REGISTERED COMPANY NUMBER: 01700477 (England and Wales)

REGISTERED CHARITY NUMBER: 286785

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Paddington Farm Trust Ltd

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

17

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 March 2025. 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

Objects

The objects of the charity are:

(A)

To promote for the benefit of the inhabitants of London, Somerset and the United Kingdom without distinction of sex or of political, religious or other opinions by associating the statutory authorities and voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and other leisure-time occupation, particularly for those who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances.

(B)

To advance education of said inhabitants in agriculture, horticulture, home-crafts, country life and related subjects, and in the principles of self-discipline and good citizenship through their leisure-time activities so that they develop their physical, mental and spiritual capacities and grow to full maturity as individuals and members of society, and their conditions of life may be improved.

(C)

To promote among the general population of the area of benefit humanity and morally by educating them in care and consideration of all animals, particularly animals in need of care and protection.

(D)

To provide education and training for persons who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, so as to prepare them for any trade, occupation or service and thereby advance them in life or enable them to earn their own livelihood.

Significant activities

In meeting these objects the charity carries out the following activities:

-

Organic farming and market gardening.

-

Camping and residential accommodation for visitors.

-

Classes in forest skills, sources of food and nature.

-

Opportunities for volunteers.

-

Providing one farming apprenticeship.

The Trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the charity should undertake now and in the future.

ACHIEVEMENTS AND PERFORMANCE

This year saw a large increase in residential bookings, and we were pleased to host many of our longstanding London-based groups, including Paddington Arts, the Otherwise Club, Radical Faeries, Nature Vibezzz, Fourth Feathers, Hackney Woodcraft Folk and Black 2 Nature.

We were also able to host our Summer Extravaganza with Children's World - a family-friendly event providing rural craft workshops, theatre and circus activities. This was funded by Glastonbury Town Council and we thank them for their support.

Nature Vibezzz donated £3000 for tools. The Clothworks Foundation granted £5785 to replace the Farmhouse north facing roof. The National Lottery (Awards for All) granted £19, 868.60 to host a programme of events and workshops and to support volunteers.

FINANCIAL REVIEW

Financial position

PFT's key objective is to ensure the charity is financially stable so that it can continue to pursue its aims and objectives.

During this reporting year, the charity made a surplus of £28,263, a significant improvement on the previous 12 months (£3.084 deficit). This is primarily due to the charity's ability to maximise the usage of its residential accommodation. This increase followed several years in which the charity invested considerable sums in the fabric of its residential buildings, helping to make Maidencroft Farm a more appealing place for groups and individuals to stay. Together with the accumulated surplus brought forward from previous year, the organisation had total reserves of £175,519. This included fixed assets with a book value of £134,187. Excluding fixed assets, the charity's unrestricted reserves are £20,411 which represents 10% of income. Restricted reserves are £20,921.

The Trust's principal sources of income are residential accommodation and camping, the sale of farm produce and the renting of farm buildings. During high season, the farm's accommodation is fully utilised by PFT's core user groups. In addition, staff and trustees are finding innovative ways to extend the season and generate more income, flexing the opportunities offered by a social enterprise model.

Reserves policy

The trustees have considered the following factors when reviewing the reserves policy:

-

The organisation's risk review

-

Contractual obligations to staff including parental leave, maternity leave, sickness pay, pensions and redundancy provision

-

Maintaining a safe working environment.

-

Forecast capital expenditure on essential maintenance and upgrading of fixtures and fittings including the replacing roofs, ground works to the farm's access lane and water management.

-

That an increasing proportion of the organisation's income is derived from primary purpose trading, the success of which is, to some extent, related to the weather (sunny weather encourages camping).

The trustees aim to hold a minimum of three months running costs as free reserves (cash or near cash). Free reserves were £20,411 at the close of the year, equivalent to one and a half months running costs. Whilst this is a slight improvement on the previous year, the Board of Trustees recognise this ongoing challenge, and have established a development subgroup to explore ways to expand the stock of residential and commercial buildings on the farm, thereby increasing annual income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 18 February 1983, amended 17 July 2003 and further amended by special resolution dated 5 March 2009.

