The InstitLtte for Agriculture and Horticulture- Annual Report and Financial Statements For the year ended 31 March 2023 The Institute for Agriculture and Horticulture (A Company limlted by 8uardntee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Company No.. 03824061 Charity No: 1091213
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements For the year ended 31 March 2023 CONTENTS Reference and Administrative Details Trustees. Annual Report Independent Auditorfs Report 7-11 Statement of Financial Artivities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-21
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements Fof the year ended 31 March 2023 REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEESIDIRECTORS: RRMBerry T W Bradshaw B J Dixon J J Florsheim E D Fursdon A J Greed J S Haynes R W Longthorp R D Morley S M Oldfield O W Piper K J Quinton J D Swadling (appointed 27 April 2022) (appolnted 27 April 20221 (appointed 27 April 20221 (appointed 27 April 20221 (appointed 27 April 20221 (appointed 27 April 20221 SECREfARY: S A Crocker J Somerfield (resigned 25 August 20221 (appointed 24 Ottober 20221 REGISTERED OFFICE.. I St. James Court Whitefriars Norwich Norfolk NR3 IRU REGisfERED NUMBERS". Company No: Charity No.. 03824061 1091213 AUDITOR: Bishop Fleming Chartered Accountants and StatutoryAuditor 10 Temple Back Bristol BSI 6FL BANKERS: HSBC Bank UK plc Wesley Square Goole East Yorkshire DN14 5EZ Reference and Administrative Details
The Institute for AgricultLtre and Horticulture- Annual Report and Financial Statement5 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are Directors of the Institute for Agriculture and Horticulture I'the Charit¢l, present their annual report and financial ststements for the year ended 31 March 2023 (the prior annual report and financial statements were ft)rthe fourteen months to 31 March 20221. Background and Relationship with Department of the Environment. Food and Rural Affairs Within the agriculture and horticulture industries a Senior Leadership Group ISLGI, was formed in 2018, underthe chairmanship of Lord Donald Curry, with rnembers from a wide background, to address how to take forward skills development. The SLG decided that it was appropriate to approach the Department of the Environment, Food and Rural Affairs (Defral for funding to form a new professional institute to support agriculture and horticuEture produttion industries and consequently a busine55 case was prepared. The SLG formed into a Development Board in 2020, with David Fur5don taking the chair, to further develop the project. In the Agricultural Transition Plan 2020, published in November, Defra committed to contribute to support the establishment of a new Institute forAgriculture and Horticulture ITIAHI. A key objective for the SLG and the Development Board was to reduce fragmentation and consequently rather than forming a new legal entity consideration was given to existing vehicles that mi8ht be appropriate for TIAH. As a re5uIt, a successful approach was made to the trustees of the dormant charity. Agski115 Limited, for it to be the legal entity for TIAH. Defra gives ongoing commitment and support through the remittance of a 5 year grant which commenced in July 2021. The Charity does not proactively fundraise at present. Structure, Governance and Management Governing Document The Charity Is incorporated as a private company limited by guarantee. The Articles of Association of the Charity detail the objerts and powers of the Charity. Whilst the objects of the charity have rernained the same, some of the Articles of Association were updated for the first time in 20 year5 to reflect current prattice in the prior year. In the event of the Charity being wound up, members are required to contribute an amount not exceeding £1 each. Recruitment and Appotntment of the Board of Trustees The TIAH Board is skills based to ensure that it Includes experience in financial, legal, digital, marketing and other felevant fields. A skills audit was undertaken which informed the appointment of additional trustees in April 2022. Trustees are aware of their obligations in law as Trustees and Dirertors and are encouraged to acquaint themselves with publications and guidance available from the Charity Commission. Members of the Board have access to external Trustee training. Trustees, Annual Report
The Insts'tute for Agriculture and Horticulture-Annual Report and Financial Statements TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees serving durin8 the year were as follows: Name of Trustee RRM8erry T W Bradshaw BJDlxonx J J Florsheim E D Fursdon x AJGreed# J S Hayne5 R W Longthorp x R D Morley, S M Oldfield # O W Piper K J auinton # J D Swadling Appointment 27 April 2022 22 February 2021 26 December 2019 27 April 2022 22 February 2021 27 April 2022 27 April 2022 8 September 1999 22 February 2021 27 April 2022 22 February 2021 22 March 2021 26 December 2019- resigned on 29 June 2021 and reappointed on 27 April 2022
