OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Morley Agricultural Foundation

2022-08-31-accounts

Registered number: 04712419 Charity number: 1097174

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

SSert CONTENTS

————

==> picture [437 x 155] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Page| |Reference|and Administrative|Details of the|Charity,|its|Trustees|and|Advisers|1| |Trustees’|Report|2-9| |Independent Auditors'|Report on|the|Financial|Statements|10-13| |Consolidated|Statement of Financial|Activities|14| |Consolidated|Balance|Sheet|15-16| |Charity|Balance Sheet|17-18| |Consolidated|Statement of Cash|Flows|19| |Notes to the|Financial|Statements|20|-|42|

----- End of picture text -----

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022

Trustees JSWallace
S Rawsthorne
, CEAPHIiI
P E Richardson
R Wilbourn
N J Steed
T S Evans
BW R Hadingham
SE Lord
Company registered
number 04712419
Charity registered
number 1097174
Registered office Morley Business Centre
Deopham Road
Wymondham
Norfolk
NR18 9DF
Company secretary M Canham
Independentauditors MAPartners Audit LLP
CharteredAccountants and StatutoryAuditors
7 The Close
Norwich
Norfolk
NR1 4DJ
Solicitors Birketts LLP
Kingfisher House
1 GuildersWay
OffBarrack Street
Norwich
NR3 1UB
InvestmentManagers Barratt& Cooke
5 Opie Street
Norwich
Norfolk
NR1i3DW

Page 1

RS

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

SS

nn enn TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [477 x 5] intentionally omitted <==

----- Start of picture text -----
nn
----- End of picture text -----

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2021 to 31 August 2022. The Annual Report serves the purposes of both a Trustees’ report and a Directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The Foundation exists to promote for public benefit the study and knowledge of agricultural science and the application of moder techniques to agriculture and husbandry in all their branches, including the breeding, feeding and management of livestock and poultry, horticulture and silviculture.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trustees focus on making a positive impact on the promotion for public benefit the study and knowledge of agricultural sclence and the application of modern techniques to agriculture and husbandry in all their branches. They seek to do this by making optimum investment of the Foundation's funds and distributing income and work with local organisations and individuals that conform to the Memorandum of Articles.

SS

nara Page 2

|

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

ee TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

Grant commitments were made during the course of the year to:

« NIAB, two main grants, one to continue funding the New Farm Systems project, now in Its 12th year and the other to Morley Long Term Trial Series (LoTS). This is a collection of initiatives which a) maintain long term experiments at Morley, b) collaborate with education providers to support undergraduate and postgraduate opportunities associated with TMAF, c) test and evaluate new innovations and technologies and report on this to students and farmers in the region, d) communicate and collaborate with TMAF to host, deliver and demonstrate impartial research in the region.

* Morley Soll and Agronomic Monitoring Study (SAMS)

;

;

« PhD vining peas Nottingham University

«NIAB CTP

« YEN Zero

« Our Bursaries fund for students.

d. Social investment policies

The Trustees continue to believe the current mix of property assets and investment portfolio provide the best long term strategy for the creation of income to support its grant programme. Together with portfolio managers, the Trustees review investment performance against objectives set. The social, environmental and ethical considerations of the Trustees are discussed with the portfolio manager on an annual basis to ensure it Is In tine with the beliefs of the Foundation.

Page 3

i

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

el TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [477 x 4] intentionally omitted <==

----- Start of picture text -----
en
----- End of picture text -----

Objectives and activities (continued)

e. Grant-making policies

The Foundation accepts applications for funding from both individuals and institutions. Applications are reviewed to ensure compliance with the Charity's objectives and for sultability by the Trustees before any grants are made. Total grant commitments are determined in line with the projected investment income for the period.

f. Volunteers

The Foundation relies on the professional expertise of the Trustees, all of whom provide their services on a voluntary basis, in order to fulfil the Charity’s objectives. The Foundation is grateful for the unstinting efforts of the volunteers.

Strategic report

Achievements and performance

a. Main achievements of the Charity

The Trustees have continued to provide substantial grants to individuats (to train agricultural students and to provide access to training for farmers, researchers and advisors to the agricultural industry). They have also been able to support a number of organisations to engage and conduct agricultural research, and for the purposes to plan and carry out experiments and field trials for the investigation and solution of farming problems and for the adaptation of the results of scientific research generally to the needs and practise of agricutture.

The Trustees are pursuing the purchase of further land at Wymondham Road which should generate further funds for the charitable purposes in the future.

==> picture [2 x 1] intentionally omitted <==

----- Start of picture text -----
_
----- End of picture text -----

b. Review of activities

The Foundation's policy contributes to the funding of independent research and education In all aspects of farming and husbandry, preferably within East Anglia. To that end:

a) Funding for the two proposals from NIAB, one for five years and one for three years.

b) The Foundation continues to make funds available for relevant research by PhD students.

c) Providing funding to Morley Farms Ltd in support of the ancillary research and educational activities it _ ¢onducts.

c. Fundraising activities and income generation

Neither the Charity, nor anyone acting on its behalf, undertakes conventional charitable fundraising activities.

Se

nl Page 4

EE

a

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

eenane TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

a a ee re ea

Strategic report (continued)

Achievements and performance (continued)

d. Investment policy and performance

The Trustees continue to believe the current mix of property assets and investment portfolio provide the best long term strategy for the creation of Income to support its grants programme. Together with portfolio managers, the Trustees review investment performance against objectives set.

Morley Farms Limited continues to pay a commercial rent to the Foundation.

The Foundation is a member of a consortium of landowners seeking a planning permission in order to sell a parcel of land.