Organisational structure and recruitment and appointment of new trustees

The charity is controlled by the council of management, who are the trustees. The council may from time to time and at any time appoint any member of the charity as a member of the council.

Risk management

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems or procedures have been established to manage those risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01700477 (England and Wales)

Registered Charity number

286785

Registered office

Maidencroft Farm

Maidencroft Lane

Wick

Glastonbury

BA6 8JN

Trustees

D M Banwell

J M Buttigieg

A Farrell

T R Fitch

B Gravelle

O J Shaw

S Shaw

H Taouzzale

C Archibald

J Kentish

Company Secretary

O J Shaw

Independent Examiner

Fiona Westwood FCA

Monahans

Chartered Accountants

3 Landmark House

Wirral Park Road

Glastonbury

Somerset

BA6 9FR

Approved by order of the board of trustees on 22 October 2025 and signed on its behalf by:

J M Buttigieg - Trustee

Independent examiner's report to the trustees of Paddington Farm Trust Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection 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.

Fiona Westwood FCA

Monahans

Chartered Accountants

3 Landmark House

Wirral Park Road

Glastonbury

Somerset

BA6 9FR

1 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

9,665

46,378

56,043

28,910

Charitable activities

6

Farming

13,082

-

13,082

4,696

Residential and non-residential activities

125,514

-

125,514

108,191

Other trading activities

4

11,220

-

11,220

13,624

Investment income

5

742

-

742

235

Other income

138

-

138

149

Total

160,361

46,378

206,739

155,805

EXPENDITURE ON

Charitable activities

7

Farming

25,267

13,486

38,753

30,650

Residential and non-residential activities

127,689

12,034

139,723

128,239

Total

152,956

25,520

178,476

158,889

NET INCOME/(EXPENDITURE)

7,405

20,858

28,263

(3,084

)

RECONCILIATION OF FUNDS

Total funds brought forward

147,193

63

147,256

150,340

TOTAL FUNDS CARRIED FORWARD

154,598

20,921

175,519

147,256

2025

2024

Notes

£

£

FIXED ASSETS

Tangible assets

14

134,187

132,043

CURRENT ASSETS

Stocks

15

1,300

4,600

Debtors

16

226

425

Cash at bank

72,565

61,990

74,091

67,015

CREDITORS

Amounts falling due within one year

17

(29,066

)

(41,897

)

NET CURRENT ASSETS

45,025

25,118

TOTAL ASSETS LESS CURRENT LIABILITIES

179,212

157,161

CREDITORS

Amounts falling due after more than one year

18

(3,693

)

(9,905

)

NET ASSETS

175,519

147,256

FUNDS

21

Unrestricted funds

154,598

147,193

Restricted funds

20,921

63

TOTAL FUNDS

175,519

147,256

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 22 October 2025 and were signed on its behalf by:

O J Shaw - Trustee

J M Buttigieg - Trustee

1.	GENERAL INFORMATION AND LEGAL STATUS

Paddington Farm Trust Limited is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity reference and administrative details on page 2 of these financial statements. The nature of the charity's operations and principal activities are provided in the Report of the Trustees.

2.	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.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The following specific polices are applied to particulate categories of income:

-

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

-

Legacy income is recognised when receipt is probable and entitlement is established.

-

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

-

Income from Farming and residential charitable activities are recognised when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

-

Interest income is recognised using the effective interest method.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- 25 years (excluding land)

Site and farm equipment

- 33% on straight line basis

Office equipment

- 25% on straight line basis

Motor vehicles

- 25% on straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

4,442

3,091

Other grants and sponsorship

51,601

25,819

56,043

28,910

4.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Rental income

6,064

8,004

Lettings income

5,156

5,620

11,220

13,624

5.	INVESTMENT INCOME

2025

2024

£

£

Dividends

32

47

Deposit account interest

710

188

742

235

6.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Activity

£

£

Farming

Farming

13,082

4,696

Residential

Residential and non-residential activities

122,555

105,588

Non residential activities and events

Residential and non-residential activities

2,959

2,603

138,596

112,887

7.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 8)

note 9)

