Registered number: 04712419 Charity number.. 1097174 THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS---" - FOR THE YEAR ENOED 31 AUGUST 2024
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarant••) CONTENTS Page Reference and Adrnini$trative Details ol the Charity, Its Trust•os and Advisers Trustee$. Report Independent Auditors. Report on the Financial Ststements Consolidated Statement of Financlal Activities 1D-13 14 Consolidatod Balance Sheet 15-16 17-18 Charity Balance Sh¢et Consolidated Statement of Ca$h Flows 19 Notes to the Flnancial Statements 20-42
THE IAORLEY AGRICULTURAL FOUNDATION A Company Llmiled by Gu4rnntee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees S Rawsthorne CEAPHill R Wilboum N J Steed T S Evans B W R Hadingham SELord P Mubmer Company registered number 04712419 Charity registered number 1097174 Registered office Morfey Busness Centre Deopham Road Wymondham Norfolk NR18 9DF Company secretary M Canham Independènt auditors MA Partners Audit LLP charte[d Accountants and Statutory Auditors 7 The Cl¢se NoNrch Norfolk NR1 4DJ Soll¢ltors Birketts LLP Kingfisher House 1 Guilders Way Off BaRrack Street Norwth NR3 1UB Investment Managers 8arratt & Cooke 5 Opie Street Notwich Norfolk NR130W Page 1
THE AIORLEY AGRICULTURAL FOUNDATION IA Company Llmited by Guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual rewrt together with the audited financial statements of the The Modey Agricultural Foundation for the 1 September 2023 to 31 August 2024. The Annual Report serves the purposes Of both a Trustees, report and a Directors, report under company law. The Trustees confimi that the Annual Report and financial statements of the Charity compty th the current statutory requirements, the requirements of the Chanty's governing dUment and the proviOnS of the Staterr*nt of Recommended Practice ISORP) applicable lo charities preparin9 their accounts in accordan wlh the Financhal Rewrting Standard applicable in the UK and Republic of Ireland IFRS102} leffeclThie 1 January 20191. Objectives and activitles Pollcles and objectives The Foundation exists lo proffb)te for public benet the study and knowledge ol agricultural science and the application of modem techniques to agrultUre and husbandry in all their branches, including the breeding, feeding and management of Iweslock and poultry, horticulture and sifviculiure. In seth'ng objectwes and planning for actNities. the Trustees have given due consKlerali)n lo general guidance published by the Charity Commission relating ID public benefiL including the guidance 'Public benefit.. running a charity IPB21'. b. Strategies for achieving objectlves The Trustees focus on makiTrJ a positive impact ofi the promotion for public benefit the study and knowledge of agricultural saence and the ap1tion of modem lechnwu8S to agriculture and husbandry in all their branches. They seek lo do this by making optimum investment of the Foundation's funds and distributing income and work with kcal organisalions and individuals trtat conform to the MerrThandum of Artscles. Page 2
THE MORLEY AGRICULTURAL FOUNDATION (A Company Llmlled by Guarantse TRUSTEES. REPORT IcoKllNUED FOR THE YEAR ENDED 31 AUGUST 2024 Otsjectives and activities (continued) c. Acllvltles und¢rtakon to achiove objectives Grant commitments were made during the course of the year to.. NIAB, two main grants. one lo continue fvnding the New Fam Systems project: now in its 12th year and the other to Mortey Long Tenn Trial Series ILoTS}. Thi8 is a cdleclion of initiatives which al maintain long lemi experiments at Modey, b) collaborate wth education providers lo support undergraduate and postgraduate opportunities assoualed with TMAF. c) test and evaluate new innovab'ons and technologies and report on this to students an¢J farmers in the region. d) communicate and collaborate with TMAF to h051, deliver and demonstrate impartial research in the region. Morfey Soil and Agronomic Monitoring Study (SAMS) Harper Adaffls Controlled Resear( into reduang field traffic intensity British Bt Research Organi&thin assessing carbon dynamics in sugar beel Agri Tech East's Young Innovators Forum. The Essex Schlys Fo(Kl and FanYMng day John Edgar Trust Management e4)urse- funding East Anglia apIcantS NIAB CTP Co4evelopment of new wheat varieties Various Mortey PhD (in tandem wth NIAB, Cambridge UnNersty and UEA} MaMiS1ng sustainable maize growng Our Bu(saries fund for students. d. Sotlal Inv•stment polkles The Trustee$ continue to believe the current mix of property assets and investrnenl portfolio provide the best long term stategy for the creation of incorne lo support r(s grant programme. Together with portfolio managers, the Trustees review investment performance against objecti'ves set. The social, enVir(Mental and ethical considerations of the Trustees are disc¥Jssed wtth the pothlio manager on an annual basis to ensure il is in line with the b1$ of the Foundi¢)n. . Grant-making pollcles The Foundation accepts applications for fvnding from both individuals and institutions. Applications are reviewed to ensure compliance with the Chanty's objectrv8s and for suitability by the Tmstees before any grants are made. Total grant commitments are determined in line wrth the propcted investffEnl income for the period. Page 3
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limlted by Guarantee) TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Otyectivas and actlvities (contlnued) f. Volunt8•rs The Foundation relies on the professional expertise of ivs Trustees, all of whom provide their services on a voluntary basis, in order lo fulffil the ChariVs objectives. The Foundats"on is gratefvl for the unslinling efForts of it's volunteers. Slralegic report Achlevements and pérfonnance . Maln achl•vem•nts of the Charity The Trustees have Continued lo provide substantial grants to indNtduals {lo train agricultural students and lo provide access lo training for fanners: researchers and advisors to the agricultural induslryl. They have a150 been able to support a number of organisations to engage and conduct agricurtural research, and for the purposes lo plan and carry out experiments and fiebj trials for the invesligation and solution of famiing problems and for the adaption of the results of xienlific research generalty to the needs and praclise of agriculture. The Trustees have purchased futher land at Wymondham Road which will generate ftJrtherthth.for. the charitable purposes in the fijture. b. R•¥iow of a¢tlvities The Foundats"on's policy contn'butes to the ftlnding of indeFÉndent research and education in all aspeGts of farrning and husbandry, preferabiy wthin East Anglia. To that end., a) Funding for the proposals from NIAB, one for fve yeats and one for three years. bl The Foundation continues to make fvnds available fw relevant research by PhD students. cl Provmjing funding to Morley Farms Limited in support of the anlIary research and educational acts'vities It conducts. c. Fundralslng a¢tiviti¢s and incc•me generallon Neither the Charity. nor anyone acting on its behaw. undertakes conventional charitable fijndraising aclivilies. d. Investment policy and perfomHnc• The Trustees continue lo believe the curyenl mix of proFerty assets and investment portfolio provide the best long te slrale9y for the creation of Inco to support its grants prcgramme. Together with Fortfolio managers, the Trustees review inveslmenl performance against obje¢tives set. Morky Farms Limited continues to pay a commercial nI to the Foundation. Page 4