Member of the Audit and Risk Committee
Member ofthe Finance and General Purposes Committee Member of the People, Remuneration and Nominations Committee Organisatlonal Strurture The Board of Trustees meets at least four times a year and oversees the future strategy of the Charity, finance and current project work. The Charty has launched the first five-year Strategic plan which is built around the following five kev goals: to achieve recognition of the industry's professional standards and abilities,. to deliver a professional framework which informs the development of qualifications and lifelong leaming,. to become recognised as a Source of information on careers and progression opportunkties; to deliver a professional instttute that helps transform the industry; to establish a business model thot ensures TIAH'S sustainability. The Trustees have also established sub committees on Finance and General Purp05e5. Audit and Risk and People. Remuneration and Nominations to report to the Board and the membership of each are shown above. The Charty held Trustee Indemnity Insurance duringthe year. Trustees, Annual Report
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Principal risks and uncertainties The Trustees have examined the major strateBiC, financial, operational and reputstional risks which the charity faces and regularly review what actions can be taken to mitigate these risks. The three risks that would have the highest impact are- a change in Defra policy which results in a change to the grant funding,. inflation which results in a redurtion of the delivery against the grant and lack of engagement from potential members due not only to cost of living pressures but also failure to market and communicate effettively. The Charity has policles to miti8ate against these risks. Objectives and Activities The Charity's aim is to be the home of skills and careers support for those working in the agriculture and horticulture sectors, providing tailored advice and practical tools needed for a prosperous fijture. In the consideration of projects, the Trustees have due regard to the Charity Commission's guidance on public benefit. The Trustees always ensure that the transactions undertaken are in line with the aims and objectives of the Charity. The charitable objerts are: To improve agriculture for the benefit of the public at large by the provision of education, trainin& advice and information for people working in agriculture. Flnancial Review Total income forthe year ended 31 March 2023 w35 £1.8m12022-. £2.4ml. £1.5m12022: £1.9ml was paid out in respect of the production of the learning plarform and content and 5UPPOrt costs. £583k12022.' £768kl of this has been capitalised as an asset under construrtion. Reserves at 31 March 2023 amounted to £1,650k of which £IOk was unrestrirted fvnds12022: £1,330k of which £32k was unrestricted funds). Reserves and Investment Policy The Reserves at the year end of £1,650k12022.' £1,330kl are primarily in respert of the Defra grant to be spent on the forthcomingyear's budget and the committed funds for the completion of the learning platform. The grant 15 remitted on specific dates within the year and expenditure is budgeted within this schedule of payments which can be revised in accordance with commitment5 made. Under the terms of the grant anything that 15 unspent but not committed cannot be recognised in the year. The 2024 budget contains a contingency to cover unexpected or increased expenditure within the grant. The Charity has free reserves of £10,415 {2022'. £32,212) and the Trustees will be putting in place an updated reserves policy when the Charity is in a position to offer services to mernbers and receive income in this respett. The Trustees, having regard to the liquidity requirements of setting up the learning platform and SeiCe offerlng have operated a policy of keeping surplus funds in an interest-bearing deposit account. Trustees, Annual Report
The Institute for Agricltlture and Horticultufe-Annual Report and Financial Statements TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Plans for Future Periods The Trustees intend to work to the strategic plan with close collaboration with those in the industry and Government. They will continue to engage in meaningFul discussion with partners to ensure that TIAH is credible and trusted as it addresses the industrf5 shifting needs and can 5UPPOrt long-term, sustainable change, Further detsils on the Institute for Agriculture and Horticulture activity can be found on the TIAH website at htt www.tiah.or Trustees, Responsibilities The Trustees. who are directors of the Charity, are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and the Generally Accepted Accounting Prattice in the UK. Company law requires the Trustees to prepare financial statements for each financial vear which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resource5, including the income and expendrture, of the Charity 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 