Totals

£

£

£

Farming

24,357

14,396

38,753

Residential and non-residential activities

10,165

129,558

139,723

34,522

143,954

178,476

8.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Animal feed

6,449

124

Subscriptions

2,143

1,947

Residential supplies and cleaning

6,912

7,713

Other farm costs

17,908

15,730

Festival and other activity costs

1,110

5,138

34,522

30,652

9.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Farming

14,064

126

206

14,396

Residential and non-residential activities

126,576

1,132

1,850

129,558

140,640

1,258

2,056

143,954

Activity

Basis of allocation

Management

10% Farming and 90% Residential/Non-Residential

Finance

10% Farming and 90% Residential/Non-Residential

Governance costs

10% Farming and 90% Residential/Non-Residential

Support costs, included in the above, are as follows:

2025

2024

Residential

and

non-residential

Total

Total

Farming

activities

activities

activities

£

£

£

£

Wages

6,725

60,525

67,250

76,683

Pensions

125

1,122

1,247

1,298

Rates and water

298

2,681

2,979

2,231

Insurance

570

5,131

5,701

4,257

Light and heat

1,299

11,695

12,994

10,400

Telephone

19

167

186

171

Advertising

-

-

-

653

Waste disposal

390

3,508

3,898

2,559

Motor vehicle expenses

1

14

15

243

Other office costs

120

1,084

1,204

1,670

Staff and volunteer expenses

885

7,963

8,848

7,335

Other premises costs

2,886

25,976

28,862

10,817

Depreciation of tangible assets

746

6,710

7,456

5,205

Bank charges

93

835

928

1,035

Interest payable and similar charges

33

297

330

480

Accountancy fees

206

1,850

2,056

3,200

14,396

129,558

143,954

128,237

10.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

7,456

5,203

Accountancy and Independent examination

2,056

3,200

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

12.	STAFF COSTS

2025

2024

£

£

Wages and salaries

67,250

76,683

Other pension costs

1,247

1,298

68,497

77,981

The average monthly number of employees during the year was as follows:

2025

2024

Employees

4

5

No employees received emoluments in excess of £60,000.

Key management personnel remuneration

The total amount of employee benefits received by key management personnel is £19,680 (2024: £18,933). The charity considers its key management personnel comprise the trustees and the trust director.

13.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

18,339

10,571

28,910

Charitable activities

Farming

4,696

-

4,696

Residential and non-residential activities

108,191

-

108,191

Other trading activities

13,624

-

13,624

Investment income

235

-

235

Other income

149

-

149

Total

145,234

10,571

155,805

EXPENDITURE ON

Charitable activities

Farming

27,677

2,973

30,650

Residential and non-residential activities

114,062

14,177

128,239

Total

141,739

17,150

158,889

NET INCOME/(EXPENDITURE)

3,495

(6,579

)

(3,084

)

RECONCILIATION OF FUNDS

Total funds brought forward

143,698

6,642

150,340

TOTAL FUNDS CARRIED FORWARD

147,193

63

147,256

14.	TANGIBLE FIXED ASSETS

Office

equipment

and

Site and

fixtures

Freehold

farm

and

Motor

property

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

404,057

53,243

15,581

2,000

474,881

Additions

-

9,600

-

-

9,600

At 31 March 2025

404,057

62,843

15,581

2,000

484,481

DEPRECIATION

At 1 April 2024

274,340

50,917

15,581

2,000

342,838

Charge for year

1,930

5,526

-

-

7,456

At 31 March 2025

276,270

56,443

15,581

2,000

350,294

NET BOOK VALUE

At 31 March 2025

127,787

6,400

-

-

134,187

At 31 March 2024

129,717

2,326

-

-

132,043

Included in cost or valuation of land and buildings is freehold land of £92,499 (2024 - £92,499) which is not depreciated.

15.

STOCKS

2025

2024

£

£

Livestock

400

400

Other stock

900

4,200

1,300

4,600