THE MORLEY AGRICULTURAL FOUNDATION IA Company Llmit¢d by Guarantee TRUSTEES. REPORT (CONTINLIEDI FOR THE YEAR ENDED 31 AUGUST 2024 strateglc report l¢ontinued) Flnan¢lal review Going ¢on¢ern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable fvture. For this reason. they conts'nLTre lo adopt the going concern basis in preparing the financial statements. Further details regarding the adopts.on of the going oncern basis can be found in Ihe accountin9 pOe$. b. Roservgs policy The Trustees regard the Charis property & inveslment assets as permanent funds. The Trustees, wlicy is that these funds should be maintained in real terms, in order to generate income to finance current and fvlure grant giving in accordance with th8 Foundation's objectives to.. Promote the study & knowledg8 of agricJJlbJral Scien & the applution of modern sGientific techniques to agriculture & husbandry in all their branches. As part of these objectives, the Trustees remain Committed to fijnding significant agricultural research projects. Funding commitments for SLJch projects routinety extend lo a period of behveen 3 - 5 years. The Trustees therefore take account of these longer lem commitrnenls when considering the level of reserves to be Tetsined by the Foundakn'on. General funds of the Charity at 31 August 2024 amounted to £31.494,512 {2023: £29.256,8811. In delemiining the level of resources, the board is mindful of the need lo rnaintain a contingency fvnd in order to meet any unexpected repair costs in relation lo the Charivs property assets. Similarty reserves are required lo fund ongoing working capital requirements of Morley Faryns Limited. After taking account of these issues and retaining a suitable level of fijnds lo cover these aspects, the Tnjstees. policy is to use substantially all of the Charity's surplus investment income over a 3 10 5 year time frame in order to fvnd the Foundation's grant making a¢tivity over lfve same period. At 31 August 2024 the 9Jp'S free reseNes aUnted to £3,061,90912023'. £61,032}. . Material Investments polky Al each board meeting the Tnrstees r1Ve a report from the portrolio manager (Barratt & Cooke} on the investment's perfonnance over the last quarter. The F¥tfol nnager attends the finance board meeting annlY and is also available to provhle advice to the Trustees when requi. The Trustees look to maxmise the retum on the investrnent whilst avo1ng ary unnecessary risk based on the advice gNen. d. Principal risk5 •nd uncertaintles Principal ri5k5 are 11 a cotlapse in our portfolio kading lo a k)ss of diVlend income, 2) a very poor faming year leading io no profit and an inabilty for Morley Farrrts mited lo pay ftt to the Foundation. Page 5
THE MORLEY AGRICULTURAL FOUNDATION (A Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 e. Prlncipal fundlng The Foundations income for the reporting period ending 31 August 2024 comprised Largely of rental and dividend income. This enabled the FoundatvJn to meet ils objectNes set out above. In addition, the Foundakn'ons subsidiary trading company carries out Comer¢I01 fanning ath"vities, historically with a view lo profi15 generated being paid by gift aid to the Foundation. f. Flnancial rgviow Incorne from the portfolio, rent from properties and laming profit from Modey Farts Limited enable the Foundab'on lo maintain its grants, prc#JranYne and cover its overheads. Tre Foundab'on's inconwng resources arTh)unted to £600,171 12023.. £406,141 net exFenditure} as shown ir¢ the Consolidated Slalemenl of Finanaal Aclivilies on page 14. This includes nel profit from the SUbslary company of £19a,44612023.' £138,507) prior to the dimination of intel gup transathons and gains on investsments. There was a nel increase in funds of£2,237,631 (2023.. £708,428 decrease in funds). The Charty's investment portfulio increased in value from £8,692,950 at the beginning of the year to £9,545,135 a5 al 31 August 2024. This is 8 reflection of the general rnarket conditions. In order lo help the Trustees to C0115ider fiJrKling projects beyorKI tts (yjrrent finanual period. a budget process that extends four years beyond the current one is in opefation. Structurp, governance and managem•nt Constitution The Mortey Agricultural Foundation is registered as a charitab Company limtted by guarantee and was Set up by a MemcKandum of Assouation on 23 April 2003 and is a registered Charity number 1097174. Page 6
THE IAORLEY AGRICULTURAL FOUNDATION IA Company Limlted by Guarante&) TRUSTEES. REPORT {coKfiNUED} FOR THE YEAR ENDEO 31 AUGUST 2024 Struetur•, gov•rnanc• and management {C(linued) b. Methods of appolntm•nt or ek¢tion of Trustees The Chartty is controlled by its Trustees. Under the Charitys Articles of AS5(latiOn, the Trustees are elected al the AGM. Al eath AGM. one third of the ekcted Trustees retire. If a vacancy Is riot filled, a retiring Trustee, if willing, is deemed to be re elected. Al Trustees exp1 an elected Tnjstee retiring by rolalion. musl be nominated in writing lo the Chairman by al least three Members. ts¥o of which musl already be Trustees. The Trustees may appoint a person who is willing to act to be an elected Trustee either lo fill a vacancy or as an additional Trustee but he shall hold Offi onty 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 dale of thi$ pOrt a sel out on page 1. Members of the Charty guarantee lo contribute an arwunt not exedIng £1 to the assets of the Charity in the event of winding up. The total numker of such guarantees al 31 Augusl 2024 wa$ 50912023= 5091. Annually, prior to the AGM, the Chairman writes lo all Memt¢r5 seeking proposals to tse ¢onsidered at the AGM to fill any Trustee or Counal vacancies. The Trustees each contn'bule their professional expertise in different s1¢ areas and as such no addib'onal training is deemed necessary in those areas. However, the Tru51eeg consider and attend any relevant training opportunities which enhan thr knowledge of the gener role and responsibilrties of a Trustee. c. Oryanlsatlonal strucle and dt¢isionwrnaking policies The day-l04ay management of the Foundation has been delegated to the Cornpany Secretary, M Canham, who is contracted by the Foundation on an annual basis. Lknsions relating to the acquisition or disposal Df assets are made by the Tru$lee$ al one of their reguLar meetings. The Foundation's subsidiary trading company carries out comrrErcial farnin9 activities, historicalfy with a view to profits generated being paid by gift aid lo the Foundation. Morfey Famis Limited continues lo cary out and support various ancillary research and educational aCtiv.eS fof the benefft of the Foundab'on. The farm management works closely wlh a regional agriCUUral educab'onal oryanisation to develop training schemes for its students. The capital base of Mortey Farms will need to expand lo finance these Nilies. This is likety lo be through programme related loan funding from the Foundation but also from the relenb'on of some future commercial farming profits. Where profrts are retained in ftrture this may give rise io a liabiltty to corporation tax within Morley Farms Limited. d. Pay polioy lor key management pgrnonngl There are no suth arrangements for setting pay and remuneration as key management consists of the Trustees, 11 of whom are unpaid. o. Related party r91ationships T S Evans is a Partner at Amold Keys LLP. Chartered Surveyors. S E Lord is a Director al Norfok FWAG. Page 7