Charitie5 Statement of Recommended Prartice,. make judgements and estimates that are reasonable and prudent: state whether appllcable UK Accounting Standard5 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 inapproprlate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records which disc105e with reasonable accuracy at any time the financial position of the Charity and which enable them to ensure that the financial statements comply wtth the Cornpanies Act 2006. They are also responsible for safeguardin8 the assets of the Charity and hente fortakin8 reasonable steps for the prevention and detection of fraud and other irregularities. Appointment of Statutory Auditor Bishop Fleming have been appointed as auditor in the financial year 22/23 and have signified their willingness to continue in office in the ft)rthcoming year. Ststement of Disclosure to the Statutory Auditor The Trustees have taken all necessary steps to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. As far as the Trustees are aware, there is no relevant audit information of which the Charity's auditor are unaware, Trustees, Annual Report
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Small Company Provlslons This report has been prepared in accordan with the special provisions for small companies under Part 15 of the Companie5 Art 2006. The Annual Report was approved by the Board of Trustees on behalf by: 30 October 2023 and signed on their E D Fursdo IAH Chair Trustees. Annual Report
The Institute for Agriculture and Horticulture- AnnLtal Report and Financial Statements Independent Auditorfs Report to the Members of The Institute for Agriculture and Horticulture OPINION We have audit¢d the financial statemeT]1s of Tlie Instithte for Agriculttire and l-Iorticulttire (the 'charity') for the year ended 31 Marcli 2023 which comprise the StateineTLt of Financial Activities. the Balance SheeL tlie Statement of Casli Flows and the related notes, including a siunmary of significant accounlinb policies. The financial reporting framework that lias been applied iii their preparation is applicable law and United Kingdom Accounltng Si8ndards, including Financial Reporting Standard 102 'Tlie Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kkngdom Generally Accepted Accoiinting Practs'ce). En our opinion the financial statements.. give a true and fair view of the state of die cllarity's affairs as at 31 March 2023 and of its incoiDing resollr¢es and application of resources, including its income and expenditure for the year dien ended. liave been properly prepared in accordance with United Kingidoin Generdlly Accepted Accounting Practic¢. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We ¢onducled our audit in accordance wttli International Standards on Auditing (UK) {ISAs {UK)) and applicable law. Our Tesponsibilities uttder tliose standards ar¢ further described in Ilie Aiidftlors, responsibilities for the aiidit of the financial statemeiits section of our report. We are independent of the charity ID accordance with the ethical requirements tliat are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Coiincil's Ethical Standard, and we have firIlled OUT other ethical responsibilities in accordance witli these requirements. We believe tliat die audit evidence we have obiained is suffjcient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing th¢ financial slatemenls. we have concluded that the Trllslees, use of the going concern basis of accoiinting in the preparation of the fin]CIal stateinents is appropriate. Based on the work we liave p¢rfonned, we have not identified any material uncertainties relating to events or conditions thal. inth'vidually or collectively, may cast stgnificant doubt on the Charity's ability to conttnue as a going ¢oncem for a period of at least twelve months from when the fmancial stateinents are authorised for issue. Our resrx)nsibilities and the responsibilities of the Trustees with respect to going Concern are described in tlie relevant sections of tliis report. Independent Auditor's Report
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements Independent Auditorfs Report to the Members of The Instltute for Agriculture and Horticulture OTHER INFORMATION The othcr infonnation comprises the inforniation included in the Annual Report other than the financial statements and oiir Auditors, Report tliereon. The Trustees are responsible for Ilie otlier lliforniation contained witliin the Annual Report. Our opinion on the financial statements does not covei. the other infoiiiiation all except to the extent otlierwise explicitly stated in our report. we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infonnation and. in doing so, constder wliether the other infonnation is materially inconsistent witli die fmancial statements or our knowledge obtained in ihe coiirse of the audit, or othen4qse appears to be Jnaterially misstated. If we identify such material in¢onsisten¢ies or apparent material misstateTnents. we are required