Financial review

'

.

a. Going concem

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concer basis can be found in the accounting policies.

b, Reserves policy

The Trustees regard the Charity’s property & investment assets as permanent funds. The Trustees’ policy is that these funds should be maintained in real terms, in order to generate income to finance current and future grant giving in accordance with the Foundation’s objectives to: Promote the study & knowledge of agricultural science & the application of modem scientific techniques to agriculture & husbandry in all their branches. -

As part of these objectives, the Trustees remain committed to funding significant agricuttural research projects. Funding commitments for such projects routinely extend to a period of between 3 - 5 years. The Trustees therefore take account of these longer term commitments when considering the level of reserves to be retained by the Foundation.

General funds of the Group at 31 August 2022 amounted to £29,965,309 (2021: £30,001 ,140). In determining the level of resources the board is mindful of the need to maintain a contingency fund in order to meet any unexpected repair costs in relation to the Charity's property assets. Simltarly reserves are required to fund ongoing working capital requirements of Morley Farms Limited. After taking account of these issues and retaining a suitable level of funds to cover these aspects, the Trustees’ policy is to use substantially all of the Charity’s surplus investment Income over a 3 - 5 year time frame in order to fund the Foundation’s grant making activity over the same period.

At 31 August 2022 the Group's free reserves amounted to £938,133 (2021: £511,640).

dp

Page 5

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

Ceeen

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

c. Material investments policy

At each board meeting the Trustees receive a report from the portfolio manager (Barratt & Cooke) on the investment’s performance over the last quarter. The portfolio manager attends the finance board meeting annually and is also available to provide advice to the Trustees when required. The Trustees look to maximise the retum on the investment whilst avolding any unnecessary risk based on the advice given.

d. Principal risks and uncertainties

Princial risks are 1) a collapse in our portfolio leading to a loss of dividend income, 2) a very poor farming year leading to no profit and an inability for Morley Farms Limited to pay rent to the Foundation.

e. Principal funding

The Foundations income for the reporting period ending 31 August 2022 comprised largely of rental and dividend income. This enabled the Foundation to meet its objectives set out above. In addition, the Foundations subsidiary trading company carries out commercial farming activities, historically with a view to profits generated being paid by gift aid to the Foundation.

f. Financial review

oo

Income from the portfolio, rent from properties and farming profit from Money Farms Limited enable the Foundation to malntain the grants programme and cover its overheads.

The Foundation's net incoming resources, before investment gains or losses, amounted to £309,844 (2021: £287 059) as shown in the Consolidated Statement of Financial Activities on page 14. This includes net profit from the subsidiary company of £115,157 (2021: £130,369) prior to the elimination of inter group transactions and gains on investments. . ;

There was a net decrease in funds of £35,831 (2021: increase in funds £1,349,950).

The Charity’s Investment portfolio decreased in value from £9,312,744 at the beginning of the year to £8,869, 860 as at 31 August 2022. This is a reflection of the general market conditions.

In order to help the Trustees to consider funding projects beyond the current financial period, a budget process that extends four years beyond the current one is in operation.

Structure, governance and management

a. Constitution

The Morley Agricuttural Foundation is registered as a Charitable Company limited by guarantee and was set up by a Memorandum of Assaciation on 23 April 2003 and is a registered Charity number 1097174.

Page 6

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Structure, govemance and management (continued)

b. Methods of appointment or election of Trustees

The Charity is controlled by the Trustees. Under the Charity’s Articles of Association, the Trustees are elected at the AGM. At each AGM, one third of the elected Trustees will retire. If a vacancy is not filled, a retiring Trustee, if willing, is deemed to be re elected, All Trustees except an elected Trustee retiring by rotation, must be nominated in writing to the Chairman by at least three Members, two of which must already be Trustees. The Trustees may appoint a person who is willing to act to be an elected Trustee either to fill a vacancy or as an additional Trustee but he shall hold office only until the next AGM where he may be reappointed.

Members of the Council, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.

Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The total number of such guarantees at 31 August 2022 was 509 (2021: 509).

Annually, prior to the AGM, the Chairman writes to all Members seeking proposals to be considered at the AGM to fill any Trustee or Council vacancies. The Trustees each contribute their professional expertise in different specific areas and as such no additional training is deemed necessary in those areas. However, the Trustees consider and attend any relevant training opportunities which enhance their knowledge of the generic role and responsibilities of a Trustee.

Trustee responsibilities are discussed at board meetings.

c. Organisational structure and decision-making policies

. .

The day to. day management of the Foundation has been delegated to the Company Secretary, M Canham, who is contracted by the Foundation on an annual basis. Decisions relating to the acquisition or disposal of assets are made by the Trustees at one of thelr reguiar meetings.

The Foundation’s subsidiary trading company caries out commercial farming activities, historically with a view to profits generated being paid by gift aid to The Foundation. Morley Farms Limited continues to carry out and support various ancillary research and educational activities for the benefit of the Foundation. The farm management works closely with a regional agricultural educational organisation to develop training schemes for Its students. .

The capital base of Morley Farms Limited will need to expand to finance these activities, This is likely to be through programme related loan funding from the Foundation but also from the retention of some future commercial farming profits. Where profits are retained in future this may give rise to a liability to corporation tax within Morley Farms Limited.

d. Pay policy for key management personnel

There are no such arrangements for setting pay and remuneration as key management consists of the Trustees, all of whom are unpaid.

Page 7

gn

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

een Re ee

ee eer er eee re eer ee ee ee eee SD TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [477 x 4] intentionally omitted <==

----- Start of picture text -----
re
----- End of picture text -----

Structure, governance and management (continued)

e. Related party relationships

P E Richardson Is a Trustee for Agri Food Charities Partnership.

T S Evans is a Partner at Amold Keys LLP, Chartered Surveyors.

f. Financial risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Trustees keep under review the major fisks to which the Charity is exposed.