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Gu•Anteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Slructure. governance and management Icontinued) f. Financial risk mana9ement The Trustees have assessed the tnajor risks to which the Group and the Charity are extKJsed, in particular those related to the operats'ons and finar$ of the Group and the Charity. and are satisfied that systems and procedures are in place lo mitigate exposure to the major risks. The Trustees keep under review the major rtsks to which the Charity is exposed. A management committee, under the ChrnnShiP of a Foundation Truslee, has been establtshed for Morfey Farms Limited and meets regularfy to review perfomwnce as well as ¢ommunicab'ng relevant matters lo the Foundalitsn Board. An independent consullant has been empbyed to assist the fam manager in preparing budgets and reviewing procedures and controls against industry benchmarks. The major risks lo the in¢ome of the Foundations are the level of the dividend Stream from its portfolio Currently managed by Barratt and Cooke. and the volatility of farm Inco. Plans for future peri4xIs The Morley Agricullural Foundation will continue to fund research conducted by NIAB, providing grants for the New Farming Systems programme Inow in its 12th year) and for the Morley Lorkg Term Trial Series ILOTSI programme which in¢ludes, a) conbnuing kjng term fiekj experiments, bl collaborating vthh edu¢ati¢n providers, cl providing and evaluats'ng new lechndogies with stakehoklers and d} providing NIAB and TMAF research at events at Modey and elsewhere. We also continue lo host NIAB trials with other funders and we have become a demonslralion fami and trials sile for The 8ritish Beet Research Organisation IBBRO}. A further portion of available funds will be used to SUPF4)rt PhD studenis researthing topics relevant to TMAF'S aims., informing the publi¢ about the techniques and science used in modern agriculture., supporting the communication beWeen young faryners and young scientists and provIng bufsaries lo stLents who need monetary assistance with their courses. A final poOn wll be devoted speuficalty to the study of soil. Funding is being provided for 1 } a Harper Adams PhD examining controlled traffic farming and soil MpactIOn issues and 21 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 entilled 'lnlerpreting and managing the spatial perforrThan of crops. NIAB is also carrying out the Modey Soil and Agronomic Monitoring Study (SAMS). Page B
ThE AIORLEY AGRICULTURAL FOUNDATKIN IA Company Llmited by Guaranteo) TRUSTEES. REPORT {COPITrIUED) FOR THE YEAR ENDED 31 AUGUST 2024 The TnJste8s (who e al¥J dir&tus olthe Chlty lor w1)se$ crf C(ryY lthvl ¥e re$sle ftjr preparing Ihe Trustees, Reyjrt irKknirwJ tho Stsatw Repmxt and Itt8 finarKAal slments in accordance wth appllk l&v and Unlied ryd¢)M I£unti SlarKlards (United lQngdom Gwaty P£oJunts'ng Prathe). Company lthv rBquirts trTnJ5tees to F¥OPaP for ffinra1. UrKl8r cts77pany law, the Truste•s musl D)t appro¥e the finanoat slatemerts unle55 they are SatL8 that lh give a trug and falr of Ihe slate ofaftW ofts GrrAJP and the of Ihw Y¥))M9 resour and applltabon of resourees, Incknliro thdr inr£ and eypenditure, for that In wrin9 thes• fir¢?1 statements, the Truste¢¥ are to.. st sullablè 0>MIng F1@5 and apk them obseNe tre methc#Js and prinas oflhe Charthes SORP IFRS 102k make judgments aNI &cQunb'j •stirMtes that are rea> arnj slate whether appkatrAe UK AcfAiunlry Stsndarts {FRS 1021 been Ic•>wl, sublect trj any matetsl departures dlscks•d and Mi the fMKal statemeft14 Prepa the financia slaternts cfft tying c4)nc•m b¥is [e$S it 1$ to w•ume thè Group ¢tinue wi triness The TNstws ore ra$F$[ble for kooplThJ that are sufficient ) sh¢)w e41d expldn of the Group a1 the Chwity and énable theffl to ensure that the stat¥rt$ rJ)mpty ¥hlh the Ccffipaniès Act 20C6. TW ar• also for safpguardirvj assets of Grtyjp the Charity hence for tarj r&gSorb1• Steps for and ¢Jlirm of fra1 aKI (ther Irmgularitses. Dls¢lo•uv• of Infornutlon to audltom o far as thal Trustee is aw8. lTrre is no rele¥•tt a111 infrmakn thè c19b18 group's aud 8r¢ unwdre, and that TNstee has lak all the sleps that w to ten as a Trusteo In order trJ be of any tel8vant audit In1 aThJ to oskblgh th th• ch¥itth wp'8 auditors ofthat The audrtUf¥, MA Partners A1t LLP. have nJi¢ated th• wth'rgrs$ lo Cotilirwje in office. The des¥nated Trustées wll propose • motion reapw'rty Ihe at a ofthe Truste opro by ord•r dthe Mern Of of Tnjstees 13 Fotrfuary 21r25 ar *ned on thdr iEh&lf ty. Page g
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE IAEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION Opinion We have audited the finanaal statements of The Morley Agri¢)Jltural Foundation (the 'parent tharitable company'l and its sUbSlaneS (the 'group'l for the year end8d 31 August 2024 which cornpri5e the Consolidated statement of Financial Activities, the ConSldated Balance Sheet. the Charity Balall Sheet, the Consolidated Statement of Cash Flows and the rdated notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Finanal Reporting Standard 102 The Financial R8POrting Standard applicable in the UK and Republic of Iland, (United Kingdom Generalty Accepted Accounts"ng Practice}. In our opinKJn the finan¢ial stateEnts.. give a true and fair view of the stste of the GfOUP'$ arKI of the parent charitable compaws affairs as at 31 August 2024 and of the Group's incoming resources and applicalion of resources, induding its income and expenditure for the year then ended., have been prtsFedy prepared in accordan with United Kingdom Generalty Accepted Accounting Practice," and have been prepared in a¢an the requirements of the CompanEs A¢t 2006. 8a$ls for opinion We conducted our audit in accordance with Intemational Standards on Audibng IUK} IISAS IUKII and applicable law. Our responsibilitSes under those standards are further described in the Auditors, responsibilities for the audit of the finanoal statements section of Ouf reFN)rt. We are independent of the Group in cOrdan with the ethical requirements that are relevant to our audit of the financial 5taterrents in the United Kingdom, Including the Financial Rep¢rting Council's Ethical Stsndard, and we have fulfilled our other ethical respongbililies in accordance wrth these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to pro¥e a basis for our opinion. Conclusions rnlating to golng concem In auditing the finanaal statements, we have conduded that the Trustees. use of the going concern basis of accounting in the preparation of Ihe finanaal statements is appropriate. Based on the work we have perforrned, we have not ilentified any material UnrtaIntleS relating lo events or conditions tha( indivalty or collectively, may cast signfficant doubt on the Group's or the parent charitable companys ability to continue as a going concem for a period of at least e1Ve rynths from when the financial statements are authorised for issue. Our responsibilit5 and the re$n'1S of the Trustees with respect to going concern are described in the relewant section5 of this r8porL Page 10
