed to the individuals concerned, they are held separately from the other funds of the charity
as restricted funds.
Nuffield Farming Scholarships Trust Registered Number 4787639
20
The funds donated by the British Potato Council and accrued income thereon are to finance seed
potato scholarships. The funds contained in the Zimbabwe fund are allocated to scholars from
Zimbabwe and other South African countries.
14 Taxation
The charitable company is exempt from corporation tax on its charitable activities.
Nuffield Farming Scholarships Trust Registered Number 4787639
21
Detailed income and expenditure account
for the year ended 5 April 2013
Note 2013
£
2013
£
2012
£
2012
£
Incoming resources
Sponsored scholarships 2 170,350 117,275
Contributions to scholars expenses 2 60,000 70,000
Donations received 1 18,255 12,450
Scholars donations and gift aid 1 55,698 51,676
Investment income 1 25,825 26,820
Conference income 2
- Winter 27,772 21,316
Study group income 2 320 1,275
Sales of reports 2 153 44
Sundry income 1 2,813 3,251
361,186 304,107
Resources expended
Scholarships awarded - 2013 5 154,000 -
- 2012 5 6,000 130,000
- 2011 5 - 1,000
- 2008 5 - (5,000)
Publication of scholars’ reports 5 12,603 10,369
Selection and briefing expenses 5 69,266 48,616
Cost of advertising scholarship 5 15,713 14,414
257,582 199,399
Conferences 6
- Winter 32,103 22,347
- Arden 6,432 1,007
Arden award payments 12,555 10,000
Study groups 6 - 1,082
Dissemination of information 6 8,384 9,266
General administration, page 22 79,642 139,116 82,371 126,073
Net resources before other
recognised gains/(losses)
(35,512) (21,365)
Unrealised gains/(losses) on
investments
77,492 (14,303)
Net movement in funds, per
page 8
41,980 (35,668)
Nuffield Farming Scholarships Trust Registered Number 4787639
22
Notes to the detailed income and expenditure account
for the year ended 5 April 2013
Cost of generating
voluntary income
£
Cost of goods sold
£
Scholarships
£
Governance
£
2013
£
2012
£
General administration
Director’s fees 5,470 - 38,287 10,939 54,696 53,500
Director’s expenses 273 - 1,913 547 2,733 6,959
Telephone 78 - 539 154 771 1,423
Postage and carriage 97 - 682 194 973 1,421
Office stationery 188 - 1,317 375 1,880 1,042
Office machine maintenance 17 - 116 33 166
Website design and maintenance 129 - 901 257 1,287 5,163
Insurance - - - - - 831
Bank charges - - - 715 715 697
Meeting costs - - - 5,875 5,875 3,130
Miscellaneous expenses - - 2,086 - 2,086 127
Cost of merchandise - 2,656 - - 2,656 476
Legal and professional fees - - - 1,800 1,800 4,618
Independent examiners’ fees - - - 1,960 1,960 2,320
Bookkeeping costs - - - 1,125 1,125 -
Show costs - - 919 - 919 664
Per page 21 6,252 2,656 46,760 23,974 79,642 82,371
Top Related