A management committee, under the chairmanship of a Foundation Trustee, has been established for Morley Farms Limited and meets regularly to review performance as well as communicating relevant matters to the Foundation board. An independent consultant has been employed to assist the farm manager in preparing budgets and reviewing procedures and controls against Industry benchmarks.

The major risks to the income of the Foundation are the level of the dividend stream from its portfolio currently managed by Barratt and Cooke, and the volatility of farm Income.

Plans for future periods

The Morley Agricultural Foundation will continue to fund research conducted by NIAB, providing grants for the New Farming Systems programme (now in its 12th year) and for the Morley Long Term Trial Series (LoTS) programme which includes, a) continuing long term field experiments, b) collaborating with education providers, c) providing and evaluating new technologies with stakeholders and d) providing NIAB and TMAF research at events at Morley and elsewhere. We also continue to host NIAB trials with other funders and we have become a demonstration farm and trials site for The British Beet Research Organisation (BBRO).

A further portion of available funds will be used to support PhD students researching topics relevant to TMAF’s alms; informing the public about the techniques and science used in modem agriculture; supporting the communication between young farmers and young scientists and providing bursaries to students who.need monetary assistance with their courses.

A final portion will be devoted specifically to the study of soil. Funding is being provided for 1) a Harper Adams PhD examining controlled traffic farming and soil compaction issues and 2) a University of East Anglia project investigating the impacts of cover crops and reduced tillage regimes on water, soil and crop yields. BBRO has started research entitled “Interpreting and managing the spatial performance of crops”. NIAB is also carrying out the Morley Soil and Agronomic Monitoring Study (SAMS). And finally a partnership has been struck up between Cambridge University, NIAB and The Morley Agricultural Foundation to fund a PhD student on a topic chosen by the Foundation (Morley PhD).

i

Page 8

.

, THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

==> picture [135 x 7] intentionally omitted <==

----- Start of picture text -----
ppg ei ee
----- End of picture text -----

A TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Statement of Trustees‘ responsibilities

The Trustees (who are also the Directors of the Charity for the purposes of company flaw) are responsible for preparing the Trustees’ Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

Company law requires the Trustees to prepare financial statements for each financial year. Under.company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, Including their income and expenditure, for that period. In preparing these financlal statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

: oo

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

==> picture [145 x 54] intentionally omitted <==

----- Start of picture text -----
| (em Croan seentrsensensaneeazes
----- End of picture text -----

a

Date: 2 February 2023

Page 9

THE MORLEY AGRICULTURAL FOUNDATION . (A Company Limited by Guarantee)

el INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION Cnnee

Opinion

We have audited the financial statements of The Morley Agricultural Foundation (the ‘Parent Charity) and its subsidiaries (the 'Group’) for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement 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 Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of lretand' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted 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 Group 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 fulfilled our other ethical responsibilities in accordance with these requirements, We believe that the audit evidence we have obtained ts 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 going concer basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Charity's ability to continue as a going concern 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.

==> picture [309 x 7] intentionally omitted <==

----- Start of picture text -----
SSS PSS SS SS SS SSS eee a
----- End of picture text -----

|

Page 10

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION (CONTINUED)

Other information

The other information comprises the information 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 materially 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 a material misstatement of this other information, we are required to report that fact.

We have nothing to report in thls regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters 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 ofthe audit, we have not identified material misstatements In the Trustees’ Report including the Strategle Report.

We have nothing to report In respect ofthe following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees (who are atso the Directors of the Charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfled 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 statements that are free from material misstatement, whether due to fraud or error.

Page 11

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

ee INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charlty's ability to continue as a going concern, disclosing, as applicable, matters related to going concer and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent 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 ts a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) wil 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 expected 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemanceofthe Charity.

Our approach was as follows:

» We obtained an understanding of how the Charity complies with these requirements by discussions with management and those charged with govemance.

» We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

« Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enqulries of management and those charged with govemance and obtaining additional corroborative evidence as required.

Page 12

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Use of our report

This report is made solely to the Charity's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's Members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted 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. XG Alistair Fish FCA (Senior Statutory Auditor) for and on behalf of MA Partners Audit LLP Chartered Accountants and Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ

Date: (@)+)23

Page 13

|

;

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

Re SS sh CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

a a
Note Unrestricted
funds
2022
£		 Total
funds
2022
£		 Total
funds
2021
£
Income from:
Other trading activities 4 1,100,286 1,100,286 985,252
investments 5 428,347 428,347 355,051
Otherincome 6 1,586 1,586 3,721
Totalincome $,530,219 1,530,219 1,344,024
Expenditure on:
Raising funds 863,649 863,649 707,547
Charitable activities 9 358,726 356,726 355,424
Total expenditure 1,220,375 1,220,375 1,056,965
Net income before
investments		 net (losses)/gains on 309,844 309,844 287,059
Net(losses)/gains on investments (345,675) (345,675) 1,062,897
Netmovement in funds (35,831) (35,831) 1,349,950
-——___ —.__- .. ———————————— —__— ——
——______—]
Reconciliation offunds:
Total funds broughtforward forward 30,001,140 30,001,140 28,651,190
Netmovement in funds (35,831) (36,831) 1,349,950
Totalfunds carried forward 29,965,309 29,965,309 30,001,140
ooo — ys

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 42 form part of these financial statements.