THE AIORLEY AGRICULTURAL FOUNDATION IA Company Llmited by Guarnnte•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION (CONTINUED} Other information The other informalion comprises the information induded in the Annual Report other than the finanual slalemenls and our Auditors, Report thereon. The Tnjslees are responsible for the other information contained within the Annual Rewrt. Our opinion on the finanal statements not cover the other information and, except to the extent otherwse eXpl1Y stated in Ouf report. we do not express any lomi of assurance conclusion Ihereon. Our responsibilty is ID read the other inf0mt'0n 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 olheThvise appears to be materially misstated. If we idenb.fy such material inconsistencies or apparent material misstatements, we ar8 required to detemine whether this gNes rise to a material misststemenl in the financial statements thernselves. If. based on the work we have perfon7)ed, we conclude that there is a material misststemenl of this other informalion, we are required to rert that facL We have nothing to report in this regard. Oplnion on other matters prescribed by the C¢)mpanios Act 2006 In our opinion, based on the worf( undertaken in the o)urse of the audit. the information given in the Trustees, Report induding the Strategic Rertht for the financial year for which the financial staterrEnts are prepared is consistent wih the financial Statements. the Trustees, Report and the strateg Report have been prepared in a¢¢ofdance with applicable legal quiremenl$. Matters on which w? are requlr•d to report by exceplion In the light of our knowledge and urKlerstanding of the charitable company and ils environment obtained in the course of the audrt, we have not K18nkn"fied material misstatements in the Trustees, Report including the Strategic Report. We have Tr)Ihing to report in r8spect of the folk)wing matters in relabon to whth Companies Act 2006 requires us lo report lo you rf, in our ink)n'. the parent charitable company has not kept adequate and SuffiCt accounting records, or returns adequate for o(Lr audit have not been r1Ved from branches not visited by us,. or the parent charitable company finanaal statements are rt in agreement with the accounting records and relums; or certain disck)sure$ of Trustees. rerneration SPefied by are not made., or we have not rVed al the information and explanations we require for our audit. Page11
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION ICONTINUEDI Responsibilities ol truslees As explained nre fvlty in the Trustees, ReSponbille8 StateffEnL the Trustees (who are also the directors of the charitable company for the purposes Df company lawl are responsible tor the preparation of the financial statements and ftsr being satisfied that they give a true ar)d fair view, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial statemen15 that are free from material misstatement, whether due to fraud or erTOr. In preparing the financial statements, the Trustees are reswnsible for assessing the Group's and the pant chari18ble ¢ompanls ability lo continue as a going o)ncem, disclosing, as applicable, matters related lo going concern and using the going conrn basis of ac£ounb"ng unless the Trustees either intend lo liquidate the Group or the parent charitable company or to cease operatson5: or have no realistic alternatNe bul to do so. Auditors, responsibllltles for th• audlt of the financial statements Our objecti'ves are lo obtain reasonable assurance ab(K41 whether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to issue an Auditors, Report that indudes our opinion. Reasonable assuran is a high level of assurance, but is rbot a guarantee that an audit ¢onduded in accordance with ISAS IUKI will afvvays deleet a matenal misstatement when it e$1$. Misstatements can arise from fraud or error and are Condered materi81 if. indmdualty or in the aggregate, they coubj reasonably be 8xpected to influence the econom decisN)ns of users taken on the basis of these financial slatemenls. Irregularits'es, including fraud, are instances of non-¢ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material rnis5talemenls in respect of irregularities, including fraud. The exlent to whKh our procedures are capabb 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 materfal misstatement of the financi81 statements due to fraud,. to obtsin sufficient appropriate audit evidence regarding the assessed risks of material misstalerrEnl due lo fraud, through designing and implewling appropriate responses lo those assessed risks., and to resF¥)nd appropriatety to Instan of fraLKJ or suspected fraud identified during the audit. However, the primary responsibility for the preventh)n and detectKin of fraud rests wlth both management and those charged wlth governan of the Charity. Page 12
THE MORLEY AGRICULTURAL FOUNDATION {A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL FOUNDATION (CONTINUED) Our approach was a5 follows: We obtained an understanding of the legal and regulatory requirements applicable to the Charity and considered that the most significant are the Companies Act 20[, UK ffinancial reporting slandard5 as issued by th8 Finanoal Reporting Council, and UK tsXatn legislation. We obtained an undeT51anding of how the CharTty complies with these requirernent5 by discus5ion5 Wlth management and those (*arged with governance. We assessed the risk of matenal misstatement of the financial statements, including the risk of malerial misstatement éue to fraud and how rt might ocujr. by hohjing discussions with management and those charged with govemance. We inquired of management and those charged govemance as lo any known instances of noncompliance or suspected non-CX)mpliance with laws and reguLations. Based on this understanding, we desoned Sper appropriate audil procedures lo identify instances of non-compliance laws and regulations. This included making enquiries of management and those charged with govemance and obtaining addib'onal eOfroLK)rative evNJence as required. Be¢ause of the inherent limitaltons of an audit there is a risk that we wll nol detect all irregularities. including those leading lo a material misslalement in the financi81 si8temenls 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 statefflents, as we will be less likety lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than efror, as fraud invoNfes intentional Goncealmenl forgery, collusion, Orni0n or misrewe5entab"on. A further description of our responsibilities for the audit of the financial staterrftnts is located on the Financial Reporting Council'5 website at www.frc.o .ukJauditorsre bilities. This description forrns part of our Auditors, Report. Use ofour report This report is made solely lo the Chariys members: as a bc¥Jy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state lo the Charity's members those matters we are required lo stale to them in an Auditors, Report and for no other purpose. To the Mllesl extenl pemiitted by law, we do nol accept or assume responbilIty lo anyone other than the Charity and rts members, as a body, for r audit work, for this reFrf)rL Cf for the opinions we have f0Md. Alistair Fish FCA (Senlor Statutory Auditor) for and on behalf ol MA Partners Audit LLP Chartererd Accountants and Statutory Auditors 7 The Close NOrwh Norfolk NR14DJ Date.. 3141 Lf Page 13
