The Institute for Agriculture and Horticulture-Annual Report and Financial Statements Forthe year ended 31 March 2024 The Institute for Agriculture and Horticulture (A Company limited by 8uarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company No: 03824061 Charity No: 1091213
The Institute for Agriculture and Horticulture - Annual Report and Financial Statements For the year ended 31 March 2024 CONTENTS Reference and Administrative Details Trustees, Annual Report Independent Auditorfs Report 7-11 Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-22
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements Forthe year ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DEfAILS TRUSTEES/DIREcfoRS: RRMBerry T W Bradshaw (resigned 28 February 2024) B J Dixon J J Florsheim E D Fursdon A J Greed R Hallos (appointed 3 June 2024) J S Haynes S P Jacob (appointed 19 June 2023) R W Longthorp OBE R D Morley S M Oldfield O W Piper K J Quinton J D Swadling OBE SECRETARY: J Somerfield REGISTERED OFFICE: I St. James Court Whitefriars Nonvich Norfolk NR3 IRU REGISTERED NUMBERS: Company No: Charity No: 03824061 1091213 AUDITOR: Bishop Fleming Chartered Accountants and Statutory Auditor 10 Temple Back Bristol 8516FL BANKERS: HSBC Bank UK plc Reference and Administrative Details
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are Directors of the Institute for Agriculture and Horticulture ('the charit), present their annual report and financial statements for the year ended 31 March 2024. Background and Relatlonshlp wlth Department of the Environment. Food and Rural Affalrs Within the agriculture and horticulture industries a Senior Leadership Group {SLG), was formed in 2018, under the thairmanship of Lord Donald Curry, with members 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 {Defra) for fvnding to form a new professional institute to support agriculture and horticulture production industries and consequently a business case was prepared. The SLG formed into a Development Board in 2020, with David Fursdon taking the chair, to further develop the project. In the Agricultural Transition Plan 2020, published in November, Defra c0mrned to contribute to SUPPOrt the establishment of a new Institute for A8riculture and Horticulture (TIAH). A key objective for the SLG and the Development Board was to reduce fragmentation and consequently rather than forming a new le8al entity consideration was given to existing vehicles that might be appropriate for TIAH. As a result, a successful approach was made to the trustees of the dormant charity, Agskills Limited, for it to be the legal entity for TIAH. Defra gives on80in8 commitment and support through the remittance of a five-year grant which commenced in July 2021. The Charsty does not proactively fvndraise at presenL Structure. Governance and Management Governin8 Document The Charity is incorporated as a private company limited by guarantee. Its governance framework is that set by the Charities Re8ulatoryAuthorty underthe Charities Act 2009, and as laid out in the Charities Governance Code. The Articles of Association of the Charity detail the objects and powers of the Charity. Whilst the objects of the charity have remained the sarne, some of the Articles of Association were updated for the first time in 20 years to reflect current practice 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 Appolntment of the Board of Trustees The TIAH Board is skills based to ensure that it includes experience financial, legal, digital, marketin& agriculture and horticulture and other relevant fields. Trustees are aware of their obli8ations in law as Trustees and Directors and are encouraged to acquaint themselves with publications and guidance available from the Charity Commission and abide by the seven principles of the Charity Governance Code. Members of the Board have access to external Trustee training. Trustees, Annual Report
The Institute for Agriculture and Horticulture - Annual Report and Financial Statements TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees SeIng during the year were as follows: Name of Trustee RRMBerry T W Bradshaw BJDixonx J J Florsheim E D Fursdon 'x AJGreed# J S Haynes S P Jacob R W Longthorp OBE * R D Morley ' S M Oldfield # O W Piper K J Quinton # J D Swadling OBE Appointment 27 April 2022 22 February 2021 26 December 2019 27 April 2022 22 February 2021 27 Aprll 2022 27 April 2022 19 June 2023 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 Audrt and Risk Committee