Page 14

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 04712419

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022

2022 2021
Note £ £
Fixed assets
Tangible assets 14 825,566 845,006
investments 16 8,869,860 9,312,744
Investment property 15 19,331,750 19,331,750
29,027,176 29,489,500
Current assets
Stocks 17 - 397,462 321,573 ,
Debtors 18 239,062 290,814
Cash atbank and in hand 1,634,213 1,344,494
2,270,737 1,956,887
Creditors: amounts falling due within one
year 19 (705,507) (668,065)
Netcurrentassets 1,565,230 1,288,876
Total assets less current liabilities 30,592,406 30,778,316
Creditors: amounts falling due after more
than oneyear 20 (627,097) (777,176)
Netassets excluding pension asset 29,965,309 30,001,140
Total netassets 29,965,309 30,001,140
——S
Charityfunds
Restricted funds 22 - -
Unrestricted funds 22 29,965,309 30,001,140
Totalfunds 29,965,309 30,001,140
fd ———

Page 15

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 04712419

te eterna

==> picture [43 x 8] intentionally omitted <==

----- Start of picture text -----
el
----- End of picture text -----

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on thelr behalf by:

==> picture [152 x 56] intentionally omitted <==

----- Start of picture text -----
( Talk Galle e e
----- End of picture text -----

Date: 2 February 2023

The notes on pages 20 to 42 form part of these financial statements.

Page 16

ee

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 04712419

el

==> picture [479 x 531] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |CHARITY|BALANCE|SHEET| |'|AS AT|31|AUGUST|2022| |2022|2021| |Note|£|£| |Fixed|assets| |Tangible|assets|14|19,757|3,319| |Investments|16|9,257,197|ae|‘|9,700,087| |Investment property|15|19,331,750|"19,331,750| |28,808,704|29,035, 150| |Current assets| |Debtors|18|278,482|212,222| |Cash|at bank and|in|hand|1,319,133|1,169,513| |1,597,615|1,381,735| |Creditors:|amounts|falling|due|within|one| |year|19|(541,604)|(508,665)| |Net current assets|1,066,011|873,070| |Total|assets|less current|liabilities|29,664,715|29,908,|220| |Creditors:|amounts|falling|due|after|more| |than|one year|20|(569,539)|(662,060)| |Net assets exchiding|pension|asset|29,095,176|29,246,160| |Total|net assets|29,095,176|29,246,160| |Bd|bd| |Charity funds| |Restricted|funds|22|-|-| |Unrestricted|funds|22|29,095,176|29,246,160| |Total funds|29,095,176|29,246,160| |———|—————————| |The|Charity's|net|movement|in|funds|for the|year was|£(150,984)|(2027|- £7,307,588).|

----- End of picture text -----

Page 17

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 04712419

==> picture [478 x 7] intentionally omitted <==

----- Start of picture text -----
ce a
----- End of picture text -----

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

==> picture [89 x 59] intentionally omitted <==

----- Start of picture text -----
A
od AD
J Vallace
----- End of picture text -----

Date: 2 February 2023

The notes on pages 20 to 42 form part of these financial statements.

a

Page 18

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

gr CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [479 x 373] intentionally omitted <==

----- Start of picture text -----
2022 2021
£ £
Cash flows from operating activities
Net cash used in operating activities 407,195 293, 564
Cash flows from investing activities
Dividends, interests and rents from investments , 630 170
Proceeds from the sale of tangible fixed assets 31,950 79,200
Purchase of tangible fixed assets (130,723) (355, 595)
Proceeds from sale of investments 2,095,603 976,302
Purchase of investments (2,025,498) (7,214,114)
Net cash used in investing activities (28,038) (514,097)
Cash flows from financing activities
Repayments of finance leases (89,437) 140,796
Net cash (used in)/provided by financing activities (89,437) 140,796
Ghange in cash and cash equivalents in the year 289,720 (79,737)
Cash and cash equivalents at the beginning of the year 1,344,494 1,424 237
Cash and cash equivalents at the end of the year 1,634,214 1,344,494
— Ee
The notes on pages 20 to 42 form part of these financial statements
----- End of picture text -----

Page 19

a

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a naman NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ———— el

————

  1. General information

The Morley Agricultural Foundation is a private charitable company limited by guarantee and incorporated in England and Wales, registration number 04712419. The registered office is Morley Business Centre, Deopham Road, Morley St Botoiph, Norfolk, NR18 9DF.

The Members of the Charity are the Trustees named on page 1. In the event of the Morley Agricultural Foundation being wound up, the liability in respect of the guarantee |s limited to £1 per Member of the Morley Agricultural Foundation.

2. Accounting policies _. , 2.1 Basis of of preparation

, 2.1 Basis of of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republle of Ireland (FRS 102) and the Companies Act 2006.

,

The Morley Agricuttural Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

_ consolidateThe Consolidatedthe financialStatementstatements[of][Financial] of the CharityActivitiesand Its(SOFA)subsidiaryand undertaking.ConsolidatedTheBalanceresults Sheetof the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Income

All income is recognised once the Charity has entitlement to the Income, it Is probable that the income will be received and the amount of Income receivable can be measured reliably.

Other income Is recognised in the period In which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there Is a tegal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required In settlement and the amount of the obligation can be measured reliably.

Costs of generating funds are costs incurred in attracting voluntary income, and those Incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs Incurred on the Charity'’s educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

ennane ee aE a ne nnn

7

Page 20

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

_ 2,4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated Impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset Is determined to be the higher of Its fair value less costs to sell and its value in use, An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation Is provided on the following bases: : Plant and machinery - 10% straight line MotorFixturesvehiclesand fittings — ~* 10%15% orreducing 20% straightbalanceIIneor 20% straight line Office equipment - 20% straight line Investments Fixed asset investments are a form of financlal instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and iosses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities. -.

2.6 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Debtors

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

Page 21

THE MORLEY AGRICULTURAL FOUNDATION

{A Company Limited by Guarantee)

EE nian NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [479 x 8] intentionally omitted <==

----- Start of picture text -----
Ce anneal
----- End of picture text -----

2. Accounting policies (continued)

2.9 Gash at bank and in hand

Cash at bank and in hand Includes cash and short-term highly liquid investments with a short maturity of three months or tess from the date of acquisition or opening of the deposit or slmilar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, itis probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates It will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where . the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate. that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financia! Activities as a finance cost,

2.11 Financial instruments

The Group only has financlal assets and financial liabilities of a kind that qualify as basic financial Instruments. Baslc financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at.amortised cost using the effective interest method. .

