The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The principal objects of the Charity are to advance such exclusively charitable purposes for the benefit of the public (and in particular the communities of the Manors of Austwick, Newby (Higher and Lower Division) and Clapham in North Yorkshire). This includes the preservation for the benefit and education of the public of buildings of architectural and historical merit and the conservation of the natural environment (particularly in the designated conservation area of Clapham in North Yorkshire), the promotion of social inclusion within the area and the provision of facilities for recreation in the interests of social welfare.
Strategies for achieving objectives
The Farrer Family Trust continues to align its giving with the wider People-Planet-Progress framework, ensuring a balance between regular community support and longer term impact. Regular donations were maintained for known annual beneficiaries, while larger, strategic contributions were considered for projects such as those delivered by the Yorkshire Dales Millennium Trust, Yorkshire Dales National Park Authority and local schools.
Activities for achieving objectives
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The activities undertaken for the objectives of the Charity have been the renting out of properties to the inhabitants of Clapham and surrounding area and this has raised £225,493 (£226,680 - 2025). During the year the charity reported a profit of £27,781 (2025: profit £842,798).
Main activities undertaken to further the charity's purposes for the public benefit
The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit reporting in deciding what activities the charity should undertake. The remainder of this periodic report explains the charity's work during the year and how it has been carried out for the public benefit.
Key financial performance indicators
The key financial performance indicator is the receipt of rental income to a similar level of the previous year, along with management of the assets owned by the charity and distribution of surplus income in accordance with the charity's policies and objectives.
Review of activities
Two formal meetings with Trustees were held throughout the year and regular communication is maintained.
In the 2025-26 financial year the Farrer Family Trust continued it's charitable giving under the Trust's "People" and "Planet" strategic themes. A total of £18,224 was donated during the year, from an amount of £25,000 earmarked for distribution. The majority of donations supported local community initiatives, emergency services and education under the "People" strand. Significant contributions included support for Austwick Primary School, air ambulance services, St John's Hospice and Austwick Play Park, together with a range of smaller local organisations including Brownies and Guides, the Village Hall, the village newsletter and Cave Rescue.
Under the "Planet" strand, the Trust increased it's support for environmental and land-based initiatives, including contributions to Yorkshire Dales Millennium Trust's tree planting and Rayside projects, local curlew conservation and the Ribble Rivers Trust.
The Trust continues to focus on a smaller number of more targeted and strategic donations where possible. The propose £5,000 contribution to Clapham Play Park was deferred to 2026-27 to align with a proposed landscaping and wider improvement project being developed with Yorkshire Dales Millennium Trust.
The residential portfolio of the Trust remains fully let.
During the year the Trust continued to undertake property maintenance and improvement works across it's residential and commercial holdings, while maintaining cash reserves in anticipation of future expenditure arising from changes to Minimum Energy Efficiency Standards (MEES).
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Reserves Policy
The reserves policy of the Trustees is to ensure that the Charity safely commits as much as possible to furthering its objects whilst retaining financial stability and the potential to respond to new opportunities. At the balance sheet date there was £436,050 in cash reserves which the Trustees consider to be adequate for the running of the charity, a lot of which is held for the necessary repairs and compliance with statutory requirements. The total funds held at the balance sheet date amount to £9,486,797 and the majority of the funds is held in property. All of the funds are unrestricted.
The Trustees have monies held in bank accounts. These have yielded £16,797 (£15,256 - 2025) interest during the period.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Future developments
A total of £25,000 has been earmarked for giving in the 2026-27 financial year. The Trustees will continue to balance charitable giving with the Trust's ongoing property maintenance and future capital requirements..
In particular the Trustees intend to focus available charitable funds on local community needs and smaller number of strategic environmental and community projects where there is clear evidence of need and potential impact. Support for Clapham Play park will be reviewed in connection with the proposed Wild Little Spaces project and its future maintenance requirements.
The trustees continue to monitor the changes to MEES and their implications for it's residential property portfolio. The Government has confirmed a requirement for privately rented properties to meet an EPC "C" or equivalent standard from 2030, subject to exemptions. The Trustees are reviewing the implications for the portfolio and will plan future improvement works and EPC assessments accordingly.
The Trustees recognise that the level of essential expenditure required across the Trust's property portfolio may result in some variation in the funds available for charitable distribution from year on year.
Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Deed of Appointment on 5 October 2015. It is a registered charity number 1162782.
The principal objects of the company are as described in policies and objectives.
Method of appointment and election of trustees
The trustees who are also the directors for the purpose of company law, and who served during the year were:
The Lord Bridges KCVO Chairman
John Philip William Farrer
Beatrice Farrer
Maria Jane Margaret Farrer
Policies adopted for the induction and training of trustees
New trustees are advised on their legal obligations under Charity Law, the Deed of Appointment, the committee and decision making processes, along with the objects of the charity and it's recent financial performance. No trustee has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure and decision making
The Farrer Family Trust's assets are managed by Knight Frank LLP, 24 Albert Street, Harrogate, HG1 1JT.
There are no funds held as custodian.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of The Farrer Family Trust for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of The Farrer Family Trust (the charity) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements 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 financial statements 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 financial statements to be reached.
Investments
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Farrer Family Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Ingleborough Estate Office, Hall Garth, Riverside, Clapham, Via Lancaster, LA2 8DR.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include support costs split between all the related trusts. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional , such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All resources expended are inclusive of irrecoverable VAT.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Investments
Repairs and renewals
Insurance
Motor expenses
Office expenses
Subscriptions
There are no employee costs (2025: nil).
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Investment property comprises property in the Clapham area The fair value of the investment property has been determined by the Trustees. In assessing fair value, the trustees considered publicly available property valuation information, including Zoopla estimated market values, together with their knowledge of the individual properties and prevailing market conditions. The trustees consider the resulting valuations to represent their best estimate of the fair value at 31 March 2026. As the properties have not been subject to an independent professional valuation during the year, the valuations are subject to a degree of estimation uncertainty as actual sales proceeds may differ from the amounts included in these financial statements.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Unrestricted Funds
Beatrice Farrer, a trustee, paid expenses amounting to £59,265 (2025: £44,541) on behalf of the charity. The outstanding balance at the year end due to Beatrice Farrer was £59,265 (2025: £44,541).