to detennine whether this gives rise lo a material misslatejnent in t]ie financial statements thetnselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infonnation. we are required to report that fact. We have nothing to retx)rt in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of th¢ audit.. the information given in the Trustees, Report for the fanCIal yeaT for which the fJnan¢ial stalements are prepared is consistent with the fin]Cial statements. the Trustees, Report has been prepared in accordance wilh applicable legal requirements. MATTERS ON IVHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the liglit of our knowledge and understanding of the charity and its environinent obtained in the course of the audit. we have not identified Inaterffial misstateinents in the Trustees, Report. We have nothing to report in respect of tlie following matters in relation to wliich Coinpanies Act 2006 requires us to report to you if. in our opinion. adequate accounting records have not been kept, or rettuns adequate for our audit have not been ieceived fi'om branches not vislted by us- or tlie financial statements are not in agreement wilh the accounting records and Teturns. or certain disclosDres of Trustees, remuneration specified by law are not made. or we have iiot received all tlie infonnation and explanations we require for our audit; or the Twstees were not entitled to prepare the financial statements in accordaTkce with tlTre small companies regime and lake advantage of the small companies, exeinplions in PTepariiig the Truste¢s' Report and from th¢ requireinent to prepare a Strategic Report. Independent Auditor'5 Report
The Institute for Agriculture and HorticultL¢re-Annual Report and Financial Statement5 Independent Audltorfs Report to the Members of The Institute for Agriculture and Horticulture RESPONSIBILITIES OF TRUSTEES As expl&tn¢d more fully in the Trnstecs, Responsibilities Statement. tlie TTUStees (who &Te also the directors of the charity foi. the pUOseS of company law) are responsible for the preparation of the financial statements and for beftn8 satisfied that they give a ttve and fair view. and for such intemal control Is tlie Trustees deterniine is necessary to enable the preparation of financial siatemenls tliat are free froin inaterial xnisstatement, whetlier du¢ to fraud or error. In preparing the financial staleinents, the Truste¢s are responsible for assesstng the Gharity's ability to ontinue as a going con¢ern, disclosing, as appli¢able. matters related to going Concern and using the going concem basis of a¢counting unless the Trustees either intend to liquidate the chaTity or to cease operations, or have no realistic alternative but to do so. AUDITORS, RESPONSIBILITIES FOR TH£ AUDIT OF THE FINANCIAL STATEMENTS Our objectives ar¢ to obtain reasonable assurance about whetlier the financial stateinents as a whole are free from Enaterial misstatement. whetlier due to fraud or error, and lo issue an Auditors, Rew>rt that includes our opinion. Re850nable assuiance is a higli level of assuran¢¢, but is not 2 giiaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when It exists. Misstateinents can arise froin fraud or error and are considered malerial if, inth'vidiiajly or in the aggregate. tliey could reasonably be expected to influence the economic decisions of user5 taken on the basis of tiiese financiaI stateinents. ITregularities, including fraud. are instances of non-coinpliance wtth law5 and regulations. We design procedures in line witli our reSnsibilities, oiitlined above, to det1 Jnaterial misstateinents in respect of IeIlarItie including fraud. The extent to whicli our procedures aTe capable of detecting iTregularities, incluth'ng fraud is detailed below.. we Iiave Considered the nature of the sector, control environment and financial rfoTrnance of the entity; we have Considered the resiilts of enquiries with maiiagement and Trustees in relation to their own identification and assessment of the risk of Iegular1tjeS within tlie enh"ty' and we Iiave reviewed the docwnent2tion of key Processes and controls and perfonned walkthrouglis of transactions to confirni that the Systems are 0[rating in line witli documentation. As a result of these procedures. we have considered Èhe opportunities and incentives that may exist within tl)e organisation for fraud and idents'fied the highest area of risk to be iii relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required to perfoTm specific proceduTes to respond to the risk of manageinent ove.rride. We have also obtained understanding of the legal and regulatory frameworks that the ¢l)arity operates in, focusing on provisions of tliose laws and regulations Ilial liad a direct effe¢t on the detennination of malertal Ount$ and disclosures in the financial statements. Tlie key laws and regulations we considered in this context in¢luded Ilie UK Companies Act and FRS 102 and UK tax legislation. Independent Auditor's Report
