AGRICOLA TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018

Registered Charity No 326763

GOWER-SMITH & COChartered AccountantsGrosvenor Lodge72 Grosvenor RoadTunbridge WellsKent TN1 2AZ

AGRICOLA TRUST

CONTENTS

Page

REPORTS

Report of the Trustees

Report of the Independent Examiner

1 —3

FINANCIAL STATEMENTS

Statement of Financial Activities

Balance Sheet

Notes to the Financial Statements 7-11

AGRICOLA TRUST

ANNUAL REPORT OF THE TRUSTEESFOR THE YEAR ENDED 31 DECEMBER 2018

The trustees present their annual report and the financial statements of the Charity for the year ended31 December 2018. The financial statements have been prepared in accordance with the accountingpolicies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011and Accounting and Reporting by Charities: Statement of Recommended Practice applicable tocharities preparing their accounts in accordance with the Financial Reporting Standard applicable in theUK and Republic of Ireland (FRS 102) (effective 1 January 2015)

OBJECTS AND ACTIVITIES FOR THE PUBLIC BENEFIT

The purposes of the trust are the advancement of Reformed religion and the relief of poverty through

making grants to appropriate institutions and individuals. The trustees confirm that they have referred tothe Charity Commission's general guidance on public benefit when reviewing the Trust's aims andobjectives, in planning future activities and setting the grant making policy for the year.

The Trust furthers its charitable purposes for the public benefit through its grant making policy which

aims to contribute to the relief of poverty and the advancement of Reformed religion.

ACHIEVEMENTS AND PERFORMANCE

The trustees continue to apply the income of the trust for the benefit of Reformed religion and the relief

of poverty. There have been no changes in the objectives or policy of the trust. During the year,833,805 (2017:E28,260) was paid to other recognised charities and individuals in furtherance of thecharity's objectives.

The trustees believe the charit)rs grant-making policy is being adhered to and is constantly monitored to

maximise relief of poverty and advancement of Reformed religion.

FINANCIAL REVIEW

The trustees are continuing to review the charity's investment portfolio and intend to hold various typesof investment in order to reduce risks. The trustees consider the policy of investing in propeitystocksboth in the UK and overseas to be sound and hold monies on deposit until such time suitableinvestments are identified.

The cost of investments at 31 December 2018 was f235,341 (2017:E231,012), with a market value off456 690 (2017:E516 835). Income for the year was F31,735 (2017:622 903)compffises income from

investments and donations received and has been applied in the form of grants to other recognisedcharities and individuals. None of the trustees received remuneration or the reimbursement ofexpenses during the year.

INVESTMENT POLICYThe trustees have considered the most appropriate policy for investing funds and have concluded that adiverse porffolio of investments meets the requirement to generate both income and capital growth.

The trustees consider the return of 4.26% in the year (2017:3.85%) on the market value of investmentsto be satisfactory.

RISK MANAGEMENTThe principal risks faced by the Trust lie in the performance of investments and the capacity of theTrust to make effective grants. The performance of investments is reviewed regularly by the trusteesand action taken where appropriate. The grants are made by the trustees who have a detailedknowledge of the charities to which grants are made and who evaluate grant proposals and requests forassistance.

AGRICOLA TRUST

ANNUAL REPORT OF THE TRUSTEESFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINUED)

FINANCIAL REVIEW (CONTINUED)

RESERVES POLICYIt is the policy of the charity to maintain unrestricted funds at a level to enable the charity to meet its

management and administration costs and make grants as and when required. The trustees believe

these outgoings to be in the region of f25,000 per annum. At 31 December 2018, the charity had freereserves of K61,570 (2017:666,024). The excess is held to await investment opportunities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity was created by a Declaration of Trust dated 3 December 1984 and is registered with theCharity Commission.

The trust is managed by three trustees who take day to day operational decisions. New trustees areappointed following consultation between the existing trustees.