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarnntee CONSOLIDATED STATEMENT OF FINANCIAL ACTIEs (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricled funds 2024 Total funds 2024 Tolal lunds 2023 Income from: Other trading activities Investments other income 1.394,037 438,100 6.126 1,394,037 438,100 6,126 1, 121,656 421,367 1,403 Totsl income 138,263 1,838,263 1,544,426 Expendilure on: Raising funds Charitable actwits'es 1.086.029 152.063 1.086,029 152,063 889,282 1,061,285 Total expendithre 1,238.092 1.238,092 1,950,567 Net incomel{expendtture) before not galn$l{losses pn investmgnts Net gainslllossesl on investrTlents Net rnovemont in funds before other recognis¢d gainsl{losse$l 600.171 1,668,475 600,171 1,668,475 (406, 141) (302,287) 2,268,646 2268,646 (708,428) othor recognl$¢d gainsJ{lossesl". Losses on revaluats.on of investment property {31.015 131,015} Net movement in funds 2.237.631 2.237,631 (708,428) Re¢on¢iliation of funds: Total funds brought forward Net movement in fvnds 29,256,881 2.237.631 29,2S6,881 2.237.631 29,965,309 1708,428) Total funds carried foThArd 31,494,512 31,49412 29,256, 881 The Consolidated Statement of Financk31 ActsvIt$ include5 1 gains and knsses recognised in the year. The not¢$ on pages 20 to 42 form part of these financial statements. Page 14
THE MORLEY AGRICULTURAL FOUNDATION IA Cofflpany Limited by Guarantee) REGISTERED NUMBER: 04712419 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible as%ls Investments Investment propety 14 645.602 9,545,135 18241,866 735,951 8,692.960 19, 766,948 16 15 28.432,603 29.195,849 Currnnt ass•ts sto¢k$ Debtors Cash at bank and in hand 17 18 369,517 2,038.IM8 2.129,321 456,370 227,698 1,177,190 4,536,886 1,861,798 Creditors.. amounts falling due within one year 19 836.3131 (887,387) Nèt currènt assets 3,71X)A73 973,817 Total as$ets less ¢urrent liabilities 31133,176 30.169,860 Creditots.. amounts falling due after m than one year 20 1638,6641 (912, 779) Total net assots 31,44512 29,256,881 Chartty funds Reslricled tunds Unrestricted funds 22 31h94,512 29,256, 881 Total fund$ 31A94,512 29,256, 881 Page 15
THE IAORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guaranlee REGISTERED NUMBER: 04712419 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 The Trustees acknowledge their responsibilitRs for complying wth the requirements of the Act with respect lo accounting red$ and preparath'on of financial stalemenls. The financial slaternents were approved and authorised for issue by the Trustees on and signed on their by-. R Wllbou The notes on pages 20 to 42 fomi part of these financial statements. Pago 16
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 04712419 CHARITY BALANCE SHEEr AS AT 31 AUGUST 2024 2024 2023 Note Fix8d assois Tangible assets Investments Investm8nl proFerty 14 16 15N12 9.932.472 18,241I66 17,541 9,Q80,287 19,766,948 15 28,189,750 28, 864, 776 Current assets Oeblors 18 1,912.356 1,758,221 53,240 1,025.612 Cash at bank and in hand 3,670,577 1,078,852 Credttors." amounts falling due wrthin one year 19 (696.969) {777. 870) Net current assets 2.973.608 300,982 Total assets less current Ilabllitks 31.163,358 29,165, 758 Creditors.. amounts falling due after more than one year 20 1638,664) (912, 779) Total net assgts 30.524,694 28,252,979 Charfty furbd$ Restricted funds Unrestn'cted funds 30,524,694 28,252,979 Total funds 30,524,694 28,252,979 Page 17
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limit•d by Guaranlee REGISTERED NUMBER: 04712419 CHARITY BALANCE SHEET {CONTINUED} AS AT 31 AUGUST 2024 The Charity's net movement in fvnds for the year was Q.271,715 (2023- £(842, 192)). The Trustees acknowledge their responsibilities for complw'ng with the requirements of the Act with respect to aCntIng re¢ord$ and preparation of )Inar1 siateThnts. The financial Statements were approved and authorised for issue by the Trustees on 16 lotlwtg and sgned on their behalf by.. RWII urn The notes on pages 20 to 42 fom part of these financial statements. Page 18
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limlted by Guarantee CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Nel cash used In i)perating activities 11,328,926> 776,577 Cash Ilows from Investing activities Dividends, interests and rents from investrnents Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds Irom sale of investments Purchase of investments Purchase of investrnent property Proceeds from disposal ol investsnent property 3S,322 6,479 8.500 6,150 1S4.8021 (5t,888) 976,605 1,325,028 11,052,000> (1,430,086) 1933) (495,198) 2,425,923 Net cash provided byllused inl investlng activities 2.338.615 (579,515 Cash flows froffl financing adivitles Repayments of finance leases 157,5581 (57,558) Net cash used In flnan¢ing activlt 157,5581 157,558) Change in cash and cash equlvalents in the year Cash and cash equivalents at the teginning of the year 952,131 1460N961 1,637,686 1,177.190 Cash and cash equivalents at the end ol th• y•ar 2,129,321 1,177.190 The notes on pages 20 10 42 form part of these financial statents Page 19
THE IAORLEY AGRICULTURAL FOUNDATION IA C(vnpany Limlted by Guarantee NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 AUGUST 2024 General inforniatlon The Modey AgriCulra1 Foundation is a prT¥ale charitable company limrted by guarantee and incorporated in England and Wales, registration number 04712419. The registered offi¢e is Modey Business Cenlre, Deopham Road. Mortey St Botolph, Norfk. NR18 9DF. The Members of the Charity are the Trustees named on page 1. In Ihe event of The Morley Agricultural Foundation being wound up, the liabilty in respect of the guarantee is limited lo £1 per Member of The Morfey Agricultural Foundation. Accotsnting policies 2.1 Basis of preparation of financial statements The finanaal statements have been prepared in acthance with the Charities SORP IFRS 1021- Accounting and Reporting by CharitS.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeciive 1 January 2015}, the Financial Reporbng Starkdaré applicable irTr the UK and Republic of IreLand IFRS 102> and the Companies Act 2006. The Morley AgricUlra1 Foundation meet$ the definition of a public benefit entity under FRS 102. Assets arvj liabilib.es are inib'ally reo)gnised at historic cost or transaction value unless otherwise stated in the relevant accounting wlicy. The Consolidated Statement of Financial A¢tivib'es {SOFA} and Consolidated Balance Sheet consolidate the financial statements of the Group and ils subsidiary undertaking. The results of the SUbdiary are Gonsolidated on a line by line bass. The Group has taken advantap of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activits'es in these finanaal 5taternenls. 2.2 Incom• JI income is recognised on¢e the Charity has entillement to the inconE, it is probable that the income will be received and the amount of income receivable Can be naSured reliably. other income is re¢cgnised in the pericxj in vthich it is receivable and to the extent the goods have been provided or on Comption of the seNice. 2.3 Exp•ndiiur• Expenditure is recognised On there is a legal or constructive OtAuan lo transfer economic benefit to a third party, rt i8 probable that a transfer of economic beneffts will be required in settlement and the armunl of the ONation can be measured reliabty. Expenditure on raising funds indudes al expenditure incurred by the Group lo raise funds for its charitable wrposes and include$ costs of all fundraising tiVe5 events and non-charitable trading. Expenditure on charitable activit'es ts incurred on directty undertaking the activities which fvrther the Group's objectives, as well as any associated support costs. Pa3e 20