Member of the Finance and General Purposes Committee x Member of the People, Remuneration and Nominations Committee Or8anisational Structure The Board of Trustees meets at least four times a year and oversee5 the fvture strategy of the Charity, finance and current project work. The Charity has launched the first five-year strategic plan which is built around the following five key goals: to achieve recognition of the industrfs professional standards and abilities; to deliver a professional framework which informs the development of qualifications and lifelong leamin to become recognised as a source of information on careers and progression opportunities; to deliver a professional institute that helps transform the industry; to establish a busine55 model that ensures TIAH'5 Sustainability. The Trustees have also estsblished sub committees on Finance and General Purposes, Audit and Risk and People, Remuneration and Nominations to report to the Board and the membership of each are shown above. The Charity 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 2024 Principal rlsks and uncertainties The Trustees have examined the major strategic, financial, operational, and reputational 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 poliry which results in a change to the grant fvndin& inflation which results in a delivery redurtion against the 8rant' the inability to secure sufficient members. The Charity has policies to mitigate against these risks. Objectives and Actlvitles The Charitvs aim is to be the home of skills and careers support for those working in agriculture and horticulture. providing tailored online leaming and other practical professional tools to help improve farm produttivity and profrtability. In the consideration of projects, the Trustees have due regard to the Charity Commission's guidance on public benefrt. The Trustees always ensure that the transactions undertaken are in line with the aims and objectives of the Charity. The charitable objectives 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 and horticulture. Flnancial Revlew Total income for the year ended 31 March 2024 was £1.35m (2023: £1.8m). £1.3m {2023: £1.5m) was paid out in respect of the produttion of the leaming platform and content and support Costs. In addition, £103k (2023: £583k) has been capitalised as the leaming platform which is now in use and being amortised. Reserves at 31 March 2024 amounted to £1,699k of which £8k was unrestricted funds {2023: £1,650k of which £IOk was unrestricted funds). Reserves and Investment Policy The Reserves at the year end of £1,699k (2023: £1,650k) are primarily in respert of the Defra grant to be spent on the forthcoming yearfs budget and the committed fvnds forthe completion of the learning platform. The grant is remitted on specific dates within the year and expenditure is budgeted within this schedule of payments which can be revised in accordance with commitments made. Under the terms of the grant anythingthat is unspent but not committed cannot be recognised in the year. The 2024 budget contains a contingency to cover unexperted or increased expenditure within the grant. The Charty has free reserves of £8.301 (2023: £10,415) and the Trustees have approved a Reserves Policy now that the Chartty is able to offer services to members and receive income in this respect. Trustees, Annual Report
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements Approval had been gNen from Defra that TIAH can unrestrict sufficient fvnds in line with TIAH'S Reserves Policy and Grant FundingAgreement. The Trustees, havin8 regard to the liquidity requirements of setting up the leaming platform and service offering have operated a policy of keeping surplus funds in an interest-bearing deposit account. TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Plan5 fi>r 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 industrfs shifting needs and can support lon8-term, sustainable change. In March 2024 TIAH was awarded additional grant funding from Defra which will be added to the Year 4 grant. The additional grant money has been allocated across several projects primarily it has enabled TIAH to take on the National Libraries for Agri-Food INLAFI. NLAF was established by the independent consortium Food & Famiing Futures to provide open access knowledge to farmers and others in the agri-food sector. TIAH will develop the NLAF into an Artificial Intelligence (Al)-powered system for sourcin& 5ummarising and cataloguing research papers and articles, and draw upon the librarfs extensive content to deliver tailored advi to its members through the TIAH Online Service. Further details 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 Practi in the UK. 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 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 Charities Statement of Recommended Practice; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accountin8 Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charty will continue in operation. Trustees, Annual Report
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the Charity and which enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the tharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Appointment of Statutory Auditor A resolution to appoint Bishop Fleming as auditor forthe forthcoming year will be put before the TIAH Board. ststement of Dlsclosure 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 Charitys auditor are unaware. Small Company Provisions This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. The Annual Report was approved bythe Board of Trustees on behalf by: . and signed on their Trustee Stephen Oldfield Trustees, Annual Report