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

PRINCIPAL OFFICE

Frank M ThirkellLavinia M ThirkellRichard J A BuggsHannah E StemStephen J Wiffen

Amhurst Hill FarmPemburyTunbridge WellsKent TN2 4AP

(Died 29 December 2018)(Resigned 30 March 2019)(Appointed 9 October 2018)(Appointed 9 November 2018)(Appointed 1 June 2019)

CHARITY REGISTRATION NUMBER 326763

INDEPENDENT EXAMINER

BANKERS

SOLICITORS

N M Gower-Smith FCAGower-Smith & Co, Chartered AccountantsGrosvenor Lodge, 72 Grosvenor RoadTunbridge Wells, Kent TN1 2AZ

Santa nderService CentreBootle, Merseyside L30 4GB

CCLA Investment Management LimitedCOIF Charity Funds80 CheapsideLondon EC2V 6DZ

Nationwide Building Society55 Commercial RoadPaddock Wood, Kent TN12 6EN

Berry and Lambert60 Commercial RoadPaddock Wood, Kent TN12 6DP

The trustees report with sadness the death of Frank Thirkell on 29 December 2018. He was a trusteefrom the formation of the trust and the trustees wish to record their gratitude for the enthusiastic andwise custodianship of the trust's affairs he and and Lavinia Thirkell gave over thirty four years.

AGRICOLA TRUST

ANNUAL REPORT OF THE TRUSTEESFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINUED)

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees are responsible for preparing a trustees' annual report and financial statements in

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally

Accepted Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial

statements for each year which give a true and fair view of the state of affairs of the charity and of theincoming resources and application of resources of the charity for that period. In preparing the financial

statements the trustees are required to:

(a)(b)(c)(d)

(e)

select suitable accounting policies and then apply them consistently;observe the methods and principles in the applicable Charities SORP;make judgements and estimates that are reasonable and prudent;state whether applicable accounting standards have been followed, subject to anymaterial departures disclosed and explained in the financial statements; andprepare the financial statements on the going concern basis unless it is inappropriate topresume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the charity and enable them to ensure that the financial

statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports)Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding theassets of the charity and taking reasonable steps for the prevention and detection of fraud and otherirregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information

included in the charity's website in accordance with legislation in the United Kingdom governing thepreparation and dissemination of financial statements.

Approved by the Board of Trustees on 28 October 2019 and signed on its behalf by:

R J A BUGGSTrustee

AGRICOLA TRUST

INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF AGRICOLA TRUSTFOR THE YEAR ENDED 31 DECEMBER 2018

I report to the trustees on my examination of the accounts of the Agricola Trust (the Trust) for theyear ended 31 December 2018, which are set out on pages 5 to 11.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with therequirements of the Charities Act 2011 (the Act).

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity

Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'8 STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in

connection with the examination which gives me cause to believe that in any material respect:

1 accounting records were not kept in accordance with section 130 of the Charities Act; or2 the accounts did not accord with the accounting records; or3 the accounts did not comply with the applicable requirements concerning the form and content

of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than anyrequirement that the accounts give a "true and fair view" which is not a matter considered aspart of an independent examination.

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 bereached.

N M GOWER-SMITH, FCAGower-Smith & CoChartered AccountantsGrosvenor Lodge72 Grosvenor RoadTunbridge WellsKent TN1 2AZ

28 October 2019

AGRICOLA TRUST

STATEMENT OF FINANCIAL ACTIVITIESFOR THE YEAR ENDED 31 DECEMBER 2018

UNRESTRICTED FUND

Notes

INCOME

Total2018

E

Total2017

Donations and LegaciesInvestment Income

12,100 2,87819,635 20,025

TOTAL INCOME 31,735 22,903

EXPENDITURE

Charitable Activities 36,413 30,710

TOTAL EXPENDITURE 36,413 30,710

NET EXPENDITURE I INCOMEBEFORE LOSSES ON INVESTMENTS

Net Losses on Investments (2017: Net Gains) 5

NET MOVEMENT IN FUNDS

(59,921)

(64,599)

28,590

20,783

(4,678) (7,807)