THE MORLEY AGRICULTURAL FOUNDATION {A Company LIMIt by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounllng policies (continued) 2.3 Expenditure (continued Costs of generating fijnds are costs incurred in attracting voluntary income: and those incurred in trading acts"vities that raise furKIs. Charitable activit and Governance costs ar8 costs inCued on the company's educats'onal operations. including supwjrt costs and costs rdating to the governance of the company apportioned lo charitable activities. 2A Interest recelvable Interest on funds held on depwt is induded when receivable and the amount ¢an be measured relBbly by the Group,. this is norrnally up)n notification of the interest paKI or payable by the instiluts'on with whom the funds are detxxled. 2.5 Tanglble fixed assgts and depreclation Tangible fixed assets are initialty rwnised at cost After recognib'on, under the cost model, tangible fixed assets are measured at cost sS accumuL8ted depreciab.on and any &cumulated impairment losses. Al costs incurred lo bring a Lqngible ffixed asset into rts intendeil working condition should be included in the measurement of cost. Assets in the course of construction are induded at costs in¢urred to date. Depreciation on these assets 1$ not ¢harged until they are biought into use. At each repo.ng dale the Charity assesses whether there is any indKation of impairment. If such indication exists. the recoverable amount of the asset is determined to be the higher of ils fair value less costs to sell and its value in use. An impairrwt loss is recognised where the carrying amount exceeds the recoverable amount Depreciation is charged so 8S to alkjcate the cost of tangible fixed assets less their residual value over their estimated useful lives . Depreciation is provided on the folk)"ng bases.. Freehold propety Plant and machinery Motor vehicles Fixtures and fith'ngs offi equipm8nl 10% straight line 10% or 20% straight line 15% reducing balance or 20% straight line - 20% straKJht line 2.6 Investments Fixed ass8t investments are a fonrj of financial InstrUEnt and are initially recognised at their transath.on rK)st and subsequenuy naSuRd at fair value al the Balance Sheet date, unless the value cannot be measured reliabty in which case it is measured at cost less impaimient. Investment gain5 and losses, whether realised or unrealised. a combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial knts"vities. Investments in SubdIaTieS are valued al Cost less provis for impaimienL Page 21
THE MORLEY AGRICULTURAL FOUNDATION IA Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ounting policies {conliTruedl 2.7 Stocks and work In prOgrS Stocks and work in progress are valued at the k)wer of ¢osl and nel realisable value after making due allowance lor obsolete and sh)W-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.6 Debtorn Trade and other debtors are recognised at the setuement amount after any trade discount offered. Prepayments are valued al the anK)unl prepaid nel of any trade dIoUnt5 due. 2.9 Cash at bank and In hand Cash at bank and in hand includes ¢ash and short-tem highly liquid investments with a short maturity of three InthS or less from the date of acquisitson or opening of the depostt or sirNlar account. 2.10 Liabilitios and provislons LiabAities are recognised when there is an ¢4igation al the Balan Sheet date as a result of a past event, it is probable that 8 transfer of economic benefit will be required in settlement, and the amount of the settlement can be estifflated reliabty. Liabilities are recoJnised at the arnounl that the Charity ants'cipates it will pay lo settle the debt or the amount it has received as advan¢ed payments for the gcrf)ds or services it musl provide. Provisions are measured at tho best estsmate of the amounts required to setue the obligation. Where bye effect of the b'me value of money is material. the pmwsion is based on the present value of those arnounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability, The unwinding of the discount is Teccgnised in the Consolidated Statemgnl of Finanal Activities as a finance cost. 2.11 Flnanclal Instruments The Group onty has financial assets and finanual liabilities of a that qualify as basic financial instruments. Basic financial instruments a inrtially recognised at transaction value and subsequendy measured at th[ seluemenl vaiue the exception of bank loans whith are subsequently measured at arwrtised cost 9 the effective interest method. 2.12 Finance l•ases and hire pur¢ha$¢ Assets obtained under hire Fwr¢hase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease lem and their usefvl lives. Assets acquired by hire purchase are depreaated over their use1 lives. Finance leases are those where substsntially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, nel of the finance charge alk)¢ated to future periods. The finance element of the rental payment 15 charged to the Consolidated Statement of Financiai ActNities $0 as to prr>Juce a constant pericJiG rats of charge on the net obligation outstanding in each peri¢XI. Page 22
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies {continuedl 2.13 Pension$ The Group opeiales a defined contribubon pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 2.14 Fund accounting General fvnds are unrestricted hjnds are available for use at the discretion of the Trustees in furtherance of the general objedives of the Group and which have not been designated for other purposes. Restricted funds are ndS which are to b8 used in accordance specific reslrith.ons imposed by donors or which have been raised by the Group for pa'Cular purposes. The costs of raising an administering such funds are charged against the specific fund. The aim and use of exh restricted fund is set out in the notes to the fjnancial statements. Investment incom8, gains and losses are all(Kated lo the appropriate fund. crttlcal acwuntlng estlmates and areas of Judgment Estimates and judgments are continualty evaluated and are based on hvstorical experience and other factors, including expectations of future events that are belEved to be reasonable under the circumstancEs. crital accounting estimates and asgJmptM)ns'. The Charity makes estimates and assumptK)ns concerning the fvjture. The resulting a¢¢ounting estimates and assurnptins will, by definition, seldom equal the related actual result5. The estimates and assumptions that have a significant risk of caUn9 a material adjustment lo the carrying arrInts of assets and liabilities within the next final1 year are discussed below. The annual depreciat'on for tangible assets is SenSve to changes in the eslimaled usefvl economic lives and residual values of th8 assets. The usefvl economic lives and residual values are re-assessed annually. They are amended when necessary to reflect ujrrent estimates, based on technological advancement fvture investments: economK ulilisats'on and the physical Cijnéltn of the asset Investrnent property valuats'ons have been based UFrt)n professional valuations and Trustees, assessment of recent market trends. Fixed asset investment valuations are based on the stock market rates as al the year end. These rates are subject to constant flu¢atiOn, based on a numtw of factors. Page 23
