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REGISTERED COMPANY NUMBER: 06421230 (England and Wales)
REGISTERED CHARITY NUMBER: 1121770














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 January 2024

for

THE DAYLESFORD FOUNDATION

THE DAYLESFORD FOUNDATION






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 3

Statement of Financial Activities 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

THE DAYLESFORD FOUNDATION

Reference and Administrative Details
for the year ended 31 January 2024



TRUSTEES Lady Carole Gray Bamford OBE
Mrs Alice Camille Bamford
Mr David James Alexander Grant
Ms Ruth Anne Kenndy
Mr Mark Jonathan Musgrave (resigned 16/11/23)


COMPANY SECRETARY Mr David James Alexander Grant


REGISTERED OFFICE 9 Worton Park
Cassington
Oxfordshire
OX29 4SX


PRINCIPAL ADDRESS Daylesford
Near Kingham
Gloucestershire
GL56 0YG


REGISTERED COMPANY NUMBER 06421230 (England and Wales)


REGISTERED CHARITY NUMBER 1121770

THE DAYLESFORD FOUNDATION (REGISTERED NUMBER: 06421230)

Report of the Trustees
for the year ended 31 January 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees hold the income and such part of the capital as they determine for the Foundation’s charitable objects.

The Foundation’s objects are to further or advance such purpose or purposes as shall be exclusively charitable according to the law of England and Wales in force from time to time as the Foundation shall from time to time determine.

The Foundation primarily achieves its aims by making grants to other charitable organisations. It is also involved in steering a long-term project known as the Agricology Project described further below.

Significant activities
The Foundation currently focuses on the advancement of environmental protection/improvement through (i) developing practical ways of encouraging more people to seed, nurture and harvest their own food, (ii) championing the connection between great tasting food and pure, raw ingredients and (iii) promoting sustainable agriculture and the value of good farming practices.

In 2014 The Foundation set up a self-sustaining long-term project known as the Agricology Project ("the Project"). The Foundation ceased grant support to the project on 1st October 2020. The Project continues into 2023 with a combination of income generation from the provision of knowledge exchange services, and grants from new sources of philanthropy.

The Project focused on creating a central hub allowing different organisations including businesses and charities to collate and centralise their research techniques and good practices in relation to sustainable farming. The information is accessible to farmers (and the public at large) through a website, which should in turn help pollinators and other ecological services, and increase awareness in relation to the benefits of sustainability as part of good farming practices.

The Trustees have read and are mindful of the public benefit statements issued by the Charity Commission and refer to the Commission’s guidance when considering grants to be awarded. The Trustees consider that the public benefit test is amply met through the projects the Foundation supports.

Grantmaking
The Foundation has established processes to identify suitable projects to support and to monitor the grants made.

FINANCIAL REVIEW
Financial position
The financial activities are summarised on page 4 of the accounts. During the year the Foundation recognised income of £6,377 (2023: £5,287) and made charitable donations of £nil (2023: £nil).

The total funds carried forward at 31 January 2024 are £674,385 (2023: £652,272).Consisting of £642,345 (2023: £620,114) of Expendable endowment fund and £32,040 (2032 £32,158) of unrestricted.

Investment policy and objectives
The Trustees have wide powers of investment.

The Trustees work with their investment advisors on an ongoing basis and continually monitor the investment performance.

The Trustees are satisfied with the performance of the Foundation’s investments.

Reserves policy
The Trustees have a policy of holding sufficient free reserves (being those which are not endowment, restricted or designated) to meet the needs of the anticipated needs of the Foundation in the coming 1-2 years. The reserves are held to provide the Foundation with financial flexibility and provide a cushion against shortfalls of income, either planned or unanticipated. The level of free reserves at 31 January 2024 was £32,040 (2023:£32,158). The Trustees consider this level of free reserves satisfactory.


THE DAYLESFORD FOUNDATION (REGISTERED NUMBER: 06421230)

Report of the Trustees
for the year ended 31 January 2024

FUTURE PLANS AND INVESTMENT POLICY
The Trustees intend to fund future activities from donations and income generated from investments.

In the future, the aim is to find suitable projects which the Foundation can support. In particular, the Foundation is interested in promoting sustainable food, agriculture and the value of good farming practices.

It is envisaged that the activities of the Foundation will remain the same for the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Foundation is a company limited by guarantee (registration number 06421230) and a registered charity (registration number 1121770). The Memorandum of Association dated 1 November 2007 and Articles of Association (adopted on 2 October 2013) govern the Foundation.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Daylesford Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-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 charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the 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.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 21 October 2024 and signed on its behalf by:





Mr David James Alexander Grant - Trustee

THE DAYLESFORD FOUNDATION

Statement of Financial Activities
for the year ended 31 January 2024

2024 2023
Unrestricted Endowment Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 2 6,377 - 6,377 5,287

EXPENDITURE ON
Raising funds - 2,065 2,065 2,037


Other 4,315 - 4,315 19,397
Total 4,315 2,065 6,380 21,434

NET INCOME/(EXPENDITURE) 2,062 (2,065 ) (3 ) (16,147 )
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets - 24,296 24,296 (40,137 )
Net movement in funds 2,062 22,231 24,293 (56,284 )

RECONCILIATION OF FUNDS
Total funds brought forward 32,158 620,114 652,272 708,556

TOTAL FUNDS CARRIED FORWARD 34,220 642,345 676,565 652,272

THE DAYLESFORD FOUNDATION (REGISTERED NUMBER: 06421230)