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements Independent Audftorfs Report to the Members of The Institute for Agriculture and Horticulture OPINION We have audited the financial statements of The Institute for Agriculture and Horticulture {the 'chariW) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Ststement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charivs affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We condutted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the 8oin8 concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatingto events or conditions that, individually or collectively, may cast significant doubt on the charFVs ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Independent Auditorfs 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 other information comprises the infonnation included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothin8 to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES Acr 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; the Trustees, Report has been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report. We have nothingto report in respect of the followin8 rnatters in relation to which Companies Act 2006 requires u5 to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accountin8 records and retums; or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the Trustees were not entrtled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Independent Auditorfs Report
The Institute for Agriculture and Horti¢ulture-Annual Report and Financial Statements Independent Auditorfs Report to the Members of The Instltute for Agriculture and Horticulture RESPONSIBILITIES OF TRusfEES As explained rn0 fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement. whether due to fraud or error. In preparin8 the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concem, disclosin& as applicable, matters related to going conrn and using the going concem basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material Misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desi8n procedures in line with our responsibillties, outlined above, to detett material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detectin8 irregularities, includingfraud is detailed below: we have considered the nature of the sector, control environment and financial performance of the entty. we have considered the results of enquiries with management and Trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and we have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. A5 a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year*nd cut off. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained understanding of the legal and regulatory framework5 that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102 and UK tax le8islation. Independent Auditorfs Report
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements Independent Auditorfs Report to the Members of The Instltute for Agrlculture and Horticulture In addition, we considered the provisions of other laws and regulations that do not have a dirert effett on the financial statements but compliance with which May be fvndamental to the charitys ability to operate or avoid a material penalty. Our procedures to respond to risks identified included the followÈng: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial ststements; performin8 analytical procedures to identify unusual or unexperted lationshipS that may indicate risks of material misstatement due to fraud; reviewing board meeting minutes,. enquiring of management in relation to actual and potential claims or l¥tigations: performin8 detailed transactional testing in relation to the reco8nition of revenue with a particularfocus around year-end cut offr, and in addressingthe risk of fraud through mana8ement override of controls, testing the appropriateness of journal entries and other adjustments. assessing whether the judgments made in accounting estimates are indicative of potential bias. and evaluating the business rationale of signthcant transattions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement tearn and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery. misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the fvrther removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors, Report. Independent Auditorfs 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 Thts report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'5 trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and its members, as a body, for our audit work. for this report, or for the opinions we have formed. David Butler FCA DChA (Senior Statutory Auditor) for and on behalf of Bishop Flemlng LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BSI 6FL Date: 19 December 2024 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 2024 Year to 31 March 2024 Total 14 months to 31 March 2023 Total Unre5tr1rted Funds Restrlcted Funds Note INCOME FROM: Voluntary Income Charltsble Income Investment Income TOTAL INCOME 1,347,000 1,347,000 1,252 6,242 1,354,494 1,8CM),000 1,2S2 6,242 7,494 2,083 1,802,083 1,347,000 EXPENDITURE ON= Charltable actlvltles 9,608 1,296,518 1,306,126 1,481,599 TOTAL EXPENDITURE 9,608 1,296,518 1,306,126 1,481,599 NETMOVEMENfiN FUNDS (2,114) 50,482 48,368 320,484 TOTAL FUNDS BROUGHT FORWARD 12 10,415 1,639,774 1,650,189 1,329,705 TOTAL FUNDS CARRIED FORWARD 8.301 1.690,256 1,698,557 1,650,189 The notes on pages 15 to 22 form an integral part of these financial statements. Balance Sheet 12