The Institute for Agriculture and Horticultvre-Annual Report and Financial Statements Independent Audltorfs Report to the Members of The Institute for Agriculture and Horticulture In addition. we considered the provisions of other laws and regulations tliat do not have a direct effect on tlie financial stateinents but compliance with which may be thndamental to the charity's ability to operate or avoid a material penalty. Oiir procedures to respond to Tisks identified iocluded the following: reviewing the financial staleinent th'sclosures and testing to supporting dociimentation to assess compliance witli provisions of relevant laws ]d regulations described as having a diiect effect on the fRnancial statements; perfonning analytical pro¢editres to identify wlusiial or unexpected relationships that may indicate risks of material misstatement due to fraud- reviewingi board meets.ng minutes. enquiring of management in relation to actual and potential claims or litigations- performing detailed trallsaclional testing in relation to the recognition of revenue with a particular focus around year-end cut off. and in addressing the risk of fraud through manageinent override of controls, testingF the approptiateness of joiirnal entries and other adjustsnents. assessing wlietlier the judgrynents made in accounting estimates are indicative of potential bias,. and evaluating the blisiness rationale of signific8nt transactions that are unusual or outside the nornial ¢owse of business. We also commwiicated identified laws and regulations and potenliaj fraud risk5 to all mevnbers of the engagement team and remained alert lo possible indicators of fraud or non-compliance with laws and regulations througliout the audit. OUT audti procedures were designed to respond to risks of material misstatemenl in the financial statements. recognising that the risk of not d¢tecting a material misstateinent due to fraud is higheT than ie risk of noi detecting one resulting froin an ertor. as fraud may involve deliberate ¢oncealment by. for example. forgery, Inisrepr¢sentations OT tlirougli collusion. TIle are inherent limiLglftons in tlie audit procedures perfornied and the fiirtlier reinoved nonwcompliance with laws and re]atiOnS is from the events and transactions reflected in the financial statements. the less likely we would become aware of A rther description of our responsibilEties foT tlie audit of the financial statements is located on the Financial Reporting Council's website at.. Mvw.frc.org.uk/auditorsresponsibilities. This description fonns part of our Auth'tors, Report. OTHER MATTERS Independent Auditor's Report 10
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements Independent Auditorfs Report to the Members of The Institute for Agriculture and Horticulture USE OF OUR REPORT This report is inade solely to tlie charity's tnistee4 as a body, in accordance with Part 4 of the Charitie5 (Accounts and Reports) Regulations 2008. Our audit work has been uiidertaken so tliat we might state to die charity's trustees tliose matters we are required to state to theJn in an Auditors, Report and For no other purpose. To the fullest exteiit pennitted by law, we do not accept or assume respoiisibility to anyone other than the charity and its m¢inbers, as a body, for our audit work. for this report, or for tlie opinions we have fornied. David Butler FCA DChA (Senior Statutory Allditor) for and on belialf of Bishop Fleming LLP Chartered Accountants Stattilory Aiiditors l O Temple Back Bristol BSI 6FL Date.. 15 December 2023 Independent Auditorfs Report
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR TO 31 MARCH 2023 Year to 31 Maych 2023 Total 14 months to 31 March 2022 Total Uniestritted Funds Restrirted Funds Note INCOME FROM: Voluntary Income Investment Income TOTAL INCOME 1,800,000 1,800.000 2.083 1,802,083 2.459,298 19 2,459,317 2,083 2,083 1,800,000 EXPENDITURE ON: Charltable actlvitles 23,880 1.457,719 1,481,599 1,133,030 TOTAL EXPENDITURE 23,880 1,457,719 1,481,599 1,113,030 NET MoVEmETr IN FUNDS 121,7971 342,281 320,484 1,326,287 TOTAL FUNDS BROUGHT FORWARD li 32,212 1,297.493 1,329,705 3,418 TOTAL FUNDS CARRIED FORWARD 10,415 1,639.774 1,650,189 1,329,705 The notes on pages 15 to 21 form an integral part ofthese financial statements. Statement of Financial Activities
The Institute for Agriculture and Horticulture- Annual Report and Financlal Statements BALANCE SHEEr AS AT 31 MARCH 2023 31 March 2023 Total 31 Mah 2022 Total Unre5trlcted Funds Restricted Funds Note FIXED ASSErs Intangible fixed assets 1,359.990 1.359,990 768,156 CURRENT ASSETS Debtors Cash & 5b equivalents TOTAL CURRENT ASSET5 150 391,349 391,499 150 401,764 401,914 3,366 912,929 916,295 io 10,415 10,415 CREDITORS.. amounts falling due withln one year li 111,715 111,715 354,746 Net current assets 10,415 279,784 290,199 561.549 Net assets 10.415 1,639,774 1,650,189 1,329,705 FUND5 OF THE CHARITY Total funds 12 10,415 1.639,774 1,650,189 1,329,705 The accounts are prepared in actordance with the special provisions of Part 15 of the Companies Act 2006 relative to small companies. The financial statement5 were approved and authori5ed for issue by the Board of Trustees on 30 October 2023 and signed on its behalf by: E D Fursdon, TIAH Chair The notes on page5 15 to 21 form an integral part of these financial statements. Balance Sheet