2.12 Finance leases and hire purchase

Assets obtained under hire purchase contraots and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hlre purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included In creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

ppp

ee ee ee eae Page 22

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

==> picture [475 x 4] intentionally omitted <==

----- Start of picture text -----
A
----- End of picture text -----

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been ralsed by the Group for particular purposes. The costs of raising and ' administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical acounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seidom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The annual depreciation for tangible assets is sensitive to changes In the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reffect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the asset.

Investment property valuations have been based upon professional valuations and Trustees’ assessment of recent market trends.

Fixed asset investment valuations are based on the stock market rates as at the year end. These rates are subject to constant fluctuation, based on a number of factors.

Page 23

ne nn eel

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

EE a a el

4 Income from other trading activities

Income from fundraising events

:

Unrestricted
funds
2022		 Total
funds
2022		 Total
funds
2021
£ £ £
Farming income 1,100,286 1,100,286 985,252
}——_——-...5-——.____} ————— —$—$—$———__—
Investment income
Unrestricted Total Total
funds
2022		 funds
2022		 funds
2021
£ £ £
Rentreceived 142,542 142,642 114,260
Investmentincome 285,175 285,175 240,681
Interest receivable 495 495 82
Bank interest and other Interest receivable 135 e
Ki)		 28
428,347 428,347 355,051
at Se 3ooo

6, Investment income

6. Other incoming resources

Unrestricted
funds
2022		 Total
funds
2022		 Total
funds
2021
£ £ £
Otherincoming resources 1,586 1,586 3,721
a a aE

aaa

ae aan

aE

Page 24

|

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

(eSSSS SSS sp NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8. Analysis of arable research projects - other grants

Grantsto
individuals
2022
£		 Grants to
Institutions
2022
£		 Total
funds
2022
£		 Total
funds
2021
£
NIAB - New Farming System - - “ 9,885
Essex Schools FarmingDay - (3,000) (3,000) 3,000
Nathan Morris Soil Project - - " (8,250)
AHDB/AFCP -Cabbage Stem Flea Beetle - - - 250
ClearWater Project - 1,504 1,504 1,570
MorleyPhD 35,332 - 35,332 110,713
J Nunns MRES ~ - - 1,907
C Mumford Msc 1,322 - 1,322 1,396
UOHerts - - - 5,000
YEN-ZERO ~ 5,000 5,000 5,000
YIF 2021-24 - “ ~ 39, 000
NFS 1yr Extension ~ - - 48,485
NIAB CTP - ~ - 42,000
MinionSequencing - - - 10,000
PhDVining Pea - - - 6,763
Molecular Studies - (49) (49) 8,600
UEA - - - (4,071)
SAA School Farm & Country Fair - 3,000 3,000 -
John ForrestAward - (408) (408) -
JETManagementcourse - (2,843) (2,843) -
WymondhamYoung Farmers - 500 500 ~
O Smith [AgrM Course 1,680 - 1,680 -
ESFFD - 3,000 3,000 -
Traffice & Til - 45,000 46,000 -
D Purdy 5,077 - 5,077 -
The Ayisham Show ~ 5,000 §,000 ~
RNAA - 20,000 20,000 -
Assessing carbon - 197,849 197,849 -
Inspire : (20,814) (20,814) -
Movement in the discounting ofgrants - 8,926 8,926 4,042
Total 2022 43,411 262,665 306,076 284630
SSOceet Eee eee eee :

Page 26

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

7. investment management costs

Unrestricted
funds
2022		 Total
funds
2022		 Total
funds
2021
£ £ £
Investment property ~ light and heat 5,103 5,103 8,171
Investment property - maintenance 18,095 18,095 §,075
Investment property - rates 630 630 -
Investmentproperty property - professional fees 16,779 16,779 15,927
investment managementfees 520 §20 14,932
41,127 41,127 44,099
—— SS LS

Page 25

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

The recognition of these amounts reflects the unconditional obligation by The Morley Agricultura! Foundation for this funding and is in accordance with the treatment required by the Statement of Recommended Practice (FRS 102).

Expenditure on charitable activities was £422,510 (2021: £418,398) all of which was unrestricted.

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2022		 Total
2022		 Total
2021
£ g . £
Grants payable -Arable research projects 306,076 306,076 284,630
Morley Business Centre 50,650 50,650 70,794
356,726 356,726 355,424
———SS OSE

10. Analysis of expenditure by activities

Activities
undertaken
directly
2022		 Support
costs
2022		 Total
funds
2022		 Total
funds
2021
£ £ £ £
Grants payable -Arable research projects 306,076 ~ 306,076 284,630
Mortey Business Centre 11,917 38,733 50,650 70,794
317,993 38,733 356,726 355,424
TE eee

Page 27

THE MORLEY AGRICULTURAL FOUNDATION {A Company Limited by Guarantee)

Pp

SSS A

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ep

si

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Morley
Grants
payable
2022
£		 _ Business
Centre
2022
£		 Total
funds
2022
£		 . Total
funds
2021
£
Depreciation - 881 881 725
Grants payable 306,076 - 306,076 284,630
Officeexpenses - 6,568 6,668 2,684
Insurance - 5,183 §,183 3,799
Sundryexpenses - - - 14,131
Travel - 128 128 70
Open dayexpenses - (843) (843) -
Total2022 306,076 11,917 317,993 306,039
—————_ —aaSS=———™EES
Total2021 , 284,630 21,409 306,039
eee ———————_ EEE