TOTAL FUNDS BROUGHT FORWARDAT 1 JANUARY 2018

TOTAL FUNDS CARRIED FORWARDAT 31 DECENIBER 2018

582,859 562,076

F518,260 8582,859

AGRICOLA TRUST

BALANCE SHEETAT 31 DECEMBER 2018

FIXEDASSETSNote

2018 2017

InvestmentsQuoted on a Recognised Stock ExchangeCommon investment Funds

440,73815,952

500,88315,952

TOTAL FIXED ASSETS

CURRENT ASSETS

Other DebtorsBank Current AccountBuilding Society AccountsCOIF Deposit FundPetty Cash

1,3178,720

18,04435,925

14

456,690

16318,29814,23635,763

14

516,835

TOTAL CURRENT ASSETS 64,020 68,474

LIABILITIESCreditors: Amounts falling due within one year

Accruals 2,450 2,450

NET CURRENT ASSETS 61,570 66,024

NET ASSETS 6518,260 6582,859

THE FUNDS OF THE CHARITY

Unrestricted Income Fund f518,260 6582,859

These financial statements were approved by the Board of Trustees on 28 October 2019

R J A BUGGSTrustee

AGRICOLA TRUST

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018

1 ACCOUNTING POLICIES

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention modiTied toinclude the revaluation of investments at fair value with items recognised at cost ortransaction value unless otherwise stated in the relevant note to these accounts. The financial

statements have been prepared in accordance with the Statement of RecommendedPractice: Accounting and Reporting by Charities preparing their accounts in accordance with

the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective 1 January 2015)—(Charities SORP (FRS 102), the Financial Reporting Standardapplicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act2011.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust's ability tocontinue as a going concern. At the time of approving the accounts, the trustees have areasonable expectation that the Charity has adequate reserves to continue in operationalexistence for the foreseeable future.

(b) Reconciliation with previous Generally Accepted Accounting Practice

In preparing the financial statements, the trustees have considered whether in applying theaccounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement ofcomparative items was needed. No restatements were required.

(c) Fund structure

The unrestricted fund comprises those funds which are expendable at the discretion thetrustees in furtherance of the objectives of the Charity.

(d) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient

certainty of receipt and so it is probable that the income will be received, and the amount ofincome receivable can be measured reliably.

Investment income and interest on funds held on deposit are included upon receipt.

(e) Expenditure recognition

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 settlement will be required andthe amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including governancecosts, are allocated or apportioned to the applicable expenditure headings in the statement offinancial activities.

Grants payable are payments made to third parties in the furtherance of the charitable objectsof the charity and are recognised when the trustees decide to make the grant.

AGRICOLA TRUST

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINUED)

1 ACCOUNTING POLICIES (CONTINUED)

(f) Allocation of governance costs

Governance costs comprise all costs involving the public accountability of the charity and its

compliance with regulation and good practice. These costs include costs related to theindependent examination.

(g) Charitable Activities

The expenditure on charitable activities includes grants payable to institutions and individuals

and governance costs.

(h) Currency

Foreign currency transactions are converted into sterling at the rates of exchange ruling atthe date of the transaction. Monetary assets and liabilities are translated into sterling at therate of exchange ruling at the balance sheet date.

(i) Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured attheir market value as at the balance sheet date using the closing quoted market price. Thestatement of financial activities includes the net gains and losses arising on revaluation anddisposals throughout the year. The Trust does not acquire or use put options, derivatives orother complex financial instruments.

(j) Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realisedgains and losses on investments are calculated as the difference between sales proceedsand their opening value or their purchase value if acquired subsequent to the first day of thefinancial year. Unrealised gains and losses are calculated as the difference between the fair

value at the year end and their carrying value. Realised and unrealised investment gains andlosses are combined in the Statement of Financial Activities.

(k) Taxation

The trust is not liable to tax on income or gains. Income received under deduction of tax isshown in the financial statements with the addition of the appropriate tax credit.