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements BALANCE SHEET AS AT 31 MARCH 2024 31 March 2024 Totsi 31 March 2023 Totsi Unrestrlcted Funds Restrlcted Funds Note FIXED ASSETS Intsngible fixed assets 1,426,025 1,426,025 1,359,990 CURRENT ASss Debtors Cash & cash equivalents TOTAL CURRENT ASss 26 26 150 10 8,275 13,589 353,587 353,587 361.862 361,888 401,764 401,914 cREDoR5. amounts falling due within one year 11 89,356 89,356 111,715 Net current assets 8,301 264,231 272,532 290,199 Net assets 8,301 1,690,256 1,698,557 1,650,189 FUNDS OF THE CHARrrY Totsl funds 12 8,301 1,690,256 1,698,557 1,650,189 The accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2CK)6 relative to small companies. The financial atements were approved and authorised for issue by the Board of Trustees on and signed on its behalf by: ee Stephen Oldfield The notes on pages 15 to 22 form an inte8ral part of these financial statements. Balance Sheet 13
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 31 March 2024 31 March 2023 Cash flows from operating activitles: Net movement in funds Amortisation of intangible fixed assets Decrease in debtors (Decrease) in creditors 48,368 36,565 124 (22,359) 320,484 3,216 (243.031) Net cash inflow from operatln8 actlvltles 62,698 80,669 Cashfiow from Investing activities: Purchase of intangible fixed assets (102.600) (591,834) Net (decrease) In cash & cash equiwalents 139,902) {511,165) Opening cash & cash equivalents Movement in the year 401,764 (39,902 912,929 {511,165) Cash and cash equlents at the year end 361,862 401,764 The notes on pages 15 to 22 form an integral part of these financial statements. Notes to the Financial Statements 14
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUKnNG POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding period. General Inknmath The Institute for Agriculture and Horticulture is a company limited by guarantee, incoTporated in England and Wales. The address of its registered office and its registered numbers are disclosed on page l. The principal activity of the charity is as 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 2024. The financial statements are presented in Sterling and this is the functional currency of the Charity. The financial ststements are rounded to the nearest whole pound. Basls of preparation The financial statements have been prepared under the historical 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, {SORP 15), the Financial Reporting Standard applicable in the United Kingdorn and Ireland (FR5102) and the Charities and Companies Acts. Fund accountrz 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 ststed charitable objectives. Income These are included in the Statement of Financial Artivities (SoFA} when.. the charity becomes entttled to the resources. the Trustees are confident they will receive the resources, and the monetary value can be measured with sufficient reliability. Expendlture All support costs incurred have been allocated between charitable expenditure and governance as appropriate. Notes to the Financial Statements 15
The Institute for Agriculture and Horticulture-Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 AccouKfiNG POUCIES (CONTINUED) Allocatlon of costs All expenditure and liabilities are included on an accruals basis and recognised when there is legal or constructive obligation to pay out resources. Flnandal Instruments The Institute for Agriculture and Horticulture only has financial assets and liabilities 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. Intan81b fixed assets and capltallsatlon These costs represent the construction of the learning plafform and are recognised as the work progresses. They include external costs associated with advancing the platform to completion. The platform was completed in the year and is anticipated to be producing future benefits therefore amortisation has been charged from the completion date. Any related internal management resource costs and external ongoing support costs are expensed. Amortisation will be charged over an expected useful life of 10 years. 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. 1.10 Golng 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 basis, 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 is a going concern. Notes to the Financial Statements 16
The Institute for Agriculture and Horticulture- Annual Report and Financsal Staternents NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 1.11 Judgments In apptyln8 accountln8 polldes and key Sour of estlmatlon uncertalnty In applying the companVs accounting policies, the directors are required to make judgements, estimates and assumptions 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 at the time when the decisions are made and are based on historical experience and other factor5 that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The Trustees do not consider there to be any significant judgements, estimates or assumptions in these finantial statements. INCOME Unrestrlcted Funds Restrlcted Funds 31 March 2024 31 March 2023 Grant from Defra 1,347,(MJO 1,347,000 1,347,000 I,347,0) 1,800,000 1,800,000 EXPENDITURE Unrestrirted Funds Restrirted Funds 31 Marth 2024 31 March 2023 tharltsble actlvltles Development of services Support costs (note 4) Governance costs Inote 5) 363,681 932,837 363,681 932,837 9,608 1,306,126 449,436 1,008,283 23,880 1,481,599 9,608 1,296,518 Notes to the Financial Statements 17