Ee

ee nme ° Page 28

:

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10. Analysis of expenditure by activities (continued)

Analysis of support costs

==> picture [451 x 379] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Morley| |Business|Total|Total| |Centre|funds|funds| |2022|2022|.|2021| |£|£|£| |Staff|costs|17,809|17,809|17,484| |Sundry|expenses|1,304|1,304|-| |Legal|fees|573|§73|1,080| |Accountancy|6,650|6,650|6,750| |Software|maintenance|841|841|8,348| |Bank|charges|653|653|535| |Partial|exemption|adjustment|4,457|4,457|9,188| |Subscriptions|6,249|6,249|5,844| |Training|197|197|156| |Total|2022|38,733|38,733|49, 385| |Eee a|SE| |Total 2021|49,385|49,385| |Be|a| |Auditors’|remuneration| |2022|2021| |£|£| |Fees|payable|to|the|Chartty’s|auditor|for the|audit|of the|Charity's|annual| |accounts|7,000|6,750| |[oe|ws ane|00|me|wee|neem|mm|a]|==|

----- End of picture text -----

11. Auditors’ remuneration

Page 29

fiee

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

eT ne eens

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [479 x 173] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |eS| |12.|Staff|costs|.| |Group|Group|Charity|Charity| |2022|2021|2022|2021| |£|£|£|£| |Wages|and|salaries|146,218|139,573|16,144|15,853| |Social|security|costs|9,312|10,162|1,666|1,634| |Contribution|to|defined|contribution|pension| |schemes|8,236|§,303|.|~| |161,766|165,038|17,809|17,484| |—|— ooo|os|SSE|

----- End of picture text -----

The average number of persons employed by the Charity during the year was as follows:

==> picture [450 x 55] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |-|Group|Group|Charity|Charity| |2022|2021|2022|2021| |No.|No.|No.|No.| |Employees|A|4|4|4|

----- End of picture text -----

No employee received remuneration amounting to more than £60,000 in either year.

The Charity's key management personnel are the Trustees, all of whom are unpaid. Key management compensation is therefore £Nil (2021: ENil).

13. Trustees’ remuneration and expenses

During the year, no Trustees recelved any remuneration or other benefits (2027 - NIL).

During the year ended 31 August 2022, no Trustee expenses have been incurred (2027 - £NIL).

ppp

==> picture [1 x 7] intentionally omitted <==

----- Start of picture text -----
7
----- End of picture text -----

ee ees en ee

Page 30

;

| :

)

a

THE MORLEY AGRICULTURAL FOUNDATION

{A Company Limited by Guarantee)

SS SS SS SS SS ss hs NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 _—— Ey sys SP

14. Tangible fixed assets

Group

, Plantand Motor Fixtures and Office
machinery vehicles fittings equipment Total
£ £ £ £ £
Costor valuation
At 1 September2021 501,846 987,711 17,331 10,283 1,517,171
Additions 130,665 58 “ “ 130,723
Disposals (23,091) (18,618) - - (41,706)
At31 August2022 609,420 969,154 17 331 10,283 1,606,188
Depreciation
At
1 September2021		 372,056 275,912 14,012 10,186 672,165
Charge fortheyear
On disposals		 33,114
(6,441)		 98,709
(18,618)		 592
7		 98
-		 432,613
(24,056)
At31 August2022 399,729 386,006 14,604 10,283 780,622
Net book value
At31 August2022 209,691 613,148 2,727 - 825,566
Ee eee oa ——eEe
At31 August2021 129,790 711,799 3,319 98 845, 006
ee ————————————_— ..____ aa... ————————....}

ee

Page 31

:

a

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

nn NOTES TO THE FINANCIAL. STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

rep cp

LS

14. Tangible fixed assets (continued)

Charity

Plantand Fixtures and
machinery
£		 fittings
£		 Total
£
Cost or valuation
At 1 September2021 - 17,331 17,331
Additions 17,319 “ 17,319
At31 August2022 17,319 17,331 34,650
Depreciation
At 1 September2021 " 14,012 14,012
Charge fortheyear _ 289 §92 881
At 31 August 2022. 289 14,604 14,893
Net book value
At31 August2022 17,030 2,727 19,787
——— ee LSS
At37 August 2021 - 3,319 3,319
EOE a

LS

eS i

. Page 32

THE MORLEY AGRICULTURAL FOUNDATION

nnn,

(A Company Limited by Guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [476 x 8] intentionally omitted <==

----- Start of picture text -----
dy
----- End of picture text -----

15. Investment property

Group and Charity

—_

==> picture [445 x 116] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Freehold| |.|investment| |property| |£| |Valuation| |At1 September 2021|19,331,750| |At|31|August 2022|19,331,750| |——————_—_SS|

----- End of picture text -----

. The investment properties were valued in 2020 by T W Corfield and T S Evans, RICS registered valuers from Armmolds Keys LLP. The valuations were performed on an open market value basis.

The Directors with reference to the professional valuation undertaken by T W Corfield and T S Evans from Amold Keys LLP in 2020 have determined that valuation as at 31 August 2022 to remain appropriate.