The Institute for Agriculture and Horticulture Annual Report and Financial Statements STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Year to 14 months to 31 March 31 March 2023 2022 Cash flows from operating activities: Net movement in funds Decrease/lincreasel in debtors IDecreasel/increase in creditors 320,484 3,216 1243,031) 1,326,287 13,366) 354,746 Net cash inflow from operat7 activities 80,669 1,677,667 Cashflow from inve$tln8 a¢tlvftles: Purchase of intangible fixed assets 1591,8341 1768,1561 Net increase/ldecrease) in cash & cash equivalents 1511,1651 909,511 Openlng cash & cash equivalents Movement in the year/period 912,929 1511,1651 3,418 909,511 Cash and cash equlvalents at the year/period end 401,764 912,929 The notes on pages 15 to 21 form an integral part of these financial statements. Statement of Cash Flows 14
The InstitLtte for Agriculture and Horticulture- Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 AccouMfiNG POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding period. General InfmatIOn The Institute for Agriculture and Horticulture is a company limited by guarantee, incorporated in England and Wales. The address of its registered office and its registered numbers are disclosed on page l. The Charity changed its name from Agskills Mited during the prior period. The principal activity of the charity 15 a5 the professional body for those working in the agriculture and horticulture sector. The annual report and financial statements are for the year ended 31 March 2023 (the prior annual report and financial statements were for the fourteen months to 31 March 20221- The financial statements are presented in Sterling and this is the functional currency of the Charity. The financial Statements are rounded to the nearest whole Pound. Basls of PTeparatlon The financial statements have been prepared under the historieal cost convention, and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as set out in the Statement of Recommended Practice. Accounting and Reporting by Charities, ISORP 151, the Financial Reporting Standard applicable in the United KinEdom and Ireland IFRS102} and the Charities and Companies Acts. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the charity and which have not been designated for other purposes. The charity's general fund may be used by the charity at its discretion to further its stated charitable objectives. Income These are included in the Statement of Financial Activities ISOFAI when: the charity becomes entitled to the resources, the Trustees are probable they will receive the resources, and the monetsry value can be measured with sufficient reliability. Expendire All support costs incLtrred have been allocated between charitable expenditure and governance as appropriate. Notes to the Financial Statements
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES {CONTINUEDI Allocatlon of costs All expenditure and liabilities are included on an accruals basis and recognised when there is a legal or constructive obligation to pay out resources. Flnandal Instruments The Institute for Agriculture and Horticulture only has financial assets and liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction values and subsequently measured at their settlement value. Intangible fixed assets These costs represent the construction of the learning platform and are recognised as the work progresses. Amortisation is not charged a5 the platform is under construction. Capitalisation On-line development costs are capitalised as intangible assets as they arlse. These include external costs associated with advancing the platform to completion. Any related internal management resource costs and external ongoing support costs are expensed. The asset is defined as under construction and not amortised until it is complete and anticipated to be producing future benefits. Amortisation will be charged over an expected useful life of 10 years. 1.10 Cash and Cash equlvalents Cash and cash equivalents are 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. 1.11 Goin8 concern These financial statements have been prepared on a going concern basis. The Defra grant is subject to a rigorous budgeting function and the Trustees and executive team monitor these budgets on a monthly basi5, SO they cumulatively fall within the annual grant. Therefore, the Trustees are of the opinion that there are adequate resources available to continue trading for a period of at least 12 months, and TIAH 15 a going concern. 1.12 Judgments In applying accountlng polldes and key soUrS of estlmation uncertslnty In applying the company's accounting policies, the directors are required to make judgements, estimates and assumption5 in determining the carrying amounts of assets and liabilities. The directors, judgements, estimates and assumptions are based on the best and most reliable evidence available atthe time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjettivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. Notes to the Financial Statements 16