THE MORLEY AGRICULTURAL FOUNDATION {A Company Limited by Guarantee) 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading aetlvllles Income from fundraislng wonts Unrestricted funds 2024 Total funds 2024 Total funds 2023 Faming income 1.394.037 1,394,037 1,121,656 Total 2023 I, t21, 656 1. 121,656 Inve$tment Income Unrestrlcted fvnds 2024 Total funds 2024 Total funds 2023 Rent received Investment income Inlefesl reCeivae Bank interest and other interest receivable 142,035 260.743 29,771 5,551 142,035 260.743 29.771 5,551 146,294 265, 121 6,475 3,477 Totsl 2024 438.100 438,100 421,367 Totsf 2023 421,367 421,36T Page 24
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other in¢omlng resoUe$ Unrestricted fund$ 2024 Total fund5 2024 Total funds 2023 Other incoming resources 6.126 6.126 1.403 Tot812023 1,403 1.403 Investhient management costs Unrgstricted funds 2024 Total funds 2024 Total funds 2023 Investment propety- maintenanee Investment propety- professional fees Investment property- rates Investment management fees Investment propety- ght and heat 15,996 958 15,996 958 127 900 17,205 55,967 2, 836 1, 169 612 (1,613) 127 900 17,205 Tolal 2024 35,186 35.186 58,971 Total 2023 58,971 58,971 Page 25
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysis of arable research proigcts - other grants Total fund$ Total funds 2024 2023 Agri Fcx)d Charity Pathership CTP BBRO Inlegrab'ng the use of endophyte grasses with sugar beet for vims ydlows and aphhl management Morley PhD Harvest Heroes Nonmich Suen¢e FestNal University of ncoln Suffolk Agricultural Association Schools Fami & County Fair John Forrest Award communicat Course John Edgar Trust Management Cwr5e NIAB Modey SAMS Phase 2 Agri-TechE Earty Careers Innovators, Forum AFCP Coaordinator The Ay15ham Show Food. Farming and the Colrntyside Olery Area RNAA Food & Farming Dr6covery Trust BBRO optiming sugar teel management practices to redu greenhouse gas emissions INSPIRE 12.000 28,000 15,22T 21,459 8,500 6,485 4, 800 6,000 13,0(10 273,616 66,000 4,0 9,000 9,750 20.000 9,059 20,CQO 3.504 116,680 3,OlX) Essex Food and Farmer Sth¢Jols Day Cranfield UnNeTsity NIAB Morfey New Famiing Systems soil aTr*ndment & cover crop rotations NIAB CeVe)prnen1 of new vtheal variets.es and regenerative agriculture Rolhamstsd Research Herts SCho¢s Focxj & Farning Day 2024 Moulton College Maize Growers AsSlaOn Lincoln University Harper Adams University Other grants and bursaries Movement in the discounting of grant$ 3.000 15,000 161,810 293,289 61,760 {S2,9081 187,9871 3,000 3,000 28,$00 25.903 45.000 5,929 6,356 The recognition of these amounts reflects the urndIonal ot4igatw)n by The Modey Agncultural Foundation for this fvnding and is in rdance the treatment required by the Statement of Recommended Practice (FRS 102). Expenditure on chantable activities was £152.06312023.' £1.061.285), all of which was unrestricted. Page 26
THE PIORLEY AGRICULTURAL FOUNDATION (A Company Llmlted by Guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysis of expendlture on charllable aclivitles Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Grants payable- Arable research proiects ey Business Centre 63.553 88,510 63,553 88,510 958,115 lQ3, 170 Total 2024 152 063 152,063 t,06t,285 Total 2023 1,061,285 1.061,285 10. Anatysis of expenditure by actlvltles Acdvtt undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 ants payable- Arable research projects Morley Business Centre 63,553 21.763 63,553 B8,510 958, 115 103, 170 66.747 Total 2024 85,316 66.747 152,063 1,061,285 rotal 2023 980,613 80,672 1,061,285 Page 27
THE MORLEY AGRICULTURAL FOUNDATION IA Company Llmited by Guarante¢ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Anatysis of expendtture by aclivllies Icontlnuod) Analysis of direct costs VA)rhy Buslness Centre 2024 Grants yable 2024 Totsl funds 2024 Total funds 2023 Depwali Grants payable Office expenses Insurance Travel Open day expenses 2,129 2,129 63,553 8.358 9,742 727 2,21T 958, 115 10,360 4,192 1,292 4,437 63,553 8,358 9.742 727 807 807 Total 2024 63,553 21.763 85,316 980,613 Total 2023 958. 115 22,498 980,613 Anatysis ol support Costs Morfey Business Contrg 2024 Total fund$ 2024 Total funds 2023 Staff costs Sundry expenses Legal f*$ Accountancy Sofhvare maintenance 8ank charges Partial exernplion adjustment Subscriptions Training 20,523 20,523 961 18,236 2.308 177 6,615 8. 756 $65 39,069 4.434 412 988 6,815 13.138 735 18,819 4,259 6,815 13,138 735 18,819 4.259 66.747 66,747 80,672 To1812023 80,672 80,672 Page 28
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Audltors. remunaratlon 2024 2023 Fees payable to the Charitys auditor for the audit of the Chaws annual accounts 7,520 7,300 11 Staff costs Group 2024 Gr(iup 2023 Charlty 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined conln'buts'on pension schemes 174,744 13.2S5 . 154,573 10.876 18,618 1,905 16,555 1,680 6,032 6,599 194,031 172.048 20,523 18,235 The average number of p8rsons employed by the Chanty during the year was as follows.. Group 2024 Group 2023 Employees No employee received remuneration amunting to more than £60,000 in either year. The Charivs key management rer50nnel are the Trustees, all ofwhom are unpaid. Key management Compensation is therefore £NIL (2023.- £NIL)- 13. Tnxtees. remuneration and expenses During the year, no Trustees receNed any reneratIOn or other befits (2023- £NIL). During the year ended 31 August 2024, expenses totalling £870 were reimbursed or paid direcuy lo 2 Trustees (2023- £404). Page 29
THE MORLEY AGRICULTURAL FOUNDATION {A Company Limited by GuaAntee> NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tangibh fixed assets Group PlantaDd ma¢hinory Motor Fixtures and v•hlcles frttlngs Office •qulpment Total Cost or valuation Al 1 September 2023 Additior)s Disposals 653.176 54,802 (23,SW) 969,154 17,331 10,415 1,650,076 54,802 123,5001 Al 31 August2024 684.478 969,154 17,331 10,415 1,681,378 Depreciation Al 1 September 2023 Charge for the y8ar On disposals 433.164 4074 120,7581 456,824 11X>.762 15,088 397 9,049 276 914,125 142,409 120.7581 At 31 August 2024 453J80 557,$86 15A85 9.325 1,035,776 Net book value At 31 August 2024 231.098 411.568 645,602 At 31 August 2023 220,012 512,330 2.243 1,366 T35,951 Page 30
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tangible fixed assets Icontinued Charity Plant and Fixtures and machinery fittings Total Cost or valuallon At 1 September 2023 17,319 17,331 34,650 At 31 August 2024 17.319 17,331 34,650 Deprociation At 1 Seplembef 2023 Charge for the year 2,021 1,732 15,088 397 17.109 2,129 At 31 August 2024 3,753 15,485 19,238 Not book valuo Al 31 August 2024 13,566 15,412 At 31 Augusl 2023 15.298 2,243 t7,541 Page 31
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Investment propgrty Group Freehold In¥¢$tm¢nt property Valuation At 1 September 2023 Addth'ons Disposa15 Surplus on revaluation 19,766,948 933 11895,0001 131,0151 Al 31 August 2024 18,241,866 Charity Freehold Investment property Valuat*)n Al 1 September 2023 Addib'ons 19.766.948 933 Disposals Surplus on revaluation 11 A95,0001 131,015) Ai 31 August 2024 18,241,866 The investrnenl properties were valued in 2020 by T W Corfiehj and T S Evans, RICS registered valuers trom Arnolds Keys LLP. The valuab'ons were rfOrmed on an open market value basis. The Directors with referere to the prOfeSsnal Valuati undertaken by T W Corfield and T S Evans from Amold Keys LLP in 2020 have determined that valuation as at 31 August 2024 to remain appropriate. Page 32