18. Fixed asset investments

==> picture [453 x 241] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Listed|Unlisted| |investments|investments|Total| |Group|£|£|£| |Cost|or valuation| |At|1|September 2021|9,312,694|50|9,312,744| |Additions|2,026,498|“|2,026,498|_| |Disposals|(2,095,603)|-|(2,095,603)| |Revaluations|(372,779)|-|(372,779)| |At 31|August 2022|8,869,810|50s:|8,869,860| |RE|BS|I| |Net book|value| |At 31|August 2022|8,869,810|50|8,869,860| |At 31|August 2027|9,312,694|50|9,312,744| |EE|le ——|=)|PR|[ —]|——--}|

----- End of picture text -----

a ae i ct

Page 33

pi

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

anne

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

a a a a a nl

16. Fixed asset investments (continued)

==> picture [448 x 261] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Investments| |in| |subsidiary|Listed| |companies|investments|Total| |Charity|£|£|£| |Cost or valuation| |At1September 2021|387|,387|9,312,694|9,700,081| |Additions|-|2,025,498|2,025,498| |Disposals|-|(2,095,603)|(2,095,603)| |Revaluations|-|(372,779)|(372,779)| |At31|August 2022|387|,387|8,869,810|9,257,197| |.|5|[——___.]|—|a|[—__——_.]|—|a...| |Net|book|value| |At 31|August 2022|387|,387|8,869,810|9,257 ,197| |At 31|August 2027|387,387|9,312,694|9,700,087| |[- -.—— —-.___.|gg——..—___—|i,|[——_}]|

----- End of picture text -----

a

==> picture [2 x 7] intentionally omitted <==

----- Start of picture text -----
-
----- End of picture text -----

ns Page 34

! |

2
£
3
=		 xs
8
7		 at
="
%
s
cr		 a
&
B
=		 8
:
g
5
fe)
ge
Oo 3
5
3 &
36
~
52
a2
sf
ge —
©
mm
< Gg
~
E
28
O «
ioe
=



“
28
=
rig
zo
be
ar
Sa
38
25
ne
w
=
r>
Ow
er
tt pe
°°
2		 r]
z
2
c
4
oo
ra
°
Ey
Qa
3
3
#
a
5
g
°
Be
B2
‘O'S
£2
2.
Ag
3
5 &
Oc
2
E
oO
2
=
6
2
;
=
¢		 £
£
a
oo]
z
a
0m
gs
ES
Se
aa
3%
fe
£
5
:
os
8S
£8
ag
33
“a
3:
8
3
©
g		 ,
:
=
ro]
2
o
6
£
rat
;		 a2
po
z
g
i
td
£
¢
ral
(2)
oc
—
5
2
3
p $3
§
a
©
gs
&
eR
§
‘
=
oD
33.
 7
2
=
a
—E
ni		 2
a
°
£
3
£
$s
=
8		 3
=
E
2
E
LL
gee
a
ic
a
F
2		 7
S
=		 é
2
Ee		 i
2
CJ

:

a

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

A LL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

er LL tL

17. Stocks

Group
2022
£		 Group
2021
£
Crops instore 213,158 141,175
Consumables
Growing crops		 62,348
121,956		 41,158
139,240
397,462 321,573
SEE ———

.

18. Debtors

Group Group Charity —Charity
2022
£		 2021
£		 2022
£		 2021
£
Duewithin one year
Trade debtors 36,016 61,063 2,913 9,710
Amountsowed bygroup undertakings - - 224,976 181,675
Other debtors 23,355 63,608 13,046 644
Prepayments and accruedincome 179,691 166,743 37,647 20,193
239,062 290,814 278,482 212,222
——————— sO ————
Creditors: Amounts falling duewithin one year
Group
2022
£		 Group
2021
£		 Charity
2022
£		 Charity
2021
£
Trade creditors 123,169 157,689 56,660 93,226
Othertaxation and social security - 5,008 - 5,008
Obligations under finance lease and hire
purchase contracts		 57,658 89,437 - -
Other creditors 468,644 391,826 468,644
Accrualsand deferred income 56,136 24,105 16,300 18,605
705,507 668,065 541,604 508,665
a
--s		 a EE ee

19. Creditors: Amounts falling due within one year

pe

LL

Page 36

,

a a

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

a a

20. Creditors: Amounts falling due after more than one year

Group
2022
£		 © Group
2027
£		 - Charity
2022
£		 Charity
2021
£
Net obligations under finance lease and hire
purchase contracts 57 ,558 115,116 - -
Other creditors 569,539 662,060 $69,539 662,060
627,097 777,176 569,539 662,060
—aoma eee —eEE So
21. ~~‘Financial instruments
Group
2022
£		 Group
2021
£		 Charity
2022
£		 Charity
2021
£
Financial assets
Financlal assets measured at fair value :
through income and expenditure 1,634,263 1,344,544 1,319,133 1,169,513
—oe eee ————E

Financial assets measured at fair value through income and expenditure comprise listed Investments valued at the stock market price at year end.

TE

Page 37

| |

ene

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a a a

nna 7

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ge Sp SS SS

22, Statement of funds

Statement of funds - current year

==> picture [447 x 403] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1|Balance|at| |September|Transfers|Gains/|31|August| |2021|Income|Expenditure|in/out|(Losses)|2022| |£|£|£|£|£|£| |Unrestricted| |funds| |General|Funds|16,573,414|616,839|(422,152)|(614,157)|160,121|15,314,066| |Funds|retained| |in subsidary|3,330,104|913,380|(788,223)|-|.|3,445,261| |Revaluation| |reserve|11,097|622|"|-|614,157|(505,796)|11,206,983| |30,001,140|1,630,219|(1,220,375)|-|(345,675)|29,965,309| |De|—————|[SS|ee|--_|fmt| |Statement of funds|-|prior year| |Balance|at|Balance|at| |1|September|Transfers|Gains/|31 August| |2020|Income|Expenditure|in/out|(Losses)|2021| |£|£|£|£|&€|£| |Unrestricted| |funds| |General|Funds|14,652,392|657,649|(478,952)|605,563|76,762|15,573,414| |Revaluation| |reserve|10,717,056|-|-|(605, 563)|986,429|11,097,622| |Funds|retained| |In|subsidary|3,281,742|754,823|(706,467)|-|-|3,330,104| |28,657,190|1,412,472|(1,125,413)|-|1,062,891|30,001,740| |ee Oe|EEE|Se|De|