AGRICOLA TRUST

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINUED)

2 INCOME

Unrestricted Fund

Total2018

f

Total2017

E

Donations and Legacies 12,100 2,878

Investment Income

Dividends from UK CompaniesDividends from Overseas Companies

13,304 13,2966,154 6,598

Interest19,458

17719,894

131

19,635 20,025

TOTAL INCOME f31,735 f22,903

3 EXPENDITURE

Grants PayableIn furtherance of the Charity's objectives (Note 4) 33,805 28,260

Other ExpensesGovernance CostsIndependent Examiner's Costs

Examining the Financial StatementsOther Services

158

1,0551,395

1,0551,395

2,608 2,450

TOTAL EXPENDITURE 636,413 f30,710

AGRICOLA TRUST

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINIJED)

4 GRANTS PAYABLE

Grants payable in furtherance of the Charity's objects

Bamabas FundBlythswood CareCaring for LifeCharitable Ministry —H StamChristian Blind MissionChristian Concern for our NationChristian InstituteChristian Values in EducationChristian WitnessEGA Baggs —TanzaniaEbenezer Chapel, Maffield .Free Grace Evangelistic AssociationGadsby Memorial Christmas FundGrace Third World FundHope Chapel Distribution FundKent Air AmbulanceLeprosy MissionMedecins sans FrontiersMetropolitan TabernacleMIMPMombassa MissionMotor Tricycle Ambulance TanzaniaOak Tree HomesPilgrim Homes Friends SocietyPoor Saints FundProvidence, East PeckhamRelief of Poverty

Mr and Mrs J GudgeonPastor J E RuttMr and Mrs FunnefiGemma Gudgeon GrantPastor J AshbyR Wheatley Grant

Salvation ArmySavannah Education TrustStanley Delves TrustStarfish Malawi FundStowmarket Baptist ChurchStroke AssociationTEAR FundTrinitarian Bible SocietyOther small charitable donations under f150

41

121

600300

1,2501,000

400250

2 2501 500

34 10,0403 10,9001 5001 3001 7001 1501

' 2001 200

250

12

150400200

1,200

11

27

200500100100500

300600

1,865

Number 2018of Grants f

2017f

150200

1,400

300200800400250750

10,250400700800700100200200

1,000100

2,500100200400200

1,10060050060

150500550950

(500)100

100

1,000850

TOTAL GRANTS 117 F33,805 f28,260

10

Individual GrantsInstitutional Grants

14 2,325103 31,480

AGRICOLA TRUST

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018 (CONTINUED)

4 GRANTS PAYABLE (CONTINUED)

The total number and value of grants made by the charity in the year were;2018

Number2017

Number f16 1,850

114 26,410

117 F33,805 130 828,260

5 FIXED ASSET INVESTMENTS

Investments listed on a Recognised Stock Exchange

Market value at 1 January 2018Disposals at market valueAcquisitions at cost and market valueNet gain on revaluation at 31 December 2018

516,835(4,554)4,330

(59,921)

490,584(3,702)1,363

28,590

Market value at 31 December 2018 6456,690 K516,835

Historical Cost at 31 December 2018 E235,341 f231,012

The following investments are within the UK and stated at market values. They are listed on the UK

Stock Exchange and comprise over 5% by value of the total investment portfolio:

10,000 TR Property Investment Trust Ordinary Shares f35,5504,000 Hill & Smith Holdings Ordinary Shares F48,000

539,760653,560

The following investment is an overseas investment and stated at market value and is over 5% by value

of the total investment porffolio:

Australian Stock45,718 Australian Foundation Investment Co

Ordinary Shares 5151,665 2164,585

6 UNRESTRICTED INCOME FUND

At 1 January 2018Deficit for the year (2017: Surplus)

582,859(64,599)

562,07620,783

At 31 December 2018 6518,260 F582,859

7 TRANSACTIONS WITH TRUSTEES

No trustee received remuneration or expenses during the year (2017:E Nil). A grant of F1,000 was paid

to support the charitable work of Mrs H Stam prior to her appointment as a trustee.

11