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees do not consider there to be any significant judgements. estimates or assumptions in these financial statements. Note5 to the Financial Statements 17
The In5tit*Jte for Agriculture and Horticulture- Annltal Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 INCOME 14 months to 31 March 2022 Unreslri¢ted Funds Restrlcted Funds Year to 31 March 2023 Donation Grant from Defra 60,000 2,399.298 2,459,298 1.800,OC4) 1,800,000 1,800,000 1.800,000 EXPENDITURE 14 months to 31 March 2022 Unrestrlrted Funds Re5trlcted Funds Year to 31 March 2023 Charltable actlvltles Development of services Support costs (note 4) Governance costs (note 51 449.436 1.008,283 449,436 1,008,283 23,880 1,481,599 493,473 608,332 31,225 1,133,030 23,880 23,880 1,457.719 SUPPORT COSTS Year to 31 14 months to 31 Marth 2023 March 2022 staff salaries and related expenses Accounting fees BLtsiness support and advice Legal fees Insurance Travel. subsistence and meeting costs Computer equipment arbd Soare expensed General expenses 850,550 24,621 26,462 10,802 13,259 50,798 8,119 23,672 450.274 34,797 62.391 7,141 4,729 12,255 30,605 6,140 1,008,283 608.332 Notes to the Financial Statements 18
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH 2023 GOVERNANCE COSTS 14 months to 31 March 2022 Unrestrirted Funds Restrlcted Funds Yearto 31 March 2023 Audit fees Trustee insurance Legal and accounting fees 17,000 2.004 4.876 17,000 2.004 4,876 12,000 1,574 17,651 23,880 23,880 31,225 No trustee received remuneration in the year to 31 March 2023. or received reimbursed expenses12022: £nil). Trustee Indernnity Insurance was also in place during the year. srAFF COST5 Year to 31 March 14 month5to 31 2023 March 2022 Wages and salaries Social Security costs Pension costs 655,564 76,255 56,708 368,638 41,922 27,421 788,527 437,981 The average number of employees forthe yearwas 1312022.. 111. The number of persons employed by the company during the year who received emoluments (including taxable benefits in kind) in the following ranges in excess of £60,000 wa5 as follows: 2023 Number 2022 Number £60,001- £70,000 £70,001- £80,000 Total remuneration for key mana8ement personnel including pension payment5 totalled £381.000 for 7 posts12022: £291,674 for 5 posts). Notes to the Financial Statements 19
The Institute for Agriculture arid HorticultLtre- Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 TAXATION The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts. INTANGIBLE FIXED ASSErs Asset under construction Total Cost At l April 2022 Additions 768,156 591,834 768,156 591,834 At 31 March 2023 1,359,990 1,359,990 Assets under construttion represent costs incurred in the development of the learning platform. No amortisation has been charged as the asset Is not yet in use. DEBTORS Year to 31 March 2023 14 months to 31 March 2022 Prepayments 150 3,366 io CASH & CASH EQUIVALENTS Year to 31 March 2023 14 months to 31 March 2022 Current accounts 401,764 912,929 Notes to the Financial Statements 20
The Institute for Agriculture and Horticulture- Annual Report and Financial Statement5 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 li LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Yearto 31 Maich 2023 14 months to 31 Maich 2022 Trade creditors Accruals Pension creditor other creditors 61,347 38,751 10,716 901 189,008 157,785 5,985 1,968 354,746 111,715 12 FUNDS Asat l Aprll 2022 Asat 31 March 2023 Income Expendlture Transfer Unrestricted Restricted: Income Capital Total fijnds 32,212 2,083 123,8801 10,415 518,777 778,716 1,329.705 1,216.708 583,292 1,802,083 11,455,701) 12,0181 11,481.5991 279,784 1,359,990 1.650,189 Restritted funds represent the amounts received from Defra in respect of the grant given to establish the Charity as the professional body for agriculture and horticulture workers. The Capital reseTve5 are represented by an Asset under Construction of £1,359,99012022: £768,156) and Cash to be spent of £Nil12022.' £10,560). Expenditure of £2.01812022'. £9,768} on small hardware item5 was expensed from this fund in the year in accordance wlth the Charitvs capitali5ation policy. 13 RELATEO PARTIES There were no related party transactions made in the year. 14 COMMITMENTS The Institute for Agrlculture and Horticulture had commitments of £1.347m {2022: £1.8ml at the year end for the completion of the learning portal which is currently under construction. These have not been provided for in the financial statements as they are subject to conditions being met before payment butform part ofthe Defragrantto be received overthe forthcoming years. Notes to the Financial Statements