----- End of picture text -----

PS TS

————eeaeeeeeee Page 38

|

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [1 x 1] intentionally omitted <==

----- Start of picture text -----
,
----- End of picture text -----

23. Summary of funds

Summary of funds - current year

==> picture [446 x 184] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance at|1|Balance|at| |September|Transfers|Gains/|31|August| |2021|Income|Expenditure|in/out|(Losses)|2022| |£|£|£|£|£|£| |General|funds|30,001,140|1,530,219|(1,220,378)|-|(345,675)|29,965,309| |EE|_.|a _______|[———.a|——.... }| |Summary|of funds|-|prior year| |Balance|at|Balance|at| |1|September|Transfers|Gains/|= 31|August| |2020|Income|Expenditure|in/out|(Losses)|2021| |£|£|£|£|£|£| |General|funds|28,667,190|1,412,472|(1,125,413)|-|1,062,897|30,001,140| |EEE. EE_..Fe___|==|OEE|

----- End of picture text -----

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

==> picture [450 x 180] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total| |,|funds|funds| |_|2022£|2022£| |Tangible|fixed|assets|825, 566|825,566| |Fixed|asset investments|8,869,860|8,869,860| |Investment property|19,331,750|19,331,750| |Current|assets|2,270,737|2,270,737| |Creditors due|within|one|year|(705,507)|(705,507)| |Creditors|due|In|more than|one year|(627,097)|{827 ,097)| |Total|‘|29,965,309|29,966,309| |SSSSSS=|===|

----- End of picture text -----

a

Page 39

|

i

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

nme! .NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

a i

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

==> picture [453 x 466] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2021|2021| |£|£| |Tangible|fixed assets|>|845, 006|845,|006| |Fixed|asset investments|9,312,744|9,312,744| |Investment|property|19,331,750|19,337,750| |Current assets|1,956, 887|1,956,881| |Credltors due within one|year|(668,065)|(668,065)| |Creditors|due|in|more than|one|year|(777,176)|(777,176)| |Total|——SSSa=S30,001,140|OE“30,001,140| |;| |Reconciliation|of net movement net movement movement|in|funds|to|net cash cash|flow from from|operating|activities| |Group|Group| |2022|2021| |£|£| |.| |Net Income/expenditure|for the|year|(as|per Statement|of|Financial|.| |Activities)|(35,831)|7,349,950| |Adjustments|for:|-| |Depreciation|charges|132,513|102,567| |Gains/(losses)|on|investments|372,779.|(1,062,897)| |Dividends,|interests|and|rents|from|Investments|(630)|(110)| |Profit on the|sale|of fixed|assets|(14,300)|(68,449)| |Decrease/(increase)|in|stocks|(75,888)|30,333| |Decrease/(increase)|in|debtors|§1,752|(18,399)| |Decrease|in|creditors|(23,199)|(39,437)| |Net cash|provided|by operating|activities|407,195|293,|564| |}—————_—..._|a|——_ .. .|

----- End of picture text -----

25. Reconciliation of net movement net movement movement in funds to net cash cash flow from from operating activities

eS

a

Page 40

:

THE MORLEY AGRICULTURAL FOUNDATION

(A Company Limited by Guarantee)

i a a NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

==> picture [39 x 13] intentionally omitted <==

----- Start of picture text -----
—
----- End of picture text -----

  1. Analysis of cash and cash equivalents

==> picture [450 x 98] intentionally omitted <==

----- Start of picture text -----
; Group Group
2022 2021
; £ £
Cash in hand 1,374,620 1,181,485
Cash held by investment broker 259,594 163,009
Total cash and cash equivalents 1,634,214 1,344,494
———————————
----- End of picture text -----

27. Analysis of changes in net debt

==> picture [445 x 118] intentionally omitted <==

----- Start of picture text -----
At1
September New finance At 31
2021 Cash flows leases August 2022
P £ £ £
Cash at bank and in hand 1,344,494 289,719 - 1,634,213
Finance leases (204,553) - 89,437 (115,116)
1,139,941 289,719 89,437 1,519,097
———— ——— = ——————SSS= OES
----- End of picture text -----

28. Operating lease commitments

At 31 August 2022 the Group and the Charity had future minimum lease payments under non-cancellable operating leases as follows:

==> picture [449 x 63] intentionally omitted <==

----- Start of picture text -----
Group Group
, 2022 2024
£ £
Not later than 1 year 231 28 208
a a | Le
----- End of picture text -----

a

Page 41

| |

a

THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee)

en eel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 gr A pfs Str ST

29. Related party transactions

During the year ended 31 August 2022, rent was charged to Morley Farms Limited (a wholly owned subsidiary) of £239,000 (2021: £237,000) and a grant was paid to the Charity of £27,500 (2021: £25,000), At 31 August 2022 there was a loan due from Morley Farms Limited of £224,976 (2021: £181 ,675), which is repayable on demand. Interest of £3,039 (2021: £1,771) was receivable on this loan.

The following Directors were Trustees of a charity with which the Group had transactions in the year:

PE Richardson is a Director of Agrifood Charities Partnership. At the year end the grant payment outstanding to Agrifood Charities Partnership amounted to £1,500 (2021: £1,500). During the year subscription fees and other purchases paid to Agrifood Charities Partnership were £300 (2021: £3,250),

TS Evans Is a Partner at Amolds Keys LLP, Chartered Surveyors. During the year, professional fees payable to Amolds Keys LLP by The Morley Agricuttural Foundation were ENil (2021: £4,581).

During the year, no Directors received any remuneration or other benefits (2021: £Ni!). Expenses of £39 (2021: Nil) were reimbured to Directors during the year.

a a ee

ena Page 42