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limlted by Guarant) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Fixed ass•t investments Listed Unlisted investments investments Total Group Cost or valuatkni At 1 September 2023 Additils Disposals Revalualions 8,692,900 1,052.rM)o {976.6051 776,790 8,692,950 1,052,000 1976,605} 776.790 At 31 August 2024 9,545,085 50 9.545,135 Net book value Al 31 August2024 9,54S,08S 50 9,S45,135 At 31 August 2023 8,692.900 8,692,9S) Invoslments subsidlary Listed companles Investments Total Charity Cost or valuation At 1 Septemb¥ 2023 Additions Disposals Revaluations 387,387 8,692.91x1 1,052,000 1976,6051 776,790 9.080,287 1,052,01)0 {976,6051 776,790 AI 31 Au9USt2024 387.387 9,545,085 9,932,472 Net book valu¢ At 31 August 2024 387.387 9,545,085 9,932,472 At 31 August 2023 387.387 8,692,900 9,080,287 Page 33
THE MORLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Stocks Group 2024 Group 2023 Crop5 in store Growing crops Consumables 211,458 q38.132 19.927 236,423 166,96T 52, 920 369,517 456,310 18. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Due after more than one year Trade debtors 1885.021 1,485,021 1,48S,021 1,485,021 Due withln on• year Trade debtors 446.318 61,299 374.321 50,538 27.304 Amounts owed by group undertakn'ngs (Xher debt¢)fS Prepayments and accrued income 23,924 31,193 135,206 2N76 25,936 I038,048 227,698 1.912,356 53,240 Page 35
THE PK)RLEY AGRICULTURAL FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Crltors. Amounts falllng due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade ¢reditors Amounts owed lo group undertakings Other taxation and social securtty Obligations und8r finance lease and hi purchase COntrts Other txeditors Accwals and defeffed incow 153,109 79,082 45.610 41,574 15, 712 25,476 27A15 25.476 21,688 57,558 674, t 15 51. 156 600,172 55,617 600,172 29,499 674,115 20,993 836.313 887,387 696.969 777, 810 20. Credltors: Amounts falllng due after more than one year Group 2024 Gn)up 2023 Charity 2024 Chanty 2023 Other creditors 912,779 638,664 912, 719 Page 36
ThE MORLEY AGRICULTURAL FOUNDATION (A Company Lknited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Flnanclal Instruments Group 2024 Group 2023 Charity 2024 Charity 2023 Financlal assets Finanual assets rneasured at fair value through profit and loss Financial assets measured at amortised cost 11,674A56 1.955.263 9.870, 140 11,303,306 92,492 1.909.880 9.718,512 2T,304 13,629,719 9.962,632 13,213.186 9,745,816 Group 2024 Group 2023 Charity 2024 Charity 2023 Financial Ilablllties Financ4al liabilities measured at amortised cost 11,474,9TII (1,800, 166) (1,335,6331 (1,690,649J Financial assets measured at fair value through income and exFÉnditure Compnse listed investments valued at the stock market price at year end and cash al bank. Financial assets that are debt instruments ThaSured at amortised cost ¢omprise trade and other d8btors. Finanaal liabilities measured at aMOrti cost comprise finance bases, trade creditors, other creditors and accnjals. Page 37
THE MORLEY AGRICULTURAL FOUNDATION (A C¢xnpany Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Staternent of funds Slatemenl of funds - curyent year Balan¢e at 1 September 2023 Balancg at Gainsl 31 August (Losse81 2024 Transfers inlout Income Expenditure Unrns¢ri¢t•d funds General Funds Funds retained in subsidiary Reserves 14.970,906 1h88,98S 11,079.2601 1,490,878 1,086,375 17,957,884 3,583,766 10,702209 349278 1158,832) 3,T14,212 9,762rt16 {1.490.8781 551,085 29,256,881 1.838.263 11.238,0921 1.637.460 31,49412 statement of funds - prior y•ar Balance al q S8Ptember 2022 Balance al 31 August 2023 Gain (Losses) InGorne Expenditure Unrestricled fund8 Gelleral Funds Funds retained in Subdiary Revaluation reserve 15,314,065 3,445,261 11,205,983 1, 162,349 {1, 706.995) 382,077 (243,572) 201,487 14,970,906 3,583,766 (503, 774J 10, 702,209 29.965,309 1.544,426 (1,9,567) (302,28n 29,256,881 Page 38
THE MORLEY AGRICULTURAL FOUNDATION {A Company Llmfted by Guarantge) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Summary offunds Summary of funds- ¢urrent year Balancg at 1 Septgmber 2023 Balance at Gain 31 Au9USt ILo$$tsl 2024 Trnnsfers inlout Incom• Expenditure General funds 29,256,881 1.838.263 {1238,092) 1.637,460 31,494.512 Summary of funds- prlor year Balance at I S8Pt8mber 2022 Balanc8 al 31 Augusl 2023 Gainsi (Lossesj InLxyne Expenditure General funds 29,965.309 1.544,426 (1.950, 567) (302,287) 29,256,881 24. Analysis of net a$$ets betWn funds Analysis of not assets between funds . cuffent p•rlod Unrestri¢ted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investsnents Investment property Debtors due after mre than one year Current assets Creéitors due wthin one year Creditors du8 in [re than one year 645,602 645,802 9.545.135 9A45.135 18,241,866 18241,866 1,485.021 1,48S,021 3,051,865 3,051.865 1836,3131 {836,3131 1638,664) {638,664) Total 31,494,512 31,494,512 Page 39
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited ty Guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Analysis ol net assets belwwn funds (contlnued) Anatysls of net assets betweon funds- prlor period Unr8strict8d funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Credrtors due within one year Creditors due in more than one year 735,951 735,951 8,692,950 8,692,950 19, 766,948 19, 766.948 1.861, f 98 1,861, 198 f887,387) (887.387) (912, T79) (912, 779) Total 29,256,881 29,256,881 2& Reconciliation of net movmwnt in funds to net flow from operating actlvities Group 2024 Group 2023 Net incorrElexpendrture for the peri (as per stateEnt of Finanual tivib'esl 2,268,646 (708,428) Adlustments for. Depreciation charges Gainslllosses) on investments DivendS, interests and rents from investThEnts Profil on the sale of fixed assets Decreasel{increase) in stctks Decreasellin¢rease} in debtors InGr8asel{decr8asel in creditors Gains on sale of investment proFe 142,409 {n6,7901 (35,3221 15,7581 86,793 11,810,350) (267,6311 (930,9231 141,503 281, 968 (9,952) (6, 150) (58,848) 11,364 525, t20 Net ¢ash provlded byl{used In) operatlng actlvltl•s {1,328,9261 176,577 Page 40
THE MORLEY AGRICULTURAL FOUNDATION (A Company Limited by Guarant80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 26. Analysis of cash and cash equlvalents Group 2024 Group 2023 Cash in hand Cash held by investment broker 2,112.017 17,304 1,043,585 133,605 Total cash and cash equivalents 2,129,321 1,17T,190 27. Analysis of changes in net debt September At31 2023 Cash flows August 2024 Cash at bank and in hand Finance leases 1.177,190 IS7,558) 952.131 57,558 1129,321 1,119,632 1.009.689 2,129,321 28. Pension commitm8nts The group op8rates a defined contribution pension stheme. The assets of Ihe Scheme are held separatety from those of the group in an indepermjenty •Jministered fvnd. The Fenson ¢o$t charge represents contributions payable by the group to the fijnd and amounted to £Nil 12023 - £N were payable lo the fijnd at the balance sheet dai8 and are induded in creditors. 29. Operatlng lease commitments Al 31 August 2024 the Group and the Charity had comThMtrnents to make future minimum lease payments under non<ancellable operating leases as fclows.. Group 2024 Group 2023 Not later than 1 year 64 Page 41