The Institute for Agriculture and Horticulture- Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS 31 March 2024 31 Marth i 2023 Staff salaries and related expenses Accounting fees Business supportand advice Legal fees Insurance Travel, subsistence and meeting costs Computer equipment and software expensed General expenses Amortisation 779,110 36,413 5,654 10,943 7.310 40,324 5,459 11,059 36,565 932,837 850,550 24,621 26,462 10,802 13,259 50,798 8,119 23,672 1,008,283 All support costs are undertaken to support the development of the platform and service offeringto future TIAH members. GOVERNANCE cosrs UnrestrTrted Funds Restricted Funds 31 March 2024 31 March 2023 Audit fees Trustee insurance Legal and accounting fees 4,320 1,888 3,400 4,320 1,888 17,000 2,004 4,876 9,608 9,608 23,880 Audit fees for the year will be charged at £10,140 (2023: £9,720). No trustee received remuneration in the year to 31 March 2024. 3 Trustees received reimbursed expenses of £4,775 (2023: 5 received £4,711). Trustee Indemnity Insurance was also in place durin8 the year. 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 2024 srAFF COSTS 31 March 2024 31 March 2023 Wages and salaries Social Security costs Pension costs 641,825 65,751 59,581 655,564 76,255 56,708 767,157 788,527 The average number of employees for the year was 12 (2023: 13). The number of persons employed by the company during the year who received emoSuments (including taxable benefits in kind) in the following ran8es in excess of £60,(ll) was as follows: 2024 Number 2023 Number £60,001- £70,(KX) £80,001 . £90,1 Total remuneration for key management personnel includin8 pension payments totalled £330,000 for S posts (2023: £381,000 for 7 posts). TAXATION The charity's activities fall within the exemptions afft)rded by the provisions of the Income and Corporation Taxes Att 1988. Accordingly, there is no taxation charge in these accounts. Notes to the Ftnancial Statements 19
The Institute for Agriculture and Horticulture - Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 INTANGIBLE FIXED ASSETS Learnlng Development platform Total Cost At l April 2023 Additions At 31 March 2024 1,359,990 102,600 1,462,590 1,359,990 102,600 1,462,590 Amortlsatlon Charge in the year At 31 March 2024 36,565 36,565 36,565 36,565 Net Book Value At 31 March 2024 1,426,025 1,359,990 1,426,025 1,359,990 At 31 March 2023 The Learning Development Platform was shown as Assets under construction in the prior year and represented costs incurred in its development. The asset came into use in January 2024 and amortisation is now bein8 char8ed. DEBTORS 31 March 2024 31 Marth 2023 Prepayments 26 150 10 CASH & CASH EQUIVALENTS 31 March 2024 31 March 2023 Current accounts 361,862 401,764 Notes to the Financial Statements 20
The Institute for 4griculture and Horticulture- Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 11 UABILITIES: AMouKfs FALLING DUE WITHIN ONE YEAR 31 March 2024 31 Marth 2023 Trade creditors Accruals Pension creditor Other creditors 37,111 38,083 9,838 4,324 89,356 61,347 38,751 10,716 901 111,715 12 FUNDS l April 2023 31 March 2024 Income Expendltyre Transfer Unrestricted Restricted: Income Capital Totsl funds 10,415 7,494 (9.608 8,301 279,784 1,359,990 1,650,189 1.244,400 102,600 1,354,494 (1,259,953) {36,565) (1,306,126) 264,231 1,426,025 1,698,557 Asat l April 2022 Asat 31 March 2023 Income Expendlture Transfer Unrestricted Restricted: Income Capital Total funds 32,212 2,083 (23,880) 10,415 518,777 778,716 1,329,705 1,216,708 583,292 1,802,083 11,455,701) {2,0181 (1,481,599) 279,784 1,359,990 1,650,189 Restricted funds represent the amounts received from Defra in respett of the 8rant given to establish the Charity as the professional body for agriculture and horticulture workers. The Capital resepdes are represented by the Learning Development platform of £1,426,025 12023: £1,359,990) which was amortised in the year as the platform become attive. Notes to the Financial Ststements 21
The Institute for Agricutture and Horticulture - Annual Report and Financial Statements NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 13 RELATED PARTIES There were no related party transactions made in the year. 14 COMMITMENTS The Institute for AlCUltUre and Horticutture had commitments of £nil {2023: £1.347m) at the year end for the completion of the leamin8 Portal which is currently under construrtion. These have not been provided for at the relevant balance sheet date as they are subject to conditions being met before payment but form part of the Defra grant to be received over the forthcomin8 years. Notes to the Financial Ststements 22