Balance Sheet
31 January 2024

2024 2023
Unrestricted Endowment Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Investments 5 16,436 642,345 658,781 653,497

CURRENT ASSETS
Cash at bank 23,688 - 23,688 17,311

CREDITORS
Amounts falling due within one year 6 (5,904 ) - (5,904 ) (18,536 )

NET CURRENT ASSETS 17,784 - 17,784 (1,225 )

TOTAL ASSETS LESS CURRENT LIABILITIES 34,220 642,345 676,565 652,272

NET ASSETS 34,220 642,345 676,565 652,272
FUNDS 7
Unrestricted funds 34,220 32,158
Endowment funds 642,345 620,114
TOTAL FUNDS 676,565 652,272

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 21 October 2024 and were signed on its behalf by:





Ms Ruth Anne Kenndy - Trustee





Mr David James Alexander Grant - Trustee

THE DAYLESFORD FOUNDATION

Notes to the Financial Statements
for the year ended 31 January 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income
All incoming resources are included in the Statement of Financial Activities when the Foundation is legally entitled to the income, it is probable that it will be received and the amount can be quantified with reasonable accuracy. Income relates to interest and dividends received from the UK. This is recognised on receipt.

Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. No allocation of costs is required since the Foundation has one activity.

Costs of generating funds are those costs incurred in managing investments for income generation and capital maintenance.

Charitable activities are those costs incurred by the Foundation in order to meet its charitable objectives, including support costs.

Donations and grants are recognised when the grant has been agreed and a constructive obligation to pay the grant exists.

Governance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice.

Taxation
As a Foundation, the company is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Foundation.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Recognition of liabilities
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Foundation to the expenditure.

Funds
Unrestricted funds are those funds that are available to the trustees for the general purposes of the Foundation.

Expendable Endowment funds represent those funds received as capital to be retained for the benefit of the Foundation that may, at the discretion of the trustees, be converted into income.

Transfers between the expendable endowment fund and the unrestricted fund are carried out at the Trustees’ discretion.


THE DAYLESFORD FOUNDATION

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. INVESTMENT INCOME
2024 2023
£    £   
Income from index linked gilts 6,377 5,287

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.


4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Endowment Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM

Investment income 5,287 - 5,287

EXPENDITURE ON
Raising funds - 2,037 2,037


Other 19,397 - 19,397
Total 19,397 2,037 21,434

NET INCOME/(EXPENDITURE) (14,110 ) (2,037 ) (16,147 )
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets - (40,137 ) (40,137 )
Net movement in funds (14,110 ) (42,174 ) (56,284 )

RECONCILIATION OF FUNDS
Total funds brought forward 46,268 662,288 708,556

TOTAL FUNDS CARRIED FORWARD 32,158 620,114 652,272

5. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
MARKET VALUE
At 1 February 2023 594,082 59,415 653,497
Revaluations 24,296 - 24,296
Reclassification/transfer - (19,012 ) (19,012 )
At 31 January 2024 618,378 40,403 658,781
NET BOOK VALUE
At 31 January 2024 618,378 40,403 658,781
At 31 January 2023 594,082 59,415 653,497

There were no investment assets outside the UK.

THE DAYLESFORD FOUNDATION

Notes to the Financial Statements - continued
for the year ended 31 January 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 January 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2024 24,296 - 24,296
Cost 594,082 40,403 634,485
618,378 40,403 658,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued expenses 1,904 14,536
Grants payable 4,000 4,000
5,904 18,536

7. MOVEMENT IN FUNDS
Net
movement At
At 1/2/23 in funds 31/1/24
£    £    £   
Unrestricted funds
General fund 32,158 2,062 34,220

Endowment funds
Expendable Endowment 620,114 22,231 642,345

TOTAL FUNDS 652,272 24,293 676,565

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 6,377 (4,315 ) - 2,062

Endowment funds
Expendable Endowment - (2,065 ) 24,296 22,231

TOTAL FUNDS 6,377 (6,380 ) 24,296 24,293


Comparatives for movement in funds

Net
movement At
At 1/2/22 in funds 31/1/23
£    £    £   
Unrestricted funds
General fund 46,268 (14,110 ) 32,158

Endowment funds
Expendable Endowment 662,288 (42,174 ) 620,114

TOTAL FUNDS 708,556 (56,284 ) 652,272

THE DAYLESFORD FOUNDATION

Notes to the Financial Statements - continued
for the year ended 31 January 2024

7. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 5,287 (19,397 ) - (14,110 )

Endowment funds
Expendable Endowment - (2,037 ) (40,137 ) (42,174 )

TOTAL FUNDS 5,287 (21,434 ) (40,137 ) (56,284 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/2/22 in funds 31/1/24
£    £    £   
Unrestricted funds
General fund 46,268 (12,048 ) 34,220

Endowment funds
Expendable Endowment 662,288 (19,943 ) 642,345

TOTAL FUNDS 708,556 (31,991 ) 676,565

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 11,664 (23,712 ) - (12,048 )

Endowment funds
Expendable Endowment - (4,102 ) (15,841 ) (19,943 )

TOTAL FUNDS 11,664 (27,814 ) (15,841 ) (31,991 )

8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 January 2024.

9. LIMITED LIABILITY

The Daylesford Foundation is a company limited by guarantee, the liability of the members being limited to £10 each.